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uh STATE BANK OF VIETNAM BANKING UNIVERSITY HO CHI MINH CITY DAO VAN CONG SUMMARY OF THE DOCTORAL THESIS INVESTMENT CAPITAL FOR ECONOMIC DEVELOPMENT TAY NINH PROVINCE Major: Finance – Banking Industry code: 34 02 01 SCIENTIFIC GUIDE OFFICERS: Assoc Dr.LE THI MAN HO CHI MINH CITY - 2022 Chapter INTRODUCTION TO THE STUDY OVERVIEW 1.1 THE URGENCY OF THE TOPIC Tay Ninh is a border province in the southern key economic region, located at the door Northwest Lane of Ho Chi Minh City is the nearest bridge between Ho Chi Minh City and Phnom Penh Cambodia, which has special potential for economic development with 240 km of national border Compared to other border crossings on the border Vietnam – Cambodia, Moc Bai border gate has special advantages because it is located on the Trans-Asia Road According to this road, Moc Bai is only 70 km from Ho Chi Minh City, and Phnom Penh of Cambodia 170 km In addition, Tay Ninh also has many advantages to develop tourism and services, such as: Forest reserve Lo Go - Xa Mat country, Ba Den mountain, Dau Tieng lake, historical sites, Cao Dai Holy See Although there are many advantages compared to 06 provinces in the Southeast, in terms of strength, Tay Ninh's economy is still much inferior to Ho Chi Minh City and 03 provinces: Dong Nai, Binh Duong, Ba Ria - Vung Tau In fact, the investment capital for economic development of Tay Ninh province is still very limited narrow, unable to meet the needs of local socio-economic development, it is necessary to increase capital mobilization from many sources to invest in economic development of the province To accomplish that, Tay Ninh must determine to what extent the province's economic status is, what is the actual capacity of existing capital sources to invest in economic development? What is the capital demand for economic development investment of the province and see what factors affect the province's ability to mobilize capital, thereby proposing solutions to increase capital mobilization for investment in Tay Ninh economic development more effectively Stemming from that requirement, the author chose the topic: "Investment capital for economic development of Tay Ninh province" to implement his doctoral thesis with the goal of finding practical solutions to enhance investment capital to meet the economic development needs of Tay Ninh to 2030 1.2 RESEARCH OBJECTIVES  Overall goals The study proposes solutions to increase capital for investment in Tay Ninh economic development to 2025 and vision to 2030  Specific objectives To achieve the overall goal, the study has specific objectives as follows: + Assessing the situation of mobilizing capital sources in society to use capital for economic development investment in Tay Ninh province + Identify and measure the impact of factors affecting capital mobilization for local economic development investment in Tay Ninh province + Propose solutions to increase capital mobilization for economic development investment of Tay Ninh province to 2025 and vision to 2030 1.3 RESEARCH QUESTIONS To achieve the above research objectives, the thesis answers the following questions: + What is the current state of investment capital for economic development in Tay Ninh province? Of the total capital invested in economic development, which is the main source of investment? + What factors affect the attraction of capital for economic development investment in Tay Ninh province? + In order to increase investment capital for economic development of Tay Ninh province in the coming time, what main solutions need to be focused on? 1.4 RESEARCH METHODS To achieve the research objectives set out the thesis using a combination of qualitative research methods and quantitative research methods, specifically:  Qualitative research methods + The thesis uses a general method to generalize investment capital, experience in mobilizing and using investment capital in localities in the country to draw lessons for Tay Ninh + The thesis uses analytical methods as well as inheriting relevant previous studies to give variables and impact expectations in regression models based on data secondary collected from 2016 - 2020 + The thesis uses a comparative method to compare the results achieved with the previous time or with other localities as the basis for the evaluation + The thesis uses a legacy method to systematize the research results related to the thesis Inheriting the results of surveys, surveys, interested in researching a number of specific factors (geographical location, socio-economic conditions, etc.) affecting the process of mobilizing and using investment capital for economic development in Tay Ninh province + The thesis uses expert methods to collect opinions and survey 230 enterprises in Tay Ninh province on related contents + Survey method: The thesis conducts a survey of enterprises in the area based on a pre-designed questionnaire about investor satisfaction with the investment environment in Tay Ninh province The businesses surveyed included businesses in active industries, including accounting organizations The information investigated is important information about the subject for the research process and an important basis for proposing scientific or practical solutions 1.5 SUBJECTS AND SCOPE OF STUDY  Subjects of study The research object of the project is investment capital for economic development of Tay Ninh province  Scope of study + Research scope: The topic focuses on researching the current state of investment capital for economic development of Tay Ninh province + Research data scope: Secondary data for the period 2016 - 2020 Primary data from 1/2020 to 12/2020 1.6 RESULTS AND NEW CONTRIBUTIONS OF THE THESIS  The thesis is geared towards specific goals + Assess the situation of mobilizing capital sources in society to use investment capital for economic development in Tay Ninh province + Identify and measure the impact of factors affecting capital mobilization for investment in local economic development of Tay Ninh province + Propose solutions to increase capital mobilization for economic development investment of Tay Ninh province to 2025 and vision to 2030  New points of study In theory: The thesis systematizes the theoretical basis of investment capital for local economic development, types of investment capital for economic development, and what are the preeminent measures to mobilize investment capital for economic development In addition, the thesis examines the factors affecting capital attraction, such as: Legal regulations will positively affect the expression in the research of Ebee (2016) and Byusa (2016) Local policies and regulations will have the same impact on local councils as seen in the studies of Byusa (2016) and Gunasekara and Kumari (2018) Good/bad infrastructure has an impact on raising capital for economic development as shown in kinda research (2010).Quality/shoddy human resources have an impact on capital mobilization for economic development shown in the study of Dinh Phi Ho (2011) Administrative procedures, previous study authors such as Byusa (2016), Ebebe (2016), Gunasekara and Kumari (2018) all agreed that simpler administrative procedures contribute to increasing local funding Supporting credit capital is indispensable when it comes to investing in a country's economic development as shown in kinda research (2010) The topic of in-depth research on investment capital for economic development in Tay Ninh province is a combination of qualitative and quantitative research with a specific scale system for local conditions The thesis has contributed to clarifying the situation of investment capital mobilization, capital use and the impact of investment capital on the economic development of Tay Ninh province in the period of 2016 - 2020 Through secondary data sources, combined with the survey results of 230 enterprises in Tay Ninh province, quantifying factors affecting the attraction of investment capital in Tay Ninh province, the thesis has drawn objective conclusions about the results achieved, in particular, the detection of limitations and causes of limitations as a basis for proposing highly enforceable solutions to increase the attraction of capital to invest in economic development to 2025 and vision to 2030, the proposed solutions are scientifically based, synchronous, suitable for practice and highly feasible About practice: The thesis analyzed and evaluated the current situation to recognize the achievements, limitations and causes of mobilization for economic development investment of the province in the last 05 years to ensure the quality of information is authenticated The thesis proposed essential solutions and recommendations for localities to mobilize capital for economic development investment to 2025, with a vision to 2030, thereby helping local governments increase capital investment for local economic development more effectively The thesis is a reliable document for investors to consult before deciding to invest in a certain locality 1.7 TOPIC STRUCTURE The thesis is structured in chapters: Chapter 1: Introduction to the topic Chapter 2: Theoretical Foundations and Related Studies Chapter 3: Research Models and Methods Chapter 4: Research Findings and Discussions Chapter 5: Policy Conclusions and Implications 1.8 RESEARCH PROCESS From the theoretical framework and previous research works, the author has come up with appropriate research methods, then conducted an analysis of the current situation, assessed the impact of investment capital on economic development, identified factors affecting the attraction of investment capital in Tay Ninh province, thereby drawing successes, limitations and causes to serve as a basis for proposing solutions to increase investment capital for economic development in Tay Ninh The research process framework is described as follows: Research problems Investment capital for investment in economic development in Tay Ninh province ⇩ Theoretical basis Basic theory of investment capital and attraction of investment capital for investment in economic development ⇩ Research methods Methods of qualitative research combined with quantitative (EFA model and multivariate regression) ⇩ Current situation, success, limitations and causes Factors affecting the economic development of Tay Ninh province ⇩ Policy implications Solutions and proposals to strengthen the athletes for rural development in Chapter THEORETICAL BASIS AND RELATED STUDIES 2.1 THEORETICAL BASIS 2.1.1 Investment capital for economic development 2.1.1.1 Investment in economic development  Some perspectives on investing From the study of the above concepts of investment, according to the author, investment is the use of capital in the present, in order to create new material and intellectual assets, new production capacity and maintain existing ones, in order to create more jobs and for the purpose of economic development Activities that create physical assets, such as factories and equipment Intellectual property, such as knowledge, skills, increases or increases production capacity, thereby creating more jobs as well as achieving development goals by using only capital to conduct investment  Some views on economic development Economic development is the process of growth from many activities of the economy, according to Keynes (1936) economic development is the increase in the quantity and substance of economic indicators related to GNP, GNP per capita or GDP, GDP per capita within the limits of economic resources Thus, economic development is the process of increasing the economy through positive economic restructuring to contribute to the increase: GNP, GNP per capita or GDP, GDP per capita, in a certain limited resource  Some views on economic development investment According to Keynes (1936), economic development investment is the use of limited capital to create wealth value, new assets in the future to contribute to the increase: GNP, GNP per capita or GDP, GDP per capita Investing in economic development requires many types of resources, including capital, human resources, and natural resources Harrod, R F and Domar, E (1946) Development investment impacts the total supply and demand of the economy of materials, equipment and technology Thereby, the immediate impact on aggregate demand increases aggregate demand 2.1.1.2 Types of investment capital for local economic development The first is state budget capital According to Le Thi Man, (2019) The state budget capital consists of main components: tax revenues and non-tax revenues The second is the capital of commercial banks According to Tram Thi Xuan Huong, (2016) Capital sources of commercial banks include: equity sources, mobilized capital, loan sources and other capital sources The third is foreign direct investment capital Foreign Direct Investment (FDI) is a foreign investor who brings capital into a country and directly participates in the operation to directly achieve a certain purpose or to implement a certain economic or political policy depending on the purpose, his status and calculations The fourth is capital from domestic enterprises This capital source is mainly taken from enterprises in which the state has dominant capital, this source includes from the retained profits of enterprises, initial capital from the state, which has contributed greatly to the total development investment capital The fifth is private capital Domestic private investment capital includes: Savings capital of the population, capital of private enterprises, capital of cooperatives Capital in residential areas is the income remaining after consumption, household savings exist in many forms such as cash, short, medium and long-term savings deposits and reserves (foreign currency, gold, gems, real estate) The sixth is the official source of development assistance (Official development assistance funds - ODA) ODA is often used by developing countries to invest in improving socio-economic infrastructure, building roads, and developing energy, so ODA plays a very important role in investing in local infrastructure The seventh is capital raised from international financial markets Through international financial markets to be able to attract long-term capital for development investment such as through international bond issuance The eighth is the capital raised from the issuance of local bonds The proceeds from the issuance of local bonds are used for different purposes However, they all reflect the nature of public services As a guarantee for investments that bring benefits and long-term potential Such as building schools, hospitals, local roads Consolidation for many different industries as well as different fields 2.1.2 Mobilizing investment capital for economic development 2.1.2.1 Indicators reflecting the level of investment capital mobilization  Necessity: Mobilizing capital for economic development investment is the process of identifying and finding financial sources for investment activities To conduct any investment activity, it is necessary to solve the problem of capital  The target reflects the level of investment capital mobilization:  Volume of invested capital: This indicator reflects the amount of additional investment capital in the period - Total mobilization: Is the total amount of investment capital that investors have made in the period according to the project decided to license or register investment - The ratio of realized investment capital to planned needs: This indicator reflects the results of capital mobilization achieved compared to the set needs and plans, this indicator is calculated: - Investment capital growth rate: Calculated by dividing the difference between the size of capital mobilization in the current period compared to the size of capital mobilization in the previous period divided by the size of capital mobilization in the previous period 2.1.2.2 Conditions for attracting investment capital for economic development Enhance the development of production and business and the practice of saving both in production and consumption of the whole society Take effective measures to make effective use of funds This is both a goal and a condition for development and a basis for ensuring an increase in the ability to raise capital from sources 2.1.2.3 Factors affecting the attraction of local investment capital  Legal regulations: The legal regulations of the Government are the most common regulations that create a unified and synchronous legal environment  Local investment policy: Local policies and regulations are reflected through strategic development policies, compliance with regulations as well as appropriate flexibility in policies and related regulations on procedures and processes implemented in practice These key policies and regulations ensure that flexibility will impact local capital mobilization in the same way as seen in Byusa (2016) studies; and Gunasekara and Kumari (2018)  Trade promotion and local marketing: Building a local marketing strategy is about finding ways to promote local characteristics to attract customers who want to target, so it must be based on the criteria of seeing investors and customers as the focus  Infrastructure: Katherine (2010), which holds that infrastructure is the totality of material, technical and architectural facilities that play a fundamental role for the economic and social activities that take place on it, including the totality of sectors, types of activities, elements, material and technical means, equipment and works serving the production process, services and life adapted to the requirements of socio-economic development on a national and local scale, territories as well as for sectors, regions and sectors of the national economy  Human resources: Dinh Phi Hổ (2011), said that when deciding to invest in a new production facility in a certain locality, investors also aim to exploit the young and relatively superfluous human resources in these localities Normally, the unskilled labor force is always fully met and can satisfy the requirements of individual investors However, it is only possible to find good managers, as well as qualified and experienced technicians in big cities The motivation and working attitude of employees are also important factors in considering and choosing a place to invest  Administrative procedures The simpler the administrative procedure, the easier the settlement time will be in attracting investment capital This is one of the important and positive factors for localities in attracting capital Previous study authors such as Byusa (2016); Ebebe (2016); Gunasekara and Kumari (2018) both agree that simpler administrative procedures contribute to increasing local funding  Credit support: Katherine (2010), when studying the factors affecting the attraction of private capital into developing countries, also confirmed that credit support, especially preferential credit, plays a huge role in attracting investment capital from the private sector 2.1.2.4 Criteria for evaluating the efficiency of use of investment capital The ICOR coefficient evaluates the efficiency of using investment capital, which reflects the relationship between investment capital and economic growth (Harrod-Domar model) The ICOR coefficient is determined by the formula: ICOR = ΔK/ ΔY Where: ΔK the change in investment capital: (ΔK = Kt – Kt-1) ΔY is the level of change in yield and ΔY = Yt – Yt-1, where t indicates the year of the study and t – indicates the year before the year of the study 3.2 RESEARCH MODEL On the basis of theories related to attracting investment in a locality, as well as the characteristics of Tay Ninh province, the author proposes factors affecting the attraction of investment capital in Tay Ninh province including groups of impact factors: Group of factors prescribed by law; group of investment policy factors; local trade promotion and marketing factor groups; group of infrastructure elements; group of human resource factors; the administrative procedure reform factor group and finally the credit support group The research model on factors affecting the national security council in Tay Ninh province is proposed as follows: HĐVĐT = β0 + β1* QĐPL + β2* CSĐT + β3* XTTM + β4* CSHT + β5*NGNL + β6* TTHC + + β7C HTTD + ɛ 3.3 RESEARCH METHODS The topic combines qualitative and quantitative methods in accordance with the research objectives, where the first and third goals will be carried out according to the qualitative method, while the second is carried out on the basis of quantitative methods 3.3.1 Qualitative methods This research method is carried out including analysis, synthesis and induction on the basis of the study of the literature on the theoretical bases related to the contract for investment in rural development 3.3.2 Quantitative methods The topic uses quantitative research methods and uses the smallest squared method (OLS) to test regression of models of factors affecting mobilization 16 Conclusion chapter By using the discovery analysis model (EFA), through the analysis of factors affecting the attraction of investment capital for economic development in Tay Ninh province, the topic has come to a conclusion about the factors that affect the attraction of investment capital in Tay Ninh province in the order of factors: The Government's legal regulations on athletes (PDP) Policy on attracting investment of the province (E-commerce) Trade and marketing promotion (XTTM) Provincial Infrastructure (CSHT) Provincial Human Resources (NGNL) Administrative procedures (TTHC) Credit Assistance (HTTD) The thesis discovered that these factors are the scientific basis for the locality to set an effective policy to attract investment capital for Tay Ninh province 17 Chapter RESEARCH RESULTS AND DISCUSSIONS 4.1 CURRENT SITUATION OF INVESTMENT CAPITAL FOR ECONOMIC DEVELOPMENT IN TAY NINH PROVINCE 4.1.1 Overview of the socio-economic situation of Tay Ninh province Tay Ninh is a province located in the southern economic key region, with a natural area of 4,039.66 km2, with arterial traffic routes such as National Highway 22, National Highway 22B connecting Tay Ninh with neighboring provinces and cities The province is located at the northwest gateway of Ho Chi Minh City, which is the nearest bridge between Ho Chi Minh City and Phnom Penh Capital (Cambodia), with special potential for economic development at the border gate (there are international border gates Moc Bai and Xa Mat; main border gates and many other sub-border gates) Along with the strengths in Tay Ninh province, there are also many advantages to develop tourism and services: Lo Go - Xa Mat National Forest Reserve, Ba Den Mountain, Dau Tieng Lake, historical relics In the period from 2016 to 2020, GRDP increased by an average of 6.3% (according to comparative prices in 2010) For GRDP per capita increased by an average of 8.9% and as of 31/12/2020 the value of GRDP per capita was 3,179 USD This is because the economy of Tay Ninh has made certain progresses in the past time because the interest in investment of the province has contributed to the economic development of the locality 18 State budget in the period of 2016 – 2020 reached VND 41,401 billion, an average increase of 9.9%, of which domestic revenue was VND 36,497 billion, an average increase of 13.1% The total source of athletes for the rural development of Tay Ninh province in the period of 2016 -2020 is a period with a very fast growth rate year by year This shows that in each period there are adjustments in the source of investors, but in the recent 3-year period, the province tends to increase the source of contracts for investment This is a positive sign in the board of directors to contribute to the growth and development of the Province 4.1.2 Assessment of the current situation of capital mobilization for economic development investment in Tay Ninh province in the period of 2016 - 2020 4.1.2.1 Results achieved In the period of 2016 – 2020, the socio-economic situation of Tay Ninh province as well as the general situation of the country faces many difficulties and challenges, the world and regional situation is complicated, unpredictable, competitive of major countries, natural disasters, epidemics on crops, pets, especially the Covid-19 epidemic on humans, however, have achieved encouraging results 4.1.2.2 Limitations and causes  Restrictions: Currently, Tay Ninh is only in the breakthrough stage, investing in transport infrastructure, urban infrastructure, creating a foundation to attract investment resources Many projects and works exceed the capital allocation capacity of the local budget, so they have to extend the implementation time The province has not yet implemented the contract in the form of local bonds to promote the internal resources and active capital of the Province In addition, the province does not have a plan to establish an SME Credit Guarantee Fund to take advantage of the SME Credit Guarantee Fund to support and finance through credit guarantee for these enterprises to invest in the development of production and business activities  Causes of restriction Firstly, the province's mechanisms and policies have not really been breakthrough and drastic in the board of directors, namely issuing local government bonds as well as establishing the SME Credit Guarantee Fund to take advantage of and attract all possible financial resources in the area 19 ... investment in Tay Ninh economic development more effectively Stemming from that requirement, the author chose the topic: "Investment capital for economic development of Tay Ninh province" to implement... services As a guarantee for investments that bring benefits and long-term potential Such as building schools, hospitals, local roads Consolidation for many different industries as well as different... The motivation and working attitude of employees are also important factors in considering and choosing a place to invest  Administrative procedures The simpler the administrative procedure,