An Interdisciplinary Law–Economics Literature Review on State Ownership capital in Banks and Suggestions for Potential Research Trends Using Bibliometric Methods

Abstract: The study of state ownership in the banking sector is a pressing topic in the current context, especially for countries with transitional economies, including Vietnam, which exhibits dual characteristics. One of these is the development policy that emphasizes the dominance of state ownership while simultaneously recognizing and promoting private ownership as a key driver in the nation’s emerging era of growth. This study employs a bibliometric approach to conduct interdisciplinary research using Scopus data, bridging the fields of law and economics to provide an overview of global and Vietnamese research on state ownership in banks. In addition to providing analysis and discussion to clarify the research issue, we also propose potential research directions on this topic through co-citation analysis conducted with the open-source software VOS Viewer and R Studio.

Keywords: state ownership capital, legal studies, banking, bibliometric analysis, research trends

I. Introduction

In 2023, the world witnessed the successive collapse of several banks in the United States, such as Silicon Valley Bank, First Signature Bank, and First Republic Bank[1]. At the same time, in Viet Nam, state-acquired banks purchased at a price of zero, including VNCB, Oceanbank, and GPbank (all sharing the common condition of negative equity), had yet to be definitively resolved, while additional developments emerged with Saigon Joint Stock Commercial Bank being placed under special control together with Dong A Joint Stock Commercial Bank[2]. Although numerous studies indicate that excessive state ownership in the banking sector may lead to negative consequences such as inefficient business performance, lack of transparency, and latent risks of political intervention that distort the market[3], the strong economic rise of China in recent years—where banks with state ownership continue to play a dominant role in implementing public policies, ensuring financial stability, and leading economic growth—remains a noteworthy subject of research[4]. Similarly, in the United States, although state ownership is not prevalent, following the 2008 financial crisis the U.S. Government was compelled to intervene strongly through bailout packages and to temporarily acquire substantial equity stakes in many financial institutions in order to prevent systemic collapse. In countries with transition economies such as Viet Nam, state ownership in banks functions both as a macroeconomic regulatory instrument and as a “buffer” to absorb systemic risks, given the limited capital capacity and underdeveloped financial markets[5]. From a legal perspective, therefore, the State’s holding of controlling stakes in banks raises numerous research questions concerning the legal framework governing the management of state capital in investment and business activities, transparency in governance and management, as well as the limits of administrative intervention by the State as a market actor in the financial market. From an economic perspective, meanwhile, questions arise as to the role of state ownership capital in maintaining financial stability, ensuring the safety of the banking system, and promoting development objectives.

Against the backdrop of deepening globalization and international integration among countries with developed and transition economies, it is thus imperative, from a research standpoint, to examine the role of state ownership capital in the banking sector through a comprehensive interdisciplinary perspective combining law and economics.

This study employs bibliometric methods to provide an overview of interdisciplinary research based on Scopus data at the intersection of law and economics concerning state ownership in banks worldwide and in Viet Nam. In addition to presenting analyses and discussions to elucidate the research issues, the article also proposes potential research trends arising from this topic through co-citation analysis using the open-source software VOS Viewer and the R Studio programming language.

II. Bibliometric Methods and Data Processing Procedures

2.1. Bibliometric methods

The term “bibliometrics” was coined in 1969 and proposed in a study by Pritchard[6]. This author defined bibliometric methods as the application of statistical methods in mathematics to the study of books and other information-containing media. Subsequently, bibliometric methods have been uniformly defined, in line with their characteristic applications, as methods employing a set of quantitative techniques to measure, monitor, and analyze academic literature[7]. In addition, this method is referred to by various Vietnamese terms, such as bibliometric analysis, bibliographic statistics, and bibliographic measurement, and has been approached from multiple research perspectives[8].

Through information derived from the abstracts and citations of each relevant study in research articles stored in Scopus or Web of Science databases, these studies can be analyzed and systematized. Literature reviews conducted using bibliometric methods offer several notable advantages over traditional approaches. First, this is an objective and transparent quantitative method that helps minimize subjective bias by analyzing specific data such as the number of publications, citation counts, keyword occurrences, and academic collaboration networks. Accordingly, bibliometric methods enable the identification of prominent research trends, the detection of topics attracting scholarly attention, and influential authors within a given field. Moreover, this method supports the construction of knowledge maps through citation, keyword, or author networks, thereby clarifying the structure and development of the research field. Another important advantage lies in its ability to assist researchers in orienting research topics, identifying academic gaps, and proposing valuable new research directions. Bibliometric methods also help identify reputable journals, as well as leading organizations and countries in scientific publication. With the capacity to process large volumes of data from thousands of articles, this method saves time and optimizes the literature review process through supporting tools such as VOSviewer, Bibliometrix – R Studio, and CiteSpace. Finally, bibliometric methods can be used as a tool for science policy formulation and for systematically and visually evaluating the research performance of organizations or individuals.

The co-citation method (a sub-analysis within bibliometric methods) is based on the principle of linkage between two studies that are cited together in the same document, as illustrated in Figure 1. This method is considered to have been proposed by McCain[9] in 1990 in one of his articles related to mapping authors by research topics. The results of co-citation analysis provide an illustration of the structure of research directions and the similarity of ideas among authors. This analytical approach offers a clear and in-depth view of which authors and studies are cited together, which ones continue each other’s ideas, or conversely, which ones engage in debate within the same research topic. Based on these characteristics, co-citation analysis is also used to identify emerging research trends or theoretical gaps, thereby opening up potential research directions.

2.2. Data Processing Procedure

The research procedure illustrated in Figure 2 is carried out through the following steps. First, the research topic “State ownership in banks” is identified. Next, data are extracted from the Scopus database through a search query based on titles, abstracts, and keywords, using terms such as “state capital,” “state ownership,” “state-owned,” and “bank*,” yielding 2,680 documents. Subsequently, the data are filtered according to criteria permitted by Scopus, including subject area limitations (Economics, Business, Social Sciences), document types (articles, books, conference proceedings, etc.), exclusion of irrelevant keywords, and language selection (English), resulting in 2,122 documents. The documents are then further screened through checking author keywords “bank” and “banking,” reading abstracts, and excluding irrelevant studies, reducing the dataset to 983 documents. Finally, VOSviewer and the Bibliometrix package in R Studio are used to analyze and visualize the data.

Đặc biệt, đối với dữ liệu truy xuất từ Scopus, để tập vào các nghiên cứu luật học, tại trường lĩnh vực nghiên cứu, tác giả chỉ chọn: khoa học xã hội (social science) theo cú pháp TITLE-ABS-KEY ( “state capital” OR “state ownership” OR “state –owned” AND “bank*” ) AND ( LIMIT-TO ( DOCTYPE , “ar” ) OR LIMIT-TO ( DOCTYPE , “ch” ) OR LIMIT-TO ( DOCTYPE , “cp” ) OR LIMIT-TO ( DOCTYPE , “re” ) OR LIMIT-TO ( DOCTYPE , “bk” ) ) AND ( EXCLUDE ( EXACTKEYWORD , “Article” ) ) AND ( LIMIT-TO ( LANGUAGE , “English” ) ) AND ( LIMIT-TO ( SUBJAREA , “SOCI” ) ). Kết quả có 701 tài liệu, sau đó, tác giả xuất dưới dạng bảng tính file Excel và tiến hành sàng lọc tại trường từ khóa tác giả (author keywords) như Hình 3.

Ngoài ra, để đảm bảo không bỏ sót các nghiên cứu liên quan đến chủ đề vốn chủ sở hữu nhà nước tại ngân hàng công bố bằng ngôn ngữ Tiếng Việt, tác giả sử dụng dữ liệu công bố từ nguồn Google scholar và Website công bố luận án tiến sĩ của Bộ Giáo dục và Đào tạo (tại đường link https://luanvan.moet.gov.vn/?page=1.33&lv=381).

III. Research Results and Discussion

3.1. General Information

With regard to the topic of state ownership and state capital in the banking sector, after extracting and filtering data from the Scopus system, the results presented in Table 1 reflect the general overview for the period from 1995 to 2025. Specifically, the total number of documents is 983, sourced from 443 journals and books. The annual growth rate of publications reaches 16.18%, with an average document age of 6.59 years. On average, each document is cited 22.51 times, and the total number of references amounts to 42,493. In terms of content, there are 2,537 author keywords. The total number of contributing authors is 1,872, of whom 172 authors have single-authored publications. With respect to author collaboration, 202 documents are written by a single author, and each document has an average of 2.56 co-authors. The rate of international collaboration is 23.19%. Regarding document types, the dataset includes 890 journal articles, 2 books, 34 book chapters, 41 conference papers, and 16 review articles.

Table 1. General Information on Studies from 1995 to 2025

Source: Author’s data processing and analysis based on Scopus data

3.2. Number of documents and citations over the years

As shown in Figure 4, from 1995 to 2025, research publications related to the research topic exhibit an increasing trend over time. In 1995, there was only one document, whereas by 2025 this number had reached 90 documents. This indicates a significant growth in research output. In terms of the rate of increase, during the initial period from 1995 to 2005, the number of research documents changed relatively slowly; however, from 2006 onwards, the volume increased sharply. Specifically, in 2006 there were seven research documents, but by 2025 there were 90 publications, representing an approximately twelvefold increase over a 20-year period. With regard to citation growth, the number of citations also shows a clear upward trend over the years, particularly from 2001 to 2020. Nevertheless, citation counts fluctuate considerably across years, with certain years recording notably high citation numbers, such as 2003 (377 citations), 2004 (1,104 citations), and 2005 (1,795 citations). In more recent years, citation numbers tend to stabilize. Overall, both the number of publications and citations demonstrate an upward trend, reflecting the strong development of this research field. However, in the two most recent years (2023 and 2024), citation numbers show a declining fluctuation, indicating varying levels of scholarly attention to the research topic over time.

3.3. Documents and authors with the highest number of citations, the most common keywords, and countries with the largest number of studies related to the topic

The five documents with the highest number of global citations

Overall, the five most highly cited studies related to the topic of state ownership and state capital in the banking sector focus on the relationship between bank ownership structure—particularly state ownership, private ownership, and foreign ownership—and operational efficiency as well as organizational behavior (in this case, banks). A prominent common finding across all these studies is that state-owned banks tend to operate less efficiently, exhibit lower profitability, incur higher costs, and are more susceptible to political influence. By contrast, private ownership—especially foreign ownership or forms of privatization—is found to contribute to improved efficiency and enhanced transparency in banking operations. These studies primarily employ empirical data from developing countries or countries undergoing banking system reforms, such as China and Eastern European states, or conduct comparative analyses between developed and developing country groups. In addition, the analyses are extended to incorporate political factors, such as electoral outcomes or government intervention, in order to provide a deeper explanation of the impact of state ownership on lending behavior and financial performance. In sum, the studies consistently reinforce the argument that reforming ownership structures—particularly by reducing state ownership and encouraging the participation of private and foreign investors—is a crucial pathway to improving the efficiency of the banking system, especially in the context of transitional or developing economies.

Table 2. The Five Studies with the Highest Number of Citations

Source: Compiled by the author.

The Three Most Highly Cited Publications in Each Year in the Most Recent Period (from 2020 to 2025)

All fifteen of these studies demonstrate that changes in the modern financial environment—including technological innovation, green transition, ownership reform, and macroeconomic risks—have profound impacts on the efficiency and behavior of organizations, specifically banks. Although they all focus on the banking system, the studies approach the subject from multiple perspectives, such as institutional frameworks, ownership structures, FinTech, policy, and technological change. Differences in geographical scope, research themes, and analytical methods have enriched the overall picture of the factors shaping banking operations in emerging markets. These findings provide empirical evidence to support policy recommendations aimed at risk management and improving banking efficiency in the context of the rapid transformation of the digital economy and green finance.

Table 3. The Three Most Highly Cited Publications in Each Year in the Most Recent Period (from 2021 to 2025)

Source: Compiled by the author.

Keywords with the highest frequency of occurrence

The keyword network analysis image shows a strong concentration on terms related to state ownership and state capital in the banking sector. Keywords such as “state-owned banks,” “state ownership,” “commercial banks,” “bank ownership,” and “bank efficiency” are located at the center of the network, indicating that these are core elements of the research. In addition, these keywords are closely connected with other issues such as “bank competition,” “bank efficiency,” “financial constraints,” and “shadow banking.” This demonstrates that state ownership in banking has a significant impact on factors such as efficiency and competitiveness of banks. These keywords are also closely associated with concepts such as “ownership structure” and “bank risk,” reflecting the importance of state ownership in determining bank performance and strategic behavior. Moreover, factors such as “banking reform,” “privatization,” and “digital transformation” are also interconnected, indicating modernization and change in state-owned banks, particularly in the context of large economies such as China and transition economies such as Viet Nam. In summary, state ownership in banking is a central factor that exerts a profound influence on multiple aspects of the banking sector, ranging from operational efficiency to risk management, competition, and financial stability.

Countries with the highest number of citations in studies related to the topic

Figure 7 shows that China is the country whose studies related to state ownership/state capital in the banking sector receive the highest number of citations. Other countries such as the United States and the United Kingdom also play an important role in this line of research, while countries with fewer studies are mainly located in other regions such as Africa and South America.

The distribution of countries within the research network on state ownership/state capital in the banking sector can be explained from an institutional perspective, relating to the role of the State in the economy and the development of the financial system. Countries such as China, where state ownership of capital is strong and the State intervenes extensively in banks, are places with a large volume of research on state ownership in banking. The substantial degree of State control over banks in these countries leads to studies focusing on the management of state capital and the assessment of the performance of state-owned banks. Meanwhile, in countries such as the United States and the United Kingdom, although the banking system is predominantly privately owned, research still concentrates on the role of the State in cases of bank bailouts or necessary interventions. Countries such as India, Indonesia, Viet Nam, and Malaysia, which have relatively strong state ownership of capital in banks, also have a considerable number of studies related to this topic. In contrast, countries such as Sweden and South Africa, where banks mainly operate under free-market mechanisms with limited State intervention, have fewer studies on state ownership in banking. In summary, the distribution of research on state ownership in banking reflects the role of State institutions and the economic model of each country.

Overview of studies related to legal regulations on the management of state capital in commercial banks (CBs)

Table 4. Overview information of studies related to legal regulations on the management of state capital in commercial banks (CBs)

Source: The author

The results in Table 4 reflect that, from 2006 to 2022, there was a stable and noteworthy development in the publication of research documents, with an annual growth rate of 7.11%. In total, 8 documents were published from 7 different sources, mainly scientific articles (6 articles), along with 1 book and 1 book chapter. These documents have an average age of 10.5 years, indicating that some studies have a long research duration and have been published for a considerable period of time. On average, each document has been cited 27.62 times, reflecting a high level of influence within the research community. A total of 21 authors participated in these studies, with an international collaboration rate of 25%, demonstrating strong cooperation both domestically and internationally.

The five most highly cited studies are presented in Figure 8.

Studies on state ownership in the banking sector share several commonalities, salient features, and differences.

Regarding commonalities, all studies relate to state ownership in the banking sector and examine the impact of state ownership on bank performance and banking reform. Many studies indicate that state ownership may exert negative effects on financial efficiency and the development of banks, particularly when state-owned banks are not reformed in a timely manner or are poorly managed. The studies consistently acknowledge that reform measures such as restructuring, mergers, or acquisitions can help improve the weak conditions of state-owned banks.

Regarding salient features, Andrianova[10] focuses on institutional factors and recommends that developed countries should build strong institutions to promote the development of private banks rather than privatizing state-owned banks. Garcia-Herrero[11] provides an in-depth analysis of the banking reform process in China, highlighting challenges in improving asset quality and bank capitalization, while emphasizing the need to change reform strategies to achieve long-term success. Brehm[12] and Vien The Giang and Vo Thi My Huong[13] respectively address the Chinese and Vietnamese banking sectors in the modernization of state-owned banks and measures to restructure weak banks, while also pointing out the necessity of better corporate governance to foster sustainable development. Grittersova and Mahutga[14] develop a signaling theory related to state ownership of banks and the transparency of political systems, demonstrating that reducing regulatory barriers serves as an important signal to attract international investment.

Regarding differences, the studies vary in terms of research regions (for example, China as a developed country and Viet Nam as a developing country). Studies such as those by Brehm and Garcia-Herrero mainly focus on China, whereas Miani and Daradkah[15] and Vien The Giang and Vo Thi My Huong focus on specific countries such as Jordan and Viet Nam, respectively. Some studies, such as Wright[16], expand the conceptual scope of state capitalism and examine its influence on corporate governance, while others, such as Grittersova and Mahutga, concentrate on the relationship between state ownership and new firm entry. Megginson and Liu[17] focus on the global resurgence of state ownership and government influence on corporate governance, whereas other studies primarily analyze banking reform and restructuring in individual countries.

In summary, the studies examine the role of state ownership in the banking sector from different perspectives, with particular emphasis on reform, operational efficiency, and government influence. However, differences in research methods, national contexts, and analytical scope have produced diverse findings and policy recommendations.

Studies on the management of state capital in Viet Nam

Studies on the management of state capital in enterprises in Viet Nam all focus on analyzing and improving management efficiency; however, each study presents both commonalities and distinct, salient features.

The common point among these studies is their shared concern with assessing problems in state capital management, including management mechanisms, legal frameworks, and organizational arrangements, together with reform proposals such as renewing management models and enhancing transparency and public disclosure of information. The studies employ a combination of quantitative and qualitative methods, ranging from analyses of the current situation to expert interviews.

The distinctive features of each study are reflected in their research objects and scope. The study by Tran Xuan Long[18] focuses on issues relating to the representation of state capital ownership in enterprises after equitization and the associated obstacles, such as the failure to carry out transfers in accordance with regulations and the limited capacity of state capital representatives. Meanwhile, Mai Cong Quyen[19] proposes a state capital management model based on the experience of Singapore, emphasizing profit maximization and minimizing the involvement of state-owned conglomerates. The study by Nguyen Thi Kim Doan[20] analyzes the situation in Da Nang, identifying weaknesses in management mechanisms, legal frameworks, and organizational arrangements at the local government level. Other studies, such as that of Do Phuong Thao[21], examine the capital control model at the Viet Nam National Coal and Mineral Industries Group, while Vo Xuan Vinh and Mai Xuan Duc[22] focus on the impact of ownership concentration on bank stability. The study by Dao Chi Thanh Nhan[23] differs in that it concentrates on investment in the construction of urban water supply and drainage systems using state capital, while proposing solutions to improve state management in this sector. The study by Nguyen Minh Hanh[24], in turn, focuses on the financial security of economic groups with state capital, employing quantitative analysis methods to measure the relationship between financial factors and financial security.

The salient feature of these studies lies in their innovative research approaches and improvement-oriented solutions. The study by Mai Cong Quyen proposes the Temasek model from Singapore; the study by Do Phuong Thao provides a detailed quantitative analysis of capital control at the Viet Nam National Coal and Mineral Industries Group; and the study by Dao Chi Thanh Nhan offers comprehensive solutions to improve the management of state capital in investment in urban water supply and drainage systems. The study by Vo Xuan Vinh and Mai Xuan Duc highlights the impact of ownership concentration on bank stability, while the study by Nguyen Minh Hanh analyzes financial security in state-capital economic groups, contributing an important financial perspective to the management of state capital.

Table 5. Summary of studies on the management of state capital in Viet Nam

Source: Compiled by the author

3.4. Analysis of Research Trends Using Co-citation Method

Figure 9 presents the results of the co-citation analysis after conducting the filtering steps and embedding the processed data into VOS Viewer.

The red cluster represents a group of studies on the impact of state ownership and political influence on lending behavior, risk, operational efficiency, safety, stability, and competition of banks. The green cluster comprises studies on the relationship between ownership structure and risk-taking behavior, as well as the effectiveness of banking regulations and supervision. The blue cluster represents research on the relationship between bank ownership, privatization, and operational efficiency in the context of transition economies, and the role of financial development in economic growth. The yellow cluster focuses on measuring banking operational efficiency through non-parametric analytical models and corporate theory, particularly emphasizing the relationship between ownership structure, governance behavior, and cost and profit efficiency. The purple cluster includes studies on the influence of political connections on corporate operations in transition economies.

Table 6. Representative studies for thematic clusters based on co-citation analysis

Source: Author’s statistics

From Figure 9, it can be seen that the interdisciplinary research trend between law and economics focuses on the topic of legal regulations on state capital management in banks, particularly relating to the role of ownership ratios and political influence on operational efficiency, capital safety, financial stability, competition, and governance behavior. This research trend is especially concentrated on transition economies, such as Vietnam.

IV. Proposal of Interdisciplinary Law–Economics Research Gaps in Vietnam

The 2013 Constitution of Vietnam affirms that “Vietnam's economy is a socialist-oriented market economy with multiple forms of ownership and economic sectors; the state economy plays a leading role”[45]. From this, it is evident that the role of state ownership in the economic development strategy is particularly emphasized. The banking sector in general, and commercial banks in particular, with the primary function of mobilizing capital from depositors, together with their own capital, provide credit to entities requiring financing for business, investment, and consumption. Consequently, the flow of capital is managed and regulated according to the monetary policy of the State Bank of Vietnam (SBV) to achieve the government’s objectives for economic growth, price stability, and inflation control.

Concurrently, on May 4, 2025, the Party Central Committee issued Central Committee’s Resolution No. 68-CC’s Resolution on private sector development, which affirms that “the private economy is the most important driver of the national economy, the pioneering force promoting growth, creating jobs, improving labor productivity, national competitiveness, industrialization, modernization, restructuring the economy toward green, circular, and sustainable development; together with the state economy and collective economy, the private economy plays a core role in building an independent, self-reliant, and resilient economy, associated with deep, substantive, and effective international integration, enabling the country to overcome the risk of lagging behind and achieve prosperous development”[46]. Thus, along with the development trend, the role of different forms of ownership in building and developing the economy has changed significantly. While the state economy maintains a “leading” role, the private economy is increasingly emphasized as a “core” component.

However, in the banking sector, under current law, the maximum ownership ratio of foreign investors relative to charter capital must not exceed 30%, except when the Prime Minister decides the ownership ratio of a foreign organization or a foreign strategic investor; the total ownership of foreign investors in a weak joint-stock credit institution facing difficulties that must be transferred must not exceed 49% of charter capital (PMD No. 47). Therefore, is the basis for regulating this maximum ownership threshold between state ownership and private ownership (including domestic and foreign private ownership) grounded on operational efficiency, system safety, and financial stability?

In addition, the Prime Minister issued Prime Minister’s Decision No. 689/PMD in 2022 approving the project “Restructuring the system of credit institutions associated with handling non-performing loans for the period 2021–2025,” in which the main perspectives and specific objectives link economic growth with financial safety and stability[48]. Thus, does the state ownership ratio in commercial banks affect system safety and financial stability? If so, is the effect positive or negative, and what are the reasons? Moreover, since its official release in 2010, Basel III has been implemented worldwide and has introduced significant changes compared to the original version in terms of capital adequacy, capital safety ratios, and liquidity risk management[49]. Currently, Vietnamese regulations on capital safety are still in the process of completion and aim to apply some advanced methods of Basel II to the commercial banking system under Prime Minister’s Decision No. 689/PMD in 2022. Basel III is encouraged for study and application but is not mandatory if commercial banks meet the financial and human resource conditions[50]. On the other hand, commercial banks with a high state ownership ratio (65% or more of charter capital), such as Agribank, Vietcombank, Vietinbank, and BIDV, despite having relatively large networks and total assets compared to other banks in the system, often face difficulties in increasing charter capital as well as maintaining capital adequacy ratios[51]. What are the underlying reasons?

From this overview and linked questions, the authors propose a potential topic in interdisciplinary law–economics research concerning the legal management of state capital in Vietnamese commercial banks. The focus is on assessing the impact of ownership ratio on operational efficiency, capital safety, competition, and financial stability using qualitative (legal) and quantitative (economic) methods. The research results will provide a solid basis for proposing recommendations to develop laws governing state capital management in Vietnamese commercial banks to ensure effectiveness, stability, and objectivity. The research gap can be explained as follows:

First, regarding the research topic, among the five most-cited studies and the three most-cited studies each year over the past five years worldwide, there exists a research gap, as no comprehensive study has examined the relationship between state ownership ratio and operational efficiency, capital safety, and financial stability in the banking sector of a transition economy, such as Vietnam.

Second, regarding the research field, among eleven studies on state capital management in Vietnam, legal studies only examine the current legal status of supervising state capital investment in enterprises and the legal responsibility of state capital representatives. The remaining studies belong to the field of economics. Specifically, these studies either focus on non-banking sectors or, if conducted in the banking sector, have not yet examined the role of state ownership ratio in the three dimensions: operational efficiency, capital safety, and financial stability under the legal framework governing state capital management.

The proposed potential research topic aims to fill the gap in interdisciplinary research by combining law and economics (specifically the banking sector).

V. Conclusion

In the literature review, bibliometric methods are applied to effectively screen, aggregate, and analyze data due to their scientific nature, ensuring comprehensiveness, coverage, and reliability. Therefore, besides providing an interdisciplinary overview between law and economics research on state capital in the banking sector globally, the study also identifies research gaps in Vietnam based on emerging research trends. This represents the novelty and uniqueness of the research, which the social sciences, particularly legal studies or interdisciplinary studies between law and other fields, should focus on and apply.

List of Legal Documents

45. Constitution 2013, Article 51, Clause 1

46. Central Committee’s Resolution No. 68-CC’s Resolution, dated May 04, 2025, Section I, Article 1

47. Government Decree 69/2025/GD, dated March 18, 2025, regulating foreign investors purchasing shares of Vietnamese credit institutions

48. Prime Minister’s Decision 689/PMD, 2022, dated June 08, 2022, Section I, Article 1

50. Prime Minister’s Decision 689/PMD, 2022, dated June 08, 2022, Section III, Article 1, Point b

Books

7. Robin Chin Roemer & Rachel Borchardt, Meaningful metrics: A 21st century librarian’s guide to bibliometrics, altmetrics, and research impact (Amer Library Assn) (2015)

16. WRIGHT, M., WOOD, G. T., CUERVO-CAZURRA, A., SUN, P., OKHMATOVSKIY, I., & GROSMAN, A. (EDS.),The Oxford Handbook of State Capitalism and the Firm, https://doi.org/10.1093/oxfordhb/9780198837367.001.0001

17. MEGGINSON, W. L., & LIU, X., State Ownership and Corporate Governance The Oxford Handbook of State Capitalism and the Firm 0, https://doi.org/10.1093/oxfordhb/9780198837367.013.6

Dissertations

18. Tran Xuan Long, “Perfecting the policy on management of state capital in enterprises after equitization,” (Doctoral dissertation in Planning and Development), National Economics University (2012).

19.Mai Cong Quyen, “State management of state capital at State Construction Corporations 2,” (Doctoral dissertation in Economic Management), National Economics University (2015).

20. Nguyen Thi Kim Doan, “Management of state capital in state-owned enterprises in Da Nang City,” (Doctoral dissertation in Planning and Development), Ho Chi Minh National Academy of Politics (2016).

21. Do Phuong Thao, “Solutions to improve the control of state capital usage at Vietnam National Coal - Mineral Industries Group,” (Doctoral dissertation in Economic Management), University of Commerce (2017).

23. Dao Chi Thanh Nhan, “State management of urban water supply and drainage system construction investment using state capital in Vietnam,” (Doctoral dissertation in Public Administration), National Academy of Public Administration (2023).

24. Nguyen Minh Hanh, “Ensuring financial security of state-owned economic groups in Vietnam,” (Doctoral dissertation in Finance and Banking), Academy of Finance (2023).

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14. Jana Grittersová & Matthew C Mahutga, Government ownership of banks, political system transparency, and regulatory barriers to new firm entry, 23 Journal of International Relations and Development 781–813 (2020), https://doi.org/10.1057/s41268-019-00172-w

15. Stefano Miani & Demeh Daradkah, The banking industry in Jordan, 15 Transition Studies Review 171–191 (2008), https://doi.org/10.1007/s11300-008-0168-1

22. Vo Xuan Vinh & Mai Xuan Duc, The impact of concentrated ownership on banking stability: Empirical evidence from Vietnamese banks, Journal of Banking Science & Training 1–13 (2020)

25. Sapienza. P, The effects of government ownership on bank lending, 72 Journal of Financial Economics 357–384 (2004), https://www.sciencedirect.com/science/article/pii/S0304405X03002459

26. La Porta. R. et al., Government ownership of banks, 57 The journal of finance 265–301 (2002)

27. Dinç. S.I., Politicians and banks: Political influences on government-owned banks in emerging markets, 77 Journal of financial economics 453–479 (2005)

28. Lin. X & Zhang.Y, Bank ownership reform and bank performance in China, 57. Journal of Banking & Finance 20–29 (2009)

29. Iannotta.G., et al., The impact of government ownership on bank risk, 22 Journal of Financial intermediation 152–176 (2013)

30. Laeven. L & Ross Levine, Bank governance, regulation and risk taking, 93 Journal of Financial Economics 259–275 (2009), https://www.sciencedirect.com/science/article/pii/S0304405X09000816

31. Beck. T., et al., Bank competition and stability: Cross-country heterogeneity, 22 Journal of financial Intermediation 218–244 (2013)

32. Dong. Y., et al., Ownership structure and risk-taking: Comparative evidence from private and state-controlled banks in China, 36 International Review of Financial Analysis 120–130 (2014), https://www.sciencedirect.com/science/article/pii/S1057521914000465

33. Barth. J.R., et al., Bank regulation and supervision: what works best?, 13 Journal of Financial intermediation 205–248 (2004)

34. Levine. R., Financial development and economic growth: views and agenda, 55 Journal of economic literature 688–726 (1997)

35. Berger et al., Bank ownership and efficiency in China: What will happen in the world’s largest nation?, 33 Journal of Banking & Finance 113–130 (2009), https://www.sciencedirect.com/science/article/pii/S0378426607003822

36. Bonin. J.P., et al., Bank performance, efficiency and ownership in transition countries, 29 Journal of Banking and Finance 31–53 (2005), https://www.scopus.com/inward/record.uri?eid=2-s2.0-8644251413&doi=10.1016%2Fj.jbankfin.2004.06.015&partnerID=40&md5=b6345904d21fe86076f406e98189501e

37. Steven Fries & Anita Taci, Cost efficiency of banks in transition: Evidence from 289 banks in 15 post-communist countries, 29 Journal of Banking & Finance 55–81 (2005), https://www.sciencedirect.com/science/article/pii/S0378426604001153.

38. Bonin.J.P., et al., Privatization matters: Bank efficiency in transition countries, 29 Journal of Banking & Finance 2155–2178 (2005)

39. Banker.R.D., et al., Some models for estimating technical and scale inefficiencies in data envelopment analysis, 30 Management science 1078–1092 (1984)

40. Ariff. M & Can Luc, Cost and profit efficiency of Chinese banks: A non-parametric analysis, 19 China economic review 260–273 (2008)

41. Jensen. M.C., & Meckling.W.H., Theory of the firm: Managerial behavior, agency costs and ownership structure, 3 Journal of financial economics 305–360 (1976)

42. Altunbas.Y., et al., Bank ownership and efficiency, Journal of money, credit and banking 926–954 (2001)

43. Brandt.L & Hongbin Li, Bank discrimination in transition economies: ideology, information, or incentives?, 31 Journal of comparative economics 387–413 (2003)

44. Faccio.M, Politically connected firms, 96 American economic review 369–386 (2006)

49.Le Phan Thi Dieu Thao & Le Huu Nghia, Capital adequacy standards under Basel III: Implementation worldwide and some issues for commercial banks in Vietnam, 2 Journal of Financial Market and Monetary Finance 32–41 (2024)

Website

1. Duy Bac, The ghost of last year’s regional bank collapse still haunts the U.S. banking industry, Dau tu Chung khoan (December 07, 2025), https://www.tinnhanhchungkhoan.vn/bong-ma-vu-sup-do-ngan-hang-khu-vuc-nam-ngoai-van-am-anh-nganh-ngan-hang-my-post338894.html

5. Lam Chi Dung & Vo Hoang Diem Trinh, The impact of ownership structure on profitability and risk of Vietnamese commercial banks, Tap chi Ngan hang (December 07, 2025), https://tapchinganhang.gov.vn/tac-dong-cua-cau-truc-so-huu-den-kha-nang-sinh-loi-va-rui-ro-cua-cac-ngan-hang-thuong-mai-viet-nam-12273.html

2. Gia Hung, Ho Chi Minh City banks in the flow of mergers and innovation, Kinh te Sai Gon Online (December 07, 2025), https://thesaigontimes.vn/ngan-hang-tphcm-trong-dong-chay-sap-nhap-va-doi-moi/

4.Le Hoai An & Vo Nhat Anh, Strategic transformation of Chinese banks and lessons for Vietnam, Kinh te Sai Gon Online (December 07, 2025), https://thesaigontimes.vn/chuyen-dich-chien-luoc-cua-ngan-hang-trung-quoc-va-bai-hoc-cho-viet-nam/

51. Ha Thanh, Increasing capital for state-owned commercial banks: A necessary action, Thoi Bao Ngan Hang (June 23, 2025), https://thoibaonganhang.vn/tang-von-cho-cac-ngan-hang-thuong-mai-nha-nuoc-viec-lam-can-thiet-121126.html; (thoibaonganhang.vn in Bing) Nguyen Vu, Necessary to amend the capital increase mechanism for the Big 4 to promote the role of “leading cranes”, Tap chi Thi truong Tai chinh Tien te (June 23, 2025), https://thitruongtaichinhtiente.vn/can-thiet-sua-co-che-tang-von-cho-big-4-de-phat-huy-vai-tro-seu-dau-dan-63971.html

[*] PhD Candidate in Economic Law, Faculty of Law, University of Economics Ho Chi Minh City, Email: nghiale.923102200019@st.ueh.edu.vn, approved for publication on December 31, 2025

[**] PhD, Faculty of Law, University of Economics Ho Chi Minh City, Email: anhluatkt@ueh.edu.vn

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[2] Gia Hung, Ho Chi Minh City banks in the flow of mergers and innovation, Kinh te Sai Gon Online (December 07, 2025), https://thesaigontimes.vn/ngan-hang-tphcm-trong-dong-chay-sap-nhap-va-doi-moi/

[3] Steven Fries & Anita Taci, Cost efficiency of banks in transition: Evidence from 289 banks in 15 post-communist countries, 29 Journal of Banking & Finance 55–81 (2005), https://www.semanticscholar.org/paper/Cost-Efficiency-of-Banks-in-Transition%3A-Evidence-in-Fries-Taci/f09ec04d53c7f67db19bc8d3ed7e1bccc393f92f

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[4] Le Hoai An & Vo Nhat Anh, Strategic transformation of Chinese banks and lessons for Vietnam, Kinh te Sai Gon Online (December 07, 2025), https://thesaigontimes.vn/chuyen-dich-chien-luoc-cua-ngan-hang-trung-quoc-va-bai-hoc-cho-viet-nam/

[5] Lam Chi Dung & Vo Hoang Diem Trinh, The impact of ownership structure on profitability and risk of Vietnamese commercial banks, Tap chi Ngan hang (December 07, 2025), https://tapchinganhang.gov.vn/tac-dong-cua-cau-truc-so-huu-den-kha-nang-sinh-loi-va-rui-ro-cua-cac-ngan-hang-thuong-mai-viet-nam-12273.html

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[13] Vien The Giang và Vo Thi My, Dealing with Weak Commercial Banks in Restructuring the System of Credit Institutions in Vietnam using Consolidation, Merger, and Acquisition: The Change from Administrative Orders to Market Mechanisms, 18 WSEAS Transactions on Environment and Development 1239–1251 (2022), https://www.scopus.com/inward/record.uri?eid=2-s2.0-85143212254&doi=10.37394%2F232015.2022.18.116&partnerID=40&md5=0231b380e93353a718e1169c3a0eade6

[14] Jana Grittersová & Matthew C Mahutga, Government ownership of banks, political system transparency, and regulatory barriers to new firm entry, 23 Journal of International Relations and Development 781–813 (2020), https://doi.org/10.1057/s41268-019-00172-w

[15] Stefano Miani & Demeh Daradkah, The banking industry in Jordan, 15 Transition Studies Review 171–191 (2008), https://doi.org/10.1007/s11300-008-0168-1

[16] WRIGHT, M., WOOD, G. T., CUERVO-CAZURRA, A., SUN, P., OKHMATOVSKIY, I., & GROSMAN, A. (EDS.), The Oxford Handbook of State Capitalism and the Firm, https://doi.org/10.1093/oxfordhb/9780198837367.001.0001

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[19] Mai Cong Quyen, State management of state capital in State Construction Corporation No. 2, (Doctoral dissertation in Economic Management), National Economics University (2015).

[20] Nguyen Thi Kim Doan, State capital management in state-owned enterprises in Da Nang City, (Doctoral dissertation in Planning and Development), Ho Chi Minh National Academy of Politics (2016).

[21] Do Phuong Thao, Solutions to improve control over the use of state capital in Vietnam National Coal and Mineral Industries Group, (Doctoral dissertation in Economic Management), University of Commerce (2017).[22] Vo Xuan Vinh & Mai Xuan Duc, The impact of concentrated ownership on banking stability: Empirical evidence from Vietnamese banks, Journal of Banking Science & Training 1–13 (2020).

[23] Dao Chi Thanh Nhan, State management of investment in construction of urban water supply and drainage systems using state capital in Vietnam, (Doctoral dissertation in Public Management), National Academy of Public Administration (2023).

[24] Nguyen Minh Hanh, Ensuring financial security of economic groups with state capital in Vietnam, (Doctoral dissertation in Finance and Banking), Academy of Finance (2023).

[25] Sapienza. P, The effects of government ownership on bank lending, 72 Journal of Financial Economics 357–384 (2004), https://www.sciencedirect.com/science/article/pii/S0304405X03002459

[26] La Porta. R. et al., Government ownership of banks, 57 The journal of finance 265–301 (2002)

[27] Dinç. S.I., Politicians and banks: Political influences on government-owned banks in emerging markets, 77 Journal of financial economics 453–479 (2005)

[28] Lin. X & Zhang.Y, Bank ownership reform and bank performance in China, 57. Journal of Banking & Finance 20–29 (2009)

[29] Iannotta.G., et al., The impact of government ownership on bank risk, 22 Journal of Financial intermediation 152–176 (2013)

[30] Laeven. L & Ross Levine, Bank governance, regulation and risk taking, 93 Journal of Financial Economics 259–275 (2009), https://www.sciencedirect.com/science/article/pii/S0304405X09000816

[31] Beck. T., et al., Bank competition and stability: Cross-country heterogeneity, 22 Journal of financial Intermediation 218–244 (2013)

[32] Dong. Y., et al., Ownership structure and risk-taking: Comparative evidence from private and state-controlled banks in China, 36 International Review of Financial Analysis 120–130 (2014), https://www.sciencedirect.com/science/article/pii/S1057521914000465

[33] Barth. J.R., et al., Bank regulation and supervision: what works best?, 13 Journal of Financial intermediation 205–248 (2004)

[34] Levine. R., Financial development and economic growth: views and agenda, 55 Journal of economic literature 688–726 (1997)

[35] Berger et al., Bank ownership and efficiency in China: What will happen in the world’s largest nation?, 33 Journal of Banking & Finance 113–130 (2009), https://www.sciencedirect.com/science/article/pii/S0378426607003822

[36] Bonin. J.P., et al., Bank performance, efficiency and ownership in transition countries, 29 Journal of Banking and Finance 31–53 (2005), https://www.scopus.com/inward/record.uri?eid=2-s2.0-8644251413&doi=10.1016%2Fj.jbankfin.2004.06.015&partnerID=40&md5=b6345904d21fe86076f406e98189501e

[37] Steven Fries & Anita Taci, Cost efficiency of banks in transition: Evidence from 289 banks in 15 post-communist countries, 29 Journal of Banking & Finance 55–81 (2005), https://www.sciencedirect.com/science/article/pii/S0378426604001153.

[38] Bonin.J.P., et al., Privatization matters: Bank efficiency in transition countries, 29 Journal of Banking & Finance 2155–2178 (2005)

[39] Banker.R.D., et al., Some models for estimating technical and scale inefficiencies in data envelopment analysis, 30 Management science 1078–1092 (1984)

[40] Ariff. M & Can Luc, Cost and profit efficiency of Chinese banks: A non-parametric analysis, 19 China economic review 260–273 (2008)

[41] Jensen. M.C., & Meckling.W.H., Theory of the firm: Managerial behavior, agency costs and ownership structure, 3 Journal of financial economics 305–360 (1976)

[42] Altunbas.Y., et al., Bank ownership and efficiency, Journal of money, credit and banking 926–954 (2001)

[43] Brandt.L & Hongbin Li, Bank discrimination in transition economies: ideology, information, or incentives?, 31 Journal of comparative economics 387–413 (2003)

[44] Faccio.M, Politically connected firms, 96 American economic review 369–386 (2006)

[45] Constitution of 2013, Article 51, Clause 1

[46] Resolution No. 68-NQ/TW of the Central Committee, dated May 04, 2025, Section I, Article 1

[47] Government Decree No. 69/2025/ND-CP, dated March 18, 2025, Article 1, Clauses 5 and 7

[48] Prime Minister’s Decision No. 689/QD-TTg of 2022, dated June 08, 2022, Section I, Article 1

[49] Le Phan Thi Dieu Thao & Le Huu Nghia, Capital adequacy standards under Basel III: Implementation worldwide and some issues for commercial banks in Vietnam, 2 Journal of Financial Market and Monetary Finance 32–41 (2024)

[50] Prime Minister’s Decision No. 689/QD-TTg of 2022, dated June 08, 2022, Section III, Article 1, Point b

[51] Ha Thanh, Increasing capital for state-owned commercial banks: A necessary action, Thoi Bao Ngan Hang (June 23, 2025), https://thoibaonganhang.vn/tang-von-cho-cac-ngan-hang-thuong-mai-nha-nuoc-viec-lam-can-thiet-121126.html; Nguyen Vu, Necessary to amend the capital increase mechanism for the Big 4 to promote the role of “leading cranes”, Journal of Financial Market and Monetary Finance (June 23, 2025), https://thitruongtaichinhtiente.vn/can-thiet-sua-co-che-tang-von-cho-big-4-de-phat-huy-vai-tro-seu-dau-dan-63971.html