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Mangrove forests can ameliorate the impacts of typhoons and storms, but their extent is threatened by coastal development. The northern coast of Vietnam is especially vulnerable as typhoons frequently hit it during the monsoon season. However, temporal change information in mangrove cover distribution in this region is incomplete. Therefore, this study was undertaken to detect change in the spatial distribution of mangroves in Thanh Hoa and Nghe An provinces and identify reasons for the cover change. Landsat satellite images from 1973 to 2020 were analyzed using the NDVI method combined with visual interpretation to detect mangrove area change. Six LULC classes were categorized: mangrove forest, other forests, aquaculture, other land use, mudflat, and water. The mangrove cover in Nghe An province was estimated to be 66.5 ha in 1973 and increased to 323.0 ha in 2020. Mangrove cover in Thanh Hoa province was 366.1 ha in 1973, decreased to 61.7 ha in 1995, and rose to 791.1 ha in 2020. Aquaculture was the main reason for the loss of mangroves in both provinces. Overall, the percentage of mangrove loss from aquaculture was 42.5% for Nghe An province and 60.1% for Thanh Hoa province. Mangrove restoration efforts have contributed significantly to mangrove cover, with more than 1300 ha being planted by 2020. This study reveals that improving mangrove restoration success remains a challenge for these provinces, and further refinement of engineering techniques is needed to improve restoration outcomes.

Our paper employs a data set that comprises real‐time data, which, in our study, is defined as the best known data available to investors at the time of making decision. The research was inspired by comments by industry leaders at an international conference in finance in Vietnam in 2016, basically implying that academic research findings were not useful to investors because they had not done in the way that investors think and do. Drawing on an alike experiment study using real‐time data for a period from October 2010 to April 2014, our paper documents that the value and liquidity effect do not exist in Vietnam, and the size effect is weak. Specifically, we find that growth and high‐liquidity stocks outperform and do not find strong evidence for the outperformance of small stocks. This finding contradicts the general literature, which suggests that value, low liquidity, and small stocks outperform but supports similar contradicting findings for emerging markets. The findings from our research are important to investors in Vietnam market because they are drawn on the decision‐making basis that investors in this market normally do. Our research findings also suggest the use of a multifactor pricing model that is relevant for valuing stocks in Vietnam. In addition, to check the reliability of our data set and the robustness of our conclusions, we repeated the same procedure using two samples of historical data and compared with results from our data. The additional analysis confirms the reliability of our data and findings.

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