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This paper attempts to shed light on the question of whether the value premium exists in the Vietnam stock market. We analyze the difference between the returns of the value portfolio and the growth portfolio. Stocks are sorted into porfolios according to the BM, EP, CP and DP ratios. The result suggests that the value premium exists in the Vietnam stock market if the stocks are sorted into porfolios according to EP, CF and DP ratios while it does not exist if the stocks are sorted into portfolios accordingto the BM ratio