Copy igh © Au ho (s) 2025. All Righ s Rese ed. Published by GLOBAL PUBLICATION HOUSE. | In . Jou nal o Business Managemen
Page 55 o 63
The Media ing Role o Pe cei ed Risk in Shaping Vie namese
Consume s’ T us in Social Media Ad e ising: E idence om
he Fu ni u e Indus y
By:
D . Bùi Thị Phương Hoa
School o Economics, Hanoi Uni e si y o Indus y
&
Nguyễn Thị Mai Anh
G adua e S uden , MBA P og am (Coho 13), Hanoi Uni e si y o Indus y
Abs ac
This s udy in es iga es he media ing ole o pe cei ed isk in shaping Vie namese
consume s’ us in social media ad e ising o u ni u e p oduc s. Su ey da a we e
collec ed h ough a s uc u ed ques ionnai e adminis e ed ia Google Fo ms and dissemina ed
ac oss social media pla o ms, yielding 234 alid esponses. The da a we e analyzed using
SPSS and AMOS. The indings indica e ha in o ma ion anspa ency and pee e iews exe
he s onges in luence on ad e ising us , while sou ce c edibili y and in e ac i i y se e as
suppo ing ac o s. Pe cei ed isk pa ially media es he ela ionship be ween in o ma ion
anspa ency and consume s’ us in ad e ising.
Keywo ds:
Social media, ad e ising us , pe cei ed isk, consume beha io , Vie namese consume s,
u ni u e p oduc s.
How o ci e: Bui, T. P. H., & Nguyen, T. M. A. (2025). The Media ing Role o Pe cei ed
Risk in Shaping Vie namese Consume s’ T us in Social Media Ad e ising: E idence
om he Fu ni u e Indus y. GPH-In e na ional Jou nal o Business Managemen , 8(9),
55-63. h ps://doi.o g/10.5281/zenodo.17292189
ARTICLE ID: #02112
10.5281/ZENODO.17292189
VOL. 08 ISSUE 09 SEPT-2025
e-ISSN 3027-0537
p-ISSN 3027-0375
Bui, T. P. H., & Nguyen, T. M. A. (2025). The Media ing Role o Pe cei ed Risk in Shaping Vie namese Consume s’ T us
in Social Media Ad e ising: E idence om he Fu ni u e Indus y. GPH-In e na ional Jou nal o Business
Managemen , 8(9), 55-63. h ps://doi.o g/10.5281/zenodo.17292189
© 2025 GLOBAL PUBLICATION HOUSE | In e na ional Jou nal o Business Managemen
1. INTRODUCTION
In he con ex o digi al ans o ma ion, social media pla o ms such as Facebook, TikTok,
Ins ag am, and Zalo ha e become impo an ad e ising ools ha enable businesses o each
cus ome s and expand ma ke oppo uni ies. Acco ding o s a is ical epo s in 2024,
Facebook eached 2.93 billion mon hly ac i e use s, wi h Facebook Messenge ad e ising
alone co e ing 54.5 million use s in Vie nam—equi alen o nea ly 55% o he popula ion.
TikTok, which domina es he sho - ideo ma ke , gene a ed e enues o USD 2.7 billion in
2023. In Vie nam, 77.8% o use s aged 16 o 64 egula ly engage wi h TikTok, c ea ing an
e ec i e and p omising communica ion channel o businesses o p omo e hei p oduc s,
pa icula ly h ough a ilia e ma ke ing and c ea i e ad e ising o ma s.
Fo he u ni u e indus y, cus ome s o en make ca e ul conside a ions p io o pu chase, as
u ni u e belongs o he ca ego y o du able goods wi h high economic alue. The consume
decision-making p ocess is ypically p olonged, in ol ing ex ensi e compa isons and
e alua ions. The inabili y o physically expe ience p oduc s when shopping online compels
consume s o ely hea ily on ad e ising o assess p oduc quali y, design, du abili y, and
usabili y.
Wi hin he ealm o social media ad e ising, whe e in o ma ion is ansmi ed apidly and
di e sely bu o en con ains misleading o non- anspa en con en , pe cei ed isk eme ges as
a c ucial psychological ac o in luencing cus ome beha io and decision-making. When
consume s pe cei e high le els o isk, hey end o doub he accu acy and au hen ici y o
ad e ising claims. This de ensi e psychology leads o a decline in ad e ising us .
Con e sely, when pe cei ed isk is low, consume s eel mo e secu e in p ocessing
in o ma ion, expe ience less conce n o e po en ial ad e se ou comes, and hus de elop
s onge us in ad e ising.
Cus ome us no only di ec ly shapes pu chasing beha io bu also de e mines long- e m
b and loyal y. P e ious s udies [1] [2] [3] consis en ly a i m ha us posi i ely in luences
loyal y, educes pe cei ed isk, and os e s consume beha io . Al hough nume ous domes ic
and in e na ional s udies ha e explo ed cus ome us , esea ch speci ically add essing he
u ni u e indus y in he con ex o social media in Vie nam emains limi ed. This s udy
he e o e ocuses on key ac o s including in o ma ion anspa ency, sou ce c edibili y,
in e ac i i y, pee e iews and pa icula ly he media ing ole o pe cei ed isk in shaping
consume us in social media ad e ising.
2. LITERATURE REVIEW AND RESEARCH MODEL
2.1. Social Media Ad e ising
In he digi al e a, social media ad e ising has eme ged as a dominan ma ke ing channel.
Unlike adi ional ad e ising, social media ad e ising acili a es wo-way in e ac ions
be ween businesses and consume s, while allowing message pe sonaliza ion based on
beha io al and demog aphic da a. Pla o ms such as Facebook, TikTok, Ins ag am, YouTube,
and Zalo no only enable apid each and cos e iciency bu also p o ide obus sys ems o
measu ing e ec i eness h ough indica o s such as click- h ough a e, con e sion a e, and
cos pe con e sion.
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he Fu ni u e Indus y
Volume 8 Issue No 09 (2025) Access: h ps://gphjou nal.o g/index.php/bm
2.2. Cus ome T us
T us is de ined as he willingness o one pa y o accep ulne abili y based on he
expec a ion ha he o he pa y will ac in a a o able manne [4]. T us is inhe en ly
associa ed wi h expec a ions, ulne abili y, and isk [5]. In online en i onmen s whe e
cus ome s canno physically e alua e p oduc s, us becomes pa icula ly c i ical. Fo high-
alue goods such as u ni u e, us s ongly de e mines pu chasing beha io . T anspa en and
au hen ic ad e isemen s, suppo ed by posi i e communi y eedback, educe unce ain y,
acili a e pu chase decisions, and os e cus ome loyal y [6].
2.3. Pe cei ed Risk
Pe cei ed isk e e s o consume s’ subjec i e assessmen o he likelihood o encoun e ing
un a o able ou comes when ecei ing and ac ing upon ad e ising in o ma ion. Such isks
may include poo p oduc quali y, paymen aud, loss o pe sonal da a, o unsa is ac o y
se ice expe iences. Pe cei ed isk hus unc ions as a nega i e media ing ac o ha di ec ly
in luences cus ome us in online se ings [2] [7]. High pe cei ed isk educes us in
ad e ising, whe eas low pe cei ed isk p o ides a a o able ounda ion o us
de elopmen .
2.4. Theo e ical Models o Cus ome T us
Maye e al.’s Model [4]: T us is o med h ough h ee elemen s abili y (compe ence),
bene olence (conce n o consume in e es s), and in eg i y (hones y and anspa ency). This
amewo k in eg a es bo h a ional and emo ional e alua ions o us .
Online T us Model [8]: Highligh s h ee componen s us in he endo , us ing in en ion,
and us in echnology (secu i y, sa e y, and sys em eliabili y). This model is pa icula ly
ele an in e-comme ce and social media con ex s.
T us –Risk Model [7]: Emphasizes ha us mi iga es pe cei ed isk, he eby encou aging
pu chase in en ion and in o ma ion sha ing in online ansac ions.
2.5. Resea ch Hypo heses and Model
2.5.1. E ec o In o ma ion T anspa ency (MBTT)
Wang and Emu ian [9] a gue ha in digi al con ex s whe e physical in e ac ion is absen ,
anspa ency cons i u es a undamen al componen o online us . Clea , consis en , and
e i iable in o ma ion educes pe cei ed isk and enhances cus ome con idence.
Acco dingly, anspa en ad e ising is mo e likely o be pe cei ed as use ul, c edible, and
ele an .
H1a: In o ma ion anspa ency nega i ely in luences pe cei ed isk.
H1b: In o ma ion anspa ency posi i ely in luences cus ome us in social media
ad e ising o u ni u e p oduc s.
2.5.2. E ec o Sou ce C edibili y (XTP)
Sou ce c edibili y ex ends beyond he ― u h ulness‖ o in o ma ion o encompass pe cei ed
e hics, mo i es, and anspa ency o he message sende .[10] demons a ed ha he
Page No. 57
Bui, T. P. H., & Nguyen, T. M. A. (2025). The Media ing Role o Pe cei ed Risk in Shaping Vie namese Consume s’ T us
in Social Media Ad e ising: E idence om he Fu ni u e Indus y. GPH-In e na ional Jou nal o Business
Managemen , 8(9), 55-63. h ps://doi.o g/10.5281/zenodo.17292189
© 2025 GLOBAL PUBLICATION HOUSE | In e na ional Jou nal o Business Managemen
pe suasi eness o an ad e ising message is s ongly a ec ed by consume s’ pe cep ion o
spokespe son c edibili y. When in o ma ion sou ces a e pe cei ed as us wo hy, consume s
a e mo e likely o accep ad e ising messages and o m posi i e b and a i udes.
H2a: Sou ce c edibili y nega i ely in luences pe cei ed isk.
H2b: Sou ce c edibili y posi i ely in luences cus ome us in social media ad e ising o
u ni u e p oduc s.
2.5.3. E ec o In e ac i i y (TTT)
In e ac i i y mani es s in mul iple o ms such as commen s, sha es, likes, su eys, di ec
ques ions, and ins an messaging. Ac i e engagemen allows consume s o e i y and
compa e in o ma ion, he eby educing ambigui y and conce ns abou p oduc quali y o
ad e ising eliabili y. Highe in e ac i i y p o ides consume s wi h a g ea e sense o
con ol, which educes pe cei ed isk. P io esea ch [11] indica es ha in e ac i i y enhances
cus ome engagemen and awa eness, imp o ing accep ance and a i udes owa d online
ad e ising.
H3a: In e ac i i y nega i ely in luences pe cei ed isk.
H3b: In e ac i i y posi i ely in luences cus ome us in social media ad e ising o
u ni u e p oduc s.
2.5.4. E ec o Pee Re iews (DGK)
On social media pla o ms, consume s ecei e no only co po a e in o ma ion bu also pee
eedback and e iews. These e alua ions se e as a o m o ―social p oo ,‖ ein o cing us
and educing pe cei ed isk in decision-making [12]. Posi i e and anspa en pee e iews
based on eal expe iences help consume s assess sa e y and eliabili y, he eby educing
skep icism and pe cei ed isk.
H4a: Pee e iews nega i ely in luence pe cei ed isk.
H4b: Pee e iews posi i ely in luence cus ome us in social media ad e ising o
u ni u e p oduc s.
2.5.5. E ec o Pe cei ed Risk (NTRR)
High le els o pe cei ed isk lead cus ome s o doub ad e ising accu acy and hones y,
making hem mo e cau ious in accep ing in o ma ion o making pu chase decisions.
Con e sely, low pe cei ed isk os e s a sense o secu i y, educes conce ns abou ad e se
ou comes, and s eng hens us in ad e ising. This mechanism is suppo ed by he online
us model [2] and Pa lou’s esea ch [7], which iden i y pe cei ed isk as a nega i e
media ing ac o in luencing us in digi al en i onmen s.
H5: Pe cei ed isk nega i ely in luences cus ome us in social media ad e ising o
u ni u e p oduc s.
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The Media ing Role o Pe cei ed Risk in Shaping Vie namese Consume s’ T us in Social Media Ad e ising: E idence om
he Fu ni u e Indus y
Volume 8 Issue No 09 (2025) Access: h ps://gphjou nal.o g/index.php/bm
3. RESEARCH METHODOLOGY
This s udy employed a quan i a i e esea ch design. Measu emen scales we e adap ed om
p io s udies [1] [2] [3]and modi ied o sui he Vie namese con ex and he u ni u e indus y.
The su ey was conduc ed wi h 234 esponden s who we e ei he cu en o po en ial
cus ome s in e es ed in u ni u e p oduc s and esiding in Vie nam. A non-p obabili y
con enience sampling me hod was applied.
The collec ed da a we e p ocessed using SPSS and AMOS so wa e. The analy ical p ocedu e
consis ed o h ee main s eps:
1. Reliabili y Tes ing: C onbach’s Alpha was used o assess he in e nal consis ency o
he measu emen scales.
2. Fac o Analysis: Bo h Explo a o y Fac o Analysis (EFA) and Con i ma o y Fac o
Analysis (CFA) we e conduc ed o e alua e he cons uc alidi y o he measu emen
model.
3. S uc u al Model Tes ing: S uc u al Equa ion Modeling (SEM) was employed o
examine he hypo hesized ela ionships among cons uc s and o es he media ing
ole o pe cei ed isk.
4. RESEARCH RESULTS
4.1. Scale Reliabili y Tes ing
Acco ding o [13] he quali y o measu emen scales can be assessed based on he ollowing
c i e ia: (i) Composi e Reliabili y (CR) should be a leas 0.7; (ii) Con e gen alidi y is
con i med i he A e age Va iance Ex ac ed (AVE) eaches 0.5 o highe , ensu ing ha he
scale cap u es a majo i y o he a iance o obse ed a iables; (iii) Disc iminan alidi y is
es ablished when he Maximum Sha ed Va iance (MSV) is smalle han he AVE o each
cons uc , and he squa e oo o AVE (SQRTAVE) is g ea e han he in e -cons uc
co ela ions.
The analysis esul s p esen ed in Table 1 indica e ha he measu emen scales employed in
his s udy sa is ied hese condi ions and we e he e o e deemed eliable o subsequen
analyses.
Table 1. Resul s o Reliabili y and Validi y Assessmen (CR, AVE, MSV, SQRTAVE)
1
CR
AVE
MSV
MaxR(H)
DGK
NTRR
TTT
NTQC
XTP
MBTT
DGK
0.930
0.769
0.290
0.939
0.877
NTRR
0.915
0.729
0.314
0.917
-0.351
0.854
TTT
0.884
0.656
0.392
0.889
0.392
-0.341
0.810
NTQ
0.911
0.720
0.398
0.915
0.538
-0.560
0.562
0.848
Bui, T. P. H., & Nguyen, T. M. A. (2025). The Media ing Role o Pe cei ed Risk in Shaping Vie namese Consume s’ T us
in Social Media Ad e ising: E idence om he Fu ni u e Indus y. GPH-In e na ional Jou nal o Business
Managemen , 8(9), 55-63. h ps://doi.o g/10.5281/zenodo.17292189
© 2025 GLOBAL PUBLICATION HOUSE | In e na ional Jou nal o Business Managemen
C
XTP
0.843
0.573
0.100
0.846
0.110
-0.073
0.285
0.293
0.757
MBT
T
0.851
0.589
0.398
0.856
0.514
-0.429
0.626
0.631
0.316
0.767
Sou ce: AMOS 24 analysis esul s
4.2. Hypo hesis Tes ing
Figu e 1. Resul s o he S anda dized S uc u al Equa ion Model Analysis
Sou ce: AMOS 24 analysis esul s
The analysis esul s indica e ha he e alua ion c i e ia o he s uc u al model all mee he
equi ed h esholds, con i ming ha he esea ch model is well- i ed o he collec ed da a.
Speci ically, he Chi-squa e/d a io was 1.426, which is lowe han he ecommended
h eshold o 2. The Goodness-o -Fi Index (GFI) eached 0.897; he Compa a i e Fi Index
(CFI) was 0.973; and he Tucke –Lewis Index (TLI) was 0.968. Bo h CFI and TLI exceeded
0.9, while GFI was wi hin he accep able ange o 0.8–0.9. In addi ion, he Roo Mean Squa e
E o o App oxima ion (RMSEA) was 0.043, lowe han he 0.06 h eshold sugges ed by
Hai e al. [13]. These esul s demons a e ha he p oposed s uc u al model is s a is ically
alid and i s he da a well.
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Table 2. SEM Hypo hesis Tes ing Resul s
Hypo hesis
Rela ionship
Es ima e
P- alue
Resul
H1a
NTRR ← BMTT
-0.300
0.005
Suppo ed
H2a
NTRR ← XTP
0.070
0.336
Rejec ed
H3a
NTRR ← TTT
-0.109
0.234
Rejec ed
H4a
NTRR ← DGK
-0.161
0.039
Suppo ed
H1b
NTQC ← BMTT
0.222
0.009
Suppo ed
H2b
NTQC ← XTP
0.120
0.037
Suppo ed
H3b
NTQC ← TTT
0.195
0.007
Suppo ed
H4b
NTQC ← DGK
0.226
***
Suppo ed
H5
NTQC ← NTRR
-0.310
***
Suppo ed
NTRR
0.218
NTQC
0.580
Sou ce: AMOS 24 analysis esul s
The esul s con i m ha all p oposed hypo heses (H1–H5) a e suppo ed a he 95%
con idence le el, excep o H2a and H3a, which we e ejec ed due o hei p- alues being
g ea e han 0.05 (p = 0.336 and p = 0.234, espec i ely).
4.3. Media ion Analysis o Pe cei ed Risk
The esul s o he Boo s ap media ion es indica e ha pe cei ed isk se es as a pa ial
media o in he ela ionship be ween in o ma ion anspa ency and ad e ising us (Table 3).
Table 3. Media ion Tes Resul s o Pe cei ed Risk
Rela ionship
S anda dized
Es ima e
P- alue
Resul
Media ion E ec
MBTT → NTRR → NTQC
0.093**
0.003
Suppo ed
Pa ial media ion
XTP → NTRR → NTQC
-0.022
0.286
Rejec ed
No media ion
TTT → NTRR → NTQC
0.034
0.239
Rejec ed
No media ion
DGK → NTRR → NTQC
0.050
0.058
Rejec ed
No media ion
Sou ce: AMOS 24 analysis esul s
Page No. 61
Bui, T. P. H., & Nguyen, T. M. A. (2025). The Media ing Role o Pe cei ed Risk in Shaping Vie namese Consume s’ T us
in Social Media Ad e ising: E idence om he Fu ni u e Indus y. GPH-In e na ional Jou nal o Business
Managemen , 8(9), 55-63. h ps://doi.o g/10.5281/zenodo.17292189
© 2025 GLOBAL PUBLICATION HOUSE | In e na ional Jou nal o Business Managemen
5. CONCLUSION
The s udy iden i ies in o ma ion anspa ency, sou ce c edibili y, in e ac i i y, and pee
e iews as key ac o s in luencing us in social media ad e ising. Among hese, pee
e iews exe he s onges e ec on ad e ising us (0.226), ollowed by in o ma ion
anspa ency (0.222), in e ac i i y (0.195), and sou ce c edibili y (0.120). Pe cei ed isk was
ound o nega i ely a ec ad e ising us wi h a s ong coe icien (-0.310). Addi ionally,
pe cei ed isk was nega i ely in luenced by in o ma ion anspa ency (-0.300) and pee
e iews (-0.161). Impo an ly, pe cei ed isk pa ially media es he ela ionship be ween
in o ma ion anspa ency and ad e ising us , bu i does no media e he e ec s o
in e ac i i y, sou ce c edibili y, o pee e iews on ad e ising us .
These indings p o ide empi ical e idence o online us heo y while highligh ing he
unique cha ac e is ics o he u ni u e sec o , a high- alue indus y wi h limi ed oppo uni ies
o di ec p oduc expe ience.
Manage ial Implica ions
The esul s o e se e al impo an implica ions o businesses seeking o enhance cus ome
us and imp o e he e ec i eness o social media ad e ising:
1. Ensu e ull disclosu e o p oduc in o ma ion, including o igin, ma e ials, p icing, and
wa an y.
2. Main ain a p o essional b and image and collabo a e wi h epu able KOLs/in luence s
o ein o ce c edibili y.
3. S eng hen wo-way in e ac ions h ough commen s, messages, and li es eams o
os e cus ome engagemen and a sense o ca e.
4. De elop mechanisms ha encou age cus ome s o lea e posi i e eedback and
e iews a e pu chase. Such ―social p oo ‖ signi ican ly in luences us and pu chase
decisions o p ospec i e cus ome s.
5. Es ablish clea e u n and wa an y policies, and p o ide au hen ic p oduc images and
ideos o c ea e a g ea e sense o sa e y o consume s when engaging wi h
ad e isemen s.
Fu u e Resea ch Di ec ions
Al hough his s udy yields aluable insigh s, se e al limi a ions emain. Fi s , he ocus on he
u ni u e indus y es ic s he gene alizabili y o he indings o o he sec o s. Second, he
con enience sampling me hod and limi ed geog aphic co e age may no ully ep esen he
di e si y o he ma ke . Thi d, he esea ch model only examined ou an eceden ac o s and
one media ing a iable, lea ing ou o he po en ial in luences such as sa is ac ion, b and
a achmen , and cul u al ac o s. Addi ionally, online da a collec ion may in oduce bias, and
SEM analysis emains s a ic. Fu u e esea ch should ex end o o he indus ies and egions,
inco po a e addi ional a iables, and apply mo e ad anced analy ical echniques o enhance
gene alizabili y and p ac ical alue.
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