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This article analyzes the influence of dynamic capital structure and ownership structure on the distance to the default of non-financial firms in Vietnam. My study extends the literature on distance to default and its application in a firm's risk management in Vietnam. I employ the OLS and GMM methods to analyze a sample of 552 listed firms in Vietnam. I also employ Z-scores to check the robustness of distance to default. Firstly, my findings indicate that leverage has a detrimental influence on distance to default before and during the COVID-19 pandemic. Secondly, state ownership and foreign ownership have a positive impact on distance to default before the pandemic. Finally, my findings report that government ownership helps reduce the distress risk of non-financial firms during the pandemic period. My study supports managers in determining effective risk management policies, especially during the pandemic period
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