Title: VIETNAM STOCK MARKET CRASHES, 2010-2025: A QUALITATIVE STUDY USING HISTORICAL-INTERPRETIVE ANALYSIS, CASE STUDIES AND THEMATIC ANALYSIS
Authors:
Dr. Dang Thi Lan Phuong, Dr. Nguyen Thanh Phuong, MA. Nguyen Viet Ha and Pham Thi Thanh Thu
Abstract:
This paper takes a close qualitative look at seven major stock price crashes in Vietnam between 2011 and 2023. We combine three methods: historical-interpretive analysis, to reconstruct what happened and why in each crash; multiple case study analysis, to compare the causal mechanisms across crashes; and thematic analysis, to find the patterns that keep showing up over fifteen years. Six core themes emerge: institutional shocks and law-enforcement action, sudden monetary tightening, margin spirals, herd behavior among individual investors, contagion running from stocks to corporate bonds to real estate, and foreign capital flight. Based on these findings, we lay out a four-track institutional reform roadmap with concrete KPIs.
Keywords: Stock market crashes, Vietnam 2010-2025, qualitative analysis, case study, thematic analysis, investor sentiment, market institutions, and stock market reform.
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