COVID-19 in Vietnam: What Happened in the Stock Market?

The purpose of this paper is to investigate the performance of the stock market during the outbreak of the novel Coronavirus (COVID-19) in Vietnam - a frontier country that successfully tackles the outbreak of this pandemic. Employing data from 11 different industries and more than 700 firms from two main stock exchanges from January 23, 2020 (first case reported in Vietnam), results suggest that COVID-19 exerts heterogeneous impacts on different industries. Moreover, when focusing on firm-level, results depicts that firms with better financial background (leverage, liquidity, profitability, and cash holdings) have better stock performance.

Keywords: COVID-19, pandemic, Vietnam, stock performance

JEL Classification: G10, G14

Suggested Citation: Suggested Citation

Truong, Quang-Thai and Nguyen, Duc Nguyen and Tran, Quynh-Nhu and Al-Mohamad, Somar and Bakry, Walid, COVID-19 in Vietnam: What Happened in the Stock Market? (July 17, 2020). Available at SSRN: https://ssrn.com/abstract=3654017 or http://dx.doi.org/10.2139/ssrn.3654017