ICE 2024 - 2nd International Conference on Economics

Ho Chi Minh City University of Industry and Trade, Vietnam

June 8th, 2024

IMPACTS OF CORPORATE SOCIAL RESPONSIBILITIES ON

CUSTOMER LOYALTY AND SUSTAINABLE BUSINESS - EMPIRICAL
STUDY ON OUTSOURCED BUSINESS IN HCMC

Cao Thi Hoai, Tran Thi Ngoc Lan

Abstract
The research objective is to evaluate the effect corporate social responsibility (CSR) activities on customer
loyalty and sustainable business in the case of outsourcing businesses in Ho Chi Minh City. Investigate and
evaluate descriptive statistical data, test the scale, examine EFA, test CFA, and test the model by using
SPSS and AMOS software version 23.0. The author conducts analysis using an expected data set of around
361 samples through a customer survey. According to research findings, outsourcing companies' ability to
maintain a sustainable business model is influenced by five criteria, four of which have a direct bearing on
client loyalty: (1) Economic responsibility, (2) Legal responsibility, (3) Ethical responsibility, (4)
Community responsibility and mediating variables, (5) Customer loyalty positively impacts sustainable
business. This study provides management implications on CSR activities of outsourcing businesses to help
them increase customer loyalty towards sustainable business.
Keywords: sustainable business, customer loyalty, social responsibility, Outsourcing businesses.

1. INTRODUCTION
In today's open economy, to promote economic growth and, at the same time, improve the lives of society,
it requires the strong participation of agencies and sectors in society in general and businesses in particular.
Businesses are essential to all aspects of manufacturing and business operations since they generate goods,
jobs, infrastructure development, and are key players in the innovation process. But in recent times, issues
that are deemed detrimental have emerged, having an adverse effect on society and the environment, while
some firms are solely concerned with profit and production, promoting economic growth while forgetting
social responsibility in mind (Rosário et al.,2022). As a result, a sustainable economy that creates economic
values satisfies the demands of both the current and the coming generations (Terán-Yépez et al., 2020).
According to a research by Gallardo Vázquez et al. (2023) businesses are increasingly considered as a
significant instrument contributing to social sustainability shows that sustainability is from the spiritual
perspective of business leaders in their attitudes, awareness and behavior when they orient their business
towards sustainability, which must incorporate elements of corporate social responsibility (CSR) into the
business orientation of the enterprise. Since economic goals frequently correspond to the decisions and
strategies of business leaders, many companies frequently claim that they run their operations with the
purpose of promoting sustainable development in the industry. They also frequently view the economic
responsibility factor as the ultimate goal in which businesses are interested (Weidner et al.,2021). In
addition to having an influence on the environment, business actions can be directly or indirectly
responsible for the growth of the company (Rode et al.,2020). A firm's and manufacturing method will
degrade the environment; On the other hand, investing and adopting sustainability may reverse the effect
of a production process that may be "harmful" but will quickly provide profits for the business. Although
more sustainable production methods won't be profitable right once, they will increase and grow
competitiveness with time.
Each organization and individual is eager to collaborate and engage with companies that value CSR, in
which companies voluntarily contribute to the advancement of social and environmental welfare. CSR
requirements are articulated in terms of obligations to workers, consumers, ethical marketing and sales, the
environment, and the community (Khan et al.,2021). Businesses may strengthen their brand, contribute to
sustainable environmental development, improve human resources, and generate welfare for both society
and business by embracing all the CSR components and criteria that interest them, including moral business
(Ben Abdallah et al.,2020). Incorporating CSR activities into business activities helps businesses grow,
while contributing to society and the environment as well as improving competitiveness, attracting and

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retaining customers and provide enduring value (Epure, 2022). At the moment, large firms account for the
majority of CSR activity; small and medium-sized businesses give CSR operations little thought for a
variety of reasons, both objective and subjective. Vietnam has been drawing a lot of cash from outside
investors in recent years, including capital from the US, Singapore, Japan, and Korea. As a result of
possibilities in the expansion of global supply chains, Vietnamese companies are pushing serving as brand
representatives and agents in a variety of ways, such as representative of the firm, agent for exclusive
distribution, or manufactured in compliance with the manufacturer's specifications. Working with foreign
partners presents many challenges for outsourcing businesses in Vietnam, and Ho Chi Minh City in
particular. These challenges include requirements for experience, financial stability, and human resources;
additionally, there are strict standards for environmental impact assessment in areas like commitment to
environmentally friendly materials and environmentally friendly recycling of materials (recycle). If
outsourcing companies have a clear understanding of CSR from the start and integrate CSR initiatives with
their business plan and sustainable entrepreneurial spirit, then all these needs will be satisfied right away.
As a result, the study's purpose is to identify and assess how CSR benefits outsourced companies in Ho Chi
Minh City by encouraging customer loyalty to sustainable business, and by suggesting managerial
implications, promoting sustainable growth for Ho Chi Minh City's outsourced companies.

2. THEORETICAL BASIS
2.1. Theoretical underpinning
Resource Based View (RBV) and Stakeholders theory
The approach and application of stakeholder theory by R. Edward Freeman (1984) and human resources
theory (RBV) by Barney (1991) are two thorough and complementary methods to building a sustainable
marketing strategy for businesses that address both internal and external factors that impact the business,
according to this study. Therefore, when firms manage various company resources and engage in CSR
initiatives, the internal elements mentioned in RBV theory Barney (1991) produce competitive advantages,
sustainable in comparison to both possible present and future rivals. Regarding the external elements which
impact a company's capacity to conduct sustainable business, these elements include environmental laws,
community sustainability, the enterprise's own fit for sustainable business, and theory. Stakeholders believe
that an organization's objectives come from the demands of its constituents, which include individuals as
well as organizations of people who have the potential to influence or be affected by the outcomes and
methods used to accomplish the organization's objectives (R. Edward Freeman, 1984).
In conclusion, Stakeholder theory thus gives the influence of external elements, whereas BRV theory
enables organizations with available internal aspects to make sustainable business decisions.
Sustainable business
Concerns about the enterprise's business operations are considered at the micro level, while environmental,
social, and global ecosystem elements are considered at the macro level when discussing sustainable
economies and businesses (Wakabayashi, 2022). Sustainable company refers to companies that aim to
achieve both long-term social objectives and profitable commercial outcomes. (Feeney et al.,2022).
According to Elkington and Rowlands (1999) referring to the concept of 3P (People, Planet, Profit), these
factors are the guiding principles for the activities of businesses, used to determine the long-term viability
of a business. This notion has three parts: profit, society, and environment. Authors Pislaru et al. (2019)
assert that a company is not only create profitable also demonstrates its commitment to the community and
the preservation of the environment. According to Carroll and Ahuvia (2006), sustainable enterprises must
satisfy three criteria: economic, ethical, and legal. This three-factor approach has since become the norm
for assessing corporate operations. The purpose of both CSR and sustainable business initiatives is to
advance long-term sustainability in organizational operations, social impacts, and strategy development.
Customer loyalty
According to Zhou et al.(2021), a customer's recurring business shows their commitment to the business's
brand. Customer loyalty is built on repeat business, which is an indication of client pleasure (Saini and
Agrawal, 2021). Simultaneously, it serves as the foundation for companies to generate market rivalry and
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attain enduring commercial outcomes. Ipang et al.(2021) reveal that customers will be happy and more
likely to remain loyal when they perceive the values that goods and services bring to them. The consistent,
favored attitudes and behaviors that a customer has for the goods and services provided by the same
company are known as customer loyalty.
Corporate social responsibility
According to Carroll (1979), the initial notion of CSR is the obligation of enterprises to the economy,
society, and environment; this concept then forms the basis of the "Tripple bottom line" which bases
company outcomes on three business elements: social, cultural, and environmental. Carrol (2016) proposed
the pyramid model, which has four degrees of responsibility: economic, legal, ethical, and philanthropic.
This model reflects the expectations of society.
Carroll (2021) asserts that in order for many companies to be able to meet expectations and respond quickly
to any future crises, they must work to reconsider their corporate strategy and CSR thinking the standards
set by society. CSR is a tactical instrument that helps firms stand out from the competition (Shafique et al.,
2021). Ali and Kaur (2021) believe that when corporate governance combined with CSR activities creates
an increasingly competitive difference. According to Kumar et al. (2022) advise that CSR is the willingness
of business organizations to participate in social charity activities.
Thus, CSR, is the result of all business firms' endeavors and their ethical contributions to the economy,
community, and other relevant organizations.
2.2. Hypotheses and research models
The factor of economic responsibility is one of the initial components of 4-level model pyramid of CSR by
Carroll (2016). This is considered a strategic decision of administrators. Many authors in earlier research
about CSR brought up the subject of economic responsibility (Weidner et al.,2021; Rode et al.,2020;
Tahssili et al.,2023). Moreover, study by Tseng et al.(2020) demonstrates how CSR influences sustainable
business practices in firms, indicating that CSR serves as an intermediary. As a result, the study makes the
following H1 hypothesis:
Hypothesis H1: Economic responsibility has a positive impact on customer loyalty and conversion to
sustainable business.
Nowadays, consumers and society are becoming more and more concerned with corporate transparency.
Enterprises have a social responsibility to uphold the law in addition to their pursuit of financial gain; this
obligation extends to the persons who work for the company as well as to enterprises. Accordingly, the
studies in the field of e-business by Matsuoka (2022), customer loyalty is the favorable attitude that
consumers have toward a company when it engages in CSR initiatives, raise client contentment. The
conduct and output of a company are factors that contribute to its reputation in CSR initiatives (Lombardi
et al., 2020). Therefore, the study then puts forth hypothesis H2 in the following manner:
Hypothesis H2: Legal responsibility has a positive impact on customer loyalty and conversion to
sustainable business.
Research conducted in the automotive industry by Tahssili et al. (2023) revealed an indirect relationship
between customers' purchasing behavior and their judgments of ethics and the economy. One of the current
trends that is shown in ethical aspects with customers and employees is ethical marketing (Khan et al.,
2021), research studies conducted by Ben Abdallah et al. (2020) on the effects of ethical business, social
welfare, and the development of high-qualified human resources on consumer loyalty and sustainable
business. Customer loyalty, social sustainability, and corporate social responsibility all have a favorable
correlation, according to research by Panda et al. (2020). Hence, the following is how the study presents
hypothesis H3:
Hypothesis H3: Ethical responsibility has a positive impact on customer loyalty and conversion to
sustainable business.
Enhancing the company's image and boosting involvement among stakeholders can be achieved through
the efficient execution of CSR obligations towards staff, clients, communities, and the environment, as well

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as through the annual report's explanation of CSR initiatives. Boost client loyalty for environmentally
friendly businesses (Miras Rodriguez et al., 2020). According to Lee et al. (2022) research, businesses'
voluntary contributions to economic, environmental, and social development have a positive impact on
customer loyalty, positively contribute to the development of aviation businesses, and serve as a foundation
for administrators to develop sustainable business strategies. The research also demonstrates the impact of
CSR on the aviation sector. Businesses are most impacted by the COVID-19 epidemic, particularly
employees. As a result, business managers must adjust their ways of thinking and acting to deal with this
problem (Carroll, 2021). The responsibility to community part of CSR encompasses all four components
and affects employees' commitment and job satisfaction while enhancing workplace performance (Gond et
al., 2017). Base on the above discussion, the study then puts forth hypothesis H4 in the following manner:
Hypothesis H4: Community responsibility has a positive impact on customer loyalty and conversion to
sustainable business.
Islam et al. (2021) conducted a study and survey among customers utilizing prepaid telecoms services,
demonstrating how CSR initiatives affect both customer loyalty and corporate reputation. Businesses who
engage in CSR initiatives will see an increase in consumer trust and an improvement in customer opinions
of their products, which will impact customers' propensity to make purchases consumers and cultivate a
devoted following (Afzali and Kim, 2021). According to certain research, a consumer's strong devotion to
a particular brand is known as customer loyalty. Additionally, brand loyalty helps to improve brand
outcomes, even those of traditional marketing, favorable word-of-mouth, increased price acceptability, and
increased chance of repurchasing (Ltifi and Hichri, 2021). Therefore, in today's market, a company's
capacity to maintain a competitive edge through client loyalty will be essential to its ability to build
sustainability. As a result, the analysis suggests the following hypothesis H5:
Hypothesis H5: The positive influence of customer loyalty on sustainable business is mediated.
Based on relevant theoretical foundations and previous empirical research, the author constructed a research
model that evaluates the effects of CSR initiatives in four areas on sustainable business, effects of consumer
loyalty that are indirect. Based on this, the author suggests the following study model in Figure 1:

Figure 1. Proposed Research Model

Source: Author’s Work (2024)
3. RESEARCH METHODS
3.1. Quantitative Research
The author hopes to quantify and assess CSR elements that affect customer loyalty with the use of empirical
research methodologies from related studies and a separate summary of impact factors change into a long-

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lasting company. The survey questionnaire is designed using the 1-5 Likert scale (5 levels) as the basis for
the observation scales in the model. Firstly, let's talk about the four CSR model scales and their
corresponding observation scale measurements as per Bahta et al. (2021); Feng et al. (2022). In addition,
to measure the dependent factor of the customer loyalty scale, the author evaluated according to 3 observed
variables from the study of Shibuya, K. (2023). Lastly, the author adopted the sustainable business scale
taken from the study of Andersson and et al. (2022). Quantitative study employing SPSS and AMOS
software version 23.0 for data analysis and a sample of companies in the Ho Chi Minh City area that operate
in the outsourcing sector.
3.2. Sample size
The sample size was established by the author using Hair et al. (2019). The best observed/measured variable
ratio with a sample size of 15:1 is optimal. Since the author of this study uses 24 measurement variables,
there will be 24 x 15 = 360 samples that need to be polled. There were 361 samples total in the analytical
investigation.

4. RESEARCH RESULTS
4.1. Description of the research sample
A total of 361 respondents made up the research sample; all of them has with the ratio of males being 186
accounting for 51.52% and females being 166 accounting for 45.98% and the other being 9 accounting for
2.49%; Ages under 25 are 101, accounting for 27.98%, over 35 are 117, accounting for 32.41%, and
between 25 and under 35 are 143, accounting for 39.61%; In terms of educational attainment, 223 people,
or 61.77% of the total, are the largest group with post-graduate degrees, university is 47, accounting for
13.02%, and another is 91, accounting for 25.21%; In terms of jobs, the deputy head of department holds
the rank of 138, which represents 38.23%; There are 118 employees, or 32.69% of the whole, 78 senior
managers, or 21.61%, and 27 other people, or 7.48% of the total; In terms of seniority, the groups with the
highest seniority are those with three to five years' experience (156, 43.21%), those with more than five
years' experience (129, 35.73%), and those with one year or less' experience (76, 21.05%).
4.2. Results of scale reliability statistics
The test results after removing the TNDD 5 scale were unsatisfactory with correlation coefficient <0.3, the
remaining scales all satisfied Cronbach's alpha coefficient >0.7 with correlation coefficient >0.3 (Hair et
al., 2019), Table 1 displays the condensed results:

Table 1: Results of testing the scale reliability

Number of Appropriate observed
Measurement scale in the Cronbach’s initial variables
Variables
research model alpha observed Percent
Quantity
variables %
TNKT Economic responsibility 0.923 4 4 100
TNCD Community responsibility 0.900 5 5 100
TNPL Legal responsibility 0.883 4 4 100
TNDD Ethical responsibility 0.849 5 4 80
LTT Customer loyalty 0.825 3 3 100
KDBV Sustainable business 0.803 3 3 100
Source: Author’s work
4.3. Results of exploratory factor analysis testing (EFA)
The Bartlett test is passed at the significance level of sig=0.000 (0% error) with a KMO coefficient of
0.944>0.5. As a result, Therefore, the data set in this study is suitable for performing Perform EFA analysis
(measure the necessary trend). In addition, the factor rotation matrix indicates that the scales' convergence

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value is more than 0.5, guaranteeing the convergence of every factor in table 2 in the manner described
below:
Table 2: EFA analysis results

KMO and Barlett’s Test =0.878>0.5, Sig=0.000

Item Factors
1 (TNCD) 2 (TNKT) 3 (TNDD) 4 (TNPL) 5 (LTT)

TNCD2 0.923
TNCD3 0.803
TND5 0.803
TNCD4 0.765
TNCD1 0.678
TNKT4 0.995
TNKT1 0.891
TNKT2 0.868
TNKT3 0.705
TNDD2 0.936
TNDD1 0.932
TNDD3 0.625
TNDD4 0.577
TNPL1 0.860
TNPL3 0.845
TNPL2 0.825
TNPL4 0.667
LTT2 0.856
LTT1 0.763
LTT3 0.700
LTT2 0.856
Eigenvalues =1.005>1; Total Variance Explained = 63.948% > 50%
Source: Author’s work

4.4. Results of confirmatory factor analysis CFA

With C.R. > 0.7 and A.V.E. > 0.5, all customer loyalty and sustainable business scales meet the
requirements for quantitative research, achieve discriminant validity, and are eligible for model testing,
research model and research hypotheses. Simultaneously, assessing the correlation coefficient between the
factors in the research model and testing the convergent validity reveal that all the estimated coefficients of
the observed variables of the scales reach a value of >0.5, with a significance level of P-value=***
(P=0.000<0.05), indicating that the observed variable is significant and appropriate for the research model.
Furthermore, a one-factor CFA measurement model limited all observed variables, producing good fit
indices (Hu and Bentler, 1999). GFI index = 0.914>0.9; TLI = 0.960>0.9; CFI = 0.966>0.9; RMSEA =
0.049<0.08. Chi-square/df = 1.848(<3) (see Table 3).

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June 8th, 2024

Table 3: Average Variance extracted (A.V.E) and Composite reliability (C.R) measuring scale

CR AVE MSV LTT TNCD TNKT TNPL TNDD KDBV

LTT 0.827 0.616 0.288 0.785
TNCD 0.901 0.645 0.288 0.537 0.803
TNKT 0.928 0.763 0.216 0.427 0.364 0.874
TNPL 0.886 0.663 0.297 0.438 0.438 0.329 0.815
TNDD 0.850 0.604 0.212 0.375 0.423 0.277 0.448 0.777
KDBV 0.804 0.579 0.297 0.506 0.479 0.465 0.545 0.460 0.761
Source: Author’s work
4.5. Results of model testing and research hypotheses

Figure 2. SEM analysis results

Source: Author’s work
The model achieves consistency with market data, according to SEM results. Chi-square/df = 2.137(<3);
TLI = 0.946>0.9; CFI = 0.954>0.9; PCLOSE = 0.073≥0.05; RMSEA = 0.056≤0.08; and GFI index = 0.899.
Simultaneously, Table 4's findings demonstrate that the community, economic, legal, and ethical
components of corporate social responsibility (CSR) have an impact on the customer loyalty factor (LTT),
with a significance level (P-value) <0.05. The results indicate that ethical duty has the highest impact factor
(beta coefficient = 0.890), whereas the two other components, community responsibility and economic
responsibility, have beta coefficients of 0.331 and 0.216, respectively. Simultaneously, beta value = 0.626
indicates that customer loyalty positively affects sustainable business (see Figure 2 and Table 4).

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Table 4: Results of SEM model analysis

Correlations Estimate S.E. C.R. P-value Result

LTT <--- TNCD 0.331 0.060 5.491 *** Positive and significant
LTT <--- TNKT 0.216 0.048 4.476 *** Positive and significant
LTT <--- TNPL 0.197 0.057 3.484 *** Positive and significant
LTT <--- TNDD 0.890 0.045 1.964 0.049 Positive and significant
KDBV <--- LTT 0.626 0.700 8.974 *** Positive and significant
Source: Author’s work

4.6. Results of analysis of the role of mediating variables

Through the data shown in Table 5, the author examines whether the impact of independent factors on the
dependent variable in the study model is direct or indirect through the use of an intermediary variable.
Results of analysis of the role of mediating variables.
Table 5: Results of the effects of variables on the dependent variable

Direct Indirect
Variables TNDD TNPL TNKT TNCD LTT KDBV
Affect

Direct 0.089 0.197 0.216 0.331 0.000 0.000

LTT Indirect 0.000 0.000 0.000 0.000 0.000 0.000

Total Effects 0.089 0.197 0.216 0.331 0.000 0.000

Direct 0.000 0.000 0.000 0.000 0.579 0.000

KDBV Indirect 0.064 0.121 0.138 0.196 0.000 0.000

Total Effects 0.064 0.121 0.138 0.196 0.579 0.000

Source: Author’s work

The findings demonstrate that the variables TNDD, TNPL, TNKT, TNCD not only function as independent
factors influencing the dependent variable directly LTT, but also indirectly influence the sustainable
business variable (KDBV) via the customer loyalty variable (LTT). Regarding the indirect influence CSR
on the variable KDBV via LTT, TNCD has the highest impact (λ = 0.196) and TNDD has the lowest impact
(λ = 0.064). According to this research methodology, sustainable business factors will rise indirectly if the
direct influence of CSR factors boosts consumer loyalty. Stated differently, this study demonstrates how
customer loyalty (LTT) influences sustainable business (KDBV) through CSR.

5. DISCUSS ABOUT THE RESEARCH FINDINGS

Firstly, the results of the research show that corporate social responsibility activities including four aspects
of TNDD, TNPL, TNKT, and TNCD have an impact on sustainable business, consistent with and
complementary to the previous research by Chen and Tebourbi (2021). Also, this demonstrates the
connection between CSR initiatives and improved company success. Secondly, the study demonstrates the
beneficial effects of CSR initiatives on customer loyalty, focusing on the necessity for companies to
concentrate on elements that increase consumer satisfaction and loyalty growth, which leads to sustainable
business (Feng et al., 2022).
Thirdly, the outcomes demonstrate the positive impact of social responsibility components on customer loyalty;
this lends additional confidence to the research conducted by author Islam et al. (2021); Panda et al. (2020).
Furthermore, social responsibility's impact on sustainable companies in the context of outsourcing companies
is explained by five impact elements, including ethical responsibility, legal responsibility, economic

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responsibility, community responsibility and customer loyalty (95% confidence level). Customer loyalty, on
the other hand, has a beta coefficient of 0.626, meaning it is favorable for turning a firm into a sustainable
one. Along with the results of testing the theoretical model, the research hypotheses indicate that CSR affects
sustainable development, and this finding is in line with earlier studies conducted by Ali et al. (2021).

6. CONCLUSION
The study provides empirical results evaluating the impact of social responsibility on customer loyalty and
sustainable business. These results demonstrate the direct and indirect effects of TNDD, TNPL, TNKT, and
TNCD on the development of sustainable business through customer loyalty.
The research results indicate that managers in outsourcing companies must adopt innovative methods of
thinking about business; CSR components must be planned into the company's strategy and taken into
account as a guideline for the entire process. Because the impacts of CSR activities will help businesses
attract customers, increase customer experience, and build customer loyalty. This helps businesses have an
ethical marketing strategy while increasing their competitiveness in the market and moving towards
sustainable business.
Although corporate social responsibility (CSR) encompasses more than just one component, managers
must plan their CSR initiatives in the areas of economic, legal, ethical, and community responsibilities.
Thorough determination and commitment to business activities associated with CSR according to a 4 level
scale model from low to high. Businesses that can commit to this activity will make a special impression
on customers. In the current the surroundings, this managerial result is especially significant for outsourcing
companies in Ho Chi Minh City. Especially, when they have partners to fulfill rigorous demands who are
large multinational corporations from the US, UK, France or Japan, Korea have been investing in Vietnam.
As a result, it is possible to identify a crucial component of CSR initiatives that will both please partners
and raise the likelihood of collaboration. In order to enhance consumer satisfaction, promote customer
loyalty, and build a strong brand in the marketplace, outsourcing companies must devise a plan to expand
their corporate social responsibility initiatives. This will also help them become more competitive and
progress toward sustainable development.
In terms of pure business, particularly the long-standing "take a hit" company culture where special
managers' first concerns are always the business's revenues and profits. In particular for today's Ho Chi
Minh City managers of outsourcing businesses. Nonetheless, managers' company cultures and ways of
thinking must adapt to the context of the global economy's integration. In addition to paying attention to
profit, they must also consider sustainability. Supporting businesses outsource CSR operations that fit with
their scope and capacity requires consideration in certain situations and within a set period of time.
Even though the study gathered results and achieved its objectives, it only examined four CSR
characteristics that are relevant to customer loyalty and sustainable business applicable to businesses that
hire businesses outside in Ho Chi Minh City. As a result, it's possible that the assessment's findings don't
apply to all of Vietnam. Second, apart from CSR initiatives and loyalty to customers, other factors that may
have an impact on sustainable business were not investigated in this study. Hence, the scope, sample, and
other parameters need to be expanded in future research.

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Contact information
Cao Thi Hoai (Office staff)
E-mail: hoaicaomba@[Link]
ORCID: [Link]

Tran Thi Ngoc Lan (Lecturer)

HCMC University of Industry and Trade, Faculty of Business Administration,
140 Le Trong Tan Street, Tay Thanh Ward, Tan Phu District, Ho Chi Minh City, Vietnam.
*Email: lanttn@[Link]
ORCID: [Link]

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