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Many financial markets including but not limit to, the emerging stock market in Viet Nam, have been affected by thefinancial crisis 2007-2009. This study analyzes the impacts of tax policy on market risk for the listed firms in thewholesale and retail industry during this period as it becomes necessary. First, by using quantitative and analyticalmethods to estimate asset and equity beta of total 9 listed companies in Viet Nam wholesale and retail industry with aproper traditional model, we found out that the beta values, in general, for many companies are acceptable. Second,under 3 different scenarios of changing tax rates (20%, 25% and 28%), we recognized that there is not large disperse inequity beta values, estimated at 0,646, 0,653 and 0,657.These values are much lower than those of the listed VNconstruction firms. Third, by changing tax rates in 3 scenarios (25%, 20% and 28%), we recognized both equity and assetbeta mean values have positive relationship with the increasing levels of tax rate. Finally, this paper provides someoutcomes that could provide companies and government more evidence in establishing their policies in governance.

Changing Tax Policy Impacts on the Risk Level of Viet Nam Wholesale and Retail Firms