Understanding Foreign Ownership in Vietnam’s Financial Sector: A Multi-Phase Analysis from Market Turbulence to Recovery

Thu Thi Lien Nguyen, Minh Hoang Vu (), Thi Anh Phuong Tran and Khanh An Tran
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Thu Thi Lien Nguyen: National Economics University
Minh Hoang Vu: National Economics University
Thi Anh Phuong Tran: National Economics University
Khanh An Tran: National Economics University

A chapter in Proceedings of the 6th International Conference on Research in Management & Technovation, 2026, pp 74-89 from Springer

Abstract: Abstract This study investigates the determinants of foreign ownership in 75 financial firms listed on Vietnam’s stock market from 2019 to 2023, covering three distinct market phases: pre-crisis, disruption, and recovery. The analysis reveals that firm size and stock beta have a consistently positive impact on foreign ownership, while P/B ratio, stock liquidity, and financial leverage demonstrate negative effects. In addition, macroeconomic variables such as exchange rate, inflation, and market P/E ratio are shown to influence foreign investors’ decisions, though with varying significance across periods. By examining investment behaviors under shifting market conditions, this paper offers fresh insights into how global shocks and regulatory transformations shape foreign capital flows in emerging markets. The findings provide policy implications for financial firms and regulators aiming to stabilize and attract sustainable foreign investment.

Keywords: foreign ownership; financial firms; market volatility; global shocks; foreign investors (search for similar items in EconPapers)
Date: 2026
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Persistent link: https://EconPapers.repec.org/RePEc:spr:prbchp:978-981-95-9113-8_7

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DOI: 10.1007/978-981-95-9113-8_7

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