Research on the Effects of Some Macroeconomic Factors on Stock Market Development in some Southeast Asian Countries

The research aims to investigate the impact of macroeconomic factors on Vietnam’s stock market (via the VN-Index stock price index), which are inflation rate (CPI), gold price, exchange rate, Vietnam interbank rate, S&P 500 index, and business cycle. The data were collected for the period beginning January 2008 to December 2022, with 156 observations and no missing monthly observations. The findings reveal that the gold price, Vietnam interbank rate, S&P 500 index, and business cycle have an effect on Vietnam’s stock market. To analyze the effectiveness, the study used the methods of testing for stationarity, autocorrelation, and variance. The results show that the model estimates that 4–6 macro factors affect the VN index in the long term. The S&P 500 index has a positive effect, and the gold price, Vietnam interbank rate, and business cycle have a negative effect on Vietnam’s stock market. It is therefore recommended that, in order to maximize the performance of the stock market, prudently managed macroeconomic policies are necessary.