Artificial Intelligence in Financial Data Analysis and Investment Decision-Making: Opportunities, Risks and Implications for Individual Investors in Vietnam (Journal of Economics Finance and Management Studies)

Summary

• A structured questionnaire survey was conducted with 309 individual investors in Vietnam who have experience using AI for financial analysis and investment decision-making.p.1
• Domestic securities accounts in Vietnam increased from 9,250,208 at the end of 2024 to 13,834,970 in August 2026, with individual investors holding 13,814,693 accounts.p.2
• The VN-Index reached 1,784.49 points at the end of 2025, representing a 40.9% increase from the end of 2024.p.2
• The structural model demonstrates that AI Adoption has a strong positive relationship with Investment Decision (β = 0.781, p < 0.001).p.1
• The research model explains 60.9% of the total variance in investment decision-making among Vietnamese retail investors (Adjusted R² = 0.609).p.13

Key insights

1. Perceived Benefits positively influence AI Adoption among individual investors with a standardized path coefficient of β = 0.318.p.13
2. Financial Literacy positively influences AI Adoption (β = 0.250, p = 0.001), indicating that knowledgeable investors are better equipped to integrate AI outputs into investment decisions.p.14
3. Data Quality Trust exhibits an unexpected significant negative effect on AI Adoption (β = -0.323, p < 0.001).p.14
4. Perceived Risks show a significant positive relationship with AI Adoption (β = 0.132, p = 0.026), suggesting investors use AI tools to mitigate market uncertainty.p.14
5. AI Adoption serves as a central mediating mechanism connecting perceived benefits, financial literacy, and algorithm transparency to investment decision outcomes.p.15