Vốn cho tăng trưởng kinh tế bền vững trường hợp nghiên cứu tại tỉnh Đồng Nai, Việt Nam

Vốn cho tăng trưởng kinh tế bền vững trường hợp nghiên cứu tại tỉnh Đồng Nai, Việt Nam.Vốn cho tăng trưởng kinh tế bền vững trường hợp nghiên cứu tại tỉnh Đồng Nai, Việt Nam.Vốn cho tăng trưởng kinh tế bền vững trường hợp nghiên cứu tại tỉnh Đồng Nai, Việt Nam.Vốn cho tăng trưởng kinh tế bền vững trường hợp nghiên cứu tại tỉnh Đồng Nai, Việt Nam.Vốn cho tăng trưởng kinh tế bền vững trường hợp nghiên cứu tại tỉnh Đồng Nai, Việt Nam.Vốn cho tăng trưởng kinh tế bền vững trường hợp nghiên cứu tại tỉnh Đồng Nai, Việt Nam.Vốn cho tăng trưởng kinh tế bền vững trường hợp nghiên cứu tại tỉnh Đồng Nai, Việt Nam.Vốn cho tăng trưởng kinh tế bền vững trường hợp nghiên cứu tại tỉnh Đồng Nai, Việt Nam.Vốn cho tăng trưởng kinh tế bền vững trường hợp nghiên cứu tại tỉnh Đồng Nai, Việt Nam.

INTRODUCTION

Reason for study

In recent years, the mobilization of foreign investment capital has significantly influenced Vietnam's economic growth and the development of its localities Attracting and effectively utilizing this investment remains a complex challenge, particularly for areas with underdeveloped infrastructure and insufficient investment policies The goal of increasing labor productivity, creating jobs, and enhancing workers' incomes through foreign technology transfer is essential for sustainable economic growth Long-term improvements in citizens' living standards should be a priority for governments, as sustainable growth relies not only on scientific advancements but also on the interconnectedness of the global economy, exemplified by the exchange of goods and capital investments across borders.

To achieve sustainable economic development, Dong Nai province must accelerate the synchronous construction of infrastructure while modernizing its economic structure, which requires substantial capital investment It is essential for the province to implement effective strategies to mobilize both domestic and foreign capital sources, as well as to encourage local economic sectors to proactively generate their own funding for regional and national growth.

Based on the reasons mentioned above, the author chooses the following topic,

"Capital for Sustainable Economic Growth: The Case from Dong Nai Province in

Vietnam" for her dissertation and as the research observation in economics for finance and banking.

Objectives of the study

After analyzing and measuring factors affecting the investment capital attraction for sustainable economic growth in Dong Nai province, the author then addresses the policy implications of the research results.

1 Identify factors affecting the attraction of investment capital for sustainable economic growth in Dong Nai province.

2 Measure the impact of those factors relevant to the attraction of investment capital for sustainable economic growth in Dong Nai province.

3 PAddress the policy implications for attracting investment capital for sustainable economic growth in Dong Nai province.

Research questions

The dissertation achieved the objectives stated aboveand answered the following questions:

- What factors affect the attraction of investment capital for sustainable economic growth in Dong Nai province?

How does each factor impact investment capital attraction for sustainable economic growth in Dong Nai province?

-What are the policy implications for improving the appeal for investment capital for sustainable economic growth in Dong Nai province?

Scope and delimitation of the study

1.4.1 Scope of the study and the survey

- The scope of the study is investment capital for sustainable economic growth in Dong Nai province.

The survey encompassed interviews with businesses in Dong Nai province, alongside discussions with provincial government specialists from the Department of Planning and Investment and economic experts active in the region.

- The delimitation of scope: The attraction of investment capital for sustainable economic growth in Dong Nai province.

- The delimitation of time period: Primary data was collected from June 2020 toNovember 2020 The dissertation has an implementation period from 2019 to 2021.

Research methods

The research method of this dissertation is a combination of qualitative and quantitative research methods.

This dissertation employs qualitative research to effectively describe and analyze the behaviors of research samples, experts, and enterprise leaders, drawing insights from primary research data.

The author emphasizes that in qualitative research, research questions and data collection methods are designed to be flexible and can be adapted as new information emerges during the process This adaptability is a key distinction that sets qualitative methods apart from quantitative approaches.

The author incorporates a variety of external data sources, including information from economic organizations and government agencies, as well as insights gathered from books, articles, and both international and national magazines, alongside extensive online research.

This dissertation utilizes numerical data and scientific models to explore relationships through quantitative research methods The author employs SPSS 20.0 and Amos software for data processing, utilizing descriptive statistical tools and measurement scales, including Cronbach's Alpha The analysis includes exploratory factor analysis (EFA), confirmatory factor analysis (CFA), structural equation modeling (SEM), and variance analysis, as outlined by Tho (2011).

The data for this research method was collected through a questionnaire that surveyed about 1,000 enterprise leaders operating in Dong Nai province.

Scientific and practical significance of research

1.6.1 The scientific significance of research

This dissertation explores the concepts of economic growth and sustainable economic growth, focusing on the factors influencing investment capital attraction in Dong Nai province The findings offer valuable insights that can guide researchers in formulating new policy recommendations for sustainable development.

Secondly, this dissertation builds a quantitative model that reflects the factors affecting investment capital attraction and sustainable economic growth in Dong Nai province, supplementing existing research materials for subsequent studies.

This dissertation serves as a valuable reference for academic research on capital attraction in Vietnam Additionally, the findings contribute to the concept of sustainable economic growth, characterized by rapid, stable, and long-term economic development that is grounded in addressing social and ecological challenges.

The dissertation establishes a relationship model aimed at attracting investment capital to foster sustainable economic growth in Dong Nai province This research highlights that sustainable economic growth is a crucial element of sustainable development, emphasizing the need for a balanced integration of socio-economic advancement and environmental protection, ultimately ensuring that the needs of the present generation are met without jeopardizing those of future generations.

1.6.2 The practical significance of research

This dissertation is the first study to analyze the factors influencing investment capital attraction in Dong Nai The research demonstrates that attracting investment capital plays a significant role in promoting sustainable economic growth in Dong Nai province.

This dissertation analyzes the influence of various components on investment capital attraction and sustainable economic growth in Dong Nai province The findings lead to the proposal of practical policies aimed at enhancing investment capital attraction, thereby contributing to the province's sustainable economic development.

The dissertation suggests that the national government should adopt similar policies across other provinces in Vietnam to address the existing shortcomings in the economic development process While there have been achievements in sustainable economic growth and positive restructuring, challenges remain that could hinder long-term sustainability Factors such as productivity, competitiveness, innovative capacity, and investment regulations significantly impact these issues, highlighting the need for comprehensive policy evaluation and implementation.

Organization of the study

In addition to references and appendices, this dissertation is divided into five chapters:

Chapter 2: Literature review and research model

Chapter 5: Conclusions and policy implications

LITERATURE REVIEW AND RESEARCH MODEL

Theoretical framework

The economic growth model is a strategic framework that outlines how organizations mobilize and utilize resources to measure their impact on the economy through production and business activities Its primary objective is to ensure sustainable economic growth at an optimal rate over time By relying on this model, organizations can adjust their activities based on specific conditions, criteria, and requirements at each stage, ultimately fulfilling the needs of their respective phases (David et al., 2007).

Classical growth theory posits the basic argument that agricultural land (R,

Economic growth is driven by resources, yet the limited availability of arable land forces producers to cultivate less fertile areas, reducing landowners' profits and increasing food production costs Consequently, the prices of agricultural goods rise, leading to higher nominal wages, while industrial profits decline This decrease in industrial profits affects capital accumulation, which is essential for expanding investments and fostering further growth.

Neoclassical growth theory is an economic theory that shows how stable economic growth comes from a combination of three factors: labor, capital, and technology.

Neoclassical growth theory emphasizes that short-run equilibrium is driven by variations in labor and capital within the production function Additionally, it asserts that technological advancements play a crucial role in influencing the economy, indicating that sustained economic growth is dependent on ongoing technical progress (David et al., 2007).

Modern growth theory emphasizes the importance of a mixed economy, where market forces address key economic issues while the government plays a limited regulatory role to mitigate market shortcomings This approach aligns closely with both neoclassical and Keynesian economic theories, highlighting the balance between market autonomy and state intervention (David et al., 2007).

Endogenous growth theory emphasizes the significance of human capital and technological advancement as key drivers of economic growth, contrasting with traditional models that treat these elements as external factors.

In the context of the 21st century, the growth limit pertains to an ecosystem's capacity to absorb waste and regenerate raw materials necessary for economic sustainability As a subsystem of a broader ecosystem, the economy operates within a finite, undeveloped, and physically closed environment, highlighting the interconnectedness of ecological and economic systems (David et al., 2007).

Economic growth: It is one of the core issues of economic development theory.

Economic growth, as defined by Donna and Ramirez (2018), refers to the increase in real output over time, which is measured by Gross Domestic Product (GDP) at constant prices to eliminate the impact of inflation This growth is a key objective for countries worldwide, serving as a fundamental indicator of progress in economic development.

Sustainable economic growth, as highlighted by Abdikeev et al (2018), refers to a consistent growth rate that avoids significant and potentially irreversible economic issues for future generations This concept emphasizes the trade-off between immediate rapid economic expansion and the long-term health of the economy While fast growth can lead to short-term benefits, it risks depleting resources and causing environmental challenges, such as the depletion of oil and fish stocks and contributing to global warming.

2.1.3 Capital and investment attraction for sustainable economic growth

According to Abdoulaye et al (2014), capital encompasses money, property, and rights that hold monetary value and are utilized in business operations Evaluating the usability of these assets is essential for determining their worth and the overall value of capital Furthermore, capital serves as a fundamental requirement for engaging in investment activities.

Investment attraction plays a crucial role in stimulating local economic growth by supporting the expansion of existing businesses and introducing new capital from external sources, as demonstrated by Michael et al (2019).

2.1.4 The relationship between investment attraction and sustainable economic growth

2.1.4.1 Capital attraction promotes economic growth

Capital is essential for initiating production and business activities, playing a crucial role in the socio-economic development of a province (Amanda, 2017) The Incremental Capital Output Ratio (ICOR) illustrates the relationship between invested capital and economic growth, indicating the amount of capital needed to generate a 1% increase in GDP This ratio is instrumental in assessing the level of investment required to achieve specific GDP growth targets, highlighting the necessary investment capital for economic advancement.

2.1.4.2 Promote the application of science and technology to improve labor productivity

Hezron and Pauline (2016) highlight the strong connection between technology and investment capital, particularly in the context of direct investments This relationship is evident in the establishment and growth of foreign-invested economic units, which serve as key venues for capital attraction and technology transfer Direct investment projects are typically executed using established technologies, indicating that the ability to attract investment capital is closely linked to specific technology levels.

2.1.4.3 Creating a new driving force for sustainable economic growth

According to KalIappana et al (2015), investing involves seeking profit within a competitive landscape Investors engage in competition both within specific industries and across different market sectors, which is facilitated by the availability of investment capital through the development of market finance.

2.1.4.4 Restructuring the economy in the direction of modernization

According to Fereshteh (2018), increased investment capital enhances an economy's ability to harness its potential, leading to the development of new competitive advantages in the global labor market By leveraging internal resources and external opportunities, countries can pinpoint key industries, resulting in a transition toward a modernized economic structure characterized by a decline in agricultural contributions to GDP and a rise in manufacturing and services, ultimately boosting the workforce.

2.1.4.5 Expand the market, promote economic exchange and integration

Skenderi (2012) highlights the diverse evolution of production, emphasizing that businesses leveraging various investment capital sources enhance market relations and expand both regionally and internationally The influence of domestic capital enables enterprises to better meet local demands while progressively increasing their export capabilities.

2.1.4.6 Help to solve social problems

Review of related studies

2.2.1 Review of related studies in other countries

Foreign investment capital flows are considered one of the necessary capital flows to help the development of the economy now and in the future Maqsood et al.

(2017) studied factors affecting foreign direct investment in Pakistan.

2.2.2 Review of related study in Vietnam

In a study conducted by Loc and Tuyet (2013), the factors influencing enterprise satisfaction with foreign direct investment (FDI) were examined in Da Nang city Utilizing a quantitative research method, the researchers surveyed 150 FDI enterprises through a detailed questionnaire, employing a convenient sampling approach on May 5, 2012.

Nhuan (2017) identified key factors influencing foreign direct investment (FDI) attraction in the Red River Delta economic region These factors include investment infrastructure, investment policies, the quality of public services, availability of human resources, living and working conditions, competitive input costs, investment advantages, and the strength of local brands.

The experiences in investment capital attracting

Despite the significant decline in global investment due to the Covid-19 pandemic, China, Singapore, Thailand, and Malaysia continued to attract international investors, demonstrating strong and stable investment flows from 2020 to 2021.

2.3.1.1 China: Combining attracting capital and attracting knowledge

China is considered to have a "taking advantage of foreign capital" method The process of attracting FDI of this country has progressed from "point" to "route," from

"route" to "area," from South to North, from East to West, step by step, expanding in fields with different levels (Amanda, 2017).

Foreign Direct Investment (FDI) enterprises significantly impact China's economy, contributing around 30% to the nation's GDP and generating over 20% of its tax revenue through corporate income tax Additionally, these enterprises create nearly 72,000 jobs annually and are crucial in boosting exports and enhancing foreign trade.

2.3.1.2 Singapore: Many policies to attract investors

Despite many ASEAN countries possessing abundant natural and human resources, they remain trapped in the middle-income bracket In contrast, Singapore has experienced remarkable growth since becoming an autonomous state in 1959, starting from nearly zero resources By 2012, the Singapore Bureau of Statistics reported a per capita GDP of $65,048 This impressive economic advancement can be attributed, in part, to substantial foreign direct investment (FDI), which has continued to flow into the nation even amid global economic downturns (Zeonag, 2019).

2.3.1.3 Thailand and Malaysia: Investing in a selective direction

Foreign Direct Investment (FDI) has long been recognized as a vital driver of the Thai economy, prompting the government to implement favorable policies aimed at maximizing the benefits of this capital influx (Zeonag, 2019).

Between 1959 and 1971, Thailand adopted an economic development strategy aimed at substituting imported goods with domestic production The government gradually reduced its investment role while promoting private sector investment In line with this strategy, Thailand established the Ministry of Investment in 1959 and introduced the Investment Act in 1960.

The Covid-19 pandemic has significantly disrupted Vietnam's economy and society, particularly in attracting investment capital The fourth wave of the epidemic has had a direct impact on key industrial hubs, including Ho Chi Minh City, Bac Ninh, Quang Ninh, Dong Nai, and Binh Duong, where numerous enterprises and industrial parks are located.

2.3.2.1 The experiences in investment capital attraction in Binh Duong province

In 2021, Binh Duong was heavily affected by the Covid-19 epidemic However,budget revenue and investment capital attraction in this locality still exceeded its plan.

In recent years, Binh Duong has significantly improved its position in attracting foreign investment, moving from 3rd place to 2nd place in the country in 2021, trailing only behind Ho Chi Minh City.

2.3.2.2 The experiences in investment capital attraction in Quang Ninh province

Despite the challenges posed by the Covid-19 pandemic, Quang Ninh has demonstrated resilience in attracting investment capital since the start of 2020, achieving positive results The province remains a secure investment destination and ranks among the top growth areas in the country By prioritizing the enhancement of the business and investment environment and boosting competitiveness, Quang Ninh has established itself as a significant economic highlight in Vietnam.

2.3.2.3 The experiences in investment capital attraction in Bac Ninh province

Bac Ninh province, like many regions nationwide, faced significant challenges due to the Covid-19 pandemic, particularly during the fourth wave of outbreaks In response, the province has focused on strengthening associations and implementing activities aimed at attracting investment capital to stimulate economic recovery and growth.

In 2021, Bac Ninh experienced a remarkable economic revival, emerging early from the epidemic's impact and successfully restoring production and business activities This resurgence has led to significant socio-economic development, positioning Bac Ninh among the top 10 provinces in Vietnam for attracting investment capital, thanks to its strategic recognition of advantages and effective management of challenges.

2.3.3 The lessons in investment capital attraction for Dong Nai province

To enhance investment capital attraction, Dong Nai province should prioritize the announcement of comprehensive policies and regulations related to investment and business This includes amending outdated or unclear content and addressing any inconsistencies The province must strive to create a stable, predictable, and transparent investment environment Additionally, it is essential to develop attractive and preferential investment strategies that are more competitive than those offered in other regions.

Dong Nai province should enhance the visibility of approved plans to facilitate foreign investors' access to essential planning information, aiding them in developing investment proposals that align with provincial approvals To ensure high-quality plans, the province must improve its planning institutions and enhance management efficiency in executing planning tasks for investment and development Additionally, it is crucial to strengthen the connection between land use planning and the master socio-economic development plan, prioritizing land resources for the implementation of approved projects.

Dong Nai province should enhance its investment appeal in socio-economic infrastructure by prioritizing attractive and feasible projects for public-private partnerships (PPP) It is essential to implement favorable policies for large-scale infrastructure initiatives that significantly impact overall development Additionally, Dong Nai must allocate budget capital to support collaborative investments in viable PPP projects that attract foreign investors.

Dong Nai province should prioritize the development of supporting industries by identifying key sectors and products that qualify for preferential treatment, thereby enhancing incentives to attract investors Additionally, the province must bolster financial support and incentives for existing investors, promoting a unified pricing system for utilities and services under a "one price" mechanism for both foreign and domestic enterprises To improve transparency and efficiency, Dong Nai should simplify tax reporting and financial statement processes, allowing for payments via post or internet with coded accounts Furthermore, optimizing the handling of administrative requirements and procedures for taxpayers will contribute to a more efficient business environment.

"one-stop shop" mechanism to make more efficient and straightforward for taxpayers.

Dong Nai must enhance the qualifications and expertise of its tax officers, focusing on advanced knowledge, tax administration skills, and professional ethics Regular retraining should be conducted to keep staff updated with new policies and procedures Fostering a positive behavioral culture will reinforce the internal inspection system within tax departments, effectively controlling and gradually eliminating harassment or intimidation of businesses.

The gap in the studies

Through researching related Vietnamese and foreign scientific works, the author makes some general observations:

Recent studies indicate a significant relationship between foreign direct investment (FDI) and economic growth in Vietnam, despite previous doubts regarding this connection in the current regional context The consensus among recent research highlights that FDI plays a crucial role in driving Vietnam's economic development.

Public-private partnership mechanisms are essential for mitigating political risks and addressing challenges such as unclear public policies, legal obstacles in procurement and investment processes, and inadequate institutional capacity These factors significantly impede capital investment in infrastructure development.

Investing in long-term infrastructure assets requires the timely implementation of state mechanisms and policies, alongside the development of financial regulations tailored to each country's infrastructure needs This study emphasizes the importance of public financial support for strategic projects, encourages active participation from investment institutions in infrastructure management, and advocates for a stable legal framework to facilitate infrastructure projects while optimizing funding sources.

Most studies assess the importance of the credit market and the relationship between lenders and borrowers, particularly enterprises in the economy.

- The majority of research focused on one or several typical resources to exploit and utilize.

The research also contains its author's subjective ideas by collecting secondary data from agencies and statistical organizations but has not provided an appropriate forecasting tool.

- The studies rarely use surveys or collect primary data to assess truthfully and objectively researched subjects accordingly.

The articles rarely use factor analysis methods and quantitative research to evaluate the ability to attract investment capital in a locality to propose each location's specific policy implications.

Research on the relationship between investment attraction and sustainable economic growth remains limited and unclear, particularly in light of the challenges posed by the Covid-19 pandemic and constrained capital supply This presents a unique opportunity to explore how external resource attraction can support the maintenance and recovery of sustainable economic growth in the country.

From the above general assessment, the dissertation proposes the following research model.

The scientific basis for building a research model

2.5.1 The scientific basis for building a research model

Numerous studies by both domestic and international authors have identified various factors influencing investment attraction, including inflation, interest rates, exchange rates, and economic conditions Key elements that frequently emerge from these analyses are: infrastructure, investment policy, the working and living environment, public service quality, regional connectivity, human resources, technology, and investment costs.

Table 2.1: Factors affecting investment capital attraction

Factors Foreign authors Vietnamese authors

Infrastructure Maqsood et al (2017) Loc and Tuyet (2013)

Investment policy Michael et al (2019) Nhuan (2017)

Working and living environments Sebastian (2018) Hau and Tuyet (2013)

Public service quality Zeithaml et al (1988) Truc (2017)

Regional connectivity Magnus and Ari (1997) Ha (2018)

Human resources Donna and Ramirez (2018) Bang et al (2016)

Technology Batoul et al (2014) Ho (2011)

2.5.2 Research model and research hypothesis

The research model includes the following factors for investment capital attraction:

8 Investment costs The research model proposed by the author will have one-way arrows showing the cause-and-effect relationship, also known as the research hypothesis The goal is to collect data, then use the software to test whether these research hypotheses are met or not In the research, the research model is a fundamental concept for evaluating the dissertation The research model is a diagram that shows the relationship between variables The most commonly used variables are of two types, independent variables and dependent variables The author has used the following research model:

Figure 2.1 : The author introduces the research model

Managi and Bwalya (2010) found that foreign investors prioritize locations with robust investment infrastructure that can expedite project execution To attract foreign direct investment, host countries must enhance operational efficiency by developing essential facilities such as roads, railways, airports, ports, and utilities like electricity and water, along with effective pre-investment communication systems Consequently, the authors propose the hypothesis H1: Lowering transportation and communication costs can enhance investment efficiency.

Hypothesis H1: Infrastructure positively impacts the investment capital attraction in Dong Nai province.

Hypothesis H2: Investment policy positively impacts the investment capital attraction in Dong Nai province.

Hypothesis H3: Working and living environments positively impact the investment capital attraction in Dong Nai province.

Hypothesis H4: Public service quality positively impacts the investment capital attraction in Dong Nai province.

Hypothesis H5: Regional connectivity positively impacts the investment capital attraction in Dong Nai province.

Hypothesis H6: Human resources positively impact the investment capital attraction in Dong Nai province.

Hypothesis H7: Technology positively impacts the investment capital attraction in Dong Nai province.

Hypothesis H8: Investment costs positively impact the investment capital attraction in Dong Nai province.

Hypothesis H9: Investment capital attraction positively impacts sustainable economic growth in Dong Nai province.

Chapter 2 presented an overview of sustainable economic growth, including capital concept, attraction, and sustainable economic growth The author then reviewed the capital and investment attraction for sustainable economic growth and references domestic and foreign studies related to attracting investment capital.

RESEARCH METHODOLOGY

Research procedure

According to Tho (2011), the research process involves several key steps: first, the author synthesizes theoretical foundations and related studies both domestically and internationally to construct a research model Once the model is established, an expected scale is developed, which is then examined for reliability and preliminary value through initial data collection Following the refinement of the primary scale, official data is gathered to test the research model and hypotheses Ultimately, the author concludes the study by presenting findings and offering policy implications aimed at attracting investment capital.

Qualitative research

In this dissertation, the author employs qualitative research to effectively describe and analyze the characteristics of the research sample, as well as the behaviors of experts and enterprise leaders from the researcher's perspective.

Table 3.1: The results of the discussion of 30 managers

1 Infrastructure (IN) Agree; there is a supplement

2 Investment policies (IP) Agree; there is a supplement

3 Working and living environment (WLE) Agree; there is a supplement

4 Public service quality (PSQ) Agree; there is a supplement

5 Regional connectivity (RC) Agree; there is a supplement

6 Human resources (HR) Agree; there is a supplement

7 Technology (TE) Agree; there is a supplement

8 Investment costs (IC) Agree; there is a supplement

This dissertation employs qualitative research methods, specifically conducting in-depth interviews with 30 experts from Dong Nai province to gather insights on the proposed scales As outlined in Table 3.1, a group discussion was held with these experts, during which the author presented her original scale design to solicit their feedback and opinions.

This study examines the key factors influencing the attraction of investment capital for sustainable economic growth in Dong Nai province Experts have established criteria to evaluate these factors, and focus group discussions identified eight critical elements that impact investment capital attraction By assessing the current situation of investment capital influx, the study aims to highlight the essential factors necessary for fostering sustainable economic development in the region.

Following the design of the original scale, the author facilitated group discussions with 30 experts to gather their insights The feedback from these experts, combined with the theoretical framework outlined in Chapter 2, informed the development of the scale The findings indicate that all observed variables were retained in the original scale, confirming the clarity and relevance of the identified factors.

Effective questionnaire design is crucial in research, as highlighted by Trong and Ngoc (2008) It serves to gather data through surveys, forming a foundation for scientific reasoning and supporting the study's hypotheses or issues This particular questionnaire aimed to collect data, assess opinions, and evaluate the factors influencing investment capital attraction and sustainable economic growth in Dong Nai province.

3.2.4 The results of the scale test through preliminary quantification

Focus group interviews have yielded valuable insights for the dissertation research Each group participated in discussions led by the author, with a secretary assisting in the detailed documentation of the conversations The collected data was then analyzed, categorized, and synthesized based on shared opinions, leading to the enhancement of existing scales and the development of new ones in accordance with theoretical frameworks.

3.2.5.1 Exploratory Factor Analysis for KMO and Bartlett's Test

Table 3.2: KMO and Bartlett's Test

Kaiser-Meyer-Olkin Measure of Sampling Adequacy 0.704

The analysis presented in Table 3.2 indicates a KMO coefficient of 0.704, which exceeds the acceptable threshold of 0.5, alongside a significance value of 0.000, well below the 0.05 benchmark These strong results led the author to retain all variables related to sustainable economic growth (SEG), as the scaling coefficient is within the permissible limits.

3.2.5.2 Testing for Total Variance Explained

Exploratory Factor Analysis (EFA) is a quantitative technique that simplifies a large set of interrelated measurement variables into a smaller group of meaningful factors, retaining most of the original information (Hair et al., 2010).

Result shows that there are ten components included:

2 Component 02 is the working and living environment (Wle),

4 Component 04 is investment costs (Ic),

5 Component 05 is human resources (Hr),

6 Component 06 is public service quality (Psq),

7 Component 07 is sustainable economic growth (Seg),

8 Component 08 is Investment policies (Ip),

9 Component 09 is regional connectivity (Rc),

10.Component 10 is investment capital attraction (Ica).

Quantitative research

3.3.1 Sample size and sampling techniques

In this study, the author calculated the sample size based on two authors as follows:

- Apply Hair et al (2010) for EFA analysis (N = 5 * m) Minimum sample size N > 5

*m (m: Total number of observed variables) With the number of variables of 39, the author calculated the minimum sample investigated as 39 * 5 = 195 samples, corresponding to 195 minimum business owners to explore.

In accordance with Tabachnick and Fidell's (1996) guideline for regression analysis, the required sample size can be determined using the formula N = 50 + 8 * m, where m represents the number of independent variables This dissertation incorporates eight independent variables, leading to a calculated sample size of N = 50 + 8 * 8.

8 = 114 samples) So, the minimum sample number is 114, corresponding to the 114 minimum business owners to investigate.

The author employed a random sampling method based on Slovin's formula (1984), expressed as n = N/[1 + N(e)²], where N represents the total number of business owners, which is 12,000 In this calculation, n denotes the sample size, and e signifies the permissible error, set at 0.05 Consequently, the minimum sample size required for the study is determined to be 400 business owners.

The author conducted a research study utilizing a non-probability random sampling method, focusing on convenience and accessibility to gather data A research questionnaire was developed and distributed directly to investors in Dong Nai province, facilitating an efficient survey process.

The author collected primary data by determining the sample size and sampling method for the study Utilizing official questionnaires, direct interviews were conducted with business owners in Dong Nai province, surveying a total of 1,000 enterprises After the completion of the questionnaires, the author ensured accuracy by reviewing the responses, cleaning the data, and eliminating any invalid entries The survey was conducted between October 2020 and December 2020.

Between 2019 and 2020, a study was conducted in Dong Nai province, utilizing secondary data gathered from the HR administration department, annual summary reports, and various relevant departments within local enterprises Additionally, the author sourced information from the websites of pertinent ministries to enhance the research findings.

This dissertation employs descriptive statistics to analyze key characteristics of survey data collected from 1,000 business owners in Dong Nai province Utilizing graphical representations, descriptive statistics facilitate a better understanding of phenomena and informed decision-making Key methods applied include frequency, probability, and cumulative frequency analyses, alongside calculations of mean values, standard deviations, variances, and standard errors, as outlined by Trong and Ngoc (2008).

3.3.3.2 Cronbach alpha test of reliability

In this study, the author utilized Cronbach's Alpha coefficient to assess the reliability of the survey data scale, employing SPSS 20.0 software for analysis The aim was to identify which question items should be retained or removed, as outlined by Trong and Ngoc (2008), thereby eliminating ineffective observed variables Items with Corrected Item-Total Correlation coefficients below 0.3 were deemed disqualified, while a Cronbach's Alpha coefficient of 0.6 or higher was set as the criterion for scale selection.

In this study, the author employed exploratory factor analysis to assess both convergent and discriminant validity Researchers frequently focus on established standards within discovery factor analysis A key metric utilized is the KMO (Kaiser-Meyer-Olkin measure of sampling adequacy), which evaluates the suitability of conducting factor analysis.

Confirmatory factor analysis (CFA) is utilized when researchers have a clear understanding of the latent variable structure, as highlighted by Hair et al (2010) This statistical test is based on pre-existing hypotheses derived from theory or experimentation, allowing researchers to assess the validity of a theoretical model against observed data In CFA, observed variables serve as indicators in the measurement model, reflecting the underlying theoretical concepts Additionally, CFA is considered a subset of structural equation modeling (SEM).

3.3.3.5 Testing of structural equation modeling (SEM)

Structural Equation Modeling (SEM) facilitates the examination of causal relationships between latent concepts through various indicators that assess both measurement and structural aspects of theoretical models According to Hair et al (2010), SEM is primarily utilized for statistical hypothesis testing by analyzing the connections between observed variables This advanced modeling technique integrates multivariate regression, factor analysis, and mutual relationship analysis, enabling researchers to explore intricate relationships within a network diagram Unlike traditional statistical methods that focus on estimating partial relationships between pairs of factors, SEM allows for the simultaneous evaluation of all elements within the comprehensive model, providing a holistic view of the relationships involved.

3.3.3.6 Testing analysis of variance (ANOVA)

Before conducting ANOVA analysis, it's essential to perform a test for the usability of the results The Test of Homogeneity of Variances indicates that if the significance (Sig) value is less than 0.05, the variance is considered statistically different Conversely, if the Sig value is greater than 0.05, the variance is not significantly different.

= 0.05, the variance is not statistically different Then, the problem of analyzing conflict ANOVA ends The ANOVA analysis results can be used.

The bootstrap method is a set of analytical techniques based on samples with replacements to estimate parameters that are not resolved by ordinary statistics Hair et al.

The Bootstrap method, introduced in 2010, is a sampling technique that involves drawing samples with replacement, allowing items to appear multiple times within a single selection This innovative approach has become a standard in statistical analysis, revolutionizing the field by addressing numerous previously unsolvable problems.

In Chapter 3, the author distinguishes between preliminary and official research, focusing on primary research that encompasses both domestic and international studies related to the research topic The qualitative aspect of this dissertation involves in-depth interviews with 30 experts from Dong Nai province to gather insights on the proposed scales During a group discussion, the author presented her original scale design, allowing experts to provide criteria for evaluating factors that influence investment capital attraction for sustainable economic growth Following this, official research was conducted to develop a research questionnaire, which involved encoding the scale and collecting data from 1,000 business owners representing 1,000 enterprises in Dong Nai province The research methodology included scale evaluation theory, Cronbach's Alpha analysis, exploratory and confirmatory factor analysis, structural equation modeling, as well as variance and bootstrap analysis, with results detailed in Chapter 4.

RESEARCH RESULTS

Overview of Dong Nai province

Dong Nai province, located in the Southeastern region of Vietnam, covers an area of 5,903,940 km², representing 1.76% of the nation's total land and 25.5% of the Southeast region It comprises 11 administrative units, including Bien Hoa city, which serves as the political, economic, and cultural hub of the area, alongside Long Khanh city and nine districts: Long Thanh, Nhon Trach, Trang Bom, Vinh Cuu, Cam My, Thong Nhat, Xuan Loc, Dinh Quan, and Tan Phu.

Dong Nai province features a predominantly flat and direct landscape, characterized by scattered mountain ranges that gradually decrease in elevation from north to south The primary types of terrain in the region can be clearly identified.

River terraces, ranging from 2 to 10 meters in height, create narrow strips along rivers, with widths varying from a few meters to several kilometers This terrain is primarily characterized by modern land use.

Dong Nai province has mostly rich and fertile land However, according to the origin and quality of the soil, it can be divided into the following three general groups:

The natural area spans 229,416 hectares in the North and Northeast of the province, featuring fertile soils derived from basalt This includes pumice, black, and red soils, which collectively cover 39.1% of the region These high-fertility soils are ideal for cultivating both short and long-term industrial crops, including rubber, coffee, and pepper.

Dong Nai is located in the subtropical monsoon tropical area but is less affected by natural disasters, It has two contrasting seasons: dry and rainy.

The year-round high temperature is suitable for developing tropical crops, especially industrial crops with high export value.

As of April 1, 2019, the province's population reached nearly 3.1 million, with over 871,000 households, making it the fifth most populous province in Vietnam, following Ho Chi Minh City, Hanoi, Thanh Hoa, and Nghe An Males constitute 50.45% of the total population, while urban residents represent 32.9% of the overall demographic.

Power supply: The province uses the standard power source of the national grid. Distribution system of 110/220 KV high voltage grid with 2,400 MVA substations, 15/22

The medium voltage grid, featuring 2,500 MVA transformer stations, spans 171 wards, towns, and townships, effectively meeting the electricity supply demands of investors By 2010, the province's power output exceeded 6.1 billion kWh, showcasing its capacity to support growing energy needs.

Dong Nai province boasts a well-developed transportation network, featuring major national roads such as National Highway 1A, National Highway 20, and National Highway 51 It is strategically located near the North-South railway, Tan Son Nhat International Airport, and key port clusters, including Sai Gon and Thi Vai ports in Vung Tau, facilitating extensive domestic and international trade.

Dong Nai has diverse and rich natural resources, including gold, tin, and zinc; with many quarries of stone, kaolin, peat, clay, river sand; forest resources, and water resources.

Dong Nai boasts a robust fisheries sector supported by its extensive network of lakes, dams, and rivers Tri An Lake, spanning 323 km², along with more than 60 rivers and canals, creates an ideal environment for the growth of various aquatic markets, including fish and shrimp farming.

Dong Nai is rich in ancient civilization, boasting valuable cultural and historical relics alongside natural attractions ideal for relaxation and ecotourism Key tourism development areas include Cat Tien National Park, the Dong Nai River, the War Zone D cultural and historical zone, Buu Long tourist area, Cu Lao Pho, the pomelo village of Tan Trieu, and Mai Waterfall - Hot Water Lake Additionally, the region features significant archaeological sites such as the Hang Saigon ancient tomb and Binh Da stone herd, with numerous planned tourist sites in Bien Hoa city, Nhon Trach, and Trang Bom districts.

4.1.10 Status of attracting investment capital from 2019 to 2020 in Dong

Dong Nai has actively enhanced its infrastructure and implemented various preferential policies to attract investors, alongside reforming administrative procedures through a "one-stop" initiative These efforts have led to significant improvements in the province's foreign direct investment (FDI) landscape, resulting in a higher quantity and better quality of projects.

Dong Nai is one of the most successful localities in the country in attracting capital.

Between 2019 and 2020, Dong Nai province experienced a notable improvement in Foreign Direct Investment (FDI) attraction, coinciding with a global economic recovery and increased investment flows The province saw a rise in new projects and investment capital, with 88 new projects amounting to $1.025 billion in 2017, followed by 92 projects worth $1.234 billion in 2018 This upward trend continued in 2019, when Dong Nai attracted 114 new projects with a total investment of approximately $1.375 billion.

Research results

4.2.1 Descriptive statistics of the research sample

A survey conducted among 1,000 business managers in Dong Nai province achieved a response rate of 93.9%, yielding 939 valid votes after excluding 61 invalid responses The findings reveal key demographic insights from the participants.

Table 4.1: Sample structure by gender

Gender Frequency Percent Valid Percent Cumulative

(Source: Data processed by SPSS 20.0)Table 4.1 shows that 420 male managers accounted for 44.7% with the remaining55.3% female and 939 valid survey responses.

4.2.2 Cronbach alpha test of reliability

4.2.2.1 Cronbach alpha test of reliability for independent variables

- Factor “Infrastructure (IN).” In this dissertation, the author tested all five items of

“Infrastructure (IN)” in data analysis by SPSS 20.0 which gave the following results:

Results show the factor "Infrastructure (IN)" with Cronbach's Alpha coefficient of 0.888, and all variables are more significant than 0.6.

Cronbach Alpha test of reliability for independent variables had more than 0.6.

4.2.3 Exploratory factor analysis (EFA) and Confirmatory factor analysis

4.2.3.1 Exploratory factor analysis (EFA) for all variables

Exploratory Factor Analysis (EFA) is a key method for assessing two important values of a scale: convergent validity and discriminant validity As part of interdependence techniques, EFA does not distinguish between dependent and independent variables, focusing instead on the interrelationships among variables This method effectively reduces a larger set of observations (k) into a smaller set of significant factors (F), where F is less than k, by analyzing the linear relationships between these factors and the observed variables.

The KMO coefficient is 0.799, with a significance level of 0.000, indicating that factor analysis is appropriate for the survey data collected from 939 managers A KMO value between 0.5 and 1.0 suggests that the factor analysis is consistent, confirming the validity of the results The analysis identified ten components, with the first component being technology (Te).

(2) Component 02 is working and living environment (Wle); (3) Component 03 is infrastructure (In); (4) Component 04 is investment costs (Ic); (5) Component 05 is human resources (Hr); (6) Component 06 is sustainable economic growth (Seg); (7) Component

07 is investment policies (Ip); (8) Component 08 is regional connectivity (Rc); (9)

Component 09 is public service quality (Psq), and Component 10 is investment capital attraction (Ica).

4.2.3.2 Confirmatory factor analysis (CFA) for all variables

Confirmatory Factor Analysis (CFA) follows exploratory factor analysis and focuses on the design, identification, testing, and refinement of measurement models independently The primary goal of CFA is to develop appropriate metrological models for testing structural models Below are the results of the CFA.

The study utilized Confirmatory Factor Analysis (CFA) through AMOS software to examine the scale structure and relationships among research concepts without measurement error bias CFA enables simultaneous evaluation of all model ideas, allowing for free relationships among concepts, and provides localized assessments for individual views or pairs This analysis clarifies scale effectiveness by assessing data suitability against reality, testing convergence and discriminant validity, verifying model directionality, and determining aggregate reliability and extraction variance.

Thus, the above analysis shows that the model conformity test was conducted.

Table 4.2: CFA test results on all items

Measurement indicators Value Criterion Conclusion

Table 4.2 presents the model's appropriateness indicators, including chi-square, CMIN/df, CFI, TLI, and RMSEA, all of which meet satisfactory criteria A model is deemed appropriate when the chi-squared test yields a p-value of less than 0.05, indicating that the results align with the research data set.

4.2.4 Testing of structural equation modeling (SEM)

4.2.4.1 Analysis of coefficients in the model

Structural Equation Modeling (SEM) is a preferred linear modeling technique for testing research models due to its advantages over traditional methods like multivariate regression One key benefit of SEM is its ability to account for measurement error Additionally, SEM enables the integration of latent variables and allows for independent or simultaneous consideration of measurements within research models Furthermore, the Maximum Likelihood (ML) estimation method is employed to estimate the parameters of the research model effectively.

(Source: Data processed by SPSS 20.0, Amos)

Figure 4.1: Model for factors affecting investment capital attraction and sustainable economic growth

The SEM analysis results, as shown in Figure 4.1, indicate a CMIN/DF value of 4.649, GFI of 0.862, TLI of 0.914, CFI of 0.926, and RMSEA of 0.062 These values satisfy the criteria of CMIN/DF being less than 5.0, TLI, GFI, and CFI ranging from 0.8 to 0.96, and RMSEA being less than or equal to 0.08 Consequently, the model demonstrates a satisfactory alignment with reality The standardized estimation results of the main parameters in the research model are also presented.

Bảng 4.3: SEM model tested such as results

The correlation between the factors Unstandardized

The SEM model test results, as presented in Table 4.3, indicate a satisfactory outcome, with positive and statistically significant regression coefficients, as evidenced by a P-value of less than 0.05.

The model results showed that investment capital and attraction factors also affect sustainable economic growth.

4.2.4.2 Analysis of regression coefficients in the SEM model

- The impact of infrastructure (IN) on investment capital attraction in Dong Nai province weights 0.149 with a standard error (S.E) of 0.049 (p = 0.002) Infrastructure (IN) positively impacts investment capital attraction in Dong Nai province.

The above results showed that hypothesis H1: infrastructure (IN) positively relates to investment capital attraction in Dong Nai province, accepted by research data.

Infrastructure encompasses vital components like electricity, water, transportation, and technical systems, including communication and banking It plays a crucial role in influencing the productivity of businesses This aligns with the findings of Maqsood et al (2017), which highlight the importance of infrastructure for the socio-economic development of a country and its regions.

Investment policies (IP) significantly influence the attraction of investment capital in Dong Nai province, with a weight of 0.236 and a standard error of 0.051 (p = 0.000) This indicates a positive correlation between effective investment policies and the influx of investment capital in the region.

The above results showed that hypothesis H2: Investment policies (IP) positively correlate with investment capital attraction in Dong Nai province, which is accepted by research data.

The study's findings align with Michael et al (2019), indicating that investment policy regimes significantly influence local government policies on investment incentives It highlights the importance of government dynamism in facilitating enterprise investment through streamlined administrative, legal, and tax procedures Additionally, the research emphasizes the necessity for clear and transparent policies, ensuring that documentation is promptly provided to businesses, thereby preventing public officials from engaging in illegal profiteering or harassment of enterprises.

The working and living environment (WLE) significantly influences investment capital attraction in Dong Nai province, with a weight of 0.077 and a standard error of 0.024 (p < 0.001) This positive correlation underscores the importance of enhancing WLE to boost investment opportunities in the region.

The above results showed that hypothesis H3: working and living environment (WLE) positively correlates with investment capital attraction in Dong Nai province, accepted by the research data.

The study's findings align with previous research by Sebastian (2018), highlighting that a conducive living and working environment—encompassing aspects such as culture, education, health, quality of life, leisure, harmony, and affordable living costs—creates an attractive setting for both investors and employees, fostering long-term engagement with the community.

The quality of public services (PSQ) significantly influences the attraction of investment capital in Dong Nai province, with a weight of 0.158 and a standard error of 0.033 (p = 0.000) This indicates a positive relationship between PSQ and investment capital attraction, highlighting the importance of enhancing public service quality to boost economic development in the region.

The results showed that hypothesis H4: public service quality (PSQ) positively correlates with investment capital attraction in Dong Nai province, accepted by the research data.

CONCLUSIONS AND POLICY IMPLICATIONS

Conclusions

Attracting investment capital is crucial for international economic integration and fostering local growth in Dong Nai province This influx of capital not only drives sustainable economic development through increased industrial production and export turnover but also generates jobs, enhancing the income of local workers While Dong Nai's results in capital attraction may be modest compared to other regions, there has been a notable improvement since the early implementation of investment policies The province remains committed to enhancing the quality of its investment and business environment, with a collaborative approach that involves all levels and sectors in this ongoing effort.

Policy implications

Research indicates that the technology factor plays a crucial role in attracting investment capital in Dong Nai province, exhibiting the highest standardized Beta coefficient of 0.531 among eight evaluated factors This positive relationship is statistically significant at the 5% level.

Dong Nai province should facilitate and incentivize businesses to adopt advanced, eco-friendly machinery and equipment that are energy-efficient while also promoting the transfer of technological expertise Additionally, the province must develop comprehensive technology plans and processes, including specifications, technical diagrams, software, and data information, to enhance production efficiency and foster innovation across various forms of technology for enterprises.

The regional connectivity factor significantly influences investment capital attraction in Dong Nai province, demonstrating a positive relationship at a 5% significance level Research findings indicate that this factor has a standardized Beta coefficient of 0.175, ranking second among eight evaluated factors.

The province is urging the Government to expedite key expressway projects, including Ben Luc - Long Thanh, Dau Giay - Lien Khuong, and Phan Thiet - Dau Giay, while also expanding the Ho Chi Minh City - Long Thanh - Dau expressway In tandem with enhancing transportation infrastructure, Dong Nai is proactively planning land resources for new industrial zones to attract future investments To support this initiative, the province has approved the addition of two new industrial zones: Phuoc An, spanning 330 hectares, and Phuoc Binh 2, covering 590 hectares, to its industrial park development plan.

Research indicates that the quality of public services significantly influences investment capital attraction, evidenced by a standardized Beta coefficient of 0.115, ranking third among eight factors Furthermore, there is a positive correlation between public service quality and investment capital attraction in Dong Nai province, with a significance level of 5%.

Dong Nai province is advancing its administrative reform by transitioning to a modern interconnected one-door model, which includes the implementation of an electronic one-door system This initiative is essential for enhancing the efficiency of public administration To support this transition, the province is renovating and upgrading the reception department's office and utilizing standardized software in accordance with ISO standards to streamline processes and improve service delivery.

Research indicates that the investment costs factor significantly influences investment capital attraction in Dong Nai province, with a standardized Beta coefficient of 0.108, ranking fourth among eight factors This relationship is positive and statistically significant at the 5% level.

Dong Nai province is actively enhancing its business and investment environment to boost economic competitiveness in line with the demands of the 4.0 industrial revolution The province is witnessing a significant increase in the establishment of new businesses while simultaneously working to lower the rates of business dissolutions and shutdowns By reducing input costs, opportunity costs, and informal expenses for both businesses and residents, Dong Nai is making strides toward achieving its socio-economic development goals.

Research indicates that the human resources factor plays a significant role in attracting investment capital in Dong Nai province, with a standardized Beta coefficient of 0.105, ranking fifth among eight factors This relationship is positive and statistically significant at the 5% level.

Dong Nai province is dedicated to enhancing its human resource development by modernizing management practices and improving the effectiveness and efficiency of its management apparatus Key reforms focus on policies and mechanisms that create a better work environment, establish favorable employment conditions, and ensure adequate income, insurance, social protection, and housing for employees, ultimately aiming to improve living conditions and settlements in the region.

Research indicates that investment policies play a significant role in attracting investment capital, with a standardized Beta coefficient of 0.100, ranking sixth among eight factors In Dong Nai province, there is a positive correlation between investment policies and the attraction of investment capital, confirmed at a 5% significance level.

Dong Nai province is actively reassessing its financial and tax policies to enhance its appeal for foreign direct investment (FDI) By refining these policies, the province aims to establish a more efficient tax system that minimizes compliance costs Additionally, Dong Nai is conducting a thorough evaluation of its investment incentive policies across various sectors and occupations to determine their effectiveness, particularly concerning their scale.

Infrastructure significantly influences investment capital attraction in Dong Nai province, demonstrating a positive relationship at a 5% significance level The research findings indicate that infrastructure's impact on attracting investment capital is reflected in a standardized Beta coefficient of 0.089, ranking seventh among eight assessed factors.

Dong Nai province is actively enhancing its traffic infrastructure, which plays a crucial role in attracting domestic investment To further improve the information and transportation systems, local authorities are focused on developing a comprehensive and efficient communication infrastructure, ensuring the advancement of information infrastructure in the upcoming years.

Research results showed that investment capital attraction in the working and living environment factor has a standardized Beta coefficient of 0.089, the smallest among eight factors.

Dong Nai province is committed to enhancing its human resources, particularly in high-demand sectors, by implementing effective development solutions The province focuses on improving the quality of human resources while transforming the labor structure, especially in rural areas Efforts include diversifying labor supply-demand connections and effectively enforcing the labor code Additionally, Dong Nai aims to cultivate a new generation of intellectuals by adopting mechanisms for selecting, nurturing, and valuing talent.

Limitations and suggestions for further research

The dissertation conducted in Dong Nai reveals that the representative results are limited, primarily due to the research model testing only 1,000 business leaders out of over 20,000 in the province While the research objectives were established, the study's reliance on convenient random sampling within a localized area poses significant limitations Additionally, important factors, such as trade promotion activities, were not incorporated into the research model, further affecting the comprehensiveness of the findings.

To address existing limitations and weaknesses, it is essential to conduct more comprehensive studies that minimize errors Additionally, exploring factors like trade promotion activities can play a significant role in attracting nationwide investment capital Future research should also consider comparing the key factors influencing investment attraction in our country with those in other nations.

In Chapter 5, the 2022 epidemic continues to pose challenges for the economy, yet Dong Nai's development strategy prioritizes industrial growth and investment attraction Research identified eight significant factors influencing investment capital, each with a 5% significance level Consequently, the author proposes eight policy implications, focusing on enhancing technology and improving the working and living environment to foster investment.

The study highlights key factors influencing investment capital attraction, including infrastructure (In), investment costs (Ic), human resources (Hr), investment policies (Ip), regional connectivity (Rc), and public service quality (Psq) The findings are crucial for researchers and policymakers, providing a framework for enhancing investment strategies based on standardized coefficients ranked from high to low Additionally, the author acknowledges the research's limitations and proposes directions for future studies.

1 Abdikeev, N M., Yu, S., Bogachev, M and Melnichuk, V 2018, „Identifying the factors that contribute to the sustainable development of the national economy‟,

European Research Studies Journal, vol 11, no 2, pp 411-425.

2 Abdoulaye, O B., Xie, K and Oji-Okoro, I 2014, „Strategies and determinants of foreign direct investment (FDI) attraction‟, International Journal of Management

Science and Business Administration, vol 1, no 5, pp 81-89.

3 Adams, A 2018, „Technology and the labor market: the assessment‟, Oxford Review of Economic Policy, vol 34, no 3 pp 349-361.

4 Ahmad, N A., Ismail, N W and Nordin, N 2015, „The impact of infrastructure on foreign direct investment in Malaysia‟, International Journal of Management

5 Aikaterini, K and Ioannis P 2005, „Foreign direct investment and regional attractiveness in Southeastern European countries‟, European Journal of the

Regional Science Association, vol 2, no 3, pp 12-19.

6 Alvarado, R., Iủiguez, M and Ponce, P 2017, „Foreign direct investment and economic growth in Latin America‟, Economic Analysis and Policy, vol 56, no 3, pp 176-187.

7 Amanda, H 2017, Regional determinants of foreign direct investment - A study of Eastern China‟, Contemporary Economic Policy, vol 19, no 3, pp 336-346.

8 Anwar, Z., Saeed, R., Khan, M N and Shan, E A S 2013, „Determinants of foreign direct investment (FDI) in Pakistan‟s agricultural sector‟, Series Management,

Economic Engineering in Agriculture and Rural Development, vol 13, no 1, pp 13-

9 Arromdee and Vachira 2011, „State characteristics of the location of foreign direct investment within the United States‟, The review of Economics and Statistics, vol.

10.Bang, N V., Nghi, L Q and Vi, L C 2016, „Factors affecting the attraction of foreign direct investment into industrial zones in Dong Nai province‟, Science and technology development journal, vol 2, no 1, pp 5-18.

11.Batoul, M., Abdolhossein, A and Emil, T 2014, „The impact of technology transfer through foreign direct investment in developing nations: A case study in the United

Arab Emirates‟, International Journal of Economics and Finance, vol 6, no 7, pp. 108-126.

12.Binh, N T 2018, „Factors affecting the attraction of foreign direct investment in the Mekong River Delta economic region‟, Economy and Forecast Review, vol.

13.Cronin, J J and Taylor, S A 1992, „Measuring service quality: A reexamination and extension‟, Journal of Marketing, vol 56, no 3, pp 55-68.

14.David B., Stanley, F., Rudiger, D 2007, Economics, Statistical Publishing House, Hanoi, Vietnam.

15.Donna, T and Ramirez, J 2018, „Conservation capital and sustainable economic growth‟, Environmental and Resource Economics, vol 6, no 4, pp 341-358.

16.Edward, G S 2017, „Human capital for sustainable economic development‟, The

American Economic Review, vol 51, no 5, pp 1-12.

17.Elena, C D 2015, „Promoting and attracting foreign direct investment‟,

International Journal of Economics and Finance Studies, vol 4, no 3, pp 13-19.

18.Fereshteh, M M 2018, „Assessment of factors affecting the foreign investment attraction in Iran‟, Baltic Journal of Real Estate Economics and Construction

19.Globerman, S and Shapiro, D 2012, „Global foreign direct investment flow the role of governance infrastructure‟, World Development, vol 30, no 11, pp 1899-1919.

20.Gronroos, C 1984, „A service quality model and its marketing implications‟,

European Journal of Marketing, vol 18, no 4, pp 36-44.

21.Ha, N H 2018, „Solutions to attract foreign direct investment into Hau Giang province‟, Industry and Trade magazine, vol 3, no 2, pp 12-19.

22.Hair, J., Anderson, R., Tatham, R and Black, W 2010, Multivariate Data Analysis with Readings, US: Prentice-Hall: Upper Saddle River, NJ, USA.

23.Hanh, N P., Hung, D V., Hoat, N T and Trang, D T T 2017, „Improving quality of foreign direct investment attraction in Vietnam‟, International Journal of Quality

24.Hau, P X and Tuyet, P T B 2013, „Current situation and solutions to attract foreign direct investment for socio-economic development of Ho Chi Minh City‟, Journal of

Science, HCM City University of Education, vol 52, no 1, pp 16-26.

25.Henry, L and Ebru, E L 2001, „Turkey‟s performance in attracting foreign direct investment: implications of EU Enlargement‟, European Network of Economic

Policy Research Institutes, vol 8, no 1, pp 1-20.

26.Henseler, J., Ringle, C M and Sarstedt, M 2015, „A new criterion for assessing discriminant validity in variance-based structural equation modeling‟, Journal of the

Academy of Marketing Science, vol 43, no 1, pp 115-135.

27.Hezron, M O and Pauline, W K 2016, „Role of foreign direct investment on technology transfer and economic growth in Kenya: a case of the energy sector‟,

Journal of Innovation and Entrepreneurship, vol 5, no 31, pp 1-25.

28.Ho, H D 2011, Factors affecting investment attraction in industrial zones,

Quantitative research methods, and practical studies in the development economy - agriculture, Phuong Dong publisher, HCM City.

29.Huong, N V., Duong, D Q and Thuy, D T T 2018, „The impacts of human resources and foreign direct investments to Vietnam‟s economic growth‟, Journal of Management and Sustainability, vol 8, no 4, pp 125-128.

30.Ishak, Y and Rahmah, I 2002, „Human resource competitiveness and inflow of foreign direct investment to the ASEAN region‟, Asia-Pacific Development Journal, vol 9, no 1, pp 89-106.

31.Isusic, M S and Susic, M 2019, „Foreign direct investments and their impact on the economic development of Bosnia and Herzegovina‟, Materials Science and

32.Ivo, S and Garry, J 2010, „Human capital and sustainability‟, Sustainability, vol 2, no 1, pp 1-45.

33.Jennifer, T and Susan, R 2005, „Foreign direct investment and the business environment in developing countries: The impact of bilateral investment treaties‟,

Journal of International Economic Law, vol 5, no 3, pp 647-688.

34.Jonathan, M 2001, „The impact of foreign direct investment on human capital enhancement in developing countries‟, Industry and Innovation, vol 4, no 2, pp 1- 23.

35.José, J and Campos, A 2019, „Background analytical study: forests, inclusive and sustainable economic growth, and employment‟, United Nations Forum on Forests,vol 1, no 1, pp 1-52.

36.Kabir, M H 2015, „FDI, information technology and economic growth in the MENA region‟, Journal of International Economics, vol 33, no 1, pp 57-76.

37.KalIappana, S R., Khamis, K M and Ismail, N W 2015, „Determinants of services FDI inflows in Asian countries‟, International Journal of Economics and

In their 2017 study published in the International Journal of Economics & Management Sciences, Khorrami and Fakhimi explore the key factors influencing foreign investment in the construction and development of industrial towns in East Azerbaijan province Their research highlights the critical elements that attract investors, providing valuable insights into the economic dynamics of the region This analysis contributes to understanding how to enhance investment opportunities in industrial development.

39.Lal, A K 2017, „Foreign direct investment, trade openness and GDP in China, India and Mexico‟, The Singapore Economic Review, vol 62, no 5, pp 1059-1076.

40.Loc, L T and Tuyet, N T 2013, „Factors affecting the enterprises‟ satisfaction of foreign direct investment: A case study in Da Nang city‟, Industry and Trade magazine, vol 11, no 21, pp 73-78.

41.Magnus, B and Ari, K 1997, „Regional integration and foreign direct investment: A conceptual framework and three cases‟, Journal of International Economics, vol 7, no 1, pp 317-322.

42.Managi, S and Bwalya, S M 2010, „Foreign direct investment and technology spillovers in sub-Saharan Africa‟, Applied Economics Letters, vol 17, no 3, pp 605- 608.

43.Manijeh, T and Barzelaghi, E 2012, „The effect of transportation infrastructure on foreign direct investment attraction in Iran‟, International Journal of Economics And

Finance Studies, vol 4, no 2, pp 153-161.

44.Maqsood, H., Sajida, G., Sajjad, A A and Saima, B 2017, „Factors affecting foreign direct investment in Pakistan‟, International Journal of Business & Management, vol 12, no 2, pp 136-149.

45.Mariasole, B and Renato, R 2014, „Air connectivity and foreign direct investments: Economic effects of introducing new routes‟, European Transport Research Review, vol 6, no 1, pp 355-363.

46.Michael, A., Daniel, O and Jacob, A 2019, „Analysis of the determinants of foreign direct investment in Ghana‟, Journal of Asian Business and Economic Studies, vol.

47.Michael, G and Serhiy, M 2020, „Regional development and foreign direct investment in transition countries: a case-study for regions in Ukraine‟, The Journal of post-communist economies, vol 32, no 6, pp 813-832.

48.Ngan, N T 2020, „The experiences in investment capital attracting in Vietnam‟,

Economy and Development Journal, vol 25, no 1, pp 12-29.

49.Nguyen, H T 2018, „Factors affecting FDI inflows in the Southern key economic region‟, Economy and Development Journal, vol 257, no 1, pp 2- 10.

50.Ngwen, N 2017, „Infrastructure factors of foreign direct investment attraction in developing countries‟, International Journal of Economics, Commerce and

Management, United Kingdom, vol 4, no 12, pp 98-111.

51.Nhuan, N D 2017, „Factors affecting the attraction of foreign direct investment in the Red River Delta economic region‟, Industry and Trade magazine, vol 8, no 1, pp 30-34.

52.Nor, A B., Siti, H M and Mukaramah, H 2012, „The impact of infrastructure on foreign direct investment: The case of Malaysia’, Social and Behavioral Sciences, vol 65, no 1, pp 205 - 211.

53.Obidike, P C and Uma, K E 2013, „Effects of macroeconomic variables on foreign direct investment in a Liberalized economy: The case of Nigeria‟, Journal of

Economics and Finance, vol 1, no 4, pp 12-20.

54.Parasuraman, A., Zeithaml V and Berry, L 1985, „A conceptual model of service quality and its implications for future research‟, Journal of Marketing, vol 49, no 1, pp 41-50.

55.Parasuraman, A., Zeithaml, V and Berry, L 1988, „SERVQUAL: A Multiple Item Scale for Measuring Consumer Perceptions of Service Quality‟, Journal of Retailing, vol 64, no 1, pp 12-40.

56.Sebastian, T 2018, „Determinants of foreign direct investment: a review‟, Review of

Economics and Business Studies, vol 11, no 1, pp 165-196.

57.Skenderi, M 2012, „The impact of technological transfer from foreign direct investment (FDI) on host economies - The case of Albania‟, Economics of

58.Slovin, K 1984, Sample Size Determination and Power, John Wiley and Sons.

59.Snieskaa, V and Tykiene, I 2019, „City investment attractiveness for sustainable economic growth: characteristics and underlying factors‟, Procedia-Social and

Behavioral Sciences, vol 4, no 3, pp 9-18.

60.Sunde, T 2017, „Foreign direct investment and economic growth: A causality analysis for South Africa‟, Research in International Business and Finance, vol 41, no 3, pp 434-444.

61.Syarif, H and Umu, K 2020, „Investment attractiveness rating and factors affecting‟,

Review of Contemporary Business Research, vol 5, no 2, pp 19-26.

62.Syed, M K., Kazim, A and Ghamze, A 2018, „Impact of human capital on economic growth: Evidence from Pakistan‟, Pakistan Journal of Social Sciences, vol 32, no 1, pp 229-240.

63.Tabachnick, M and Fidell, H 1996, Sample Size Determination and Power, John Wiley and Sons.

64.Thien, N V 2017, „Analysis of factors affecting the attraction of investment capital for Phu Quoc island's socio-economic development‟, Industry and Trade magazine, vol 1, no 1, pp 1-8.

65.Tho, N D 2011, Methods of scientific research in business, Labor - Social publisher, HCM City.

66.Trong, H and Ngoc, C N M 2008, Analyzing research data with SPSS, Hong Duc publisher, HCM City.

67.Truc, N T 2017, „Some solutions to promote attracting foreign direct investment - FDI in the Mekong Delta‟, Industry and Trade magazine, vol 1, no 2, pp.1-10.

68.Whalley, J and Xin, X 2010, „China‟s FDI and Non-FDI economies and the sustainability of future high Chinese growth‟, China Economic Review, vol 21, no.

69.Xia, X and Ruan, J 2020, „Analyzing barriers for developing a sustainable circular economy in agriculture in China using grey-DEMATEL approach‟, Sustainability, vol 12, no 16, pp 1-25.

70.Yakubu, I N and Mikhail, A A 2019, „Determinants of Foreign Direct Investment in Ghana: A Sectoral Analysis‟, Journal of Management, vol 17, no 1, pp 99-120.

71.Zeithaml, V., Berry, L and Parasuraman, A 1988, „Communication and control processes in the delivery of service quality‟, Journal of Marketing, vol 52, no 1, pp. 35-48.

72.Zenegnaw, A H 2010, „Demand-side factors affecting the inflow of foreign direct investment to African countries: Does the capital market matter?‟, International

Journal of Business and Management, vol 4, no 2, pp 124-135.

73.Zeonag, K L 2019, „The experiences in investment capital attracting in Asian countries‟, Research in International Economics and Management, vol 4, no 1, pp.44-54.

APPENDIX APPENDIX 01: QUESTIONNAIRE FOR MANAGERS

I am working on a dissertation I am currently conducting a survey to implement the topic “Capital for sustainable economic growth: The case from Dong Nai province in

I appreciate your participation in answering these questions, as your insights are invaluable to me Rest assured, all information collected in this survey will remain confidential and will solely be used for research purposes.

Thank you for your enthusiastic participation!

Please tell us the level of agreement for each of the following statements:

You mark (x) on your choice Each sentence has only 1 option with the following levels:

1 Strongly Disagree; 2 Disagree; 3 Undecided; 4 Agree; 5 Strongly Agree.

1.1 You feel secure when investing in Dong Nai because of the convenient traffic (1) (2) (3) (4) (5) 1.2 You choose to invest in Dong Nai because there is a power supply system that meets production and business requirements at peak hours.

1.3 You choose to invest in Dong Nai because there are an adequate water supply and drainage system to meet your business's requirements.

1.4 You choose to invest in Dong Nai because it has convenient communication systems such as telephone, internet, post office system

1.5 You choose to invest in Dong Nai because the area has premises and the banking system meets the requirements for production and business

2 Investment policies (IP) Agreement level

2.1 You choose to invest in Dong Nai because of the attractive policy of renting premises for investment

2.2 You choose to invest in Dong Nai because there is a transparent tax system through tax administrators who do not take advantage of it for profit.

2.3 You choose to invest in Dong Nai because the legal documents are implemented transparently and quickly to the business

2.4 You choose to invest in Dong Nai because there are dynamic and creative local leaders in supporting enterprises

3 Working and living environment (WLE) Agreement level

3.1 You choose to invest in Dong Nai because the government resolves conflicts between workers and business owners quickly and satisfactorily.

3.2 You choose to invest in Dong Nai because there is a good education system to meet the needs

3.3 You choose to invest in Dong Nai because there is a quality medical system to meet health care needs.

3.4 You choose to invest in Dong Nai because here the environment is not polluted and the living costs are reasonable

4 Public service quality (PSQ) Agreement level

4.1 You choose to invest in Dong Nai because there are simple, fast, and confidential administrative procedures.

4.2 You choose to invest in Dong Nai because the local government here provides thoughtful support when enterprises meet difficulties

4.3 You choose to invest in Dong Nai because the investment and trade promotion centers are always ready to support enterprises

5 Regional connectivity (RC) Agreement level

5.1 You choose to invest in Dong Nai because there are supporting industries located in the region's provinces/cities.

5.2 You choose to invest in Dong Nai because there is cooperation among provinces/cities in trade promotion and investment.

5.3 You choose to invest in Dong Nai because there is a chain of goods suitable for your business activities

5.4 You choose to invest in Dong Nai because there are activities to coordinate production and business among provinces in the region

6 Human resources (HR) Agreement level

6.1 You choose to invest in Dong Nai because there are quality vocational training universities to meet the needs of enterprises

6.2 You choose to invest in Dong Nai because there is an abundant source of unskilled labor

6.3 You choose to invest in Dong Nai because there are highly disciplined workers and can absorb new technology

6.4 You choose to invest in Dong Nai because it is easy to recruit managers with good expertise and skills

7.1 You choose to invest in Dong Nai because it is always trained to transfer equipment in time

7.2 You choose to invest in Dong Nai because there is always work to support specific preferential industries for enterprises

7.3 You choose to invest in Dong Nai because it always closely protects copyrights and trademarks.

7.4 You choose to invest in Dong Nai because it always supports funding for research and application of high technology in production

8 Investment costs (IC) Agreement level

8.1 You choose to invest in Dong Nai because it is here the land rental is reasonable (1) (2) (3) (4) (5)

8.2 You choose to invest in Dong Nai because of its reasonable labor costs (1) (2) (3) (4) (5) 8.3 You choose to invest in Dong Nai because of the reasonable electricity, water, and freight charges for the business operation

8.4 You choose to invest in Dong Nai because of the competitive cost of communication services and low freight costs

9 Investment capital attraction (ICA) Agreement level

9.1 You choose to invest in Dong Nai because you think the company's profit will be as desired

9.2 You choose to invest in Dong Nai because you think your business will be effective in the long term

9.3 In general, you are delighted with the capital investment in Dong Nai (1) (2) (3) (4) (5)

10 Sustainable economic growth (SEG) Agreement level

10.1 Attracting investment capital contributes to economic growth (GDP) over each year in

10.2 Attracting investment capital to contribute to job creation for people in Dong Nai province and neighboring provinces

10.3 The enterprise always strives to contribute responsibly to the economy, community, and society in Dong Nai

10.4 Attracting investment capital contributes to improving the quality of life of people in