Motivating more individual inventors to emerging stock market the case in viet nam

ГРОШІ, ФІНАНСИ І КРЕДИТ 299 Thai Minh Trang Phung1, Minh Tuan Nguyen2, Ngoc Khuong Mai3 MOTIVATING MORE INDIVIDUAL INVESTORS TO EMERGING STOCK MARKETS: THE CASE OF VIETNAM The study proposes solutions on attracting more individual investors to participate at Vietnam stock market The study employs qualitative and quantitative approaches including indepth interviews with investors in Ho Chi Minh City and Ha Noi Capital, who each have 10 years of experience in investing stocks in Vietnam; a group discussion to brokerage managers working for top securities corporations; and a survey of 200 individual investors trading at Vietnam stock market The results obtained helped the authors to develop detailed recommendations for the related public institutions, securities corporations and individual investors Keywords: loss aversion; regret aversion; Vietnam stock market; individual investors Peer-reviewed, approved and placed: 28.07.2016 Таі Мінь Транг Фунг, Мінь Туань Нгуєн, Нгок Хуонг Маі МОТИВУВАННЯ ПРИВАТНИХ ІНВЕСТОРІВ ДО УЧАСТІ НА ФОНДОВИХ РИНКАХ, ЩО РОЗВИВАЮТЬСЯ: НА ПРИКЛАДІ В’ЄТНАМУ У статті запропоновано варіанти, як можна залучити більше приватних інвесторів до участі на фондовому ринку В’єтнаму У дослідженні використано як якісні, так і кількісні підходи, зокрема: інтерв’ю з інвесторами в Хошиміні та Ханої (всі з як мінімум десятирічним досвідом інвестування у В’єтнамі); групову дискусію з маклерами, що представляють провідні фондові корпорації; а також опитування 200 приватних інвесторів, що торгують на фондовому ринку В’єтнаму Отримані таким чином результати допомогли авторам розробити детальні рекомендації для відповідних державних структур, фондових компаній та приватних інвесторів Ключові слова: несприйняття збитків; несприйняття невірних рішень; фондовий ринок В’єтнаму; приватні інвестори Рис Табл Літ 24 Таи Минь Транг Фунг, Минь Туань Нгуен, Нгок Хуонг Маи МОТИВИРОВАНИЕ ЧАСТНЫХ ИНВЕСТОРОВ К УЧАСТИЮ НА РАЗВИВАЮЩИХСЯ ФОНДОВЫХ РЫНКАХ: НА ПРИМЕРЕ ВЬЕТНАМА В статье предложены варианты, как можно привлечь больше частных инвесторов к участию на фондовом рынке Вьетнама В исследовании использованы как качественные, так и количественные подходы, в частности: интервью с инвесторами в Хошимине и Ханое (все с как минимум десятилетним опытом инвестирования во Вьетнаме); групповую дискуссию с маклерами, представляющими ведущие фондовые корпорации; а также опрос 200 частных инвесторов, торгующих на фондовом рынке Вьетнама Полученные таким образом результаты помогли авторам разработать детальные рекомендации для соответствующих государственных структур, фондовых компаний и частных инвесторов Ключевые слова: неприятие убытков; неприятие неправильных решений; фондовый рынок Вьетнама; частные инвесторы Corresponding author; Hoa Sen University, Ho Chi Minh City, Vietnam School of Business Administration, International University, Vietnam National University, Ho Chi Minh City, Vietnam School of Business Administration, International University, Vietnam National University, Ho Chi Minh City, Vietnam © Thai Minh Trang Phung, Minh Tuan Nguyen, Ngoc Khuong Mai, 2017 Electronic copy available at: https://ssrn.com/abstract=2923927 300 ГРОШІ, ФІНАНСИ І КРЕДИТ Introduction Stock market is the key financial institution of a market economy It is a connection bridge between capital supply and demand within market economy A healthy and effective stock market can set up premises to exploit economic potentials, attract, and distribute capital effectively and efficiently In order to help Vietnam’s stock market stabilize, sustain, and develop, it is very important to protect investors’ rights, especially Vietnamese individual investors because they have opened 1,552 mln accounts representing 99.57% domestic investors Nonetheless, there is only 1.72% of Vietnam population (more than 90 mln) who participate at the stock market, thus 98.28% of Vietnam population still stays away In other words, we still have a lot of room to boost Vietnam’s stock market while counting on domestic individual investors Since the establishment in 2000, Vietnam’s stock market has experienced various up-and-downs From 2004 to 2006, Vietnam’s stock market had an upward trend Market prices for almost all types of stocks increased dramatically regardless their financial indicators In 2006, the stock "fever" reached its peak Vietnam became one of the most booming stock markets with the peak of 600 in April 2006 At that time, different investors purchased a great deal of stocks without prudential consideration of companies’ performance However, this trend could not sustain and from June 12th, 2006 VN-Index moved downward for the next consecutive trading sessions On July 21st, 2006 VN-index receded to its valley of 487.86 before bouncing back to 751.77 in the last trading session of 2006 On March 12th, 2007, VN-Index reached its highest record of 1170.67 After this day, VN-Index gradually declined to 927.02 in the last trading session of 2007 From 2008, VN-Index fluctuated but the overall trend was downward Majority of foreign investors turned into net sellers This trend remained unchanged in 2009 On February 24th, 2009, VN-Index fell into its valley of 234.66, but on October 23rd, 2009, VN-Index reached another pinnacle of 633.21 In 2010, VN-Index fluctuated from 517.05 in the first trading session to 484.66 in the last trading session of the year The downward trend continued into 2011, in which VN-Index dropped to 351.55 in the last trading session of the year The year 2012 came into investors’ minds with the notorious problem of August 21st, which brought Vietnam’s stock market into red This event triggered a new phase in Vietnam’s stock market development where rumors could significantly influence prices VN-Index increased by 21.97% in 2013 Vietnam’s stock market closed its last trading session with VN-Index of 504.63 In 2015, VN-Index increased by 6.1%, while HNX-Index has decreased by 3.6% in comparison with the last trading session in The overall picture looks more gloomy comparing with the period of 2013–2014 where VN-Index increased by 8.13% and HNX-Index soared by 22.32% (ndh.vn) However, what has happened at the stock market is contrary to positive macroeconomic development Based on the historical analysis of Vietnam’s stock market and the potential contribution of domestic individual investors it is very important to develop measures to attract more individual domestic investors If we can bring confidence of individual domestic investors in Vietnam’s volatile stock market, we can contribute to healthy and sustainable development of Vietnam’s stock market Literature review Financial investment decisions are an indispensable part in practice of any household’s financial management Good financial decisions usually АКТУАЛЬНІ ПРОБЛЕМИ ЕКОНОМІКИ №2(188), 2017 Electronic copy available at: https://ssrn.com/abstract=2923927 ГРОШІ, ФІНАНСИ І КРЕДИТ 301 lead to financial satisfaction and boost family’s standard of living, while poor decisions lead to dissatisfaction and downgrading quality of life However, people often not make decisions based on proper reasoning, but they are steered more by psychological factors When they are in good moods, they tend to be too optimistic in evaluation process They also turn into too defensive when in bad mentality This problem becomes more severe with the increase in quantity and complexity of available financial products, which are beyond the knowledge of ordinary people Hence, the process of how people make financial decisions becomes quite puzzling and affected by rules of thumb and biases (Engelberg and Sjoberg, 2006; Lovric et al., 2008) Traditional financial management exposes its limitation to identify key determinants in investment decisions In general, individual investors not always go after rationality in financial decision making Why don’t individual investors participate at stock markets? L Guiso et al (2008) suggested the lack of trust as the key determinant Perception of the risk of being cheated is consolidated from the objective characteristics of stocks and the traits of an investor More trusting individual investors tend to buy more stock and vice versa M.V Rooij et al (2011) discovered a positive relationship between financial literacy and stock market participation The majority of individual investors understand only fundamental concepts, and financial knowledge can influence how financial decisions are made Media also plays a very important role in stock markets Unusually high or low media pessimism forecasts high trading volume (Tetlock, 2007) B.M Barber and T Odean (2007) verified that individual investors are net buyers of attention The overload of information at the market about potentially affordable stock can drive individual investors out of rationality when they browse a variety of stocks to buy Investors often first determine a choice set which draws their attention Then their preferences set in to determine choice after attention In addition, investors are prone to buy and sell stocks with early names in the alphabetical order (Jacobs and Hillert, 2016) In other words, early alphabet stocks tend to move faster than late alphabet stock, and alphabeticity can influence stock price Firm advertising can lure investors’ attention and affect short-term stock returns (Lou, 2014) An increase in advertising usually gives rise to retail buying and exceptional stock returns Nonetheless, this is often accompanied by lower future returns Weather can also influence individual investors’ trading at stock markets (Schmittmann et al., 2015) Investor sentiment which is measured as the ratio between buying and selling is higher on the days with good weather In addition, individual investors tend to trade more on the days with bad weather This can be explained as there are more appealing activities which draw attention of individual investors on good weather days More importantly, behavioral finance is also concerned in financial investment and considered as "a relatively new but quickly expanding filed that seeks to provide explanations for people’s economic decisions by combining behavioral and cognitive psychological theory with conventional economics and finance" (Baker and Nofsinger, 2010: 3) Behavioral finance is rooted in cognitive psychology and to some extent in neuroscience, especially focuses on how decisions are actually made, whereas traditional finance founded on mathematical constructs of expected utility maximization and market efficiency, emphasizes how decisions should be made normative (Yazdipour and Howard, 2010) The efficient market hypothesis assumes that ACTUAL PROBLEMS OF ECONOMICS #2(188), 2017 302 ГРОШІ, ФІНАНСИ І КРЕДИТ markets make rational and unbiased future prediction while behavioral finance assumes that, under some circumstances, financial markets are informationally inefficient (Ritter, 2003) Prevalently, prospect theory developed by D Kahneman and A Tversky (1974, 1979) is the theory of average behavior that "theorizes how an individual or group of individuals behaves, on average, in a world of uncertainty" (Baker and Nofsinger, 2010: 191) Behavioral biases related to the prospect theory include loss aversion, regret aversion, mental accounting and self-control (Kahneman and Tversky, 1974, 1979) Loss aversion and regret aversion are part of the original prospect theory Loss aversion shows that people felt a stronger impulse to prevent losses than to obtain gains; particularly, when investors made a loss, their pain was twofold against their pleasure when making a gain (Kahneman and Tversky, 1979) In fact, loss aversion is a vital concept in psychology that receives a noticeable interest in analyzing economic situations Facing loss aversion, one was unaware of taking more risks than one would and kept unbalanced portfolios (Kahneman and Tversky, 1979) Regret aversion bias is " a more or less painful cognitive and emotional state of feeling sorry for misfortunes, limitations, losses, transgressions, shortcomings or mistakes" (Landman, 1993: 36) Regret aversion is represented not just the pain of financial loss, but also painful feelings for the decision that makes loss increase more (Brabazon, 2000: 4) More specifically, regret aversion can cause investors firstly be too prudent in their decisions thereafter; secondly, be ashamed away excessively from the markets which have recently decreased; thirdly, keep onto losing positions or winning positions for too long; fourthly, make them become herding investors; finally, prefer stocks of own designated good companies (Pompian, 2006) Some authors also suggest avoiding loss or regret aversion such as "let winners run and cut losses" (Kahneman and Riepe, 1998) or discipline trading rules that never change (Baker and Ricciardi, 2014) Particularly, everyone wins a few and loses a few at a given period, but in the long run, they will come out ahead (Kahneman and Riepe, 1998) In other words, M.M Pompian (2006) makes the following recommendations: not to hold losing stocks for too long and use a stop loss rule; not to sell winners too early and use a stop profit rule; not to hold onto losing investments in companies which are in serious trouble; not to keep unbalanced portfolios; particularly, understanding standard deviation, credit rating, buy/sell/hold ratings, benefits of asset allocation and diversification is critical for investors J Montier and G.E Strategy (2002) also emphasize that investors need to assess whether an investment still has good future prospects and suits current circumstances For the regret aversion bias, some researchers emphasize on trading rules: take profit and cut losses effectively (Kahneman and Riepe, 1998; Baker and Ricciardi, 2014) or it is best to cut losses and move on (Pompian, 2006) Apparently, investors should admit loss, confront propensities for regret and overcome the reluctance to realize losses; investors should buy low, sell high and recognize that the first loss is the best loss; outcomes of some other flyers that have been taken in the past; the long-term benefits of adding risky assets to a portfolio is essential (Kahneman and Riepe, 1998; Pompian, 2006; Baker and Ricciardi, 2014) Based on the abovementioned problems and causes, the authors have conducted several indepth interviews to identify solutions on how to draw more individual АКТУАЛЬНІ ПРОБЛЕМИ ЕКОНОМІКИ №2(188), 2017 ГРОШІ, ФІНАНСИ І КРЕДИТ 303 investors into Vietnam’s stock market Bearing in mind that the abovementioned researches were conducted at foreign stock markets, we can see whether there is a good match between the solutions suggested for an emerging stock market and problems/causes at older markets From the indepth interviews and group discussions, the investors and financial advisors stated that loss aversion and regret aversion were mostly paid attention when making decisions on investment Hence, with the aim of rechecking these behavioral biases which affected investors’ investment intention, the study proposes two hypotheses as follows: H1: Individual investors’ loss aversion affects stock investment intention at Vietnam stock market H2: Individual investors’ regret aversion affects stock investment intention at Vietnam stock market Methodology This eight-month study employed three research techniques including indepth interviews, group discussions, and a survey First, indepth interviews were conducted with investors who have at least 10 years of experience at the stock market The objective of these interviews was to explore the key factors which stimulate investors to participate at Vietnam stock market We contacted receptionists in securities corporations to ask for a meeting with a brokerage manager If accepted, we could set up appointments to present our research objectives to brokerage managers If we successfully persuaded brokerage managers, we could receive the lists of private investors who own at least 10 year investment experiences Then, we contacted these private investors randomly to set up appointments If agreed, we had individual face-to-face meetings which often last around hours All interviews were fully recorded Second, the author organized a group discussion and invited brokerage managers who have acted as investors and financial advisors These managers have worked for prestige securities corporations in Vietnam including Ho Chi Minh City Securities Corporation, Rong Viet Securities Corporation, Bao Viet Securities Corporation and Investment Corporation A group discussion lasted hours The purpose of this discussion was to confirm the key factors proposed by investors and to gather suggestions for the existing problems Third, we sent questionnaires to 230 individual investors who have been active at Vietnam stock market The questionnaire used five-point Likert scales (1 = totally disagree and = totally agree) of items of Loss Aversion, items of Regret Aversion, and items of Investment Intention Loss Aversion, Regret Aversion were adapted from N.M Waweru et al (2008), and Investment Intention from W.B Dodds et al (1991) and M Soderlund and N Ohman (2003) Back we obtained 200 valid responses Finally, the data collected were analyzed using SPSS 22.0 For the reliability test and EFA, J.F Hair et al (2014) suggests that Cronbach’s alpha should be from 0.6 Besides, KMO and Bartlett’s test should be more than 0.6 and the accepted significant level (p) less than 0.05 Initial Eigenvalue should be greater than one and cumulative percentage – no less than 50% Factor loadings of the items on a factor are greater than 0.3, the corrected item-total correlation index is 0.3 and the rotation sums of squared loadings is suggested to be more than 50% ACTUAL PROBLEMS OF ECONOMICS #2(188), 2017 304 ГРОШІ, ФІНАНСИ І КРЕДИТ Results The respondents’ profiles (Table 1) Table Summary of respondents’ characteristics with the highest percentage, authors’ Characteristics Percentage, % Male 59.5 Age: 26–35 53.0 University degree 70.0 Income level: 6–12 mln VND 53.5 Work experience: less than years 46.5 Seniority of stock investment: 1–3 years 31.5 Training courses: yes 62.0 The amount of investment: less than 100 mln VND 41.5 EFA results We ran exploratory factor analysis (EFA) for Loss Aversion and Regret Aversion Two components, namely Regret Aversion and Loss Aversion were extracted and explained 64.6% of the total variance Regret Aversion (REGRET) consisted of REGRET1, REGRET3 and LOSS8, having Cronbach’s alpha of 0.620 Loss Aversion (LOSS) was made up of LOSS3 and LOSS4, having Cronbach’s alpha of 0.684 We ran EFA for the dependent variable of Investment Intention INTEND1, INTEND2, INTEND3, INTEND4, INTEND5 and INTEND6 were extracted into one group named INTEND with the Cronbach’s alpha of 0.923 to explain 72.3% of the total variance Details are shown in Table Table Dependent and independent variables, authors’ Factor Cronbach’s Items loadings alpha INTENT 0.923 I want to invest in shares next time 916 There is a high probability I will invest shares later 876 I intend to invest in shares next time 870 I plan to invest in shares next time 854 I am likely to invest in shares next time 807 I am likely to invest in shares next time 769 REGRET AVERSION 0.620 I keep stocks that decreased in value for a long time 778 I keep the stocks that decreased in value and I don‘t sell them 749 I avoid selling shares that have decreased in value and readily 729 sell shares that have increased in value LOSS AVERSION 0.684 I feel nervous when there are large paper losses (price drops) in 876 my invested stocks I am more concerned about a large loss in my stock than 866 missing a substantial gain Correlations of variables (Table 3) As Table presented, the mean of intention at 3.83 indicated that most investors intended to invest in stocks next time Mean of loss aversion at 3.36 and regret aver- АКТУАЛЬНІ ПРОБЛЕМИ ЕКОНОМІКИ №2(188), 2017 ГРОШІ, ФІНАНСИ І КРЕДИТ 305 sion at 3.05, show that most investors were averse to loss and regret their decisions on investments Table Correlations between variables in the research model, authors’ INTENT LOSS 149* 1.00 REGRET -.176* 124* 1.00 Mean 3.83 3.36 3.05 SD 778 782 690 * significance at p < 0.05 Results of the regression analysis: Investment Intention = 3.928 + 0.173 Loss Aversion – 0.223 Regret Aversion The above equation shows that Loss Aversion positively influences Investment Intention but Regret Aversion negatively influences Investment Intention Discussion and recommendations Through the indepth interviews and group discussion, the study explores the roles of the government in attracting more investors to Vietnam stock market Recently, the government has improved Vietnamese securities law Specifically, there were big policies promulgated in 2015 such as decree "60/NDCP" which instructed securities law; "40/ND-CP" about derivatives; circular 08 and regulations In general, the government has paid attention to motivate investors to the stock market and have benefits for them However, the government is more interested in interaction between two stocks markets in Vietnam such as HOSE and HAS, expanding kinds of financial products, increasing the quality of listed companies, applying securities courses in universities and colleges officially, and creating a fresh start to investors Securities corporations have many train courses on investment too and update new policies timely Additionally, through indepth interviews and a group discussion, the study explores the behavioral bias including loss aversion and regret aversion related to decisions on investments This result is consistent with E Engelberg and L Sjoberg (2006), M Lovric et al (2008), and L Guiso et al (2008) Additionally, the study mentiones investment knowledge when investing in stocks same to the ideas of M.V Rooij et al (2011) Two hypotheses proposed were satisfied with the empirical research, indepth interviews and a group discussion Surprisingly, the averser to loss the investors are, the more likely they invest in stocks A person felt nervous incurring large losses in his portfolio or he was more sensitive toward suffering a considerable loss than missing a substantial gain In contrast, the more afraid of regret investors were, the less likely they could invest in stocks Individuals kept stocks that decreased in value for a long time and did not sell these shares or investors avoided selling shares that had decreased in value and readily sold shares that had increased in value In the group discussion, financial advisors recommended on how to avoid loss aversion and regret aversion These recommendations were similar to those in (Kahneman and Riepe, 1998; Pompian, 2006; Parker, 2013; Baker and Ricciardi, 2014) To prevent negative results from loss aversion, investors should establish own rules including cutting loss and realizing profit When dealing with loss, assessing the ACTUAL PROBLEMS OF ECONOMICS #2(188), 2017 306 ГРОШІ, ФІНАНСИ І КРЕДИТ whole portfolio in which one was able to be sold soon, one was allowed to be held for a long term, especially, considering final returns of the portfolio were so important More noticeably, investors had to feel calm to find solutions and did not "throw it away" After cutting loss, if market price was in a sharp decline, investors would rebuy this stock due to potential profit Investors should have considered loss as a lesson referred to own experience more than a severe failure Interestingly, sharing problems with their friend and investment teams made everyone less sad and more pleased In addition, investors should not be regretful for selling stocks too early while its price had still gone up thereafter or holding stocks too long while its price had declined sharply later Significantly, everyone did not compare own profit with other investors’ one because of different structures and opportunities, e.g., one could earn higher profit, more than 50%, even 100% on the initial investment capital because its product was a special product and sold in special circumstances In the case when stock price was increasing, investors only sold when price was declining to 10–15% comparing with the peak point of this stock price This decision helped avoid the regrettable Additionally, if actual returns on the stock exceeded the expected returns or profit achieved from other trading segments such as real estate, interest rate for bank deposit, investors should have liquidate because it met their expectation, satisfaction and helped avoid regret aversion In practice, it was hard to buy stocks at a floor price and expected to sell it at a ceiling price Therefore, investors accepted this degree as planned Recommendations to Vietnamese government, securities corporations and investors: For Vietnamese government and State Securities Commission of Vietnam (SSC): the Vietnamese stock market was founded 15 years ago and is an emerging market at present First, it is necessary to have interaction between Ho Chi Minh City stock market (HOSE) and Ha Noi stock market (HAS) to provide information timely to the public Second, it is needed to add more financial products, e.g derivatives, swaps, indexes, exchanged products or accept and allow startup businesses which could raise funds and be listed Third, it is essential to expand securities market which they are somewhat similar to supermarkets or entertainment domains or good playgrounds since these places would make equal benefits for everyone and provide investors with the opportunities for trading diversified products Fourth, it is important to improve Vietnamese securities law as applied to more instruments for investors, especially short sell or clearing house Using strict punishment for insiders or those who overstated the stock price illegally or produced dishonest information is important Fifth, increasing quality of listed companies, particularly correct information shown in public Announcing information late affects investors’ decisions and causes their loss since they could not reflect timely Finally, it is necessary to have more courses related to securities and stock market at colleges or universities so that to teach students to be potential individual investors and financial advisors For securities corporations: first, they need to organize more training courses for investors and financial advisors Securities corporations also should spend more time on selecting and checking the listed companies’ legal activities profits or losses they announce public Besides, financial advisors need to balance the interests of securities corporations and individual investors Professional ethics is the most crucial feature of financial advisors Additionally, securities corporations support investors using АКТУАЛЬНІ ПРОБЛЕМИ ЕКОНОМІКИ №2(188), 2017 307 ГРОШІ, ФІНАНСИ І КРЕДИТ leverage However, some securities corporations have not enough capital for investors to use this leverage or margin Finally, the overall number of securities corporations in Vietnam needs to be reconsidered because many securities corporations have problems with service quality, especially with untimely consulting or quality of consulting staff For investors, our experts stated that one of the most important behavioral biases investors notice were the loss aversion and regret bias since these biases much affected investors’ decisions as well as intentions Moreover, it is necessary to improve investment knowledge and take part in training courses, specifically on securities investment It is also required to have analytical and assessment skills, predictable ability and a logical mindset Importantly, they should build trading forums, investing communities and consider carefully the companies that they make decision to invest into They should not merely depend on information that securities corporations announce Finally, investors think that Vietnamese stock market is a good playground at which everyone exposes his/her mindset, critical thinking and the ability to survive and earn profit STATE SECURITIES COMMISSION - Interact between HOSE and HAS and provide information timely - Increase the quantity of financial products - Improve Vietnamese securities law - Increase quality of listed companies - Expand securities courses in universities and colleges - Create a good playground comfortable for investors SECURITIES CORPORATIONS - Offer training courses and provide knowledge to investors and financial advisors - Be aware in selecting the listed companies - Balance of interests between securities corporations and clients - Expand instruments supporting investors such as using leverage - Mobilize enough capital for investors to use leverage or margin - Consult clients timely - Reduce the total number of securities corporations to guarantee quality INDIVIDUAL INVESTORS - Avoid biases in investment decisions such as loss aversion and regret aversion - Improve investment knowledge - Attend training courses frequently - Enhance analytical and assessment skills, predictable ability and logical mindset - Build trading forums and investing communities to communicate and feel comfortable while investing ATTRACT MORE INDIVIDUAL INVESTORS TO THE STOCK MARKET Figure Summary of solutions on attracting more individual investors to the stock market, authors’ ACTUAL PROBLEMS OF ECONOMICS #2(188), 2017 308 ГРОШІ, ФІНАНСИ І КРЕДИТ Conclusion The study proposes solutions on attracting investors to Vietnam stock market Many new findings were identified to help attracting the investors to this stock market as well as prevent loss aversion and regret aversion biases However, the study has some limitations due to small number of investors as well as financial advisors in Ho Chi Minh city and Ha Noi Capital Further research is suggested so that to interview more 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Individual investors’ loss aversion affects stock investment intention at Vietnam stock market H2: Individual investors’ regret aversion affects stock investment intention at Vietnam stock market. .. stock market while counting on domestic individual investors Since the establishment in 2000, Vietnam’s stock market has experienced various up-and-downs From 2004 to 2006, Vietnam’s stock market. .. КРЕДИТ 303 investors into Vietnam’s stock market Bearing in mind that the abovementioned researches were conducted at foreign stock markets, we can see whether there is a good match between the solutions