Factors Influencing the Risk Aversion in Vietnam: The Mediating Role of the Intention to Prevent COVID-19

Abstract

The pandemic in Vietnam is increasingly escalating and spreading across provinces and cities. Therefore, Vietnam needs to implement preventive measures to control the spread of COVID-19. This study aims to examine the influencing factors, such as COVID-19 knowledge, behavior control, moral and subjective norms, the government's preventive e-guidelines, domestic social media, and environmental factors, on the intention to prevent COVID-19 and risk aversion. The study surveyed 201 Vietnamese citizens and utilized the Partial Least Squares Structural Equation Modeling (PLS-SEM) method to estimate path coefficients. The results indicate that COVID-19 knowledge, morals, and subjective norms positively impact the intention to prevent COVID-19 and risk aversion. The theoretical contribution of this study reveals that the intention to prevent the spread of COVID-19 partially mediates COVID-19 knowledge, moral and subjective norms, and risk aversion. Regarding practical implications, knowledge of COVID-19 transmission, symptoms, and preventive measures guided by healthcare experts and social networks (family, friends, and colleagues) is highly beneficial in Vietnam's efforts to combat the COVID-19 outbreak. Lastly, the study proposes some limitations and suggestions for further research.