Solution to improve vietnam position in the electronics global value chains,khoá luận tốt nghiệp

STATE BANK OF VIETNAM MINISTRY OF EDUCATION AND TRAINING BANKING ACADEMY FACULTY OF INTERNATIONAL BUSINESS Tran Ngoc Duy Student ID: 18A4050044 SOLUTIONS TO IMPROVE VIETNAM POSITION IN THE ELECTRONICS GLOBAL VALUE CHAINS BACHELOR’S THESIS Hanoi, May 19th 2019 STATE BANK OF VIETNAM MINISTRY OF EDUCATION AND TRAINING BANKING ACADEMY FACULTY OF INTERNATIONAL BUSINESS Tran Ngoc Duy Student ID: 18A4050044 SOLUTIONS TO IMPROVE VIETNAM POSITION IN THE ELECTRONICS GLOBAL VALUE CHAINS Major: International Business BACHELOR’S THESIS Code: 734.01.30 INSTRUCTOR: Dr NGUYEN HONG HAI Hanoi, May 19th 2019 ACKNOWLEDGEMENT I assure you this is my own independent scientific research The data used for analysis in the thesis have a clear origin, published in accordance with regulations The research results in the thesis are self-studying, analyzed honestly, and not published in any other research Ha Noi, May 19th 2019 Tran Ngoc Duy TABLE OF CONTENTS LIST OF ABBREVIATIONS LIST OF FIGURES .5 LIST OF TABLES .5 CHAPTER 1: INTRODUCTION 1.1 Rationale of the research 1.2 Research purpose and questions 1.3 .Objectives and scope of research 1.3.1 Research objectives 1.3.2 .Scope of research 1.4 Structure CHAPTER 2: LITERATURE REVIEW AND METHODOLOGY 2.1 .Background 2.1.1 Definition 2.1.2 Development of value chains 10 2.1.3 .The global value chains participation 12 2.1.4 .Improving position in global value chains 15 2.2 .Previous researches on global value chains in electronics industry 19 43 2.4.2 Taiwan LIST OF ABBREVIATIONS 29 2.4.3 .South Korea 31 2.5 Methodology 33 CHAPTER 3: ANALYSIS .35 3.1 electronics Economic performance industry 35 3.1.1 .Overall 35 3.1.2 .Statistical review of electronics industry during the period of 2010 - 2018 38 3.2.Activities of electronicsindustryfirmsinVietnam .43 3.2.1 Pre-production 44 3.2.2 Production 46 3.2.3 Post-production 50 3.3 Mapping the Vietnam electronics industry in global value chains 52 3.3.1 The participation of electronics industry in global value chains 52 3.3.2 Key findings 54 CHAPTER 4: SOLUTIONS AND RECOMMENDATIONS .61 4.1 Solutions for Vietnam’s electronics industry 61 3C ASEAN Computer, Communication and Consumer Association of Southeast Asian Nations EMS Electronics Manufacturing Service EU European Union) FDI Foreign Direct Investment FTA Free trade agreement GDP Gross Domestic Product GVCs Global Value Chains HS Harmonized Commodity Description and coding System ICT Information and Communication Technology IoT Internet of Things IT Information Technology M&A MNEs Mergers & Acquisitions Multinational Enterprises OBM Original brand name manufacturing ODM Original design manufacturing OECD Organization for Economic Co-operation and Development OEM Original equipment manufacturing P&M Promotion and Marketing PCB Printed Circuit Board R&D Research and Development SMEs Small and Medium Enterprises TiVA Trade in Value Added TV Television UNCTAD United Nations Conference on Trade and Development USD United States Dollar VND Vietnam Dong Figure 2.1 Porter’s value chain Figure 2.2 Simple value chains Figure 2.3 Smile Curve of High-Value Activities in Global Value Chains Figure 2.4 Global value chains of manufacturing LIST OF FIGURES Figure 2.5 The role of absorptive capacity Figure 2.6 Map of the electronics GVCs 10 11 13 18 23 Figure 2.7 From OEM to OBM in Taiwan design development Figure 2.8 Share in value in Taipei, Chinese’s imports from 2010 - 2018 (HS code 85) Figure 2.9 R&D Intensity Figure 3.1 Share in value in Vietnam’s imports from 2010 - 2018 (HS code 85) Figure 32 Share in value in Vietnam’s exports from 2010 - 2018 (HS code 85) Figure 3.3 Comparison of average salary between Vietnam and China 25 30 Figure 3.4 Research and development expenditure (% of GDP) Figure 3.5 Scope of supporting industries 44 46 Figure 3.6 Samsung’s Electronics Value Chain 49 Figure 3.7 Participation and number of production stages in global value 53 33 40 41 42 chains Table 2.1 The relationship between production form and GVCs 15 Table 2.2 Types of Upgrading in the Electronics GVCs 17 Table 2.3 Ease of doing business metric between China and Taiwan 31 Table 3.1 HS code explanation for products Table 32 Top products HS code and balance in value 2010-2018 (dollar thousand) Table 3.3 Top 10 World Exporters of ElectronicLIST 3C Final Products, 2000, OF TABLES 2007 and 2014 39 Table 3.4 Employee Profile for the Electronics Global Value Chains Table 3.5 The participation of Vietnam businesses in electronics GVCs 50 53 Table 3.6 Trading across border in Vietnam 56 39 43 CHAPTER 1: INTRODUCTION 1.1 RATIONALE OF THE RESEARCH In the current dynamic integrated world, the globalization has widely become an indispensable trend Thanks to the development of Information Technology (IT), many Multinational Enterprises (MNEs) have already established the basis, fragmented manufacturing processes around the world and promoted foreign investments This development has previously created a new concept of Global Value Chains (GVCs), a consolidated link of supply-chain among different countries in the global scale when designing products or services The GVCs has been considered as the most concerned issue among developing countries when the level of participation in GVCs is associated with stronger levels of GDP per capita growth which have a direct impact on the economy, employment, income and create opportunities for development (UNCTAD, 2013) Vietnam has been evaluating the most dynamic and fastest growing economy in the ASEAN while the GDP has continuously increased in the 10 recent years The ASEAN region is the fourth largest investment destination in the world and the second place for foreign direct investment, with no exception, Vietnam - within ASEAN-5 (top of the fastest growing economies in Southeast Asia), interested by many investors, especially in real estate, infrastructure construction, manufacturing and processing sectors (PricewaterhouseCoopers, 2018) On the economic front, the biggest challenge for most developing countries is that the globalization will boost the gap between the rich and the poor among countries Therefore, in a position as the developing country, when joining in the globalization process, Vietnam is at the risk of facing more challenges such as stucking in the middle income tap, depending on technology and investment of developed countries Many industries including textiles, agricultural products used to be the strength of Vietnam’s export, however, in the recent years, they have been replaced by the electronics industry (General Statistics Office, 2018) In particular, the manufacturing sectors need more and more big investments plus a high R&D level However, Vietnam only has the advantage of the abundant and cheap labor force with being in charge of a simple manufacturing process, thus there is not much added value Source: Author However, the expansion in GVCs requires careful policies in the context of limited resources Expanding manufacturing industries can lead to dispersion of resources, including capital, labor and resources, affecting the ability to scale up manufacturing, specialization and division of labor This is also a reason that Vietnam 's global competitiveness is still quite low in the region as well as in the world as labor productivity is not high 3.3.2 Key findings Developing countries that want to accelerate their industrial development may face different risks of being locked in the low value-added stages of production These problems are as followed First, if developing countries only participate in fabrication process then the GDP contribution of GVCs will be limited Second, the main part of GVCs value-added is generated by MNCs’ subsidiaries that can lead to low value capture because of price transferring or income repatriation Third, if governments not invest in education and improvement of local firms’ absorption capacity, the technology spillover from MNCs would be unlikely that the latter prevents improvement of higher value-added creation in these countries Fourth, the negative environmental impacts and social effects in the absence of efficient regulatory 55 framework are another risk for developing countries And last but not least, the potential “footlooseness” of GVCs activities may increase the vulnerability of local firms in facing external shocks (UNCTAD 2013b) Vietnam is a developing country and a new player in the global electronics industry's GVCs The most necessary thing in the present time for the electronics industry to go further is to identify weaknesses and determine the goals to be achieved in the future Domestic enterprises only focus on assembly and distribution without focusing on in-depth investment, technology, and automation, leading to a loss of competitiveness according to some experts The difficulty of enterprises is small and medium, it is difficult to invest in modern production lines or be highly effective from the beginning of investment without the support of the state in product consumption as well as technology investment support a/Limitations - Ineffective R&D: Pham Chi Lan - Former General Secretary and Vice Chairman of Vietnam Chamber of Commerce and Industry - evaluated that currently most Vietnamese enterprises only focus on production activites of the products but not focusing on the stages of creating much value added such as R&D, promotion and marketing (P&M) Meanwhile, in developed countries, R&D can create up to 30-35% of the added value for goods, services and P&M can also create 20-25% added value for goods and services However, R&D is the least activity undertaken by Vietnamese enterprises to innovate production technology This reflects the limited research and development capacity of enterprises In theory, R&D activities are carried out by fimrs including research to innovate products or production processes; or research to create technology to produce products or upgrade technology and imported production processes to suit specific conditions However, in practice today, businesses conduct research and deployment for the majority of technology application and operation purposes rather than technological innovation - Small businesses : According to the General Statistics Office, there are 517,900 enterprises registered in 2017 Although the number of businesses increased, there were only 56 57 10,100 large enterprises Table accounting 3.6 Trading for a across modestborder proportion in Vietnam of 1.9% while SMEs account for 98.1% Most SMEs in Vietnam, due to their size, R&D, design or investment in modern production lines need a lot of capital In addition, there is no specialized department to take care of each section of activity that is often integrated into one of the parts of the business Vietnamese enterprises are still not very much interlinked, thus, lack of uniform development between domestic and foreign sectors - Lack of skilled employee: The technical qualifications of workers working in the electronics industry are not high, up to 68.75% have no qualifications or certificates In particular, in the FDI sector, this rate is higher Notably, up to 80% of electronic enterprises face difficulties in recruiting technical workers Most Vietnamese workers come from rural areas that not well trained When businesses replace new technology equipment, workers not meet the requirements In addition, working conditions in electronic enterprises are too strict, up to 60% of frims violate the overtime regulations, which makes many workers unbearable pressure - Costly logistics: Although there is an advantageous position for easy exchange and trade with countries around the world, the cost and time of cross-border transportation of Vietnam is very high Import and export costs and time are much higher than those of East Asia & Pacific, OECD regions in many times (see table 3.6) Specifically able 3, clearance time is still long, costs are high, infrastructure development of logistics is not synchronized, lack of connectivity and specialized management procedures still face many difficulties, affecting logistics operations The largest market share of logistics services is marine transport (accounting for 60% of logistics structure), which mainly belongs to international shipping lines and is increasing the surcharge of shipping lines This will also increase the cost of inputs and imported materials, making the price of Vietnam electronic goods high, and difficult to compete with other countries in the world Indicator Vietnam East Asia & Pacific OECD high income Best Regulatory Performance Time to export: Border compliance (hours) 55 54 12.5 (19 Economies) Cost to export: Border compliance (USO) 290 382.2 139.1 (19 Economies) Time to export: Documentary Comptiance (hours) 50 57.6 2.4 (26 Economies) Cost to export Documentary compliance (USO) 139 1094 352 (20 Economies) Time to import: Border compliance (hours) 56 69.2 8.5 (25 Economies) Cost to import: Border compliance (USD) 373 4158 100.2 (28 Economies) Time to Import Documentary Comphance (hours) 76 57.0 3.4 (30 Economies) Cost to import: Documentary compliance (USO) 183 109.5 249 (30 Economies) Source: Doing business report (2018) b/Opportunities -Workforce shift: China used to play a key role as Samsung established factories in Tianjin, Shenzhen and Huizhou in 2001-2007 In 2008, China accounted for 54% of the company’s mobile phone production, surpassing Korea (41%) Recently, production shifted to Vietnam with two new factories near Hanoi In 2014, Vietnam took over as the leading location representing 46% of total mobile phone production capacity In the recent years, China and some other countries are moving up in the value chain, restructuring the economy towards domestic consumption, focusing on developing services and exporting higher value items This has reoriented the flow of foreign investment in labor-based, land-based and other factors For instance, Samsung Electronics transformed its smartphone factory from China to Vietnam With the development of production-related activities, Vietnam should focus on its supporting industries in order to acquire more added value activites - Potential market: Vietnam has stable politics, economic market, trade partners of many other countries and located in the strategic position in ASEAN Being considered a good destination for investment, having good security and neutral, Vietnam is chosen by many countries as a venue for major international events such as APEC, World Economic Forum ASEAN The population of Vietnam, the 14th largest in the world, 58 is 94.67 million with 69.3% in the working age population in 2018 This is a potential market is not only in manufacturing but also a big consumer market for electronics firms around the world - Market economy: Establishing relationships with multinational financial institutions such as the World Bank (WB), the International Monetary Fund (IMF) and the Asian Development Bank (ADB) have been re-established Viet Nam has been participating in the ASEAN Free Trade Area (“AFTA”) since 1996 and became a member of the Asia Pacific Economic Cooperation Forum (APEC) in 1998 Vietnam became an official member of the World Trade Organization (WTO) on 11 January 2007 In addition, Vietnam has signed many bilateral agreements with China, Korea, Japan, India, Australia, New Zealand, Chile, Russia, ASEAN, With the orientation of attracting foreign investment, developing capital and human resources, Vietnam has signed a total of 62 IIA, of which 47 agreements have taken effect, of the newly signed modern IIA is reviewed, including ASEAN Comprehensive Investment Agreement (ACIA), EU-Vietnam FTA, Trans-Pacific Partnership Agreement (TPP), BIT (Bilateral Trade Agreement) Vietnam - United Kingdom, Vietnam - Greece BIT, Vietnam - Korea FTA (collectively referred to as IIA reviewed) Modern IIAs set clear standards for how to treat and protect foreign investors from political risks stemming from government illegal acts while ensuring reasonable flexibility on the policies of the host country for legal issues At the same time, it regulates detailed arbitration procedures between investors and the state to create conditions for investors to effectively implement these security measures c/Challenges - Automation There are many opinions show that simple labors are at the peak of a dramatic change when 47% of current jobs can be automated in the next two decades The level of job creation is even more worrisome when up to 85% of operations will no longer be carried out by humans by 2020 This may result in unemployment in the future when approximately 22% of the labor force is considered trained or skilled, with diplomas or certificates If the human resource situation does not improve in the 59 future, the domestic absorptive capacity will not improve and the electronics industry will not be able to change its current position in the GVCs - FDI dominance FDI firms account for a high proportion of the electronics industry import and export but they mainly concentrate in industries with low localization rates, high labor use but low added value In the global intergration, most foreign investors are interested in the service sector, few businesses will join in manufacturing equipment Domestic manufacturers still have the opportunity to grow, however, they will face the biggest challenge of competing with prices for imported goods Soon, the import tax of the whole equipment is equal to or lower than the import of components, not to mention that the challenges when Vietnam joins the Information Technology Agreement, so the profit of industrial production remains very low - Pressure on education and training The Industry 4.0 will create a shift in the economic model from low-cost labor countries to the high-automation economies thanks to technological innovation.Vietnam ranks behind Malaysia, Thailand and the Philippines when compared to other Southeast Asian countries in terms of human resources This is a big challenge Training high quality human resources is increasingly pressure on the Vietnamese university system when lots of workforces are not adapt to the requirements of advanced technology 60 SUMMARY OF CHAPTER Vietnam's electronics industry has been established since 1960s, the same time as Japan, South Korea, China and Taiwan so However, the electronics industry was not developed as neighbor countries for a number of objective reasons such as war, embargo Vietnam has focused more on the industry after Doi Moi period but the real development came from the early 90s when Vietnam's economy opened its doors to the world after the normalization of relations with China, and the US China and Taiwan are the two countries in the region that are successful in attracting foreign investment when they have the advantage of cheap labor However, with the rise of Vietnam, the manufacturing industry in the electronics is gradually moving here If in the past, the main export products of Vietnam were garments, agricultural products and minerals, from 2015 onwards, the benefits from the export of electronic equipment-related goods helped Vietnam's economy grow more than ever Vietnam is a new destination for many countries around the world when it has a favorable position, stable politics and open policy A lot of activities of the global value chain in electronics industry take place in Vietnam, but most Vietnamese enterprises stop at participating mainly in the production stage (Components/Subassemblies and Final product assembly) After analyzing the activities in a systematic way, this paper has found the weaknesses of Vietnam's electronics industry that is Ineffective R&D, Small business, Costly logistics and Low-skilled labor However, there are many opportunities for Vietnam to develop in Industry 4.0 Chapter will focus on providing solutions for Vietnam to improve its position in the global value chain of electronics industry 61 CHAPTER 4: SOLUTIONS AND RECOMMENDATIONS 4.1 SOLUTIONS FOR VIETNAM’S ELECTRONICS INDUSTRY 4.1.1 Short term priorities - Process upgrading: The immediate priorities that need to focus are improving the efficiency of production activities Increasing labor productivity, investing in machinery, improving the working process to improve the level of manual labor right in the production process so that skilled workers increase absorption capacity in the country In addition, the government should issue policies to support the logistics industry to reduce the cost of goods to increase competitiveness in the international market 4.1.2 Long term priorities -Product upgrading: Vietnam should invest in R&D to be able to develop high-tech products which bring more core values SMEs need to work together to cooperate in producing highperformance products than confront each other Domestic enterprises in supporting industries also need to be concerned and developed The government should have policies to encourage these enterprises to produce components and inputs when the Vietnamese electronics industry is currently too dependent on imports of intermediate goods -Functional upgrading: The ability to upgrade value added activities in Vietnam's post-production is high This is an opportunity for businesses in Vietnam to implement distribution/sales activities and services in this potential market Vietnamese businesses should promote their strengths in IT and further develop outsourced activities to create domestic electronic products 4.2 RECOMMENDATIONS 4.2.1 For the government a/Attract new generation FDI The government should encourage all economic sectors to invest in the electronics industry with all scales and types, from assembly of finished products to 62 production of components, spare parts and auxiliary products, and especially focus on attracting foreign investment from multinational corporations In addition, restructuring the production and development of specialized electronic products should be considered, including the production of products, components for the telecommunications, medical electronics and electronics, industry, mechatronics, measurement, automation b/ Support domestic businesses Developing and enforcing policies to support the development of electronic products prioritized for development specified in Decree No 49/2010 / QD-TTg Developing policies to promote technology transfer, accelerate the application of hightech electronic technology industry on the basis of links between the Enterprises Institutes/Universities/Academies - Government In particular, establishing electronic industrial clusters, promoting the gathering and investment of enterprises in order to create links and improve the operational efficiency of electronic enterprises c/Promote supporting industry Decree 12/2011/QD-TTg of the Prime Minister on the development policy of supporting industries need to be deployed; reviewed and implemented preferential policies to encourage and attract investment in manufacturing industrial products and support the electronics industry Completing the standards and technical regulations for industrial products in order to internationalize the electronic industry On that basis, build regulations to apply these standards and technical regulations in production to improve the quality and ensure the reputation of supporting industrial products in Vietnam's electronics industry d/Improve infrastructure The benefits that the electronics industry brings to Vietnam over the past time make the economy more than ever To increase the uptake from the spillover effect of FDI in Vietnam, not only important human resources but also infrastructure factors need to be considered The increase and support to build more factories, especially the airport and seaport system will improve the connection time between the links in the value chain Infrastructure determines sustainable development for the industry and provides an element that foreign investors are interested in Lastly, proposing the 63 construction of special economic zones with incentives for domestic and foreign investors is the development direction according to some countries' experience 4.2.2 For the firms a/Strengthen training links Human resources play an important role in electronics manufacturing when high value-added activities of in GVCs consisting of R&D, Designing, Marketing, and Branding are all related to gray matter Developing human resources need to meet the quantity and quality requirements for the electronics industry Three-way training model (Enterprises - Institutes/Universities/Academies - Government) should be encouraged in the application for training highly skilled human resources at the request of enterprises Building joint programs, information channels between international enterprises and domestic supporting industry enterprises to contribute positive investment and technology transfer, management and research and development models in the electronics industry b/Enhance R&D activities in production The long-term goal for Vietnam is to capture new technology trends to build a higher education system to transfer training in automation, AI, nanotechnology, 3D printing, and designing high-end electronic components such as chips, microchips High-tech parks should not only be concentrated in Hanoi, Da Nang, Ho Chi Minh city, but also in economic zones producing electronics Shortening the gap between the needs of enterprises in the electronics sector and the capacity of employees will help Vietnam join the GVCs at a higher level c/Branding Domestic firms should establish international cooperation activities, trade promotion, independent market access or within the framework of the National Trade Promotion Program Enterprises should also proceed to establish branches, representative offices or trade centers abroad to research market needs, promote product and branding Vietnam electronic brand will be widely known around the world 64 SUMMARY OF CHAPTER Based on the studies of Gereffi, Gary (2018) (see section 2.1.4) and the analysis from chapter 3, this paper has provided solutions for Vietnamin order to upgrade its activities Linking in training, investing in R&D activities, encouraging domestic supporting industry and promoting business product are ways to improve Vietnam's position in the global value chain electronic map In addition, specific tips are reference sources for government and firms to build their own policies 65 CHAPTER 5: CONCLUSION Many national articles have shown that Vietnam is in the lowest place on GVCs - processing and manufacturing goods An overview of the economy will help us to understand the investment aspects of foreign investors, the strength as well as the weakness, and the factors which can develop the production chain Electronics industry brings bigger economic profits than other industries so far, as evidenced by the fact that the balance of payment has been improved significantly Studies from the history world's electronics of neighboring countries developed successfully in this industry are valuable lessons for Vietnam to adopt the main construction strategies Nowadays, many regional countries such as Korea, Japan, Taiwan has transferred their factories from China to Vietnam This is a great opportunity to capture new technologies, increase labor’s productivity and push the place forward in the GVCs of electronics This paper reveals the fact that Vietnamese businesses need to upgrade their process, products, supporting industry and invest more in R&D, IT in order to improve position in the global value chain of electronics Moreover, understanding of activities in the global value chain helps the government to adjust policies in order to take advance of production network, orientate investment and allocate reasonably human resources in different activities Globalization brings many opportunities for Vietnam's young electronics industry, however, the dependence on FDI enterprises and importing intermediate goods will cause economic damage if backward and foreward activities is not stable Limitations in the analysis of factors affecting participation in electronics GVCs such as FDI, FTA, trade policies and inter-regional connections, this thesis only focuses on the overview of the industry The vulnerability of individual countries to trade war or macro-economic shock is determined by their participation and position in GVCs Beside these unsolved problems, I hope that the recommendations to improve position in GVCs will contribute to Vietnam's electronic industry development policy 66 REFERENCE A Vietnamese Hanh, Pham S., Hanh, Vu T., Anh, Tran H (2008) , Research on global value chains and capabilities of Vietnam electronics industry Nguyen Hoang Anh (2008), Researching global value chains and capabilities of Vietnamese electrics industry enterprises Quynh, Nguyen P, Thu, Le T A., Thuy, Le M (2016), The Role Of Foreign Direct Investment In Improving Value Chains: Evidence From Vietnam And Other Developing Countries Thuy Ng (2006), Supporting Industries: A Review of Concepts and Development, pp.36-45 B English F Stone, Susan & Mikic, Mia & Agyeben (2015), Asia-Pacific Trade and Investment Report 2015: Supporting Participation in Value Chain, pp.103-138 Gereffi, Gary & Fernandez-Stark, Karina (2016), Global Value Chain Analysis: A Primer, 2nd Edition Gereffi, Gary (2018), Global Value Chains and Development: Redefining the Contours of 21st Century Capitalism Ko, Yu-Yuan & Lin, Po-Hsien & Lin, Rungtai (2009), A Study of Service Innovation Design in Cultural and Creative Industry Michael Porter (1985), Competitive Advantage: Creating and Sustaining Superior Performance 10 OECD (2013), Interconnected Economies: Benefiting From Global Value Chains, OECD Publishing 11 OECD (2018), Economic Outlook for Southeast Asia, China and India 2018 - 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RESEARCHES ON GLOBAL VALUE CHAINS IN ELECTRONICS INDUSTRY To study the ways in which the electronics industry participates in the global value chains, this study explores the factors behind the sector's... so on Due to specialization in certain stages of the value chain, no enterprise can dominate the entire value chain Therefore, enterprises exploit their advantages to join the chain in the most... focus on: The capability of Vietnam' s electronics industry to participate in the global value chains The limitations of Vietnam' s electronics industry From that point, the study will propose solutions