Global Business and Finance Review | 2026
Authors: Manh P.T.; Quyen H.T.; Ha N.V.; Thao N.T.
DOI: 10.17549/gbfr.2026.31.4.90
Journal: Global Business and Finance Review
Year: 2026
Publisher: People and Global Business Association
Document Type: Article
Open Access: All Open Access; Gold Open Access
Cited by: 0
Purpose: In recent years, robo-advisory services have gradually emerged in Vietnam's financial market, yet individual investors remain hesitant to adopt these services. Although previous studies have explored this topic, few have focused on the role of trust and technology in influencing investor intention. This study was conducted to identify and analyze the key factors that affect Vietnamese individual investors’ intention to use robo-advisors, especially emphasizing the role of trust in technology and service quality. Design/methodology/approach: This research developed a questionnaire using validated measurement scales from various previous empirical studies to construct a model assessing the factors influencing the intention to use Robo-advisors. A five-point Likert scale (from 1 = totally disagree to 5 = totally agree) was applied. The questionnaire was initially written in English, then translated into Vietnamese for distribution. Data were collected from 385 individual investors in Vietnam via an online survey (Google Forms) conducted between October 2024 and December 2024. The study employed both qualitative and quantitative methods, with data analyzed using Microsoft Excel and SmartPLS version 4. The model included six dependent variables (Reputation, Information Quality, Service Quality, Attitude toward Artificial Intelligence, Service Commitment, and Government Regulation), three mediator variables (Trust in Robo-advisor Vendors, Trust in Technology, and Trust in Robo-advisors), one moderator (Supervisory Control), and the main dependent variable (Intention to Use Robo-advisors). Findings: The analysis revealed that Information Quality, Service Quality, Attitude toward Artificial Intelligence, Service Commitment, Government Regulation, and Trust in Technology have a significant positive influence on the intention to use Robo-advisors. Trust in Robo-advisors was identified as a critical mediating factor. The findings also show that the majority of investors are willing to adopt Robo-advisors if supported by regulatory credibility, service transparency, and user control. In contrast, Reputation and Trust in Robo-advisor Vendors did not show significant influence. These findings highlight the importance of technological trust and regulatory confidence in promoting adoption. Research limitations/implications: This study acknowledges limitations in sample size and data quality due to the self-reported online survey method. Additionally, the Robo-advisor market in Vietnam remains at an early stage, and many investors have not yet experienced such services in practice, potentially influencing perception-based responses. Furthermore, as Robo-advisors are still developing in Vietnam, the market context may limit the generalizability of findings. Nevertheless, the study has strong implications: firms should focus on enhancing trust in technology and service reliability, while regulators can support trust-building through clear policies and education initiatives. Originality/value: This study contributes to the emerging literature on Robo-advisory services in Vietnam by high-lighting the role of technological trust as a key factor influencing investor intention. From an objective perspective, it provides new insights into how individual investors perceive and adopt AI-based financial services, helping vendors and regulators design more effective trust-building strategies. © The Author(s).
Fintech; Retail investors; Robo-advisors; Stock market; Vietnam