Using a quantitative regression of table data through FEM and REM models, the study has measured the extent and direction of exchange rate impacts on the economic growth of five ASEAN countries namely, Vietnam, Indonesia, Singapore, Philippines, Malaysia, in the period of 1985-2015. The estimation results show that for every 1% rise in the real exchange rate, the multilateral force will have a positive impact, since the speed of economic growth of five countries increased by 2.09%. This result is consistent with some previous studies, especially in some developing countries. Further, the thesis has assessed the exchange rate policy in Vietnam and analyzed the situation. As a result, the authors have made some recommendations for exchange rate policy. The recommendations focus on the State’s intervention in adjusting the exchange rate and pay attention to the real exchange rate for policy evaluation. The recommendations of the thesis are consistent with the actual situation in the five ASEAN countries in order to stabilize economic growth.

Study and examines the impact of monetary policy transmission through credit channels in Vietnam based on the research model of Sun et al. (2010).To estimate this model system, the author uses VECM method with secondary data taken from reliable sources on the situation of Vietnam consumer price index, credit growth of the economy, deposits of customers, industrial production in Vietnam, growth of M2 money supply, rediscount interest rate; VN Index from January 2008 to December 2017. The research results show that both in the short and long-term, the rediscount rate has a negative impact on the credit growth of the economy. When the State Bank of Vietnam implements an expansionary monetary policy with a discounted interest rate tool, it will have an impact on increasing the total credit supply of the economy. However, an increase in economic credit will increase economic output (represented by Vietnam's industrial production value) in the short term; or the impact of monetary policy transmission via credit channel in Vietnam shows that there exists a short-term credit channel but does not exist in the long term.