Capital for sustainable economic growth: the case from Dong Nai province in Vietnam

Capital for sustainable economic growth: the case from Dong Nai province in Vietnam.Capital for sustainable economic growth: the case from Dong Nai province in Vietnam.Capital for sustainable economic growth: the case from Dong Nai province in Vietnam.Capital for sustainable economic growth: the case from Dong Nai province in Vietnam.Capital for sustainable economic growth: the case from Dong Nai province in Vietnam.Capital for sustainable economic growth: the case from Dong Nai province in Vietnam.Capital for sustainable economic growth: the case from Dong Nai province in Vietnam.Capital for sustainable economic growth: the case from Dong Nai province in Vietnam.Capital for sustainable economic growth: the case from Dong Nai province in Vietnam.Capital for sustainable economic growth: the case from Dong Nai province in Vietnam.Capital for sustainable economic growth: the case from Dong Nai province in Vietnam.Capital for sustainable economic growth: the case from Dong Nai province in Vietnam.

MINISTRY OF EDUCATION AND TRAINING STATE BANK OF VIETNAM BANKING UNIVERSITY OF HO CHI MINH CITY DO THI LAN DAI CAPITAL FOR SUSTAINABLE ECONOMIC GROWTH: THE CASE FROM DONG NAI PROVINCE IN VIETNAM DISSERTATION IN FINANCE - BANKING HCMC, 09/2022 MINISTRY OF EDUCATION AND TRAINING STATE BANK OF VIETNAM BANKING UNIVERSITY OF HO CHI MINH CITY DO THI LAN DAI CAPITAL FOR SUSTAINABLE ECONOMIC GROWTH: THE CASE FROM DONG NAI PROVINCE IN VIETNAM DISSERTATION IN FINANCE - BANKING Major: Finance - Banking CODE: 34 02 01 Advisor: Assoc Prof Dr Hoang Thi Thanh Hang HCMC – 09/2022 i COMMITMENT The author guarantee that the dissertation “Capital for sustainable economic growth: the case from Dong Nai province in Vietnam” is the research Except for the references cited in this dissertation The author guarantee that the whole or a small part of this dissertation has never been published or used to obtain a degree elsewhere No other people‟s products/studies have been used in this dissertation that has not been appropriately cited This dissertation has never been submitted to receive any degree at any university or other training institution HCMC, September 01, 2022 ii ACKNOWLEDGEMENT The author would like to sincerely thank the Banking University of Ho Chi Minh City administrators and teachers, especially the teachers directly teaching K22 Ph.D students who have enthusiastically taught, passed on experience, and supported the author while studying at the Banking University of Ho Chi Minh City The author would like to express her gratitude and respect to the science instructor, enthusiastically supported, encouraged, and instructed the author to implement and complete this dissertation The author also expressed gratitude to the Board of Directors and officers at enterprises in Dong Nai province, managers who participated in the author‟s interviews and surveys The author also thanked family and friends for their help, creating favorable conditions for the author to complete the dissertation Although the author has made great efforts, the dissertation cannot avoid its shortcomings I hope to receive comments from my teachers and friends Sincerely! HCMC, September 01, 2022 Author Do Thi Lan Dai iii ABSTRACT In recent years, the mobilization and use of investment capital, especially foreign investment capital, have significantly affected the country‟s speed and quality of economic growth and each locality Besides, Dong Nai has favorable conditions to develop the marine economy with the Southeast provinces These economic, demographic, and geographic factors help facilitate Dong Nai‟s promotion of economic development However, Dong Nai still faces significant challenges in developing specific sectors and products with comparative advantages Attracting and effectively using investment capital is always a complex problem for locations still weak in infrastructure, financial sophistication, attractive policies, the efficiency of using capital sources, and many inadequacies when implementing investment projects Therefore, this study aims to identify factors affecting the investment capital attraction for sustainable economic growth The author tested Cronbach‟s Alpha, confirmatory factor analysis (CFA), and structural equation model (SEM) Based on the research results, the author proposed policy implications for attracting investment capital for sustainable economic growth in Dong Nai province The study surveyed 1.000 managers related to enterprises with investment capital in Dong Nai province, but 939 samples were processed and answered 39 questions The data was collected from June 2020 to November 2020 Based on the things mentioned above, eight factors affect the investment capital attraction for sustainable economic growth in Dong Nai province Technology (Te); Working and living environment (Wle); infrastructure (In); investment costs (Ic); human resources (Hr); investment policies (Ip); regional connectivity (Rc); and public service quality (Psq) Besides The results are also scientific and important for Dong Nai province researchers and policymakers to apply research results to improve investment capital attraction based on high and low standardized coefficients Finally, the author proposed policy implications for attracting investment capital to improve Dong Nai province's sustainable economic growth: technology, Working and living environment, infrastructure, investment costs, human resources, investment policies, regional connectivity, and public service quality Keywords: Capital, sustainable, economic, growth, Dong Nai, Vietnam iv CONTENTS Page Commitment Acknowledgment Summary of dissertation List of acronyms List of tables List of figures CHAPTER INTRODUCTION 1.1 Reason for study 1.2 Objectives of the study 1.2.1 General objective 1.2.2 Specific objective 1.3 Research questions 1.4 Scope and delimitation of the study 1.4.1 Scope and objective of the study 1.4.2 The time of study 1.5 Research methods 1.6 Scientific and practical significance of research 1.6.1 The scientific significance of research 1.6.2 The practical significance of research 1.7 Organization of the study CHAPTER 2: LITERATURE REVIEW AND RESEARCH MODEL 2.1 Theoretical framework 2.1.1 Economic growth 2.1.2 Sustainable economic growth 2.1.3 Capital and investment attraction for sustainable economic growth 2.1.4 The relationship between investment attraction and 2.1.5 Factors affecting investment attraction and 2.2 Review of related studies 10 2.2.1 Review of related studies in other countries 10 v 2.2.2 Review of related study in Vietnam 10 2.3 The experiences in investment capital attracting 10 2.3.1 Asian countries 10 2.3.2 Vietnam 11 2.3.3 The lessons in investment capital attraction for Dong Nai 12 2.4 The gap in the studies 14 2.5 The scientific basis for building a research model 15 2.5.1 The scientific basis for building a research model 15 2.5.2 Research model and research hypothesis 16 Summary of chapter 18 CHAPTER RESEARCH METHODOLOGY 18 3.1 Research procedure 19 3.2 Qualitative research 20 3.2.1 Qualitative research results 20 3.2.2 Group discussion results 20 3.2.3 Questionnaire design 21 3.2.4 The results of the scale test through preliminary quantification 21 3.2.5 Exploratory Factor Analysis (EFA) 21 3.3 Quantitative research 22 3.3.1 Sample size and sampling techniques 22 3.3.2 Data collection instrument 23 3.3.3 Data analysis techniques 23 Summary of chapter 25 CHAPTER RESEARCH RESULTS 26 4.1 Overview of Dong Nai province 26 4.1.1 Geographical position 26 4.1.2 Topography 26 4.1.3 Land 26 4.1.4 Climate 26 4.1.5 Population 27 4.1.6 Infrastructure 27 vi 4.1.7 Traffic 27 4.1.8 Resources 27 4.1.9 Tourism 27 4.1.10 Status of attracting investment capital from 2019 to 2020 28 4.2 Research results 28 4.2.1 Descriptive statistics of the research sample 28 4.2.2 Cronbach alpha test of reliability 29 4.2.3 Exploratory factor analysis (EFA) and Confirmatory factor analysis 29 4.2.4 Testing of structural equation modeling (SEM) 30 4.2.5 Testing model by Bootstrap (N = 5.000) 35 4.2.6 Testing analysis of variance (ANOVA) 36 Summary of chapter 37 CHAPTER 5: CONCLUSIONS AND POLICY IMPLICATIONS 38 5.1 Conclusions 38 5.2 Policy implications 38 5.2.1 Technology 38 5.2.2 Regional connectivity 38 5.2.3 Public service quality 39 5.2.4 Investment costs 39 5.2.5 Human resources 40 5.2.6 Investment policies 40 5.2.7 Infrastructure 40 5.2.8 Working and living environment 41 5.3 Limitations and suggestions for further research 41 5.3.1 Limitations of the research 41 5.3.2 Suggestions for further research 41 Summary of chapter 41 REFERENCES i APPENDIX vii-xx vii LIST OF ACRONYMS No Code Contents ANOVA Analysis of variance CFA Confirmatory factor analysis EFA Exploratory factor analysis EU European Union FDI Foreign direct investment FL Factor loading GDP Gross Domestic Product GNI Gross National Income GNP Gross National Product 10 HCMC Ho Chi Minh City 11 HR Human resources 12 IC Investment costs 13 IMF International Monetary Fund 14 IN Infrastructure 15 IP Investment policies 16 KMO Kaiser - Meyer – Olkin 17 MAN Management capacity Organization for Economic Co-operation and 18 OECD Development 19 PSQ Public service quality 20 RC Regional connectivity 21 SDM Spatial Durbin Model 22 SEM Structural equation modeling 23 Sig Significant 24 SPSS Statistic Package for Social Sciences 25 TE Technology 26 WLE Working and living environment viii LIST OF TABLES Table 3.1: The results of the discussion of 30 managers .20 Table 3.2: KMO and Bartlett's Test .21 Table 4.1: Sample structure by gender .28 Table 4.2: CFA test results on all items .30 Bảng 4.3: SEM model tested such as results .31 Table 4.4: The results are calculated using Bootstrap with N = 5.000 35 40 5.2.5 Human resources Research results showed that the human resources factor's investment capital attraction has a standardized Beta coefficient of 0.105, fifth among eight factors The human resources factor has a positive relationship with investment capital attraction in Dong Nai province, with a significance level of 5% Dong Nai province focuses on improving the management apparatus for human resource development, modernizing management methods, and improving management's capacity, effectiveness, and efficiency with respect to human resource development Reform policies, mechanisms, and tools for human resource development and management include work environment, employment policies, income, insurance, social protection, housing conditions, living conditions, settlements, 5.2.6 Investment policies Research results showed that investment capital attraction in investment policies has a standardized Beta coefficient of 0.100, sixth among eight factors Investment policies positively correlate with investment capital attraction in Dong Nai province with a significance level of 5% Dong Nai province continues to review its financial policies, especially those related to tax policies to attract FDI The province should adjust its polices to build a sounder tax system with lower compliance costs Dong Nai province continues to review the comprehensive list of sectors, occupations, and investment incentive areas to evaluate the effectiveness of its investment incentive policies, particularly in scale 5.2.7 Infrastructure Infrastructure has a positive relationship with the Dong Nai province's investment capital attraction with a significance level of 5% Theresearch results showed that investment capital attraction in infrastructure has a standardized Beta coefficient of 0.089, seventh among eight factors Dong Nai province continues to improve its traffic infrastructure and this has had the most significant influence on attracting domestic investment in Dong Nai province To enhance the information and transport infrastructure system, the authorities need to build a widespread and fast communication infrastructure system and ensure information infrastructure development in the coming years 41 5.2.8 Working and living environment 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 continuously improves, implementing solutions to develop human resources, especially high-quality human resources in high demand branches and fields Dong Nai also seeks to enhance the quality of human resources associated with rapid labor structure transformation, especially in rural areas Diversifying forms of labor supplydemand connection, effectively implementing the labor code Dong Nai continues building a contingent of intellectuals in the new era to adopt an appropriate mechanism to select, foster, and appreciate talents 5.3 Limitations and suggestions for further research 5.3.1 Limitations of the research Dong Nai, so representative results are not high The dissertation's principal limitation is that the research model only tested with 1,000 business leaders representing the more than 20,000 business leaders in Dong Nai province Although the research objectives have been set, this dissertation still has a limitation: the convenient random sampling method and only in the locality Many other factors have not been included in the research model, for example, trade promotion activities 5.3.2 Suggestions for further research To overcome the limitations, and weaknesses, minimize errors, and other studies conducted more broadly and profoundly At the same time, researching factors such as trade promotion activities that could potentially attract investment capital nationwide Further studies could compare the critical factors affecting investment attraction with other countries Summary of chapter In chapter 5, due to the epidemic's impact in 2022, the economy will still face many difficulties However, the development strategy of Dong Nai still identifies industrial development, attracting investment capital as its key goal The results showed eight factors that positively affect investment capital attraction with a significance level of 5% Based on the findings described above, the author had eight policy implications including: technology (Te); working and living environment 42 (Wle); infrastructure (In); investment costs (Ic); human resources (Hr); investment policies (Ip); regional connectivity (Rc); and public service quality (Psq) Besides The results are also scientific and vital for researchers and policymakers to apply research results to improving investment capital attraction based on standardized coefficients from high to low Finally, the author stated the research‟s limitations and offered suggestions for further research i REFERENCES 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 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 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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 Vietnam" I really need your help by participating in answering the following questions Each of your comments is really meaningful to me I guarantee that the information you provide in this survey will be kept confidential and used only for my research purposes Thank you for your enthusiastic participation! PART I: Survey content Please tell us the level of agreement for each of the following statements: You mark (x) on your choice Each sentence has only option with the following levels: Strongly Disagree; Disagree; Undecided; Agree; Strongly Agree Infrastructure (IN) 1.1 You feel secure when investing in Dong Nai because of the convenient traffic You choose to invest in Dong Nai because there is a power supply system that meets production and business requirements at peak hours You choose to invest in Dong Nai because there are an adequate water supply and drainage system to meet your business's requirements You choose to invest in Dong Nai because it has convenient communication systems such as telephone, internet, post office system You choose to invest in Dong Nai because the area has premises and the banking system meets the requirements for production and business 1.2 1.3 1.4 1.5 Agreement level (1) (2) (3) (4) (5) (1) (2) (3) (4) (5) (1) (2) (3) (4) (5) (1) (2) (3) (4) (5) (1) (2) (3) (4) (5) ix Investment policies (IP) 2.1 You choose to invest in Dong Nai because of the attractive policy of renting premises for investment You choose to invest in Dong Nai because there is a transparent tax system through tax administrators who not take advantage of it for profit You choose to invest in Dong Nai because the legal documents are implemented transparently and quickly to the business You choose to invest in Dong Nai because there are dynamic and creative local leaders in supporting enterprises 2.2 2.3 2.4 Working and living environment (WLE) 3.1 You choose to invest in Dong Nai because the government resolves conflicts between workers and business owners quickly and satisfactorily You choose to invest in Dong Nai because there is a good education system to meet the needs You choose to invest in Dong Nai because there is a quality medical system to meet health care needs You choose to invest in Dong Nai because here the environment is not polluted and the living costs are reasonable 3.2 3.3 3.4 Public service quality (PSQ) 4.1 You choose to invest in Dong Nai because there are simple, fast, and confidential administrative procedures You choose to invest in Dong Nai because the local government here provides thoughtful support when enterprises meet difficulties You choose to invest in Dong Nai because the investment and trade promotion centers are always ready to support enterprises 4.2 4.3 Agreement level (1) (2) (3) (4) (5) (1) (2) (3) (4) (5) (1) (2) (3) (4) (5) (1) (2) (3) (4) (5) Agreement level (1) (2) (3) (4) (5) (1) (2) (3) (4) (5) (1) (2) (3) (4) (5) (1) (2) (3) (4) (5) Agreement level (1) (2) (3) (4) (5) (1) (2) (3) (4) (5) (1) (2) (3) (4) (5) x Regional connectivity (RC) 5.1 You choose to invest in Dong Nai because there are supporting industries located in the region's provinces/cities You choose to invest in Dong Nai because there is cooperation among provinces/cities in trade promotion and investment You choose to invest in Dong Nai because there is a chain of goods suitable for your business activities You choose to invest in Dong Nai because there are activities to coordinate production and business among provinces in the region 5.2 5.3 5.4 Human resources (HR) 6.1 You choose to invest in Dong Nai because there are quality vocational training universities to meet the needs of enterprises You choose to invest in Dong Nai because there is an abundant source of unskilled labor You choose to invest in Dong Nai because there are highly disciplined workers and can absorb new technology You choose to invest in Dong Nai because it is easy to recruit managers with good expertise and skills 6.2 6.3 6.4 7.1 7.2 7.3 7.4 Technology (TE) You choose to invest in Dong Nai because it is always trained to transfer equipment in time You choose to invest in Dong Nai because there is always work to support specific preferential industries for enterprises You choose to invest in Dong Nai because it always closely protects copyrights and trademarks You choose to invest in Dong Nai because it always supports funding for research and application of high technology in production Agreement level (1) (2) (3) (4) (5) (1) (2) (3) (4) (5) (1) (2) (3) (4) (5) (1) (2) (3) (4) (5) Agreement level (1) (2) (3) (4) (5) (1) (2) (3) (4) (5) (1) (2) (3) (4) (5) (1) (2) (3) (4) (5) Agreement level (1) (2) (3) (4) (5) (1) (2) (3) (4) (5) (1) (2) (3) (4) (5) (1) (2) (3) (4) (5) xi 8.1 8.2 8.3 8.4 Investment costs (IC) You choose to invest in Dong Nai because it is here the land rental is reasonable You choose to invest in Dong Nai because of its reasonable labor costs You choose to invest in Dong Nai because of the reasonable electricity, water, and freight charges for the business operation You choose to invest in Dong Nai because of the competitive cost of communication services and low freight costs Investment capital attraction (ICA) 9.1 You choose to invest in Dong Nai because you think the company's profit will be as desired You choose to invest in Dong Nai because you think your business will be effective in the long term In general, you are delighted with the capital investment in Dong Nai 9.2 9.3 10 Sustainable economic growth (SEG) 10.1 Attracting investment capital contributes to economic growth (GDP) over each year in Dong Nai province Attracting investment capital to contribute to job creation for people in Dong Nai province and neighboring provinces The enterprise always strives to contribute responsibly to the economy, community, and society in Dong Nai Attracting investment capital contributes to improving the quality of life of people in Dong Nai 10.2 10.3 10.4 Agreement level (1) (2) (3) (4) (5) (1) (2) (3) (4) (5) (1) (2) (3) (4) (5) (1) (2) (3) (4) (5) Agreement level (1) (2) (3) (4) (5) (1) (2) (3) (4) (5) (1) (2) (3) (4) (5) Agreement level (1) (2) (3) (4) (5) (1) (2) (3) (4) (5) (1) (2) (3) (4) (5) (1) (2) (3) (4) (5) xii PART II Personal information (Please mark (X) in the most appropriate answer) Gender:  Male  Female Marital status:  Single  married Age:  From 20 to under 25 years old  From 25 to under 35 years old  From 35 to under 45 years old  From 45 to under 55 years old  Over 55 years old Type of enterprise:  Limited company  Joint-stock company  Partnerships  State-owned enterprises Business operation time:  Less than years  From years to less than 10 years  From 10 years to less than 15 years  Over 15 years Type of business operation:  Service  Trade  Contruction  Production  Others Sincerely thank you for your cooperation and assistance!