Emerging and Evolving Business and Management Issues in Vietnam

The following sections are included:

• Preface
• About the Editors
• Acknowledgement
• List of Reviewers
• Contents

Uncertainty is an inevitable aspect of business strategy. This chapter aims to provide a systematic literature review of strategic management under the context of environmental uncertainty by compiling some of the most important problems and difficulties in its strategic management. A total of 725 publications from the Web of Science databases were analyzed in an effort to compile some of the most important problems and difficulties in the strategic management of this issue. Research has explored the dimensions of environmental uncertainty, factors affecting perceived environmental uncertainty, relationships in the context of environmental uncertainty, methods and new approaches to environmental uncertainty, strategies for different types of environmental uncertainty, theoretical problems in strategic management under the context of environmental uncertainty, aspects of strategic management (strategic planning, strategy formulation, and strategy implementation) and environmental uncertainty, and environmental uncertainty management. The results provide an overall picture of strategic management issues within the context of environmental uncertainty in order to suggest possibilities for future research into the problems and solutions, as well as identify more sophisticated approaches to managing uncertainty.

With the advent of technology, marketing and advertising have undergone constant development and refinement. This chapter aims to provide an illustration of how marketing and advertising techniques have changed from conventional to digital marketing. Synthetic and descriptive research methodologies were employed. The findings address two distinct subjects: (1) consumer and business perspectives on the impact of technology and (2) the development of digital marketing over time. Finally, some directions for further research as well as practical commercial solutions are suggested.

This study aims to test the direct impact of cultural intelligence on employee performance and examine the mediating role of work engagement. Data were collected from 307 provincial employees who were working in foreign direct investment (FDI) enterprises located within the Industrial Zones of Ho Chi Minh (IZHCM) City. The results reveal that cultural intelligence has a significant positive effect on work engagement and job performance with work engagement acting as a mediating influence mechanism. The study also found the role of demographic variables (gender, professional qualifications, and seniority) in the relationship between cultural intelligence, work engagement, and job performance. The research offers valuable insights for managers of FDI enterprises seeking to enhance job performance by improving human resource policies and fostering cultural intelligence and work engagement among their employees.

This research aims to evaluate the commonality among numerous empirical studies on the determinants and measurement of financial information quality. It also attempts to examine the research results through the lens of governing bodies such as the International Federation of Accountants (IFAC) and the International Organization for Economic Co-operation and Development (OECD). Thus, this chapter provides a comprehensive review of the determinants and measurement of financial information quality. As a result, four categories of quality determinants (corporate governance, the financial reporting process, the audit of financial statements, and the usefulness of financial statements) have been identified and two approaches to quality measurement with their own weaknesses have been critically analyzed. However, quality measurement is still fertile ground for future research because the best way to quantify such quality has not been developed yet.

Prosumption is a proactive way of enhancing consumer–brand relationships and better meeting consumer needs. Although the prosumer concept has received considerable research attention, the number of empirical research studies on this topic is still significantly low. Based on the self-determination theory, this study developed and proposed a model exhibiting how extrinsic motivations affect prosumer behaviors. Data were collected online, and we used a structural equation model to predict the research model. Sample analysis revealed that three typical components of extrinsic motivations — a desire for financial incentives, a desire for socialization, and a sense of belonging — have significant positive effects on prosumption. Additionally, the evidence from this study emphasized the causal associations between prosumer behaviors. We also discussed the implications of the study findings for practice and research, along with limitations and future research directions. The chapter contributes to the prosumption literature and provides comprehensive insights to brand managers who desire to improve their digital service strategies.

Tourism plays a vital role in the global economy, and its significance becomes increasingly pronounced in the transitional economy, where ensuring sustainable tourism development necessitates effective destination management. This chapter thoroughly examines the involvement of destination management in transition economies and delves into the specific factors within the transitional economy that significantly influence the destination management model. By carefully considering these factors, a comprehensive model for tourism destination management is proposed, offering valuable insights and guidance for managing destinations in transition economies. Moreover, the chapter provides illustrative examples that highlight the factors that affect the development of tourism during periods of economic transition.

The retail industry has undergone a massive transformation in recent years due to rapid technological advancements. Immersive technologies such as augmented reality (AR), virtual reality (VR), and mixed reality (MR) have become essential elements for modern retailers to enhance their customer experience and stay ahead of their rivals. Based on 107 scholarly papers, this chapter provides a comprehensive review and synthesis of technological features in addition to the variety of benefits that existing and emerging immersive technologies can bring to retailers and consumers. In particular, the two main categories of immersive technology features are identified: sensory stimuli and perceptual stimuli. The benefits that these technologies offer to the success of contemporary retailers in terms of gaining new consumers, keeping existing ones, and cultivating new ones are revealed and analyzed. In addition, a set of values for customers that are made possible by immersive technologies throughout the consumer shopping journey, which consists of pre-, during-, and post-purchase phases, are presented and synthesized. Not only will academics benefit greatly from our findings but so will those in charge of running retail businesses.

This study explores the relationships between leaders’ curiosity and the intention to introduce Internet of Things (IoT)-based products (or product innovation); and the moderating role of different moderators on the above relationships. The chapter uses the survey-based methodology and scanning electron microscope (SEM) analysis technique with the sample collected in Vietnam. The findings show that there is a positive impact of the curiosity of leaders on the intention to introduce IoT-based products at firms and the effects of different variables negatively moderating the above relationships. Accordingly, people with more curiosity may lead them to accelerate the innovation to introduce IoT-based products at firms. Our study is one of the first to demonstrate the impact of leaders’ characteristics in driving IoT adoption and, more broadly, innovation at companies. The second theoretical contribution is our research findings have introduced two new moderating variables for business research on the impact of personal traits of leaders on innovation (in the case of IoT-based products). The implications of this research are also presented.

This chapter covers the transformation of a market-oriented economy and the advancements in exchange efficiency and effectiveness crucial to a successful transition. A key characteristic of transition economies is that the market is only partially exploited as a mechanism for economic exchange. Thus, rather than being influenced primarily by market forces, corporate behavior may be significantly more affected by factors like government regulation and ownership structure. Excessive regulations that restrict competition and insufficient regulations of the operating mechanism of economic sectors according to market supply and demand characterize countries transitioning from a planned economy to a market economy. The old plan-driven economy left behind anticompetitive regulation that makes achieving economic growth targets difficult. Therefore, the government should play a role in encouraging healthy competition among businesses and supplement regulations to develop a market economy.

The development of science and technology (ST) and information and communication (IC) has positively affected countries socioeconomically. The aim of this study is to explore the impact of social investment in IC and ST on the output growth of enterprises in different industries. The study focuses on enterprises in 77 Tier-2 industries in Vietnam and is divided into three samples: industry and construction, services, and overall data for the period 2008–2019. The chosen estimator is the panel generalized method of moments (GMM). The results were checked for robustness via comparison with the panel least squares (LS) method. The results confirm that business capital and labor are still the two basic inputs that determine the output value of enterprises. However, social investment in IC and ST also plays a significant role. Different roles of explanatory factors for output value were also found between enterprises in two economic sectors: the industry and construction sector, and the service sector. Enterprises in industry and construction benefit more from society’s investment in IC and ST than enterprises in the service sector.

This study aims to identify factors influencing retail investors’ intentions to use automated financial advisors (or financial robo-advisors) during the COVID-19 pandemic in Vietnam. We used an online survey to collect data through a structured questionnaire. We then adopted the structural equation modeling (SEM) approach to test the conceptual model on 333 respondents without experience with robo-advisors. The results show that trust, the tendency to rely on robo-advisors, financial knowledge, and the COVID-19 pandemic are key driving factors that affect retail investors’ intentions to use robo-advisors in their investment processes. Our results suggest managerial implications for financial service providers to develop their business strategies in line with the rise and development of fintech.

The internationalization of higher education has important implications for the development of a nation. The Vietnamese authorities have recognized it and issued various supporting policies, covering national human resources, international cooperation, and foreign language teaching and learning. This chapter presents and discusses the response of 91 Vietnamese university leaders with regard to internationalization at their institutions. Overall, these leaders find internationalization to be a positive change, but it leaves a lot to be desired. A number of recommendations are proposed to accelerate internationalization, with a specific focus on budget allocation, FDI attraction, and university autonomy. In this way, internationalization might also further new managerialism in Vietnamese higher education.

Many studies have suggested that financial literacy (FL) helps increase individual economic well-being, particularly by enhancing financial inclusion across countries. However, there is no consensus on measuring FL. Moreover, the rapid growth of digital financial services (DFS) due to the COVID-19 pandemic has continuously raised concerns that traditional FL is insufficient for individuals to access and use DFS effectively. In this study, we aim to investigate the impact of FL and digital literacy (DL) on financial management behavior (FMB), including spending, saving, borrowing, and investment. This research uses data from the responses of 377 Vietnamese. The results show that both FL and DL significantly impact FMB. In particular, FL and DL are positively associated with spending, saving, and borrowing — especially on digital platforms. However, the opposite trend is observed regarding individuals’ overspending and formal lending by banks. This investigation suggests policymakers should develop educational programs to increase both FL and DL to improve the FMB of the young generation.

The following section is included:

• Index