In the first issue of journal (1/2016) we said we are convinced that Russia is not alone in the world. Thus, the theme of our inquiry will be searching for friendly-oriented countries-economically and politically as well. In the second part of our inquiry, we present the success story of Vietnam.Country’s transition from lowincome to middle-income countries per capita was amazing. Vietnam is placed among those countries with the best indicators of economically sustainable and politically friendly-oriented countries. Russia and Vietnam are connected with strategic partnership but it is insufficient for further development of economic relationships. It is urgent need to intensify the penetration Vietnamese market, searching for mutually beneficial partnership and long-lasting cooperation.

Monetary policy, which is implemented by central banks by influencing money supply, usually has important impacts on market interest rates, exchange rates, asset prices and the public’s expectations, thereby affects the macro economy. In this paper, impacts of the Vietnamese central bank’s monetary policy (i. e. the State Bank of Vietnam or SBV) on asset markets will be studied. The paper includes two main parts: (i) Fundamentals of asset prices in monetary transmission mechanism clarifying different effects that might be caused by central banks’ monetary policy on asset markets; and (ii) Empirical impacts of SBV’s monetary policy on asset markets including stock market, gold market and real estate market in Vietnam. The paper concludes that these markets are influenced by many factors, and SBV’s monetary policy might not be the key factor determining their volatilities. This paper was prepared for webinar held in March 14, 2016, with the attendance of professor Marina Fedotova, Financial University under the Government of Russian Federation; Irina Melnikova-head of the self-regulatory organizations, agencies and actuarial rating activities, Development of financial markets Department, Bank of Russia; Nguyen Thanh Nhan-Deputy Dean, Faculty of Banking, Banking Academy, Hanoi, Vietnam.

The paper seeks an answer to whether Vietnam is efficient in semi-strong form by identifying the market’s reaction to publicized information and events. With a sample covering all listed companies on Ho Chi Minh Stock Exchange from 2014 to 2015, we investigate whether announcements of earnings and dividend changes provide any signaling effect to the share price movements. It is observed that there is insignificant reaction on the dividend announcement dayitself and also in the few days around it. In addition, from the market reactions to both dividend and earnings announcements, it concludes that both announcements have significant effects on the stock price with relative significantly abnormal return surrounding announcement date. However, changes in cash dividends do convey more useful information to the market. Therefore, Ho Chi Minh stock exchange has not fully achieved at its efficient level.

The objective of the paper is to explore some organizational aspects of the activity of Internal Audit (IA) in corporate groups. Having noted the limited literature on the subject, the authors intend to make a scientific contribution with the intention of reducing the existing gap in said literature, paying particular attention to the Italian context. In addition to expanding the knowledge of scholars and professionals in this sector, the content of the paper may be of support to the governing bodies of a corporate group, offering insights to better organize the function of IA and to ensure that activities are more efficient and effective for all entities of the group. Purpose. The Internal Audit’s organizational aspects are particularly complex within corporate groups. The paper focuses on: a) the Internal Audit operating model that can be adopted: in-house solutions rather than outsourcing solutions; b) the organization structure adopted for manage the activities of the Internal Audit Function.