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FOREIGN TRADE UNIVERSITY HO CHI MINH CITY CAMPUS -*** MIDTERM ASSIGNMENT INTERNATIONAL TRADE POLICY ANALYSIS OF VIETNAM'S COMPETITIVE ADVANTAGE USING MICHAEL PORTER'S DIAMOND MODEL Student: Trần Hoàng Ngọc Châu ID no: 1911115047 Class: K58CLC3 Lecturer: Trần Quốc Trung Ho Chi Minh, 5th June, 2021 TABLE OF CONTENT Introduction Factor Endowments 2.1 Basic factor endowments 2.2 Advanced factor endowments: 2.2.1 Level of labor 2.2.2 Infrastructure and Technology Innovation Demand condition 3.1 Home demand 3.2 Sophisticated and demanding local customers 10 Related and Supporting Industries 11 4.1 The weak presence of local suppliers and unavailability of raw materials 11 4.2 Low localization rate in many industries 11 4.3 Low capacity of Vietnamese enterprises to produce supporting industry products 12 Firm strategy, Structure, and Domestic Rivalry 14 5.1 High level of openness to foreign investors 14 5.2 Ineffective competition policy and enforcement 15 5.3 Domestic Rivalry 15 Government 16 6.1 Factor conditions 16 6.2 Demand conditions 17 6.3 Related and supporting industries 17 6.4 Firm strategy, structure, and rivalry 18 Chance 19 7.1 Competitive advantage 19 7.2 The outside control: Covid-19 Pandemic 20 Conclusion 23 References 25 LIST OF FIGURES Figure 2.1-1 : Vietnam’s export to world in 2019 (US dollar) (Source: trademap.org) Figure 2.2-1 : Labor force aged 15 and over by age group by year, calculation method and age group in 2019 (Source: gso.gov.vn) Figure 2.2-2 : Exports of manufactures by degree of manufacturing (as a percentage of total manufacturing exports) (Source: UNCTAD and APEC PSU calculations) Figure 2.2-3 : Vietnam’s enterprises in ASEAN’s current ones activities (Source: ILO) Figure 2.2-4 : Vietnam’s enterprises barriers in compared to ASEAN ones (Source: ILO) Figure 3.1-1 : Vietnam’s GDP during years (Source: worldbank.org) 10 Figure 3.2-1 : Patterns of market development for Vietnam, CCI 2001-2009 (Source: WEF) 10 Figure 4.3-1 : Overview of import and export of Vietnam’s supporting industry products over the years (Source: General Statistics of UN Comtrade) 13 Figure 5.1-1 : Share of SOE’s contribution in comparison with others 2010-2017 (Source: gos.gov.vn) 14 Figure 5.1-2 : ICOR index computed by economic sectors (Source: kinhtevadubao.vn) 15 Figure 6.4-1 : Summary Vietnam’s FTAs (Source: trungtamwto.vn) 18 Figure 7.1-1 : Vietnam’s Competitiveness Index (Source:WEF) 20 Figure 7.2-1 : Vietnam’s GDP growth (Source: vnexpression.net) 21 Figure 7.2-2 : Vietnam growth among Asia’s highest despite Covid-19 (Source: vnexpression.net) 21 Introduction A nation’s competitiveness depends on the inherent resources of its country However, it does not grow up without innovation and upgrades Micheal Porter described a national competitive advantage by a Diamond Model with four attributes: Factor Conditions; Demand Conditions; Related and Supporting Industries; Firm Strategy, Structure, and Rivalry, and two supporting factors: Government and Chance These determinants interpret the national environment in which countries, industries, enterprises are formed and compete with other ones Nowadays, Porter’s Diamond Model is widely used in various domains due to its elaborateness and effectiveness For the time being, Vietnam's progress has been remarkable over the last 30 years Economic and political reforms implemented under the Doi Moi period, which began in 1986, have stimulated rapid economic growth, transforming what was once one of the world's poorest countries into a lower-middle-income country Up to now, it is one of the most dynamic emerging economies in the Southeast Asia region This report, based on Porter’s Diamond Model, clarifies every aspect of Vietnam’s competitive advantage By synthesis, analysis, evaluation, and solution deduction, this report will provide an overall situation of Vietnam’s economy so far Factor Endowments 2.1 Basic factor endowments Geographical location: Vietnam is a country located on the Indochinese peninsula, Southeast Asia, along the Pacific Ocean with a land border of 4,550km This Asian country possesses a favorable geographical location, which is contiguous with China in the North, Laos, and Cambodia in the West, and the East Sea to the East There is something to be said for international exchange relations Weather conditions: Despite being located in the tropical belt, with high temperature and humidity all year round, different regions in Vietnam enjoy different weather conditions Due to an intimate influence on the humid tropical monsoon by the East Sea, the climate is subtropical in the North and tropical in the center and South Climate characteristics make Vietnam a strong agricultural position in the world, which is the second agricultural, forestry, and fishery export industry in Southeast Asia, the fifth in the world, and currently present in over 196 countries Ironically, some regions in Vietnam, especially central ones, suffered from yearly natural calamities and climate change Typhoons and floods are the two most frequent and dangerous threatening human life and significant impact on the national economy Land resources: With a natural area of more than 331 thousand square kilometers, agricultural land, which accounts for 82,39% of the total area, serves for cultivation, breeding, afforestation, Vietnam is characterized by enriching inherent alluvial soil and red basalt soil in the highland The mountainous area takes up to ¾ area and the forest covers more than 30% of the total area Together with the weather conditions aforementioned, our agricultural industry is equipped with diversified fauna and flora Water resource: Vietnam is considered a great potential country with advantages in marine and island resources In addition to over 3,260 km of coastline and over 3,000 large and small islands, including archipelagos of Hoang Sa and Truong Sa, our sea also has 2,028 marine fish species, including 102 species of high economic value Our country owns more than 35 kinds of minerals as it is located between two major mineral formation belts of the world, the Pacific Ocean and the Mediterranean Sea Furthermore, there is a dense network of rivers with 2,345 rivers with a length of over 10km, an average density of 1.5-2km of rivers/1 km square of area Rivers play an important role in irrigation, aquaculture, and fertilization to grow food crops In general, water resources are an indispensable part of any economy Particularly in Vietnam, it occupies an important position in the national defense security, international maritime trade, and development of fisheries, tourism Demography: Vietnam’s current population is 98.092.334 people on 28/5/2021 as reported by the latest figures from the United Nations In the world in the population ranking of countries and territories, it is the 15th most crowded country According to General Statistics Office Vietnam in the fourth quarter of 2020, the Labor force over 15 years old was 55.1 million people Thanks to dense labor resources, Vietnam is known as a labor-intensive country As stated in Trade Statistics for international business development, in 2019, staple products Vietnam exported to the world are electronic components, followed by footwear and textile industries Figure 2.1-1: Vietnam’s export to world in 2019 (US dollar) (Source: trademap.org) 2.2 Advanced factor endowments: 2.2.1 Level of labor Vietnam's labor market, according to the assessment of the Central Institute for Economic Management (CIEM), is a labor surplus market with low job quality, uneven development, the imbalance between labor supply and demand among regions, areas, and economic domains Vietnam’s workforce between the ages of 15 and 39 years old currently accounts for more than half of the total labor force Figure 2.2-1: Labor force aged 15 and over by age group by year, calculation method and age group in 2019 (Source: gso.gov.vn) Having a young and crowded labor market, however, informal labor, unskilled labor still accounts for the majority; trained workers with certificates and qualifications are at a low point, reaching only 24.5% in 2020, the education and professional level of Vietnamese workers is not high as well Consequently, labor costs are low, and Vietnamese worker productivity is ranked among the lowest in the Asia-Pacific region Vietnam copes with scarcity in terms of obtaining skilled, high-quality human resources as well as faces difficulty in achieving high labor productivity Figure 2.2-2: Exports of manufactures by degree of manufacturing (as a percentage of total manufacturing exports) (Source: UNCTAD and APEC PSU calculations) 2.2.2 Infrastructure and Technology Innovation In terms of infrastructure, it has been a central factor of Vietnam’s fast-paced economic development At the end of the 80s, Vietnam’s Government prioritize spending government budgets also offer credit to FDI to improve, upgrade and construct new roads, railways, seaport, and airport systems Especially, beginning in 2007, a completely new, world-class international terminal at Tan Son Nhat airport in Ho Chi Minh City opened Vietnam today has a large number of impressive world-class industrial zones (IZs) and export processing zones (EPZs), with more than 96 industrial processing zones Ho Chi Minh city is the epicenter of industrial development with the highest density of industrial parks in the country In terms of technology, along with the transformation of entire production systems, labor market due to the appearance of Industrial Revolution 4.0, technology brings many opportunities and challenges with a direct effect on agriculture, industry, and services Figure 2.2-3: Vietnam’s enterprises in ASEAN’s current ones activities (Source: ILO) Vietnam is predominantly characterized by labor-intensive, low-skill production Advances in new technologies and automation not only can nurture dynamic businesses but also create significant changes to the industry in the coming years As reported by International Labor Organization, one of our biggest export industries - textiles, clothing, and footwear - copes with many obstacles to innovating their technologies Therefore, skills and workforce development in Vietnam remain a critical problem A key to rapid global expansion is to promote workplace dynamics and new technology innovations as well as encourage the potential youth to keep pace with foreign science and technology Figure 2.2-4: Vietnam’s enterprises barriers in compared to ASEAN ones (Source: ILO) Demand condition 3.1 Home demand The sizeable and growing market: From 1986, economic and policy transformation has boosted economic development, rapidly made Vietnam from one of poorest countries in the world to a low-middle income country 2020, under the negative impact of the Covid19 pandemic, it was our triumph with the growth rate among the highest in the world Vietnam becomes the fourth largest economic country in Southeast Asia (below Indonesia, Thailand, and the Philippines) Japan The domestic supporting industry has been able to provide some spare parts and components such as plastic and rubber parts for electronic products, automobiles and motorcycles, aluminum and metal parts for cars , motorcycles and machinery and equipment products Thanks to the ability to supply some components and spare parts for domestic industries, the localization rate of some industries in Vietnam has been remarkably improved Figure 4.3-1: Overview of import and export of Vietnam’s supporting industry products over the years (Source: General Statistics of UN Comtrade) Notwithstanding, a vast amount of high technology products that Vietnamese enterprises have not enough competitive advantage in compared to FDI enterprises The organizational capacity of production management and technical technology of most of the Vietnamese supporting industry enterprises still have many limitations Up to now, domestic businesses can only supply about 10% of the domestic demand for supporting industry products Some businesses in Vietnam have participated in the supply of supporting industry products, but very few enterprises have a long-term development strategy to be able to make an in-depth investment in equipment, technology, management, as well as human resources Newly developed textile and footwear areas in manufacturing accessories, also produces fabrics, fibers, leathers that meet international standards is mainly carried out by FDI enterprises Still, there is a big gap between multinational corporations and local enterprises In conclusion, Vietnam is currently challenged by competition from regional countries in the absorption of FDI, the flood of Chinese products, and pressures of international integration The development of supporting industries is an essential measure for Vietnam to overcome these challenges Therefore, it is necessary to develop specific policies to promote the development of supporting industry, creating a fundamental foundation for industrialization towards modernity and sustainable development Firm strategy, Structure, and Domestic Rivalry 5.1 High level of openness to foreign investors Following policy changes, the government went even further to adapt private enterprise while reducing the role of state-owned firms (SOEs) By joining the ASEAN Free Trade Area (AFTA) in 1996, World Trade Agreement (2007), Vietnam began to integrate more deeply into the regional and worldwide trade and economic systems As a result of the period 2010-2017, the share of SOE performance has been experiencing a downward trend in both absolute number and percentage overall categories Figure 5.1-1: Share of SOE’s contribution in comparison with others 2010-2017 (Source: gos.gov.vn) Except for a few specific industries in Vietnam, where many SOEs are engaged in profitable industries such as banking, food, and beverage, or carriage service (General Statistics Office 2018), it is widely accepted that SOEs profitability is likely to be lower than in the private sector due to their missions for nonprofitable activities Figure 5.1-2: ICOR index computed by economic sectors (Source: kinhtevadubao.vn) Looking at the ICOR index of economic sectors, the index ICOR of the SOEs is always much higher than that of (Private-owned firms) POEs or (Foreign Direct Investment firms) FDIs, and this index increases year by year It demonstrates that the efficiency of investment in SOEs remains at a low rate Under common legal frameworks, FDIs sometimes receive more special treatments than SOEs, such as lower tax rates or access to land Consequently, our country consecutively increases the openness for foreign investors It enables Vietnam to benefit from globalization Unreasonable structure 5.2 Ineffective competition policy and enforcement In terms of industry and scale, the structure of the state-owned enterprise sector is now unstable To begin with, the region's share of state-owned firms is 25% in agriculture, 40% in commerce and services, while especial processing and manufacturing industry is a minor part Fragmentation, overlap, and duplication of SOEs in the same area are common, resulting in a spread of State investment, unfair competition among SOEs, even between units of the same corporation, and waste resources 5.3 Domestic Rivalry Due to technical level, outdated technology, and various investment diversification, firms easily lose their competitive advantage, comparative advantage, and vulnerability to make mistakes because of power separation and inexperience administration In this situation, Government plays an indispensable role in implementing effective policies, special treatments to encourage SOEs to constantly develop and innovate as well as to be ready for the global competition Government 6.1 Factor conditions The low-skilled labor force, as well as low labor productivity, is a completely unresolved problem in Vietnam in recent years Take advantage of the valid EU-Vietnam Free Trade Agreement (EVFTA), the export market will expand, and employment will be created, Vietnam needs to have a national master plan on improving the quality of human resources and improving national labor productivity Together with Education Industry, the two systems have to continuously: ● Upgrading the growth model, consider “Technology is the leading national policy” ● Innovating education and training towards modernity and standardization; ● Creating a dynamic environment and position for highly qualified workers to experience; ● Connecting supply and demand for high-skilled labor and management both local and foreign labor market In terms of new technologies, Vietnam has taken several measures focusing on the development: Firstly, Special Incentives for Scientific and Technology Enterprises Under Decree No 13/2019/ND-CP of the Government dated February 18, 2019 (effective as of March 20, 2019), enterprises with a Certificate of Scientific and Technology Enterprise will be eligible for a variety of benefits, including a waiver or reduction of enterprise income tax, a waiver or reduction of land lease, credit incentives, and import and export duty reductions, among others Secondly, Law on Technology Transfer Certain incentives are offered under the Law on Technology Transfer of June 19, 2017, and its implementing Decree No 76/2018/NDCP of May 15, 2018 (effective July 1, 2018) to stimulate technology transfer and boost the country's science and technology market Thirdly, Technology Innovation Fund On January 8, 2015, the National Technology Innovation Fund was established to assist small and medium-sized businesses in renovating, transferring, or perfecting their innovations, as well as to encourage technology transfer for the development of agriculture, forestry, and fishing sectors 6.2 Demand conditions Government stimulates the competitive advantage of SOEs and POEs by establishing and enforcing antitrust laws The primary law governing competition in Vietnam is the new Law on Competition No 23/2018/QH14 (Law on Competition), passed in June 2018 and effective as of July 1, 2019 The Law applies to all anti-competitive acts and economic concentrations that impact or potentially impact competition in the Vietnamese market, regardless of where the acts occur This includes acts by both domestic and foreign businesses, agencies, and organizations In September 2019, the Vietnamese government issued Decree No 75/2019/ND-CP (Decree 75) to give guidance on how the Law on Competition Law is to be enforced in practice, which became effective on December 1, 2019 The National Competition Committee (CA or Competition Authority), established in 2019, is the main body in charge of implementing competition law and policy in the country Under the new law, the existing Vietnam Competition Authority and the Vietnam Competition Council have been merged to form the National Competition Committee 6.3 Related and supporting industries Vietnam’s Government also encourages supplier development programs to create connections between local suppliers and multinational companies Recently, the Vietnam Industry Agency based on the Ministry of Industry and Trade is committed to supporting the operation of a competitive supply base in Vietnam, especially focusing on those fields that have seen substantive FDI inflows in the past Moreover, under DECISION 68 “On the approval of the Supporting industry development program from 2016 until 2025”, by connecting local suppliers with export markets and multinational companies, assisting local suppliers with applying management systems that meet global standards, training, and R&D support, Government set up a supplier development program to develop three major fields of supporting industry ● Spare parts and accessories ● Supporting industry for the textile, garment, and shoe leather industries ● Supporting industry for high tech industries 6.4 Firm strategy, structure, and rivalry Until now, Vietnam attempts to reach the global approach by negotiating and signing some foreign trade agreements with numerous countries as presented by the table below Figure 6.4-1: Summary Vietnam’s FTAs (Source: trungtamwto.vn) The participation and implementation of the FTA have contributed to promoting export growth, diversifying export markets, and avoiding dependence on a traditional market Our country's economy has a high growth rate, developing step by step and firmly The macroeconomic foundation is well maintained, increasingly consolidated In which: ● Contributing to creating an open investment environment, attracting many large investors from countries in the region and the world ● Create more jobs, increase income, and improve people's living standards ● Easy access to high-quality goods and services of partner countries ● Creating motivation to improve the quality of many agricultural, processing, and high-tech products The culture of international economic integration has also developed, creates the impetus for Vietnam to perfect its institutional and legal framework, approach international standards and practices, and reform administrative procedures The payment, domestic budget collection, job creation also have many innovations thanks to the improvement of the law Laws related to intellectual property, labor, environment, agriculture, and competition policy have also made new progress Legislation on public procurement has been improved Initially studying the participation in the settlement of economic, investment, international trade disputes… Chance 7.1 Competitive advantage As reported by World Economic Forum, in 2019, Vietnam had been ranked 67th over 141 countries, which raised 10 levels compared to it was in 2018 The “Market size” criteria is ranked 26th highest among others, because there is a slight increase in the ratio of imports of goods and services to GDP (ranked 6th in 2019 compared to 7th in 2018), demonstrating the demand for an economy with a high growth rate high growth (average 6.5%/year within years and expected to grow 6.8-7% in 2019), has a large domestic consumption market with a total population of more than 96 million people and average income per capita is continuously increasing Followed by is the “Information and Communication Technologies application” criteria We can conclude that Vietnam’s market has a huge potential in expanding the market size, attracting FDI inflows, connecting economic industries Having a competitive advantage in the market size, it is necessary for our country to pay more attention to diversifying export markets, making better use of signed FTAs, and promoting domestic production and consumption At the same time, it is time for Vietnam to review policies and measures on tariff and non-tariff barriers, ensuring its commitment to integration as well as supporting businesses and the domestic market to develop healthily Figure 7.1-1: Vietnam’s Competitiveness Index (Source:WEF) 7.2 The outside control: Covid-19 Pandemic Covid-19 Pandemic not only causes billions of fatalities in the world but also makes thousands of companies go bankrupt as well Especially, Vietnam’s economy which is in the path of globalization suffers many negative impacts from this contagious disease Production, supply, trade, aviation, tourism, labor, and employment activities have been delayed or interrupted In which, enterprises are severely affected, suspend operations, go bankrupt, dissolve or reduce the scale of production are must things Vietnam’s economy which is a labor-intensive industry relies heavily on exports The main raw materials rely heavily on China suppliers, it has to say that we are lacking input suppliers when countries close their borders to control the spread of the pandemic As we can see in the figure below, Vietnam’s growth rate slows down to 4,8% in 2020 but increases to 6.8% in 2021 Because Vietnam is successful in containing the transmission of the virus, together with some transformations, changes directions, implement solutions to maintain production and business activities such as promoting e-commerce domain, transforming key products and services, actively seeking new local markets suppliers for input materials as well as markets for output products It demonstrates that Vietnam’s economic growth is projected to remain one of the fastest and highest in Southeast Asia Vietnam determines its position in the world map Figure 7.2-1: Vietnam’s GDP growth (Source: vnexpression.net) Figure 7.2-2: Vietnam growth among Asia’s highest despite Covid-19 (Source: vnexpression.net) However, in the second quarter of 2021, the virus once again outbreaks in Ho Chi Minh city - the center of firm operations and economic activities of the country Vietnam’s Government has to create various strict strategies to limit the spread of the Corona virus for the safety of residents and for the future of the country’s development Conclusion So far, Vietnam has been able to increase its exports mostly by taking advantage of these advantageous conditions Meanwhile, numerous impediments threaten Vietnam’s ability to sustain its competitiveness and continued prosperity growth Firstly, Vietnam is the world’s third-largest footwear exporter and fifth largest exporter of textile and clothing, also is the TCF export leader, totaling US$36.9 billion, twice the level of its closest ASEAN competitor, Indonesia At the same time, although agriculture remains the dominant sphere of employment, labor qualifications still can not accommodate the standard of skill requirements One of the reasons is Vietnam’s education system does not arm students with the skills for management or knowledge-intensive industries Therefore, the level of labor force stays of low quality Secondly, FDI inflows encourage economic growth, upgrade infrastructure, improve the qualifications and skills of workers Globalization, as well as the open-door of the market mechanism, helps Vietnam approach the latest market trends, technology, and easily international trade Thirdly, the environment and natural resources in Vietnam have suffered as a result of the country’s rapid industrialization Over the last decade, electricity consumption has risen The power sector accounts for about two-thirds of the country’s greenhouse gas emissions, owing to the country’s rising reliance on fossil fuels Clean energy transition must be an urgent action at the moment Besides, unsustainable exploitation of natural resources like land, fisheries, and timber could have a negative impact on long-term growth prospects Vietnam’s population and the economy will be the first vulnerable victim due to adverse climate change Hence, exports based on such existing comparative advantage not generate significant value-added earnings It is proposed that relevant policies be adopted to in order to bring economy and its export sector towards a desirable comparative advantage 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Porter’s Diamond Model, clarifies every aspect of Vietnam’s competitive advantage By synthesis, analysis, evaluation, and solution deduction, this report will provide an overall situation of Vietnam’s... nation’s competitiveness depends on the inherent resources of its country However, it does not grow up without innovation and upgrades Micheal Porter described a national competitive advantage by a Diamond. .. Sea Furthermore, there is a dense network of rivers with 2,345 rivers with a length of over 10km, an average density of 1.5-2km of rivers/1 km square of area Rivers play an important role in irrigation,
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