Based on the Ohlson’s model (1995) and the study of Aboody et al. (2002) allowing to relax the semi-strong form of the Efficient Markets Hypothesis, the paper tests the value-relevance of
financial statement information on the Vietnamese stock market. Contrary to prevailing views that financial statement information is not related to stock prices in Vietnam, the results show that this relationship is statistically meaningful, though somewhat weaker than in other developed and emerging markets. In addition, there is sign that earnings and book value are reflected in stock prices
with a time lag and the value-relevance of earnings becomes much higher during stock market boom
periods. These results provide helpful insights to stock market authority and participants for their
respective activities.