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DOI: 10.5281/zenodo.17657218
68
ISRG PUBLISHERS
Abb e ia ed Key Ti le: Is g J Econ Bus Manag
ISSN: 2584-0916 (Online)
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Volume – III Issue - VI (No embe -Decembe ) 2025
F equency: Bimon hly
THE IMPACT OF EXCHANGE RATE FLUCTUATIONS ON THE
PROFITABILITY OF VIETNAMESE IMPORT–EXPORT ENTERPRISES
Hoang Thi Thu Hien
Banking Academy o Vie nam 12 Chua Boc, Kim Lien, Hanoi.
| Recei ed: 14.11.2025 | Accep ed: 19.11.2025 | Published: 20.11.2025
*Co esponding au ho : Hoang Thi Thu Hien
Banking Academy o Vie nam 12 Chua Boc, Kim Lien, Hanoi.
Abs ac
Exchange a e luc ua ions ha e long been ecognized as a c i ical ac o in luencing he inancial pe o mance o impo –expo
en e p ises, pa icula ly in eme ging economies such as Vie nam, whe e in e na ional ade plays a cen al ole in economic
g ow h. This s udy in es iga es he impac o exchange a e ola ili y on he p o i abili y o Vie namese impo –expo en e p ises
h ough a quali a i e desc ip i e analysis based on seconda y da a om he S a e Bank o Vie nam (SBV), he Gene al S a is ics
O ice (GSO), he Wo ld Bank, and indus y epo s om 2015 o 2023. The indings indica e ha luc ua ions in he USD/VND
exchange a e exe signi ican e ec s on e enue, p oduc ion cos s, and p o i ma gins o businesses in ol ed in in e na ional
ade. Impo –dependen en e p ises ace ising inpu cos s when he domes ic cu ency dep ecia es, while expo -o ien ed i ms
may bene i om imp o ed p ice compe i i eness ab oad. Howe e , he ad an ages o expo e s a e o en mode a ed by ac o s
such as exchange a e pass- h ough, con ac igidi y, and ising cos s o impo ed aw ma e ials. The s udy also e eals ha many
Vie namese impo –expo en e p ises s ill lack e ec i e exchange a e isk managemen s a egies, elying p ima ily on sho - e m
con ac adjus men s a he han inancial hedging ools. O e all, he esul s sugges ha exchange a e ola ili y poses subs an ial
challenges o he p o i abili y and long- e m compe i i eness o Vie namese impo –expo en e p ises. S eng hening isk
managemen capabili ies, expanding he use o hedging ins umen s, and enhancing inancial esilience a e essen ial o mi iga ing
ad e se impac s. The indings p o ide meaning ul insigh s o i ms, policymake s, and inancial ins i u ions in o mula ing
s a egies o s abilize ea nings and suppo sus ainable de elopmen in he con ex o inc easing global economic unce ain y.
Keywo ds: Exchange a e luc ua ions; p o i abili y; cu ency isk; ade compe i i eness.
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1. In oduc ion
Exchange a e mo emen s play a i al ole in shaping he
pe o mance and compe i i eness o i ms engaged in in e na ional
ade. In open economies, exchange a e luc ua ions in luence bo h
impo and expo ac i i ies by al e ing he ela i e p ices o goods,
p oduc ion inpu s, and inancial obliga ions (K ugman, Obs eld, &
Meli z, 2018). Fo eme ging ma ke s such as Vie nam whe e ade
olume exceeds o e 180% o GDP cu ency ola ili y has
inc easingly become a signi ican sou ce o business isk (Wo ld
Bank, 2023). As Vie nam con inues o in eg a e in o global alue
chains, exposu e o exchange a e isk has become mo e
p onounced, di ec ly a ec ing he ope a ional e iciency and
p o i abili y o impo –expo en e p ises.
Theo e ically, exchange a e changes a ec i ms h ough se e al
channels. A dep ecia ion o he domes ic cu ency may enhance he
compe i i eness o expo -o ien ed en e p ises by making
Vie namese p oduc s cheape in in e na ional ma ke s. Howe e ,
he same dep ecia ion ends o inc ease he cos o impo ed inpu s,
machine y, and in e media e goods, he eby educing p o i
ma gins o i ms dependen on o eign ma e ials (Bahmani-
Oskooee & A ab, 2017). Con e sely, an app ecia ion o he VND
can lowe impo cos s bu weaken he compe i i eness o
expo e s, making i mo e di icul o sus ain e enues. These
opposing e ec s highligh he complexi y o managing exchange
a e exposu e and he impo ance o unde s anding i s implica ions
o business pe o mance.
In Vie nam, he exchange a e especially he USD/VND a e has
exhibi ed measu able luc ua ions o e he pas decade due o
global inancial ins abili y, shi ing U.S. mone a y policy,
geopoli ical ensions, and domes ic mac oeconomic adjus men s.
Be ween 2015 and 2023, pe iods o s ong ola ili y occu ed in
esponse o he U.S. Fede al Rese e’s igh ening cycles, COVID-
19 dis up ions, and commodi y p ice shocks (S a e Bank o
Vie nam, 2023). These luc ua ions gene a ed signi ican inancial
p essu es on impo –expo en e p ises, many o which ope a e
wi h hin ma gins and high dependency on impo ed aw ma e ials.
Despi e he c i ical impo ance o exchange a e exposu e, isk
managemen capabili ies among Vie namese i ms emain limi ed,
wi h mos en e p ises elying on sho - e m p icing adjus men s
a he han hedging ins umen s such as o wa d con ac s, op ions,
o swaps (Vie nam Chambe o Comme ce and Indus y, 2022).
Al hough exis ing in e na ional li e a u e ex ensi ely examines he
ela ionship be ween exchange a e ola ili y and i m p o i abili y,
esea ch in he Vie namese con ex emains ela i ely agmen ed.
P io s udies p ima ily u ilize quan i a i e models ocusing on
mac o-le el impac s o sec o -speci ic e ec s, lea ing a gap in
unde s anding he quali a i e dimensions o how exchange a e
luc ua ions a ec business ope a ions, cos s uc u es, and isk
managemen p ac ices among Vie namese impo –expo
en e p ises (Nguyen & Pham, 2020). The e o e, a comp ehensi e
quali a i e analysis based on seconda y da a is necessa y o be e
cap u e con ex ual ac o s ha may no be ully e lec ed in
econome ic s udies.
This s udy aims o ill his gap by p o iding an in-dep h quali a i e
assessmen o how exchange a e luc ua ions in luence he
p o i abili y o Vie namese impo –expo en e p ises. By
syn hesizing seconda y da a om SBV epo s, ma ke analyses,
inancial disclosu es, and ade s a is ics om 2015 o 2023, he
pape o e s insigh s in o he mechanisms h ough which cu ency
ola ili y a ec s i ms’ e enues, expenses, and compe i i eness.
The esea ch also iden i ies key challenges in exchange a e isk
managemen and discusses s a egic implica ions o s eng hening
inancial esilience. The indings con ibu e o he li e a u e by
illumina ing he eal-wo ld impac s o exchange a e luc ua ions
on businesses ope a ing in an inc easingly unce ain global
economic en i onmen .
2. Li e au u e e iew
Exchange a e mo emen s play a c ucial ole in in e na ional ade
and in es men decisions. In heo y, luc ua ions in exchange a es
a ec he cos o impo ed inpu s, he compe i i eness o expo s,
and i ms’ o eign-cu ency denomina ed liabili ies (K ugman,
Obs eld, & Meli z, 2018). When he domes ic cu ency
dep ecia es, expo -o ien ed i ms may bene i om imp o ed p ice
compe i i eness in o eign ma ke s. Howe e , dep ecia ion also
inc eases he cos o impo ed aw ma e ials, machine y, and
in e media e goods, which may educe p o i ma gins o i ms
hea ily dependen on impo ed inpu s (Bahmani-Oskooee & A ab,
2017). Con e sely, an app ecia ion o he domes ic cu ency
lowe s inpu p ices o impo e s bu can nega i ely a ec he
e enues o expo e s by making hei p oduc s ela i ely mo e
expensi e ab oad. The impac o exchange a e luc ua ions is also
explained unde inancial isk heo y, which emphasizes ha
exchange a e ola ili y in oduces unce ain y in cash lows,
ope a ing cos s, and in es men planning (Ba am, B own, &
Min on, 2010). Fi ms ope a ing in open economies hus ace
ansla ion isk, ansac ion isk, and economic exposu e,
depending on hei cu ency composi ion o e enues and
expenses. The deg ee o exposu e can a y subs an ially ac oss
indus ies, depending on hei eliance on impo ed ma e ials and
expo ma ke s.
Exchange a e luc ua ions in luence i m p o i abili y h ough
se e al di ec and indi ec mechanisms. The mos immedia e
channel is he p ice e ec , whe e changes in exchange a es al e
expo p ices and impo cos s. Expo e s gene ally gain om
cu ency dep ecia ion, while impo e s bene i om cu ency
app ecia ion (Auboin & Ru a, 2013). Howe e , he ex en o his
e ec depends on he deg ee o exchange a e pass- h ough he
ex en o which exchange a e changes a e e lec ed in domes ic
p ices. In ma ke s wi h low pass- h ough, i ms may no ully
bene i om a o able exchange a e mo emen s. Ano he
impo an mechanism is he cos channel, whe e dep ecia ion
inc eases he cos o impo ed inpu s, p oduc ion equipmen , and
logis ics se ices. Fo coun ies like Vie nam ha ely hea ily on
impo ed in e media e goods, his cos channel may o se he
bene i s gained om imp o ed expo compe i i eness (Wo ld
Bank, 2023). The hi d mechanism in ol es inancial exposu e,
pa icula ly o i ms wi h o eign-cu ency loans. Exchange a e
dep ecia ion inc eases he bu den o deb epaymen and in e es
expenses, which can e ode p o i abili y (Eicheng een & Gup a,
2015). Many Vie namese impo –expo en e p ises ha e used
USD-denomina ed loans due o lowe in e es a es, inc easing
hei ulne abili y o exchange a e ola ili y. Finally, exchange
a e luc ua ions can a ec business planning h ough unce ain y
e ec s, as ola ili y complica es o ecas ing, con ac nego ia ion,
and in en o y managemen (Ba am e al., 2010). Fi ms wi h
limi ed inancial and manage ial capaci y ace g ea e challenges in
managing hese unce ain ies.
A subs an ial body o empi ical esea ch has examined how
exchange a e ola ili y a ec s i m-le el p o i abili y and ade
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pe o mance. In ad anced economies, s udies such as Goldbe g
and Kols ad (1995) and Campa and Goldbe g (1999) ound ha
exchange a e luc ua ions signi ican ly in luence mul ina ional
i ms’ e enues and cos s uc u es. In de eloping economies,
Bahmani-Oskooee and A ab (2017) showed ha exchange a e
ola ili y nega i ely a ec s p o i abili y in impo -dependen
indus ies, con i ming he asymme ic e ec o cu ency
mo emen s. Addi ionally, esea ch sugges s ha i ms wi h
di e si ied ma ke s and ad anced hedging capabili ies a e be e
able o mi iga e exchange a e isks. Ba am e al. (2010)
demons a ed ha i ms using de i a i es such as o wa d con ac s
and cu ency swaps expe ienced lowe exposu e o exchange a e
luc ua ions. In con as , small and medium-sized en e p ises
(SMEs) in eme ging ma ke s o en lack access o such ools,
making hem mo e ulne able o cu ency ola ili y. S udies in
Asia p o ide u he e idence o he signi icance o exchange a e
exposu e. Misa i e al. (2020) ound ha exchange a e ola ili y
educed expo pe o mance in Eas Asian economies. Simila ly,
I o and Shimizu (2015) epo ed ha Japanese i ms wi h highe
impo con en aced subs an ial p o i losses du ing pe iods o yen
dep ecia ion, despi e gains om inc eased expo compe i i eness.
In Vie nam, exis ing esea ch con i ms ha exchange a e
luc ua ions ha e meaning ul implica ions o ade pe o mance
and i m p o i abili y. Nguyen and Pham (2020) ound ha
exchange a e ola ili y nega i ely a ec s he inancial
pe o mance o manu ac u ing en e p ises, pa icula ly hose
dependen on impo ed inpu s. Meanwhile, Do and Hoang (2019)
showed ha expo -o ien ed i ms bene i om VND dep ecia ion,
bu he e ec is limi ed by high impo con en in p oduc ion.
Indus y epo s om he Vie nam Chambe o Comme ce and
Indus y (VCCI, 2022) indica e ha mos Vie namese impo –
expo en e p ises s ill lack e ec i e exchange a e isk
managemen capabili ies. Many i ms ely on sho - e m p ice
adjus men s a he han inancial hedging ins umen s such as
u u es, op ions, and swaps due o limi ed knowledge, high cos s,
and unde de eloped de i a i e ma ke s. Despi e hese indings,
esea ch in he Vie namese con ex emains p edominan ly
quan i a i e and mac oeconomic in ocus. Few s udies p o ide
quali a i e insigh s in o how exchange a e luc ua ions a ec
ope a ional decisions, cos s uc u es, supply chain dynamics, and
s a egic esponses o i ms. Mo eo e , he e is insu icien
analysis o how di e en sec o s expe ience exchange a e
exposu e di e en ly. The e o e, his s udy con ibu es o exis ing
li e a u e by o e ing a desc ip i e quali a i e assessmen o
exchange a e impac s on he p o i abili y o Vie namese impo –
expo en e p ises, helping o ill he gap ega ding con ex ual and
ope a ional ac o s ha shape exchange a e ulne abili y in
Vie nam’s ade-dependen economy.
3. Cu en si ua ion o exchange a e
luc ua ions and hei impac on
ie namese impo and expo
en e p ises
O e he pas decade, he USD/VND exchange a e has exhibi ed
conside able luc ua ions, signi ican ly a ec ing Vie nam’s
impo –expo sec o . Be ween 2015 and 2019, he Vie namese
đồng (VND) main ained ela i e s abili y due o p oac i e
in e en ions by he S a e Bank o Vie nam (SBV), wi h annual
dep ecia ion a e aging only 1–1.5% (SBV, 2023). Howe e , he
onse o he COVID-19 pandemic in 2020 igge ed g ea e
ola ili y: dis up ions in global ade, declining o eign in es men ,
and unce ain y in global ma ke s led o s onge dep ecia ion
p essu es on he VND. The mos subs an ial luc ua ions occu ed
in 2022–2023, when he U.S. Fede al Rese e aised in e es a es
agg essi ely, causing he USD o app ecia e globally. As a esul ,
he VND dep ecia ed nea ly 9% in 2022, ma king i s sha pes
annual dep ecia ion in wo decades (Wo ld Bank, 2023). This
su ge in ola ili y signi ican ly a ec ed i ms' cos s uc u es and
ea nings. Al hough he exchange a e s abilized somewha in 2023
due o imp o ed o eign ese es and mac oeconomic adjus men s,
he pe iod highligh ed Vie nam’s ulne abili y o global mone a y
shocks and exchange a e isks.
Fo expo -o ien ed en e p ises, VND dep ecia ion heo e ically
boos s p ice compe i i eness in in e na ional ma ke s. In p ac ice,
howe e , he bene i s o Vie namese expo e s ha e been
signi ican ly dilu ed due o wo s uc u al cons ain s. Fi s ,
Vie nam’s expo s ely hea ily on impo ed in e media e inpu s.
Indus ies such as elec onics, ex iles, and machine y depend on
o eign aw ma e ials, wi h impo con en a e aging 50–60% o
majo expo sec o s (VCCI, 2022). When he VND dep ecia es,
he cos o hese inpu s ises, o se ing gains om imp o ed expo
p ices. Second, many expo en e p ises ope a e unde ixed long-
e m con ac s denomina ed in USD. Thus, when he exchange a e
luc ua es, expo e s canno immedia ely adjus hei selling p ices,
limi ing he bene i s o dep ecia ion (Nguyen & Pham, 2020).
Howe e , some sec o s pa icula ly ag icul u e, sea ood, and wood
p oduc s ha e bene i ed mo e no iceably om dep ecia ion due o
lowe impo dependency. Fo example, sea ood expo e s
eco ded highe e enues du ing pe iods o VND dep ecia ion,
al hough inpu cos s s ill ose due o impo ed eed and equipmen
(Wo ld Bank, 2023). O e all, exchange a e luc ua ions ha e
c ea ed bo h oppo uni ies and challenges o expo e s, wi h he
ne impac depending on inpu s uc u e, con ac e ms, and
inancial esilience.
Impo -o ien ed en e p ises ace e en g ea e ulne abili y o
exchange a e ola ili y. Fi ms impo ing aw ma e ials, machine y,
pha maceu icals, and chemical p oduc s expe ience di ec cos
inc eases du ing pe iods o VND dep ecia ion. Fo businesses
ope a ing on hin p o i ma gins such as e ail, ood p ocessing, and
indus ial ma e ials exchange a e spikes signi ican ly comp ess
p o i ma gins. Du ing 2022, when he VND dep ecia ed sha ply,
se e al impo - elian i ms epo ed subs an ial inc eases in cos s.
Fo example, en e p ises in he plas ics, s eel, and manu ac u ing
sec o s saw impo inpu p ices ise 10–15%, p omp ing p oduc ion
adjus men s, con ac enego ia ions, and e en empo a y educ ion
in ope a ions (VCCI, 2022). Impo -dependen SMEs a ed wo se
due o limi ed inancial bu e s. Many epo ed di icul ies mee ing
exis ing con ac s, educed liquidi y, and highe bo owing cos s,
especially o USD-denomina ed loans. Acco ding o SBV (2023),
SMEs accoun ed o he la ges sha e o en e p ises nega i ely
a ec ed by exchange a e ola ili y du ing his pe iod.
Thus, while expo e s may bene i selec i ely om dep ecia ion,
impo e s consis en ly expe ience nega i e p o i abili y ou comes
when he VND weakens.
A majo challenge acing Vie namese impo –expo en e p ises
oday is he limi ed capaci y o e ec i e exchange a e isk
managemen . Despi e being inc easingly exposed o cu ency
ola ili y due o deepe global economic in eg a ion, many i ms
emain unde p epa ed o handle exchange a e isks p ope ly.
Acco ding o he Vie nam Chambe o Comme ce and Indus y
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(VCCI, 2022), mo e han 70% o Vie namese impo –expo
en e p ises do no u ilize any o mal hedging ins umen s such as
o wa d con ac s, u u es, o swaps. This low adop ion a e e lec s
signi ican gaps in inancial isk managemen p ac ices and
highligh s he ulne abili y o en e p ises o ex e nal ma ke
shocks. Se e al s uc u al ac o s con ibu e o his limi a ion. Fi s ,
many i ms pa icula ly small and medium-sized en e p ises—lack
adequa e knowledge abou hedging ins umen s and mode n
inancial isk managemen echniques. Second, he high ansac ion
cos s associa ed wi h de i a i e p oduc s o e ed by comme cial
banks discou age i ms om adop ing hese ools, e en when hey
a e awa e o hei po en ial bene i s. In addi ion, Vie nam’s
de i a i e ma ke emains unde de eloped, cha ac e ized by low
liquidi y and limi ed p oduc di e si y, making i di icul o
en e p ises o access app op ia e hedging solu ions ailo ed o hei
needs. Fu he mo e, nume ous en e p ises belie e ha exchange
a e luc ua ions can be managed h ough sho - e m ope a ional
adjus men s, such as enego ia ing con ac p ices o modi ying
p ocu emen s a egies. This pe cep ion leads i ms o
unde es ima e he long- e m inancial isks associa ed wi h
pe sis en exchange a e ola ili y. Compounding his issue is he
absence o specialized inancial isk managemen pe sonnel wi hin
mos en e p ises, esul ing in exchange a e isk assessmen s ha
a e o en subjec i e and lacking me hodological igo .
Consequen ly, Vie namese i ms end o ely on passi e coping
s a egies, including delaying impo o de s, enego ia ing supply
con ac s, o adjus ing selling p ices. Al hough hese app oaches
can p o ide empo a y elie , hey a e insu icien o p o ec ing
p o i ma gins du ing pe iods o p olonged o signi ican exchange
a e mo emen s. This si ua ion is especially c i ical o businesses
ha depend hea ily on impo ed inpu s o hold subs an ial o eign-
cu ency–denomina ed deb . Mo eo e , he inancial epo ing
p ac ices o many en e p ises s ill lack anspa ency ega ding hei
le el o exchange a e exposu e. This lack o disclosu e hinde s
in es o s, egula o s, and inancial ins i u ions om p ope ly
assessing sys emic isks wi hin he business en i onmen . The
limi ed anspa ency highligh s he p essing need o s eng hen
inancial go e nance, enhance co po a e disclosu e p ac ices, and
imp o e i ms’ capabili ies o manage exchange a e isks
e ec i ely. Add essing hese gaps is essen ial o building g ea e
esilience among Vie namese impo –expo en e p ises in an
inc easingly ola ile and unp edic able global economic landscape.
4. Conclusion
The indings o his s udy demons a e ha exchange a e
luc ua ions exe a p o ound and mul i ace ed in luence on he
p o i abili y o Vie namese impo –expo en e p ises. Al hough
dep ecia ion o he Vie namese đồng can enhance he p ice
compe i i eness o expo -o ien ed i ms, he o e all bene i s
emain limi ed due o Vie nam’s high dependence on impo ed
in e media e inpu s and he p e alence o ixed-p ice expo
con ac s. Con e sely, impo -dependen en e p ises expe ience
immedia e and signi ican cos p essu es when he domes ic
cu ency dep ecia es, leading o comp essed p o i ma gins and
heigh ened inancial ulne abili y. The quali a i e e idence u he
highligh s ha mos Vie namese en e p ises s ill ely on sho - e m
coping s a egies a he han sys ema ic isk managemen
app oaches, exposing hem o subs an ial p o i abili y ola ili y
du ing pe iods o exchange a e ins abili y. These challenges
collec i ely unde sco e he sys emic na u e o exchange a e isk
wi hin Vie nam’s ade-dependen economy and he need o mo e
esilien inancial and manage ial amewo ks.
Gi en hese indings, se e al policy implica ions eme ge ha could
suppo en e p ises in s eng hening hei capaci y o manage
exchange a e isks mo e e ec i ely. Fi s , a he na ional le el,
policymake s should p io i ize he de elopmen o a mo e
sophis ica ed and liquid inancial de i a i es ma ke . Enhancing
he a ailabili y and accessibili y o hedging ins umen s such as
o wa ds, u u es, op ions, and swaps—would p o ide en e p ises
wi h p ac ical ools o mi iga e exposu e o cu ency ola ili y. The
S a e Bank o Vie nam (SBV) could also acili a e his p ocess by
imp o ing egula o y amewo ks, p omo ing anspa ency, and
encou aging comme cial banks o di e si y hei de i a i e
p oduc s while lowe ing ansac ion cos s o i ms, especially
SMEs.
Second, building en e p ise-le el capaci y is c ucial. Go e nmen
agencies, indus y associa ions, and inancial ins i u ions should
collabo a e o p o ide aining p og ams, wo kshops, and ad iso y
se ices on exchange a e isk managemen . S eng hening
inancial li e acy among business owne s and manage s would
enhance hei unde s anding o hedging echniques, isk
measu emen , and s a egic decision-making unde exchange a e
unce ain y. En e p ises should also be encou aged o es ablish
in e nal inancial isk managemen uni s o designa e specialized
pe sonnel esponsible o moni o ing exchange a e ends,
analyzing exposu es, and de eloping hedging s a egies.
Thi d, imp o ing anspa ency and co po a e go e nance is
essen ial o educing sys emic isks. En e p ises should adop
s anda dized epo ing p ac ices ha clea ly disclose hei o eign
cu ency exposu es, hedging posi ions, and sensi i i y o exchange
a e mo emen s. Enhanced anspa ency no only suppo s in es o
con idence bu also enables policymake s and inancial ins i u ions
o be e assess he o e all isk en i onmen and design app op ia e
egula o y esponses.
Finally, impo –expo en e p ises should conside di e si ying
hei supply chains, nego ia ing mo e lexible con ac e ms, and
explo ing al e na i e in oicing cu encies whe e easible. These
s a egic adjus men s can help educe ulne abili y o ex e nal
shocks and s eng hen long- e m inancial esilience. By
in eg a ing bo h inancial and ope a ional s a egies, i ms can
be e wi hs and luc ua ions in he mac oeconomic en i onmen
and sus ain p o i abili y in he ace o con inued global unce ain y.
In summa y, exchange a e ola ili y will emain a pe sis en
challenge o Vie namese impo –expo en e p ises as global
economic condi ions e ol e. S eng hening isk managemen
capabili ies, deepening inancial ma ke s, and enhancing co po a e
go e nance a e indispensable s eps owa d building a mo e
esilien and compe i i e ade sec o . These e o s will no only
p o ec i ms’ p o i abili y bu also con ibu e o Vie nam’s b oade
economic s abili y and sus ainable de elopmen .
Acknowledgmen s Funding: The au ho s g a e ully acknowledge
he inancial suppo om he Banking Academy o Vie nam.
Compe ing in e es s: The au ho s decla e ha he e a e no
con lic s o in e es ega ding he publica ion o his pape .
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