[Research Contribution] Investment Behavior of Vietnamese Enterprises Through the Lens of Global Uncertainty and Monetary Policy

Amid a global economy buffeted by wars, pandemics, and policy shocks, Vietnamese enterprises face a critical capital allocation challenge between productive investment and financial investment. Against this backdrop, a research team from the University of Economics Ho Chi Minh City (UEH) and collaborators analyzed data from listed non-financial enterprises over the 2013–2021 period to shed light on this trend. The findings reveal that as the risk of investing in fixed assets and the degree of global economic policy uncertainty increase, enterprises tend to shift capital toward financial assets as a highly liquid "safe haven." While monetary policy may contribute to curbing the financialization trend, its regulatory role weakens significantly in an environment of global instability.