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Background: Non-invasive multi-cancer early detection (MCED) tests have shown promise in enhancing early cancer detection. However, their clinical utility across diverse populations remains underexplored, limiting their routine implementation. This study aims to validate the clinical utility of a multimodal non-invasive circulating tumor DNA (ctDNA)-based MCED test, SPOT-MAS (Screening for the Presence Of Tumor by DNA Methylation And Size)., Methods: We conducted a multicenter prospective study, K-DETEK (ClinicalTrials.gov identifier: NCT05227261), involving 9057 asymptomatic individuals aged 40 years or older across 75 major hospitals and one research institute in Vietnam. Participants were followed for 12 months., Results: Of the 9024 eligible participants, 43 (0.48%) tested positive for ctDNA. Among these, 17 were confirmed with malignant lesions in various primary organs through standard-of-care (SOC) imaging and biopsy, with 9 cases matching our tissue of origin (TOO) predictions. This resulted in a positive predictive value of 39.53% (95%CI 26.37-54.42) and a TOO accuracy of 52.94% (95%CI 30.96-73.83). Among the 8981 participants (99.52%) who tested negative, 8974 were confirmed cancer-free during a 12-month period after testing, yielding a negative predictive value of 99.92% (95% CI 99.84-99.96). The test demonstrated an overall sensitivity of 70.83% (95%CI 50.83-85.09) and a specificity of 99.71% (95% CI 99.58-99.80) for detecting various cancer types, including those without SOC screening options., Conclusions: This study presents a prospective validation of a multi-cancer early detection (MCED) test conducted in a lower middle-income country, demonstrating the potential of SPOT-MAS for early cancer detection. Our findings indicate that MCED tests could be valuable additions to national cancer screening programs, particularly in regions where such initiatives are currently limited., Trial Registration: ClinicalTrials.gov ID: NCT05227261. Date of registration: 07/02/2022., Competing Interests: Declarations. Ethics approval and consent to participate: This research received approval from the Ethics Committee of the University of Medicine and Pharmacy, Ho Chi Minh City, Vietnam (approval number: 192/HĐĐĐ-ĐHYD). Each participant provided written informed consent, adhering to the Declaration of Helsinki. Consent for publication: Not applicable. Competing interests: The authors including LST, HNN, HG, MDP, HHN and DSN hold equity in Gene Solutions. NHN, HG, MDP and LST are inventors on the patent application (USPTO 17930705). LHDN, THHN, NMP, BLT, GTHN, DHV, THT, TDN, VTCN, THN, VUT, MPL, TMTT, MNN, TTVV, ANN, TTN, NNTD, HTN, PLD, LAKH, TAN, HTPN, YTL, CTTC, TVP, TTTD, DKT, and HST received salaries from the project funded by the Medical Genetics Institute, Ho Chi Minh City, Vietnam. We confirm that this does not alter our adherence to journal policies on sharing data and materials. VHL, VQB, LHN, NHP, THP, HTN, VST, CVB, VKV, PTNN, HHPD, VDP, VTC, BLT, TTN, HTPN, CTTC, VTN, TLQL, TLAL, TKPD, TTD, CDP, TXN, NTP, BTN, TTTP, HLL, CTT, TXJ, MCL, VBP, QBT, THLT, MTH, TQT, STN, VT, VKT declare that they have no competing interests. VHL, VQB, LHN, NHP, THP, HTN, VST, CVB, VKV, PTNN, HHPD, VDP, VTC, BLT, TTN, HTPN, CTTC, VTN, TLQL, TLAL, TKPD, TTD, CDP, TXN, NTP, BTN, TTTP, HLL, CTT, TXJ, MCL, VBP, QBT, THLT, MTH, TQT, STN, VT, and VKT declare that they have no competing interests., (© 2025. The Author(s).)

Climate-related disasters pose significant risks to mental health and well-being globally. Individuals from disaster-prone regions, such as Puerto Rico, are at even greater risk. The devastating effects of recurrent hurricanes, compounded with pre-existing structural disparities (e.g., poverty and corruption), can further exacerbate psychosocial vulnerabilities and drive mass migration to the United States mainland. Most research on mental health among climate migrants focuses on risks, whereas promotive factors such as thriving are often overlooked. In the present study, we estimated a longitudinal structural equation model to examine the predictive effect of psychological thriving (i.e., optimism, life satisfaction) on sociocultural thriving (i.e., income, happiness, comfort, job satisfaction), mental distress (i.e., internalizing symptoms, post-traumatic stress) and cultural stressors using three waves of data from 319 adult Hurricane Maria survivor migrants (HMSMs) who relocated to the U.S. mainland between 2017 and 2020. We also examined the mediating effect of prosocial behavior and collective efficacy in this association. Our findings indicate various direct, simple mediation, and serial mediation paths between baseline psychological thriving and outcomes. Life satisfaction and collective efficacy mediated most of the predicted indirect pathways. These results suggest that, despite facing complex challenges, HMSMs are not only adapting to their mainland communities but are also thriving., (Copyright © 2024 Elsevier Ltd. All rights reserved.)

Background: Multi-cancer early detection (MCED) through a single blood test significantly advances cancer diagnosis. However, most MCED tests rely on a single type of biomarkers, leading to limited sensitivity, particularly for early-stage cancers. We previously developed SPOT-MAS, a multimodal ctDNA-based assay analyzing methylation and fragmentomic profiles to detect five common cancers. Despite its potential, SPOT-MAS exhibited moderate sensitivities for early-stage cancers. This study investigated whether integrating hotspot mutations into SPOT-MAS could enhance its detection rates., Method: A targeted amplicon sequencing approach was developed to profile 700 hotspot mutations in cell-free DNA and integrated into the SPOT-MAS assay, creating a single-blood draw workflow. This workflow, namely SPOT-MAS Plus was retrospectively validated in a cohort of 255 non-metastatic cancer patients (breast, colorectal, gastric, liver, and lung) and 304 healthy individuals., Results: Hotspot mutations were detected in 131 of 255 (51.4%) cancer patients, with the highest rates in liver cancer (96.5%), followed by colorectal (59.3%) and lung cancer (53.7%). Lower detection rates were found for cancers with low tumor mutational burden, such as breast (31.3%) and gastric (41.9%) cancers. In contrast, SPOT-MAS demonstrated higher sensitivities for these cancers (51.6% for breast and 62.9% for gastric). The combination of hotspot mutations with SPOT-MAS predictions improved early-stage cancer detection, achieving an overall sensitivity of 78.5% at a specificity of 97.7%. Enhanced sensitivities were observed for colorectal (81.36%) and lung cancer (82.9%)., Conclusion: The integration of genetic and epigenetic alterations into a multimodal assay significantly enhances the early detection of various cancers. Further validation in larger cohorts is necessary to support broader clinical applications., (© 2025 The Author(s). Cancer Medicine published by John Wiley & Sons Ltd.)

Aim: Cancers lacking standard screening (LSS) options account for approximately 70% of cancer-related deaths due to late-stage diagnosis. Circulating tumor DNA (ctDNA) is a promising biomarker for multi-cancer early detection. We previously developed SPOT-MAS, a multimodal ctDNA-based assay analyzing methylation and fragmentomic profiles, effective in detecting common cancers (breast, colorectal, liver, lung and gastric). This study extends the analysis to five LSS cancers: endometrial, esophageal, head and neck, ovarian and pancreatic. Methods: SPOT-MAS was applied to profile cfDNA methylation and fragmentomic patterns in 739 healthy individuals and 135 LSS cancer patients. Results: We identified 347 differentially methylated regions and observed genome-wide hypomethylation across all five LSS cancers. Esophageal and head and neck cancers showed an enrichment of short cfDNA fragments (<150 bp). Eleven 4-mer end motifs were consistently altered in cfDNA fragments across all LSS cancers. Many significant signatures were consistent with previous observations in common cancers. Notably, SPOT-MAS achieved 96.2% specificity and 74.8% overall sensitivity, with a lower sensitivity of 60.7% in early-stage cancers. Conclusion: This proof-of-concept study demonstrates that SPOT-MAS a non-invasive test trained on five common cancer types, could detect a number of LSS cancer cases, potentially complementing existing screening programs.

The present study investigates the perceived impact of cultural and family-economic stressors on the mental health and well-being of Ukrainian migrants in the United States who arrived either pre- or post-Russian invasion. We used a range of tools for assessment, including the general anxiety disorder (GAD-7), CESD-B-10, Harvard Trauma Questionnaire (HTQ-22), posttraumatic stress disorder (PTSD-17), 10-item Revised Life Orientation Test, Alcohol Use Disorders Identification Test, seven-item Perceived Discrimination Scale, six-item Perceived Context of Reception Scale, Language Stress-7, family-economic stress-13 (FES-13), Survivor's guilt-9, and Satisfaction with Life-5 scales. Utilizing latent profile analysis with a sample of 703 Ukrainian migrants, we identified three distinct classes based on levels of cultural and family-economic stress: low, moderate, and high stress. We found that the high-stress class reported the highest levels of depressive ( M = 27.29, SD = 6.02), anxiety ( M = 12.11, SD = 4.30), and PTSD symptoms ( M = 42.19, SD = 11.01), along with lower life satisfaction ( M = 10.76, SD = 4.99) and higher rates of Survivor's guilt ( M = 23.07, SD = 7.57), trauma ( M = 16.76, SD = 5.51), and alcohol misuse ( M = 14.57, SD = 10.84). Conversely, the low-stress class reported higher levels of optimism ( M = 22.14, SD = 5.01). Importantly, individuals arriving after the invasion were disproportionately represented in the high-stress class, with a significant majority meeting criteria for probable anxiety, depression, and PTSD diagnoses. Furthermore, a substantial portion of high-stress participants met criteria for alcohol dependence, emphasizing the pivotal role of stressors in influencing the mental health of Ukrainian migrants, and suggesting the need for tailored interventions addressing cultural and family-economic stressors. This study enhances our understanding of cultural and family-economic stress theories within a European migrant context, emphasizing the significance of arrival cohort and stress levels in mental health interventions for migrant populations. (PsycInfo Database Record (c) 2024 APA, all rights reserved).

Objective: The present research examines the disparities among Ukrainians residing in the United States, comparing Ukrainians who migrated before the February 2022 Russian invasion against those who arrived afterward. We compare these two cohorts vis-a-vis anxiety, depressive symptoms, optimism, posttraumatic stress, life satisfaction, family economic stress, cultural stress (discrimination, negative context of reception, and language stress), hazardous alcohol use, and domestic violence perpetration and victimization., Method: The present sample included 703 Ukrainians (53.63% women) residing in the United States. We conducted a series of multivariate analyses of variance using arrival cohort (pre- vs. postinvasion) and gender (male vs. female) as independent variables., Results: Results indicated that postinvasion participants reported greater internalizing symptoms, cultural/economic stress, and hazardous alcohol use, whereas preinvasion arrivals reported greater levels of optimism and life satisfaction. No significant interactions between cohort and gender emerged for any of the outcomes., Conclusion: Our findings offer valuable insights into the mental health and well-being of displaced Ukrainians within the backdrop of ongoing conflicts. These findings have significant implications for support and intervention efforts not only for Ukrainians but also for other crisis migrant groups. (PsycInfo Database Record (c) 2024 APA, all rights reserved).

Exchange rate pass-through (ERPT) represents a degree to which changes in nominal exchange rates are transmitted into domestic prices. European Union (EU) countries have experienced the unprecedented inflationary pressure due to high geopolitical risk events. As such, understanding the ERPT plays a crucial role. This study provides a comprehensive and up-to-date analysis of ERPT to import prices for 16 EU countries from January 2006 to December 2022. Using the panel autoregressive distributed lag (ARDL) model, our findings confirm the linear, rather than nonlinear, ERPT pattern characterized by a diminishing trend over time in the EU countries. However, the degree of pass-through varies depending on country characteristics. Specifically, countries that are highly dependent on imports experience a larger ERPT. Furthermore, the degree of pass-through to import prices is more significant and persistent during periods of high uncertainty. These findings are robust across various robust analyses including sub periods. Our findings provide that help policymakers evaluate the trade-offs between exchange rate risks and macroeconomic stability during times of high uncertainty., Competing Interests: The authors have declared that no competing interests exist., (Copyright: © 2024 Vo, Vu. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.)

Human capital is a nation's primary source of inner strength to achieve sustainable economic growth and development. Meanwhile, income inequality is a critical issue preventing sustainable economic growth and social transformation, especially in developing countries. This paper investigates the effect of human capital on income inequality in both the short and long term using the mean group, pooled mean group, and threshold regressions for the ASEAN-7 (including Indonesia, Laos, Malaysia, the Philippines, Singapore, Thailand, and Vietnam) from 1992 to 2018. The paper develops a theoretical linkage between human capital and income inequality by combining the learning theory and the Kuznets hypothesis. This linkage is then tested using data from the ASEAN countries. Findings from the paper indicate that human capital reduces income inequality in the short run in the ASEAN countries. However, the effect is reverted in the long run, suggesting that human capital may increase the income gap in these countries. Particularly, the inverted U-shaped relationship between human capital and income inequality is established for the ASEAN countries whose GDP per capita is lower than USD 8.2 thousand per year. In contrast, the U-shaped relationship is found for the countries with income per capital of more than USD 8.2 thousand. All these findings suggest that social policies targeting reducing income inequality should be prioritized and stay at the centre of any economic policies to achieve sustainable economic growth and development in the ASEAN countries., Competing Interests: The authors have declared that no competing interests exist., (Copyright: © 2024 Vo et al. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.)

Vietnam has achieved significant economic growth, poverty reduction, and social transformation since its 1986 major economic reform. However, industrialization, a key pillar supporting this achievement, has resulted in massive domestic migration from certain parts of the country into industrialized provinces mainly located in the south of Vietnam, leading to various challenges for society. This study investigates the effects of the characteristics of Vietnamese households and their heads, environmental factors, and living conditions of the households in the regions where they have decided to leave behind for a migration decision on domestic migration. Our study also compares the migration trends in the past decade using the Vietnamese Household Living Standard Surveys (VHLSS) in 2010 and 2020, together with a logit model. We find that the average probability that a household and their members migrate is about 10 per cent in 2010, reduced to approximately 6.8 per cent in 2020. Our empirical findings also confirm that a migration decision is strongly associated with the characteristics of the households and their heads, particularly for the household size and the educational level of the household head. The average radiation and rainfall are also associated with a migration decision. Weather temperature, water sources, and electricity supply also play an essential role in Vietnamese households' migration decisions. Policy implications have emerged based on these empirical findings that the Vietnamese government should consider., Competing Interests: The authors have declared that no competing interests exist., (Copyright: © 2024 Duc Hong Vo. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.)

In the digital age, firms should continually innovate and adapt to remain competitive and enhance performance. Innovation and adaptation require firms to take a holistic approach to their corporate structuring to ensure efficiency and effectiveness to stay competitive. This study examines how corporate restructuring impacts firm performance in Vietnam. We then investigate the moderating role of digital transformation in the corporate restructuring-firm performance nexus. We use content analysis, with a focus on particular terms, including "digitalization," "big data," "cloud computing," "blockchain," and "information technology" for 11 years, from 2011 to 2021. The frequency index from these keywords is developed to proxy the digital transformation for the Vietnamese listed firms. A final sample includes 118 Vietnamese listed firms with sufficient data for the analysis using the generalized method of moments (GMM) approach. The results indicate that corporate restructuring, including financial, portfolio, and operational restructuring, has a negative effect on firm performance in Vietnam. Digital transformation also negatively affects firm performance. However, corporate restructuring implemented in conjunction with digital transformation improves the performance of Vietnamese listed firms. These findings largely remain unchanged across various robustness analyses., Competing Interests: The authors have declared that no competing interests exist., (Copyright: © 2024 Vo et al. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.)

The emerging markets in the ASEAN region, such as Indonesia, Malaysia, the Philippines, Thailand and Vietnam, have put great effort into achieving dual objectives: (i) supporting economic growth and (ii) combating environmental degradation simultaneously. These objectively depend on the fast urbanization taking place in these countries. While increased energy consumption from urbanization supports economic growth, urbanization is a key driver of environmental degradation. This paper examines a potential link between urbanization and renewable energy consumption, primarily ignored in current literature, particularly in the ASEAN-5 countries. Findings from this paper indicate that, despite the adverse effect of urbanization on renewable energy consumption in the short run, a positive effect is found in the long run for these emerging ASEAN markets, except Malaysia. The Philippines appears to balance well between urbanization and renewable energy consumption in the short and long run. Policy implications have emerged based on the findings of this paper., Competing Interests: The authors declare that they have no known competing financial interests or personal relationships that could have appeared to influence the work reported in this paper., (© 2024 The Authors.)

This study revisits the feedback effect from foreign direct investments (FDI) on environmental regulations under the presence of the host country's political structure. Such a relationship may encounter the endogeneity problem due to the omitted variable bias and reverse causality. As such, the two-step system generalized method of moments is employed. Using data from 21 OECD countries from 1990 to 2019, we confirm that FDI flows influence environmental regulations, but such an effect is conditional on the host country's political constraints. Specifically, FDI increases (decreases) the stringency of environmental regulations if domestic political constraints are sufficiently high (low). Understanding the mechanisms of how FDI flows can affect environmental regulations allows countries to revise their policies to attract more FDI flows to support economic growth while simultaneously minimising their negative effects on the environment., Competing Interests: The authors declare that they have no known competing financial interests or personal relationships that could have appeared to influence the work reported in this paper., (© 2024 The Authors. Published by Elsevier Ltd.)

Financial inclusion is pivotal in supporting sustainable economic growth and social transformation. It is a key enabler for reducing poverty and uplifting prosperity. Improving financial inclusion has attracted significant attention from practitioners, academics, and governments. However, the asymmetric effect of institutional quality on financial inclusion contingent upon the income level has largely been neglected in the existing literature. As such, this study examines this asymmetric effect using the panel smooth transition regression for a sample of 110 countries globally from 2004 to 2020. Our empirical findings confirm the asymmetric effect of institutional quality on financial inclusion depending on the income level. Improved institutional quality is associated with extended financial inclusion in high-income and middle-income countries. However, low-income countries may not benefit from their institutional reform. Policy implications have emerged based on these empirical findings., Competing Interests: The authors have declared that no competing interests exist., (Copyright: © 2024 Duc Hong Vo. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.)

This paper investigates the impact of US economic policy uncertainty and geopolitical risk on the return spillovers among 24 sectors in Vietnam from April 13, 2017, to April 8, 2022. The VAR-based connectedness approach and quantile techniques are employed in this study. Empirical results from the study reveal that an increase in US economic policy uncertainty significantly impacts return spillovers. However, this impact is only observed during periods of heightened uncertainty in US economic policy. Economic policy uncertainty plays a more prominent role in affecting the spillovers across Vietnamese sectors compared to geopolitical risk. Findings from our analysis also highlight the crucial role of the banking sector as a transmitter of risk in the Vietnamese stock market., Competing Interests: The authors declare that they have no known competing financial interests or personal relationships that could have appeared to influence the work reported in this paper., (© 2024 The Authors.)

Understanding the energy transition process in developing countries is crucial to implement policies to reduce the use of traditional fossil fuel-based energy sources, which increase pollution, worsen global climate change, and negatively impact people's health. Existing literature indicates that households account for approximately 25% of total energy consumption for consumption and production activities. However, understanding the energy consumption patterns of choices of energy sources and their determinants has largely been neglected in the existing literature. As such, this study uses the multivariate probit model to identify the factors influencing household energy choices in Vietnam, using data from 2016 to 2020 from the Vietnamese Households Living Standard Surveys (VHLSS). Our study focuses on how households' multiple occupations, particularly in rural areas, affect energy sources choices. We find that households participate in different agricultural sub-sectors simultaneously, resulting in differential access to multiple energy sources. Households engaging in cultivation, forestry, and animal husbandry activities are more likely to choose coal, fuelwood, and biomass as the primary energy sources for production and daily uses. In contrast, higher household income and household head with higher education level also increases the likelihood of choosing cleaner energy choices for daily uses and production activities. In addition, our empirical findings confirm the validity of the "energy stacking" hypothesis rather than the "energy ladders" hypothesis - two contrasting hypotheses concerning household energy transition in the literature. Policy implications have emerged based on the findings of this paper to enhance the clean energy transition in Vietnam in achieving sustainable economic development and social transformation and her commitment to combating global climate change issues., Competing Interests: The authors declare that they have no known competing financial interests or personal relationships that could have appeared to influence the work reported in this paper., (© 2024 The Authors. Published by Elsevier Ltd.)

The present study examines the extent to which culturally stressful experiences may predict impaired well-being, increased internalizing symptoms (depression and anxiety), and increased externalizing problems (social aggression, physical aggression, and rule breaking) among a sample of Hispanic college students in Miami across a 12-day period. The predictive effects of cultural stressors on these outcomes were examined both (a) directly and (b) indirectly through daily fluctuations in students' personal identity synthesis and confusion. Results indicated direct predictive effects of cultural stress on four forms of well-being (self-esteem, life satisfaction, psychological well-being, and eudaimonic well-being), on symptoms of depression and anxiety, and on physical aggression and rule breaking. The predictive effects of cultural stress on all four forms of well-being and on symptoms of depression and anxiety were partially mediated through daily fluctuations (instability) in students' sense of personal identity synthesis. Findings were consistent across genders and between U.S.- and foreign-born students. Results are discussed in terms of implications for intervention and for policy. (PsycInfo Database Record (c) 2024 APA, all rights reserved).

This study examines the market return spillovers from the US market to 10 Asia-Pacific stock markets, accounting for approximately 91 per cent of the region's GDP from 1991 to 2022. Our findings indicate an increased return spillover from the US stock market to the Asia-Pacific stock market over time, particularly after major global events such as the 1997 Asian and the 2008 global financial crises, the 2015 China stock market crash, and the COVID-19 pandemic. The 2008 global financial crisis had the most substantial impact on these events. In addition, the findings also indicate that US economic policy uncertainty and US geopolitical risk significantly affect spillovers from the US to the Asia-Pacific markets. In contrast, the geopolitical risk of Asia-Pacific countries reduces these spillovers. The study also highlights the significant impact of information and communication technologies (ICT) on these spillovers. Given the increasing integration of global financial markets, the findings of this research are expected to provide valuable policy implications for investors and policymakers., Competing Interests: The authors have declared that no competing interests exist., (Copyright: © 2023 Tran, Vo. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.)

Fintech development is generally considered as an effective mechanism to promote the consumption of renewable energy sources. The relationship between fintech development and renewable energy consumption have been examined in previous studies. However, the moderating effect of income inequality on this relationship has largely been ignored in the existing literature. As such, this study is conducted to shed light on this moderating effect. Two estimation techniques, including the two-step system generalized method of moments (GMM) and the method of moments quantile regression (MMQR), were used on a sample of 65 countries from 2013 to 2019. Our findings reveal that fintech development plays a vital role in promoting the consumption of renewable energy sources. However, it is crucial to recognize that rising income inequality may hinder the potential positive effects of fintech development on renewable energy consumption. A threshold of income inequality should be maintained to ensure that the positive effect of fintech development on increased renewable energy consumption is not compromised. Policy implications have emerged based on the findings from this study regarding promoting fintech development towards green economic growth and sustainable development., Competing Interests: The authors have declared that no competing interests exist., (Copyright: © 2023 Vo et al. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.)

Asians believe that education plays a crucial role in earning higher income for individuals and accumulating larger wealth for households. Educational achievements have been generally considered an indicator of success. However, gender bias in favour of males as the household heads still exists in Asian societies due to the significant influence of Confucian belief. This study investigates the independent effect of education and gender of the households' heads and their joint effect on household wealth in the Vietnamese context in the most recent decade using data from the Vietnam Household Living Standards Surveys (VHLSSs) between 2010 and 2020. Our study uses quantile regression and propensity score matching methods to ensure the robustness of the empirical results. We find that the education of the household heads contributed to increased household wealth in Vietnam in 2010 and 2020. However, household wealth decreases across different wealth quantiles when the households' heads are females. These findings confirm the currently deep-rooted gender stereotypes and a 'gendered structure' economy in Vietnam and require attention from the Vietnamese government. In addition, our empirical results reveal that being a female as the household head with a degree/certificate from a general education will increase household wealth. Our empirical results have largely been consistent across different wealth distributions., Competing Interests: The authors declare the following financial interests/personal relationships which may be considered as potential competing interests: Duc Hong Vo reports that this research is funded by Ho Chi Minh City Open University under grant number E2021.02.2., (© 2023 The Authors.)

The Association of Southeast Asian Nations (ASEAN), a new global economic force, has struggled to achieve a dual objective of enhanced economic growth and improved environmental quality. Financial development is generally considered an important tool in achieving these simultaneous objectives. This paper examines the response mechanism and the inter-relationship between the ASEAN region's financial development, energy consumption, and economic growth. Unlike previous studies, the paper uses a generalized method of moments panel vector autoregression (GMM-panel VAR) framework for the 1981-2021 period. The second-generation Granger causality test is used to identify their causality relationship. Economic growth supports financial development and reduces energy consumption from fossil fuel sources in the ASEAN countries. Financial development also reduces fossil fuel energy consumption. The bi-directional relationship between economic growth and fossil fuel energy consumption exists. Energy consumption and financial development are also bi-directionally linked. However, only the unidirectional Granger causality from economic growth to financial development is found. The variance decomposition analysis results confirm that economic growth accounts for the most significant variance in fossil fuel energy consumption and financial development in the ASEAN countries. Policy implications have emerged based on these findings., (© 2023. The Author(s), under exclusive licence to Springer-Verlag GmbH Germany, part of Springer Nature.)

Despite their promise, circulating tumor DNA (ctDNA)-based assays for multi-cancer early detection face challenges in test performance, due mostly to the limited abundance of ctDNA and its inherent variability. To address these challenges, published assays to date demanded a very high-depth sequencing, resulting in an elevated price of test. Herein, we developed a multimodal assay called SPOT-MAS (screening for the presence of tumor by methylation and size) to simultaneously profile methylomics, fragmentomics, copy number, and end motifs in a single workflow using targeted and shallow genome-wide sequencing (~0.55×) of cell-free DNA. We applied SPOT-MAS to 738 non-metastatic patients with breast, colorectal, gastric, lung, and liver cancer, and 1550 healthy controls. We then employed machine learning to extract multiple cancer and tissue-specific signatures for detecting and locating cancer. SPOT-MAS successfully detected the five cancer types with a sensitivity of 72.4% at 97.0% specificity. The sensitivities for detecting early-stage cancers were 73.9% and 62.3% for stages I and II, respectively, increasing to 88.3% for non-metastatic stage IIIA. For tumor-of-origin, our assay achieved an accuracy of 0.7. Our study demonstrates comparable performance to other ctDNA-based assays while requiring significantly lower sequencing depth, making it economically feasible for population-wide screening., Competing Interests: VN VTCN is affiliated with Gene Solutions. The author has no other competing interests to declare, TN HTN is affiliated with Gene Solutions. The author has no other competing interests to declare, ND NNTD is affiliated with Gene Solutions. The author has no other competing interests to declare, TP TMQP is affiliated with Gene Solutions. The author has no other competing interests to declare, GN GTHN is affiliated with Gene Solutions. The author has no other competing interests to declare, TN TDN is affiliated with Gene Solutions. The author has no other competing interests to declare, TT TTTT is affiliated with Gene Solutions. The author has no other competing interests to declare, DV, TP, TJ, VN, HN, TN, QD, TD, AT, VN, VN, LH, QT, TP, TH, BN, TN, TN, DP, BP, TV, TN, TT, MT, NT, TL, TT, MD, HB, VK, TP, DT, TL, TP, ML, VC, TD No competing interests declared, TN THHN is affiliated with Gene Solutions. The author has no other competing interests to declare, LH LAKH is affiliated with Gene Solutions. The author has no other competing interests to declare, TT THT is affiliated with Gene Solutions. The author has no other competing interests to declare, DV DHV is affiliated with Gene Solutions. The author has no other competing interests to declare, TT TMTT is affiliated with Gene Solutions. The author has no other competing interests to declare, MN MNN is affiliated with Gene Solutions. The author has no other competing interests to declare, TV TTVV is affiliated with Gene Solutions. The author has no other competing interests to declare, AN ANN is affiliated with Gene Solutions. The author has no other competing interests to declare, TT TTT is affiliated with Gene Solutions. The author has no other competing interests to declare, VT VUT is affiliated with Gene Solutions. The author has no other competing interests to declare, ML MPL is affiliated with Gene Solutions. The author has no other competing interests to declare, TD TTD is affiliated with Gene Solutions. The author has no other competing interests to declare, TP TVP is affiliated with Gene Solutions. The author has no other competing interests to declare, HN HDN is affiliated with Gene Solutions. The author has no other competing interests to declare, DN DSN holds equity in Gene Solutions.DSN is affiliated with Gene Solutions. The author has no other competing interests to declare, DT DKT is affiliated with Gene Solutions. The author has no other competing interests to declare, HT HST is affiliated with Gene Solutions. The author has no other competing interests to declare, HG HG holds equity in Gene Solutions. The funder Gene Solutions provided support in the form of salaries for HG who is inventor on the patent application (USPTO 17930705).HG is affiliated with Gene Solutions. The author has no other competing interests to declare, HN HNN holds equity in Gene Solutions. The funder Gene Solutions provided support in the form of salaries for HNN who is inventor on the patent application (USPTO 17930705).HNN is affiliated with Gene Solutions. The author has no other competing interests to declare, MP MDP holds equity in Gene Solutions. The funder Gene Solutions provided support in the form of salaries for MDP who is inventor on the patent application (USPTO 17930705).MDP is affiliated with Gene Solutions. The author has no other competing interests to declare, LT LST holds equity in Gene Solutions. The funder Gene Solutions provided support in the form of salaries for LST who is inventor on the patent application (USPTO 17930705).LST is affiliated with Gene Solutions. The author has no other competing interests to declare, (© 2023, Nguyen, Nguyen et al.)

Various studies have been conducted to measure financial inclusion at the country level. However, measuring financial inclusion at the household level has largely been neglected in the existing literature, particularly for emerging markets such as Vietnam. This study constructs an index of financial inclusion at the household level using the Vietnam Household Living Standard Surveys (VHLSS) in 2014, 2016, and 2018. We also identify the determinants of financial inclusion from the perspective of Vietnamese households. Our study also utilizes an ordered logit model to examine the effects of the determinants on each level of financial inclusion. Our empirical results reveal three key determinants, including (i) total income per household, (ii) relative income representing the difference between the average income of the province that the household currently lives in and the total income of this household, and (iii) the distance from the household to the nearest bank branch, are crucial factors driving the financial inclusion. While the total income per household positively enhances financial inclusion, relative income appears to reduce the degree of financial inclusion. Besides, distance to the nearest bank branch poses another challenge in achieving the financial inclusion goals in Vietnam in the future., Competing Interests: The authors have declared that no competing interests exist., (Copyright: © 2023 Nguyen et al. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.)

Income inequality is a vexing developmental challenge for governments and policymakers as it impedes social transformation and economic growth and development. Meanwhile, promoting financial development is generally regarded as an effective way to achieve inclusive and sustainable growth. This study examines the long-run effects of financial development, economic growth, and their combined effects on income inequality for 12 Asia-Pacific countries from 1990 to 2021. This paper employs various econometric techniques and different financial development proxies to ensure the findings' robustness. The paper also constructs a financial development index using the principal component analysis to fully capture the comprehensive effect of financial development on income inequality. Empirical results reveal that the impact of financial development on income inequality follows the inverted U-shaped relationship - financial development widens income inequality and only reduces income when surpassing its turning point. Findings further reveal that the nonlinear effect of financial development on income inequality is contingent upon the level of per capita income. Thus, policies promoting financial development to reduce income inequality should consider the existing level of per capita income., Competing Interests: The authors declare that they have no known competing financial interests or personal relationships that could have appeared to influence the work reported in this paper., (© 2023 The Authors.)

In 2021, when the Covid-19 pandemic had a severe impact on the economy, a significant number of enterprises in Vietnam temporarily suspended doing business. Previous studies have focused on either model for predicting bankruptcy and financial distress or measuring market risk during extreme events. The effects of market risk and financial distress on a firm's performance have largely been ignored in the literature, particularly in Vietnam. This study examines the effects of market risk, measured using the conditional value-at-risk technique and financial distress proxied by the interest coverage ratio (ICR) on firm performance for 500 nonfinancial listed firms in Vietnam from 2012 to 2021. We also estimate the optimal ICR for Vietnam's listed firms. Two estimation techniques are used: dynamic panel models (two-step difference-and system-generalized method of moments) and panel threshold regression. We find that increased market risk reduces firm performance. However, a higher ICR (lower financial distress) also improves a firm's performance. With increased market risk, the financial performance of firms with a high ICR deteriorates significantly., Competing Interests: The authors have declared that no competing interests exist., (Copyright: © 2023 Duc Hong Vo. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.)

While spillover across equity markets has been extensively investigated, volatility spillover across sectors has largely been under-examined in the current literature. This paper estimates the sectoral volatility using the ARMA-GARCH model and its spillover across Australian sectors on the VAR framework during the 2010-2021 period. We then identify breakpoints in market volatility during the Covid-19 pandemic using a wavelet methodology. We find that volatility spillover across Australian sectors is very significant at 60 per cent from 2010 to 2019, reaching 90 per cent during the Covid-19 pandemic in 2020. The spillover then reverts to its pre-pandemic level in 2021. Consumer Staples and Industrials are the significant risk transmitters, whereas Financials and Real estates are the most significant risk absorbers. Our findings also indicate that Real Estate, Health Care, and Financials record the most significant increase in volatility of more than 300 per cent. Policy implications regarding risk management across Australian sectors have emerged, particularly during extreme events such as the pandemic., Competing Interests: The authors have declared that no competing interests exist., (Copyright: © 2023 Duc Hong Vo. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.)

Financial distress is generally considered the most severe consequence for firms with poor financial performance. The emergence of the Covid-19 pandemic has adversely impacted the global business system and exacerbated the number of financially distressed firms in many countries. Only firms with strong financial fundamentals can survive extreme events such as the Covid-19 pandemic and the ongoing Russia-Ukraine conflict. Vietnam is no exception. However, studies examining financial distress using accounting-based indicators, particularly at the industry level, have largely been ignored in the Vietnamese context, particularly with the emergence of the Covid-19 pandemic. This study, therefore, comprehensively examines financial distress for 500 Vietnamese listed firms during the 2012-2021 period. Our study uses interest coverage and times-interest-earned ratios to proxy a firm's financial distress. First, our findings confirm the validity of Altman's Z"- score model in Vietnam only when the interest coverage ratio is used as a proxy for financial distress. Second, our empirical findings indicate that only four financial ratios, including EBIT/Total Assets, Net Income/Total Assets, Total Liabilities/Total Assets, and Total Equity/Total Liabilities, can be used in predicting financial distress in Vietnam. Third, our analysis at the industry level indicates that the "Construction & Real Estates" industry, a significant contributor to the national economy, exhibits the most significant risk exposure, particularly during the Covid-19 pandemic. Policy implications have emerged based on the findings from this study., Competing Interests: The authors have declared that no competing interests exist., (Copyright: © 2023 Tran et al. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.)

The Vietnamese government introduced a change in the minimum tick size for stock trading on 12 September 2016 to improve market quality and reduce trade execution costs. The intended effects of this policy have not been widely investigated in an emerging market such as Vietnam. We use data on trade and quote intraday of all stocks listed on the Ho Chi Minh Stock Exchange for the periods before and after the event, with a one-week break from 12/9/2016 to 18/9/2016, for the market to adapt to the new tick size policy. Findings from this paper confirm that the trading cost is reduced following the change to the smallest tick size. However, this is different for large trades executed at the stock price associated with a larger tick size. Furthermore, the findings are robust with a different sample period. These findings imply that introducing a change in tick size in Vietnam in 2016 is desirable for improving market quality. However, the differentiation of these changes in different ranges of stock prices is not necessarily effective for improving market quality and reducing trade execution costs., Competing Interests: The authors have declared that no competing interests exist., (Copyright: © 2023 Vo, Doan. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.)

Information on the living conditions of widows in Vietnam is limited. Prior studies of gender gaps have identified widows as vulnerable to the risks of poverty. However, widows are only included as a sub-group in broader studies of women's well-being. Large gaps remain in the knowledge based on the factors affecting both widows' susceptibility to poverty and the conditions or circumstances that might minimize these risks. This paper attempts to help redress these knowledge gaps by contributing an analysis of data from the 2018 Vietnam Household Living Standard Surveys. The paper compares the likelihood of poverty for widowed and other households using probit regression. It also assesses whether widows who head up their households face different risks of poverty from those who live in other households. Finally, the paper examines the effects on the risk of poverty of a range of social, demographic and locational characteristics of widow households in Vietnam. Our results indicate that widowed households have experienced a higher probability of falling into poverty. Moreover, widow-headed households have faced more vulnerability to fresh water and housing, especially among widowed households. Policy implications have emerged based on the findings of this paper., Competing Interests: The authors have declared that no competing interests exist., (Copyright: © 2023 Vo et al. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.)

This paper examines the effects of three distinct groups of uncertainties on market return and volatility in the Asia-Pacific countries, including (i) the country-specific and US geopolitical risks; (ii) the US economic policy uncertainty; and (iii) the US stock market volatility (using the VIX and SKEW indices). Our sample includes 11 Asia-Pacific countries for the 1985-2022 period. We employ the nonlinear autoregressive distributed lag approach (ARDL) estimation technique to capture the asymmetric effects of uncertainties on market return and volatility, which are documented in the literature. Some findings are documented as follows. First, we find that US uncertainty indices, including US geopolitical risk, US economic policy uncertainty, and US VIX, significantly impact Asia-Pacific stock markets, while the impacts of domestic geopolitical risk and the US skewness index (SKEW) are relatively weak. Second, Asia-Pacific stock markets tend to overreact to uncertainty shocks stemming from US economic policy uncertainty and US geopolitical risk. Third, US economic policy uncertainty has more significant effects than the US geopolitical risk. Finally, our research documents that Asia-Pacific stock markets react heterogeneously to good and bad news from US VIX. Specifically, an increase in US VIX (bad news) has a stronger impact than a decrease in US VIX (good news). Policy implications have emerged based on the findings of this study., Competing Interests: The authors have declared that no competing interests exist., (Copyright: © 2023 Tran, Vo. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.)

With a population of more than 100 million as of December 2022, food security remains a persistent challenge in Vietnam despite achieving a miracle of economic growth and social transformation in recent decades. Vietnam has also experienced a significant migration from rural areas into urban cities such as Ho Chi Minh City, Binh Duong, Dong Nai and Ba Ria - Vung Tau. The effects of domestic migration on food security have largely been neglected in the existing literature, particularly in Vietnam. This study investigates the impacts of domestic migration on food security using data from the Vietnam Household Living Standard Surveys. Food security is proxied by three dimensions: food expenditure, calorie consumption, and food diversity. The difference-in-difference and instrumental variable estimation techniques are used in this study to address endogeneity and selection bias. The empirical results reveal that domestic migration in Vietnam increases food expenditure and calorie consumption. We also find significant effects of wage, land and family characteristics such as education level and the number of family members on food security when different food groups are considered. Regional income, household headship and the number of children in a family mediate the relationship between domestic migration and food security in Vietnam., Competing Interests: The author declares no competing interests., (© 2023 The Author.)

The SPOT-MAS assay "Screening for the Presence Of Tumor by Methylation And Size" detects the five most common cancers in Vietnam by evaluating circulating tumor DNA in the blood. Here, we validated its performance in a prospective multi-center clinical trial, K-DETEK. Our analysis of 2795 participants from 14 sites across Vietnam demonstrates its ability to detect cancers in asymptomatic individuals with a positive predictive value of 60%, with 83.3% accuracy in detecting tumor location. We present a case report to support further using SPOT-MAS as a complementary method to achieve early cancer detection and provide the opportunity for early treatment.

Vietnamese have always believed that education is crucial in increasing income and accumulating household wealth. Educational attainment has been an indicator of successful people. As such, higher education is generally linked to higher income and wealth in Vietnam. However, the existing literature has largely neglected empirical analysis of the education-wealth relationship. We use data from the Vietnam Household Living Standard Surveys (VHLSS) in ten years between 2008 and 2018 to examine the effects of educational attainment on Vietnamese households' wealth accumulation. The threshold and the Ordinary Least Squares (OLS) regressions with robust standards for cross-sectional data analysis are employed. Selected households' demographic characteristics are also incorporated in our analysis. Our results indicate that a university degree was sufficient to accumulate wealth in 2008. However, higher educational attainment is linked with higher wealth accumulation in 2018. For people without a university degree or higher, achieving intermediate vocational training certificates is required to maximize wealth accumulation in both 2008 and 2018. Our empirical results confirm that household demographic factors, including age, marital status, gender, and urban-rural living areas, significantly affect wealth accumulation. In addition, inequality in households' wealth accumulation caused by gender and urban-rural living areas declined over the ten years., Competing Interests: The authors declare no competing interests., (© 2022 The Author(s).)

Financial inclusions are generally considered an effective mechanism to support sustainable economic growth in emerging markets. While the symmetric effects of institutional quality on financial inclusion have been widely investigated, their asymmetric effects have largely been ignored in existing literature, particularly for emerging markets. In this paper, we estimate the index of financial inclusion for 19 countries in the Asia-Pacific region from 2004 to 2020. The institutional quality is proxied by five indicators, including (i) business sophistication, (ii) regulatory quality, (iii) investment freedom, (iv) government effectiveness, and (v) the rule of law. The advanced panel smooth transition technique ensures that the asymmetric effects of institutional quality on financial inclusion are substantiated depending on the income level across countries in the sample. We find that institutional quality's effects on financial inclusion are asymmetric depending on the income level. Our findings indicate that middle-income countries such as Vietnam and other emerging nations in the Asia-Pacific region mostly benefit from the positive effects of institutional reform to ensure more inclusive economic growth in the future., Competing Interests: The authors declare no conflict of interest., (© 2022 The Author(s).)

Responses from stock markets to the Covid-19 pandemic appear to change over time. Recent responses might differ as herd mentality in stock markets tends to become herd immunity to the pandemic. This study revisits the pandemic's effects on the Asia-Pacific countries' market volatility over the past 25 months. Primarily, we examine the changes of the impacts of the pandemic on volatility between the first pandemic period (2020) and the second period (January 2021-January 2022). Our findings indicate that implementing pandemic control measures helps reduce market volatility at the country and region levels. The effects of new Covid-19 cases and pandemic control measures on market volatility have been dramatically fading since 2021. The Toda-Yamamoto causality test and the panel impulse response functions from panel VAR estimation are also used for robustness analysis. Based on our findings, it appears that the current pandemic may no longer be blamed for stock market volatility in the Asia-Pacific region., Competing Interests: The authors declare no conflict of interest., (© 2022 The Author(s).)

Vietnam has undergone four waves of the Covid-19 pandemic in 2020 and 2021, which have posed significant market risks to various sectors. Understanding the market risk of Vietnamese sectors and its changes is important for policy implementation to support the economy after the pandemic. This study measures the sectoral market risks and examines the effects of the pandemic, policy responses and macroeconomic fundamentals on the market risks across sectors in Vietnam. We employ the Value-at-Risk (VaR) and Conditional Value-at-Risk (CVaR) techniques to measure the market risks for 24 sectors from 2012 to 2021. The market risk levels across Vietnamese sectors have changed significantly in response to the pandemic. Oil and Gas and Services sectors show the largest potential loss during the two Covid-19 waves in 2020. The Securities sector is the riskiest sector during the last two Covid-19 waves in 2021. Our results indicate that the new Covid-19 cases reported by the Government increase the market risk levels across Vietnamese sectors. On the other hand, enhancing containment and health policy and reducing economic policy uncertainty result in lower market risk across sectors. We also find that macroeconomic fundamentals such as the exchange rate and interest rate significantly affect the market risks across sectors in Vietnam., Competing Interests: The authors have declared that no competing interests exist.

The trade agreement is generally considered an effective mechanism to encourage trading activities. However, trade activities may lead to environmental degradation because more trade is generally associated with more energy consumption. In addition, financial development with an increased flow of capital among members is required to fund trading activities. Renewable energy can be a moderating factor to balance the effects of trade activities and financial development on the economy and the environment. This paper focuses on the inter-relationship between growth-energy-finance nexus for the CPTPP members in the 1971-2020 period. While the energy-growth-environment nexus has been extensively investigated, the energy-growth-finance relationship has been largely ignored in existing literature, particularly for the CPTPP countries. Our findings can be summarized as follows. First, we find that renewable energy consumption does reduce CO2 emission while financial development does not necessarily increase environmental degradation. Second, financial development is found to cause renewable energy usage bilaterally. Finally, when different proxies are used for financial development, a bilateral causality relationship between renewable energy usage, financial development and economic growth is confirmed. These important findings imply that the governments of the CPTPP countries should encourage renewable energy usage to achieve the dual objectives from the CPTPP trade agreement: (i) to increase trade activities; and (ii) to support further financial development within the region. These two objectives together support economic growth., Competing Interests: The authors have declared that no competing interests exist.

Understanding the determinants of the shadow economy plays a vital role in formulating policies for economic growth and development, particularly for the Southeast Asian countries-a new economic force for a global economy. The key drivers of a shadow economy, such as institutional quality, taxation, government expenditure, are widely examined. However, the effect of national intellectual capital, which affects macroeconomic indicators, on the shadow economy has largely been ignored in the existing literature. Our paper examines this critical link and its causality relationship for eight Southeast Asian countries from 2000 to 2017. This paper uses the dynamic ordinary least squares (DOLS) and fully modified ordinary least squares (FMOLS), which allow cross-sectional dependence and slope homogeneity in panel data analysis. Empirical findings from this paper indicate that national intellectual capital impacts negatively and significantly the shadow economy size. This finding implies that enhancing national intellectual capital reduces the shadow economy size. These two forces lead to enhanced economic growth. Our Granger causality tests confirm a bi-directional relationship between national intellectual capital and the shadow economy. As a result, policies targeted to reduce the shadow economy size can now include the accumulation of national intellectual capital, particularly for Southeast Asian Countries., Competing Interests: The authors have declared that no competing interests exist

While the independent effect is widely examined, the joint effect of financial development and renewable energy on energy consumption has largely been ignored in the current literature. Eleven members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) must balance the simultaneous requirements of supporting financial development, increasing renewable energy usage, and minimizing the adverse effects of energy consumption on the environment. Unlike previous studies, the paper examines the joint and independent effects of financial development and renewable energy on energy consumption for the CPTPP countries during the 1971-2019 period using the second-generation estimator analysis. Our variables are carefully selected based on solid hypotheses and empirical studies. Our results confirm an inverted U-shaped relationship between energy consumption and economic growth. We claim that financial development affects energy consumption depending on the level of renewable energy consumption. The bidirectional causality effect between financial development, energy consumption, and economic growth is also confirmed. Robustness checks have been conducted using sub-samples based on the per capita income threshold of $39,054. Policy implications have emerged based on these findings. An increase in renewable energy consumption can help these nations achieve the dual objectives: (i) to support financial development and to enhance economic growth and (ii) to reduce an adverse effect of financial development and economic growth on the environment., (© 2021. The Author(s), under exclusive licence to Springer-Verlag GmbH Germany, part of Springer Nature.)

Vietnam has been considered one of the few countries that put the COVID-19 pandemic under control and successfully achieved solid economic growth in 2020. However, the national economy has been hit hard by the pandemic in 2021. National borders across the countries have been closed for an extended time. As such, supporting local industries is essential to sustain economic growth. This study measures the market risks across industries in Vietnam before and during the COVID-19 period. Two important measures, the Value-at-Risk and the Conditional Value-at-Risk, are used for the 2012-2020 period. We then extend the analyses by estimating the market risks using the monthly VaR for the 2019-2020 period. Key findings from this study can be summarized as follows. First, market risks across the Vietnamese industries have changed significantly in response to the pandemic, both at the level and their rankings. Second, among the changes, the services industry appears to be hardest hit by the pandemic as expected, whereas the education sector has significantly improved its standing during these challenging times. Our analysis also confirms that complete lockdowns negatively affect the market risk of various Vietnamese industries. We note that the service industry is a critical contributor to the Vietnamese economy and that lockdown during the pandemic does matter to the market risk. Policy implications have emerged on these findings., Competing Interests: The authors declare no conflict of interest., (© 2021 Published by Elsevier Ltd.)

Financial inclusion has generally been considered an effective mechanism to support economic growth and reduce Vietnam's poverty for the last decade. While the importance of financial inclusion to economic growth or macroeconomic stability has been widely examined, it appears that the degree of financial inclusion across Vietnam has not attracted attention from academics and policymakers. In particular, a convergence of financial inclusion across provinces in Vietnam has never been examined. This paper is conducted to examine the static and dynamic distributions of financial inclusion across provinces in Vietnam. The latest three biennial surveys from 2014 to 2018 and a novel approach known as the dynamic kernel density function are used in this study. Our results indicate that Vietnam's economic growth and development over the 2014-2018 period is relatively inclusive. The evidence also demonstrates that households provided with access to multiple sources of finance depend significantly on the provincial level of income. We also find that provinces located in the national key economic regions, including (i) the Northern region and (ii) the Southern region, appear to achieve a higher degree of financial inclusiveness. Our findings also confirm the catching-up from the financially disadvantaged provinces to financially advantaged provinces locating within the key economic regions. We argue that understanding the asymmetric effect of economic growth on financial inclusion will be helpful for the Vietnamese government in formulating and implementing economic policies promptly to secure the sustainable and inclusive goals of economic growth and development in the future., Competing Interests: The authors have declared that no competing interests exist.

Vietnam has achieved impressive economic growth principally supported by foreign direct investment (FDI) in the last three decades. However, environmental deterioration is observed. No studies have ever been conducted to examine the link between economic growth and environmental degradation, focusing on the important role of the FDI, in Vietnam in both short run and long run. Using the ARDL and the threshold regression techniques for 35 years from 1986, Vietnam's "Doi Moi" (economic renovation), the U-shaped relationship between economic growth and the environmental quality is found in the long run and at the upper threshold of economic growth. FDI in the long run and at the upper threshold of economic growth also leads to further deterioration of the environmental quality. Also, consumption of fossil fuel energy deteriorates the environment in the long run, and at any level of economic growth. These findings simply mean that Vietnam has to adopt a new growth model with the focus on the quality FDI projects and clean energy sources to achieve the dual objectives: (i) sustained economic growth and (ii) improved environmental quality.

The Asia-Pacific region has faced conflicting objectives of achieving sustainable economic growth and simultaneously improving environmental quality. This paper, the first of its kind, applies the concept of the Kuznets curve to financial development in this region. The long-term effect of financial development on environmental degradation is examined using a sample of 26 countries in the 2007-2017 period. This paper uses the long-term estimation techniques - the panel autoregressive distributed lag, including the pooled mean group model; the mean group; and the dynamic fixed effect estimator. The second-generation Granger test is used to determine the causality between financial development and environmental degradation. The U-shaped nexus and a bi-directional relationship between financial development and environmental degradation are found., Competing Interests: The authors declare no conflict of interest., (© 2021 The Authors. Published by Elsevier Ltd.)

During the Covid-19 pandemic, the Vietnamese government has actively implemented various policies to achieve dual objectives: (i) to minimize the loss of life due to the infection; and (ii) to support economic growth. This paper is conducted to examine the effect of the government's containment and closure policy on the stock market quality in Vietnam. Unlike other papers, we focus exclusively on market quality during the pandemic. We find that the policies appear to positively affect the market quality, except for closing-school policy (negative effect) and international travel (no effect). We argue that the government should sustain the policies until the wide availability of the vaccine to support the stock market quality in the near future., Competing Interests: The authors have declared that no competing interests exist.