5f6f39eb-f86e-4c34-8b82-ffedf9ab85ec20210118104712796wseamdt@crossref.orgMDT DepositWSEAS TRANSACTIONS ON ENVIRONMENT AND DEVELOPMENT1790-507910.37394/232015http://wseas.org/wseas/cms.action?id=4031212202021220201610.37394/232015.2020.16http://wseas.org/wseas/cms.action?id=23189Hoang ThanhHanhThuong Mai University Ha noi, VIETNAMLe Thi VietNgaThuong Mai University Ha noi, VIETNAMDinh Tran NgocHuyBanking University of Ho Chi Minh cityn VIETNAMand Graduate School of International Management, International University of Japan, Niigata, JAPANLuong MinhLanVan Lang University, Ho Chi Minh city, VIETNAMPham MinhDatThuong Mai University Ha noi, VIETNAMThis research analyzes the fluctuations on market risk for the listed firms in the Vietnam real estate, construction and construction material industries as it becomes necessary, esp. after the financial crisis 2007-2011. It also provides us with a model to identify key causes of these above risk fluctuations. Firstly, by using quantitative and analytical methods to estimate asset and equity beta of the total 205 listed companies in Vietnam’s real estate, construction and construction material industry with a proper traditional model, we found that in the viewpoint of asset beta used as market risk measurement, the construction industry has the lowest risk, next is the construction material industry and real estate one has the highest risk. Secondly, we recognized that in the real estate, construction and construction material industry, the main factors affecting market risk are GDP growth, lending rate, and inflation. Thirdly, by using a proper quantitative analysis method, the study realized that in the viewpoint of asset beta, construction industry has the lowest market risk because of GDP growth decreasing, inflation increasing and average income increasing. On the contrary, real estate industry has the highest market risk because GDP growth decreases and lending rate increases. Finally, this paper provides some outcomes that could provide companies and government with more evidence in establishing their policies in governance and in monitoring these industries.42220204222020189197https://www.wseas.org/multimedia/journals/environment/2020/a385115-049.pdf10.37394/232015.2020.16.19http://www.wseas.org/multimedia/journals/environment/2020/a385115-049.pdf10.2139/ssrn.1306495Carr, Peter., and Wu, Liuren. (2007), Leverage Effect, Volatility Feedback, and Self-Exciting Market Disruptions, SSRN Working Paper.Chen, K.C., Wu, Lifan., and Wen, Jian. (2013), The Relationship Between Finance and Growth in China, Global Finance Journal10.1257/0895330042162430Eugene, Fama F., and French, Kenneth R. (2004), The Capital Asset Pricing Model: Theory and Evidence, Journal of Economic Perspectives10.5296/ajfa.v4i2.1827Flifel, Kaouther., (2012), Financial Markets between Efficiency and Persistence : Empirical Evidence on Daily Data, Asian Journal of Finance and Accounting10.2139/ssrn.2338637Gabrijelcic M., Herman U., and Lenarcic A., (2013), Debt Financing and Firm Performance Before and During the Crisis: Micro-Financial Evidence from Slovenia, SSRN Working Paper10.2139/ssrn.2206703Gunarathna, V. (2013), Degree of Financial Leverage as a Determinant of Financial Risk : An Empirical Study in Sri Lanka, SSRN Working PaperHamilton, J. D. (1994). Time Series Analysis. Princeton University Press.Huy, Dinh T.N., (2012), Estimating Beta of Vietnam listed construction companies groups during the crisis, Journal of Integration and Development10.37394/23207.2020.17.9Ngo Chi Thanh, Nguyen Duy Dat, Nguyen Dac Anh Chuong, Dinh Tran Ngoc Huy. (2020). A Business Model for Producing Clean Energy in Developing Countries, WSEAS Transactions on Business and Economics, 17, 75-84 Pereiro, Luis E. (2010), The Beta Dilemma in Emerging Markets, Journal of Applied Corporate Finance10.31031/sbb.2020.03.000575Pham Tuan Anh, Dinh Van Son, Dinh Tran Ngoc Huy. (2019). Risk Management via Measuring the Volatility of Market Risk of Vietnam Hardware Industry during the Post-Low Inflation 2015-2017,WSEAS Transactions on Business and Economics, 16, 552-55810.1016/j.gfj.2011.10.010Shahrokhi, Manuchehr. (2010), the Global Financial Crises of 2007-2010 and The Future of Capitalism, Global Finance JournalUmar., (2011), Profits, Financial Leverage and Corporate Governance. SSRN Working Paper.http://www.ifc.org/ifcext/mekongpsdf.nsf/Content/PSDP22http://www.mofa.gov.vn/vi/http://www.hsx.vn/hsx/Default.aspxhttp://www.tuoitre.com.vn/http://www.saigontimes.com.vn/http://www.mof.gov.vn/http://www.vneconomy.com.vn/http://www.sbv.gov.vn/