Factors Affecting Night-Time Economic Development: Research in Hanoi, Vietnam

• Published in: Asian Journal of Business Environment (Online) Vol. 13; no. 2; pp. 1 - 7
• Main Authors: Ngoc Son NGUYEN, Vu Hiep HOANG, Quoc Dung NGO, Van Hoa HOANG
• Format: Journal Article
• Language: Korean
• Published: 2023
• Subjects: Vietnam; Night-time economy; Business development
• ISSN: 2765-6934; 2765-7027

Purpose: The purpose of the study is to explore the factors which influence the night-time economic development in Hanoi, Vietnam. The results can help policymakers achieve a scientific basis to plan the development of night-time economy in Hanoi. Research design, data and methodology: The research model is developed from literature review with 7 independent variables, including natural conditions and resources, infrastructure, safety, environmental issues, promotion and international integration, development of sharing economy, and institution and policy. This model is then adjusted by exploratory factors analysis to have 4 new variables: Institution and environment, Infrastructure and safety, Promotion and sharing, and Nature and resources. The model is regressed based on the data of 463 observations of night-time economy in Hanoi, Vietnam. Results: Consistent with the current literature addressing night-time economy, the results show positive impacts of all of the independent variables studied. Conclusions: It is recommended for the local authorities to strengthen advertising and promoting investment for NTE development in Hanoi city and also enhance the role of state management in NTE activities by raising awareness of the state management apparatus towards a more open-minded multi-dimensional view of the NTE, developing the NTE to overcome the barrier of thinking "if it cannot be managed, it is forbidden" in state management agencies, and defining responsibilities and authority among state management agencies in the management of NTE activities and strengthening decentralization and decentralization of powers for localities in the management and development of NTE.