Issue: Số 11 - Tháng 5 - 2022Tài chính - Ngân hàng - Bảo hiểm
Analyzing the impact of the Covid-19 pandemic on Vietnam’s stock market
Published: July 30, 2026
Abstract
This study is to assess the impact of the COVID-19 pandemic on the Vietnamese stock market’s industries from March 2020 to March 2021. The study finds out the short-term and long-term effects of macro factors such as exchange rate, oil price, and gold price, and variables representing the COVID-19 pandemic’s developments such as the number of new COVID-19 cases, recoveries and deaths on Vietnam's stock market. Based on the study’s results, some policy recommendations are made to help the authorities promptly control and protect Vietnam's stock market from unusually volatile events such as the COVID-19 pandemic, and help investors identify the volatility trend of the stock market to make appropriate investment decisions.
Keywords
Covid-19stock marketsectoral indexVietnamARDL
References
1.
Ashraf, B. (2020). Stock markets reaction to Covid-19: Cases or fatalities? Research in International Business and Finance, 54, 1-7.
2.
Bakas, D., & Triantafyllou, A. (2020). Commodity price volatility and the economic uncertainty of pandemics. [Online] Avalabile at https://ssrn.com/abstract=3581193orhttp://dx.doi.org/10.2139/ssrn.3581193
Giri, A. K., Joshi, P. (2017). The Impact of Macroeconomic Indicators on Indian Stock Prices: An Empirical Analysis. Studies in Business and Economics, 12(1), 61-78.
4.
Goodell, J. (2020). Covid-19 and finance: Agendas for future research. Finance Research Letters, 35, p.101512.
5.
He, Q., Liu, J., Wang, S. and Yu, J. (2020). The impact of COVID-19 on stock markets. Economic and Political Studies, 8(3), 275-288.
6.
Dmitry and Kaspar. (2020). The Big Bang: Stock Market Capitalization in the Long Run. UK: CEPR Discussion Paper.
7.
Sahu, T., Bandopadhyay, K., & Mondal, D. (2014). An empirical study on the dynamic relationship between oil prices and Indian stock market. Managerial Finance, 40(2), 200-215.
8.
Rittenberg, L. (1993). Exchange rate policy and price level changes: Casualty tests for Turkey in the postliberalisation period. The Journal of Development Studies, 29(2), 245-259.
9.
Trần Huy Hoàng (2017). Tác động của giá dầu thế giới đến TTCK và các biến vĩ mô trong nền kinh tế: Trường hợp Việt Nam. Tạp chí Công Thương, 10, 308-316.
10.
Trần Huy Hoàng và Trịnh Hữu Hạnh (2019). Tác động của giá vàng đến TTCK Việt Nam. Tạp chí Phát triển và Hội nhập, 46(56), 39-43.
11.
Trương Đông Lộc (2014). Các nhân tố ảnh hưởng đến sự thay đổi của giá của cổ phiếu: Các bằng chứng từ Sở giao dịch chứng khoán Thành phố Hồ Chí Minh. Tạp chí Khoa học Trường Đại học Cần Thơ, 33, 72-78.
12.
Tursoy, T., & Faisal, F. (2018). The impact of gold and crude oil prices on stock market in Turkey: Empirical evidence from ARDL bounds test and combined cointegration. Resources Policy, 55, 49-54.