Title: Intellectual capital and economic growth: new evidence from Vietnam

Authors: Minh-Tri Tri; Cong Tam Trinh

Addresses: School of Business, International University, VNUHCM Township, Quarter 33, Linh Xuan Ward, Ho Chi Minh City, Vietnam; Vietnam National University, Vo Truong Toan Street, VNUHCM Township, Quarter 33, Linh Xuan Ward, Ho Chi Minh City, Vietnam ' UEF International Institute, Ho Chi Minh City University of Economics and Finance (UEF), Ho Chi Minh City, Vietnam

Abstract: The significance of intellectual capital as a valuable intangible asset has been known to enhance enterprises' performance and long-term viability, thus contributing to countries' socio-economic progress. However, our understanding of the impact of intellectual capital on economic growth remains limited. This paper aims to clarify this impact, focusing on 63 provinces and cities in Vietnam over the period 2005-2021. We find, via the GFLS estimation, that intellectual capital was the key driver of economic growth across these provinces (and within this timeframe). During the COVID-19 pandemic, the effects of intellectual capital's indicators on economic growth were relatively minor. Our findings also indicate that financial development and urbanisation are the primary determinants of economic growth. The article provides valuable policy insights for both the Vietnamese government and businesses concerning the development of intellectual capital, a crucial driver of economic growth and prosperity.

Keywords: intellectual capital; COVID-19 pandemic; economic growth; financial development; Vietnam.

DOI: 10.1504/JIBED.2025.152823

Journal for International Business and Entrepreneurship Development, 2025 Vol.17 No.4, pp.457 - 486

Received: 08 Nov 2024
Accepted: 22 Jul 2025
Published online: 13 Apr 2026 *

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