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This study aims to assess the suitability of two industry classification schemes, GICS (Global Industry Classification Standard) and TRBC (Thomson Reuters Business Classification - TRBC,) in Ho Chi Minh City Stock Exchange, based on the analysis of average return correlations between within-industry and outside-industry stocks. Using monthly data from Jan 01, 2014 to Dec 31, 2017, in both GICS and TRBC classification schemes, the results show that there are significant differences between within-industry and outside-industry correlations. Therefore, both GICS and TRBC are suitable to use in Ho Chi Minh City Stock Exchange.