Bài viết Tạp chí Nghiên cứu Tài chính Kế toán từ năm 2026
Duyệt Bài viết Tạp chí Nghiên cứu Tài chính Kế toán từ năm 2026 theo Tác giả "Bui Linh Ngan"
- Ấn phẩmThe impact of trade openness and FDI on growth and financial stability in Vietnam: overview of empirical evidence and policy implications(Học viện Tài chính, 2026) Le Dac Dinh MSc.; Bui Linh NganAs Vietnam continues to integrate deeply into the global economy, trade openess and foreign direct investment (FDI) flows are often seen as two key drivers of growth. However, empirical evidence shows that the impact of trade openness and FDI is not uniform, but strongly depends on macroeconomic conditions (inflation, exchange rates), the level of financial development, the quality of institutions, and the absorption capacity of the domestic business sector. This paper provides a policy-oriented review based on representative research on Vietnam and the Asia/ASEAN region, synthesizing evidence across four transmission channels: (i) the growth and productivity channel; (ii) the financial-monetary and macroeconomic stability channel; (iii) the business and microeconomic efficiency channel; (iv) the distribution-household welfare channel. The results show that: (1) trade openness and FDI generally have a positive relationship with growth, but there is a nonlinearity/threshold effect; (2) trade and financial integration can increase exchange rate volatility and macroeconomic stability risks in the absence of supporting policies; (3) trade benefits are unevenly distributed, with rural group and poor households bearing higher risks after shocks such as the 2008 crisis; (4) business efficiency is affected by market risk, financial distress, and governance mechanisms. Based on this, the article proposes a package of financial policy implications, including: selectively attracting FDI linked to technology absorption capacity; coordinating monetary and fiscal policies to stabilize inflation and exchange rates in conditions of high openness; developing the domestic financial market to increase resilience; upgrading the capacity of domestic SMEs to participate in value chains; and designing distribution policies to reduce "integration-related damage".
