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This research evaluates impact of monetary policy tools and fiscal policies on Vietnam’s stock market, as well as examines interaction between these two policies with the Vietnam stock price index. Utilizing Vector error correction model (VECM), with 9 variables and data monthly statistics from January 2002 to October 2015, this study confirms that there are links between monetary policy, fiscal policy with Vietnam's stock market. | http://ijfr.sciedupress.com International Journal of Financial Research Vol. 8, No. 2; 2017 Empirical Test on Impact of Monetary Policy and Fiscal Policy on Vietnam Stock Market Tu Tran Thi Thanh1, Linh Pham Thuy1, Tiep Nguyen Anh1, Thuy Do Thi1 & Thơ Thị Hoai Trương1 1 Faculty of Finance and Banking, VNU University of Economics and Business, Vietnam Correspondence: Assoc. Prof., PhD. Tu Tran Thi Thanh, Faculty of Finance and Banking, VNU University of Economics and Business, Vietnam. Tel: 84-90-438-5858. Received: February 17, 2017 Accepted: March 21, 2017 doi:10.5430/ijfr.v8n2p135 Online Published: April 8, 2017 URL: https://doi.org/10.5430/ijfr.v8n2p135 Abstract This research evaluates impact of monetary policy tools and fiscal policies on Vietnam’s stock market, as well as examines interaction between these two policies with the Vietnam stock price index. Utilizing Vector error correction model (VECM), with 9 variables and data monthly statistics from January 2002 to October 2015, this study confirms that there are links between monetary policy, fiscal policy with Vietnam's stock market. In addition, Vietnam’s stock market is also affected by exogenous factors, namely the world oil prices and the S&P500 index, especially when Vietnam's economy is opening up and integrated with the global economy. Keywords: monetary policy, fiscal policy, stock market 1. Introduction In Vietnam, the stock market plays an important role in mobilizing and allocating a large amount of capital to achieve the goal of industrialization and modernization: a sustainable development economy, an efficiency economy restructure, a competitiveness improvement. Vietnam stock market officially operationed in the year of 2000 with only two listed companies with market capitalization reached 986 billion (0.28% of GDP at this time). After 10 years of performace, the two stock exchanges in Hanoi and Ho Chi Minh City has more than 678 listed companies and more than 200 UPCoM registered .
