THÔNG TIN TÀI LIỆU
UNIVERSITY OF ECONOMICS INSTITUTE OF SOCIAL STUDIES HO CHI MINH CITY THE HAGUE VIETNAM THE NETHERLANDS ng hi ep w n THE VIETNAM- THE NETHERLANDS PROJECT FOR M.A PROGRAM lo ad IN DEVELOPMENT ECONOMICS ju y th yi THE IMPACT OF TRANSACTION COST pl ua al ON COMPETITIVENESS LEVEL, n CASE STUDY IN VIETNAM AT THE PROVINCIAL LEVEL n va "CJ fu so GIAO DVC fJAO T,;O ll TRVONG 8~1 HQC KINH TE TP.HCM THUVIEN \ ) ·7 6t c:: oi m By at nh BUI QUANG HUY z z vb A thesis submitted in partial fulfillment of the requirements for the degree of ht k jm MASTER OF ARTS IN ECONOMICS OF DEVELOPMENT n a Lu DR NGUYEN TRQNG HOAI om l.c gm ACAMEDIC SUPERVISOR: n va HO CHI MINH CITY, APRIL 2008 CERTIFICATION "I certify that the substance of this thesis has not already been submitted for ng any degree and is not being currently submitted for any other degree hi ep I certify that to the best of my knowledge and help received in preparing this w thesis and all sources used, have been acknowledged in this thesis" n lo ad ju y th Signature yi pl BUI QUANG HUY n va Date: April 2008 n ll fu • ua al • oi m at nh z z • k jm ht vb om l.c gm n a Lu n va t re I ACKNOWLEDGMENTS This thesis is a very significant in my life And this thesis would not have been ng finished without the best helps and supports from many people So, I wish to hi ep express my acknowledgments to them Firstly, I would like to express my acknowledgment and thank to my academic w n supervisor, Dr Nguyen Trong Hoai, for his guidance and comments through lo # ad my thesis writing period His scientific instructions make my thesis become y th more clearly and concise ju yi I sincerely thank Mr Nguyen Duy Khanh, who has provided me to have the pl i ua al data set of GDP of The General Statistics Office; and Mr Nguyen Anh Tuan n - the expert of the VCCI & VNCI for giving me help in the statistical and va n calculation issues of the PCI data for my thesis fu ll I am very grateful to my teachers and staff in Vietnam -Netherlands Project, m oi Mr Dao Xuan Due - my leader and friends of mine for their help and nh z And finally, as for my family, specially my wife, I can not thank them enough z at friendship vb jm ht for their unconditional support and love They has encouraged and supported me in during this program k gm Ho Chi Minh City, April2008 om l.c an Lu n va e t re II - - - - - - - - - - - - - ABSTRACT The Transaction cost & Competitiveness include multidimensional feature of ng hi an economic entity operating in a market economy In this thesis, therefore, ep different aspects of them can be explored The meaning of Transaction cost & w Competitiveness for different economic entities will be determined and their n relationship will be shown on the provincial level The major determinants of lo I ad Transaction cost are presented And, the main objectives of the thesis are y th \ ju firstly, to build a measurement regression model of the Competitiveness level yi basing on data which is collected from some resources (The VNCI & VCCI pl i ua al (2005-2006); General Statistics Office); and then to use that model to evaluate n the impact of transaction cost on the Competitiveness level From which, va some important policies can be given so that the transaction cost can be n t fu reduced and the provincial competitiveness in Vietnam can be increased ll oi m remarkably at nh z z k jm ht vb gm ·- om l.c n a Lu va n • te re III LIST OF ABBREVIATION Co Competitiveness ng hi GDP/head or capita ep Transaction cost HK Human Capital w TC n lo Quality of Infrastructure ad QI y th • Gross Domestic Product per head or capita Proximity to Market EC Entry cost IC Informal charges Tc Time cost of regulatory compliance TAl Transparency and access to Information ju PM yi pl n ua al n va ll fu • m oi PSD Pro-activity of Provincial Leadership nh Time of researching at X z z The Vietnam Competitiveness Initiative & om l.c gm Produit Interieur Brut (meaning GDP/head) k PIB jm MICI Microeconomic Competitiveness Index ht Vietnam Chamber of Commerce and Industry vb The VNCI & VCCI SWF social welfare function a Lu OLS Ordinary Last Square n va VND Vietnamese dong t re % n • Percent IV - TABLE OF CONTENTS CHAPTER 1: INTRODUCTION ! ng 1.1 Problem statement hi ep 1.2 Research objectives w 1.3 Research questions: n lo ad 1.4 Research hypotheses: y th • 1.5 Research methodology: ju yi 1.6 Research limitation: pl n ua al CHAPTER 2: LITERATURE REVIEW 2.1 Definitions n va ll fu 2.1.1 Competitiveness oi m 2.1 Transaction costs nh 2.2 Theoretical backgrounds at z 2.2.1 The competitiveness model 10 z vb k jm ht 2.2.2 Transaction cost model 14 2.2.3 Human capital, Quality of Infrastructure and Proximity to market: 17 gm l.c 2.3 Empirical studies 19 om 2.3.1 Dale B Thompson (1998) 19 a Lu 2.3.2 Ning Wang (2003) 25 n va 2.3.3 J Luis Guasch & Alvaro Escribano (2005) 26 n • v te re 2.3.4 World Bank (2006) 28 2.3.5 Empirical study of the USAID-funded Vietnam Competitiveness Initiative (VNCI) and the Vietnam Chamber of Commerce and Industry ng (VCCI) (2005-2006) 31 hi ep 2.4 Chapter Remarks 31 CHAPTER 3: DATA AND ECONOMETRIC MODEL FINDINGS 34 w n lo 3.1 The Econometric Design 34 ad ju y th 3.2 The Definition of variables 35 3.2.1 Dependent Variable (Competitiveness) 35 yi pl ua al 3.2.2 Independent variable 35 n 3.2.3 Model specification 38 va 3.3 Data collection method 39 n f ll fu oi m 3.3.1 Competitiveness 40 at nh 3.3.2 The determinants of Transaction costs on the Provincial Competitiveness 40 z z ht vb 3.3.3 Variable analysis 40 k jm 3.4 Main hypothesis: 46 gm 3.5 Estimation of result by regression equation 46 om l.c 3.6 Explanation of coefficient 48 3.7 Chapter remarks 54 VI t re REFERENCES 60 n 4.2 Policy implications 57 va 4.1 Conclusions 56 n a Lu CHAPTER 4: CONCLUSIONS AND POLICY IMPLICATIONS 56 APPEND IX .66 APPEND IX • ••••.•• ••.•• • •• ••.•• • •• •• • ••.• 70 ng hi APPEND IX 73 ep APPENDIX 74 w n lo ad ju y th yi pl n ua al n va ll fu oi m at nh z z k jm ht vb om l.c gm an Lu va f n e t re VII LIST OF TABLES Table 2.1: Checklist for the Institutional Transaction Costs Framework 22 ng hi Table 2.2: Some Important Types of Transaction Costs 28 ep Table 2.3: Transactions Cost Related to the Legal and Regulatory w Environment 29 n lo ad Table 3.1: Variable summary 39 y th Table 3.2: Descriptive statistics of ratio difference of the variable ju yi between 2005-2006 41 pl ua al Table 3.3: The detail result of Provincial Competitiveness Sub-Indices in n 2005 43 va n Table 3.4: The detail result of Provincial Competitiveness Sub-Indices in fu ll 2006 44 oi m Table 3.5: The results of regression 47 at nh Table 3.6: The results of restricted regression SO z z k jm ht vb om l.c gm n a Lu va n • t re VIII CHAPTER 1: INTRODUCTION 1.1 Problem statement ng In recent years, globalization has brought new opportunity as well as hi ep challenges to both policy makers and enterprises of Vietnam In the context of globalization, regional and international organizations have been established, w n growing and setting new standards to influence business activities and various lo ad sectors It means that the competitiveness improvement becomes one of most y th important issue in the economy So, what is competitiveness? And, why does ju yi competitiveness have important role in economy? pl ua al According to the Reports of the National Council for Competitiveness and n Development (2006); Competitiveness, as the ability to maintain and improve va n the standards of living in a country, advance the business environment, fu ll strengthen employment, cohesion, environmental protection, and to constantly m oi upgrade productivity and increase market shares in a globalize context Thus, nh when Vietnam becomes a member of WTO, competitiveness is the key to the at z • z further economic success Recently, Vietnam's Government focuses on ht vb efficiency to enhance the national competitiveness of Vietnam as well as jm provinces That is why more and more Vietnam has become an attractive still complain about complicated procedures l.c investors gm However, k destination for foreign investors om (vietnamnet.vn (2006)) It is because they have to spend a lot of times and an Lu costs for overlapping law, regulation, and bureaucratic official staff And, they have to lose a lot of transaction cost before they get anything So, what is t re transaction cost and an increase in competitiveness is a really urgent demand? n transaction cost? How is its role in modern social? And whether a reduction in va • Collins, Bruce M., and Frank J Fabozzi (1991) "A methodology for measuring transaction costs." Financial Analysts Journal47 (2):pp 27-36 ng Demsetz, Harold (1968) "The cost of transacting." Quarterly Journal of hi ep Economics 82:pp 33-53 Gardiner, B (2003), "Competitiveness Indicators for Europe - Audit, w n Database Construction and Analysis" Paper presented at Regional lo ad Studies Association International Conference, Pisa, April 2003 y th ju Garelli, S (1997) World The Four Fundamental Forces of Competitiveness, yi Competitiveness Yearbook pl al n ua Gujarati, D.N (1995)"Basis Econometrics" Singapore: McGraw-Hill, Inc n va Hall, Robert and Charles Jones (1999) "Why some countries produce so ll fu much more output per worker than others?" Quarterly Journal of 114(1):pp 83-116 oi m Economics http://www imd.ch/wcy/approach/fondamentals.html 26.09.1997 at nh Hoang Ngoc Nham (2007) "Exercise in Econometrics with Eviews" z z University of Economic Ho Chi Minh City: Part I, pp 41-44 ht vb cross country tests usmg alternative institutional k performance: jm Knack, Stephen and Philip Keefer (1995) "Institutions and economic gm (1995) "Institutions and economic om Justin and Jeffrey Nugent l.c Lin, measures." Economics and Politics 7(3):pp 207-228 n York: Elsevier Science Productivity" http://papers.ssrn.com/so13/papers.cfm?abstract_id=755070 61 t re on n Climate va Luis, Guasch J & Escribano, A (2005) "Assessing the Impact of the Investment a Lu development." In Handbook of Development Economics, Vol 3A New Matthews, R C (1986) "The economics of institutions and the source of growth." Economic Journal 96:pp 903-918 ng Nguyen Hiep & Hiroshi (2007) "The role of entry costs and heterogeneous hi ep characteristics firms of the m decision export" to http://www research.kobe-u.ac.jp/gsics-publication/gwps/2007-17 pdf w n lo Nguyen Trong Hoai (2007) "Review - Heteroskedasticity" The Fulbright ad Economics Teaching Program, Autumn term 4/9/2007-23112/2007 y th ju Porter, M (1990) "The Competitive Advantage of Nations" (The Free Press, yi pl New York, A Division of Macmillan 1990), pp 885 (1998) mtcroeconomtc "The foundations of economic n ua M al Porter, n Economic Forum, 1998 va development" in Global Competitiveness Report, Geneva: World ll fu oi m Ramu Ramanathan (2002) "Introductory econometrics with application" at nh 5thed, Fort Worth: Harcourt College Publishers: Chapter 8, pp 344-367 Rodrik, Dani (2000) "Institutions for high-quality growth: what they are and z z ht vb how to acquire them." NBER Working Paper 7540 k effect." Journal of Financial Economics 12:pp 57-79 jm Stoll, Hans and Robert Whaley (1983) "Transaction costs and the small firm gm 15 - Nov - om http://www.competitiveness.org/article/articleview/774, l.c The Competitiveness Institute (2007) "The cluster practitioners network" n Region" http://www.unece.org/ead/sernlsem2004/papers/Fagerberg.pdf va The Competitiveness of nations (2004) "Economic Growth in the ECE n a Lu 2007 t re The Free Dictionary (2007) "Financial dictionary - Transaction cost" http://encyclopedia thefreedictionary com/transaction +cost 62 I I global 1!he I I development finance (2006) report http://pgpblog.worldbank.org/node?page=25 I I ng I the International Institute for Management Development (IMD), The World hi I I ep Competitiveness I Yearbook http://www.imd.ch/research/centers/wcc/research_methodology.cfm w I n I lo ifhe National Competitiveness Council (2007), "Annual Competitiveness ad Report 2001 " y th ju http://www forfas ie/ncc/reports/ncc _annual_01 I a pproach.htm#2 of the pl Reports yi :The National Council for Competitiveness and ua al Development.(2006) "The 2005 competitiveness report, executive n summary" va n http://www google.com vn/search ?hl=vi&q=% 22ability+to+maintain+an fu ll d+improve+the+standards+of+living+in+a+country%22&meta= oi m :The Role of Intellectual Property System in the use of ICTs by SMEs (2001) nh I I at http://www wipo.int/sme/en/documents/pdf/codi_2 pdf z z The socio-economic & enviromental research institute (2002) "Economic the Penang State Government" jm ht to vb briefing http://www.seri.com.my/oldsite/EconBrief/EconBrief2002-08.PDF k Vietnamnet.vn (2006) "Prices m 2007: up or gm The down?" l.c http://english vietnamnet vn/biz/2007 /01/651517/ om http://www.vietnamnet.vn/psks/2006/11/632027/, 10- Nov- 2006 Measuring Economic Governance Development" http://www.pcivietnam.org/ 63 for Private Sector t re - n Index va The VNCI & VCCI (2005, 2006) "The Vietnam Provincial Competitiveness an Lu The Vietnamnet.vn (2006) "Thu tt,lc phi~n ha, hanh h 10% leading to Maintain Ho It means that there is no heteroscedasticity in unrestricted model (Nguyen Trong Hoai (2007)) w Table Appendix 1.3: The results of multicollinearity Test of unrestricted regression n lo ad ju y th yi Rii 0.166425 0.184588 0.085345 0.441841 0.403008 0.531889 0.118037 0.319345 pl n ua al VIF=1/(l- Rii ) 1.199652 1.226374 1.093308 1.791604 1.675064 2.136245 1.133834 1.469173 1NIF 0.833575 0.815412 0.914655 0.558159 0.596992 0.468111 0.881963 0.680655 n va ll fu Unrestriced model HK QI PM EC TAl TC IC PSD m Source: Author's calculation oi at nh < R} (0.618495) and, thus Variance - z Table Appendix 1.3 show that Rij z = - -1 -: jm VIF ht vb Inflation Factor (VIP) is used to test the problem of multicollinearity (1 - r;i2) k IS gm All calculated VIP smaller than 10, and it means that there no om l.c multicollinearity arising in the unrestricted model (Gujarati, 1995) IS an Lu n va t re 69 APPENDIX2 ng hi ep Table Appendix 2.1: The results of restricted regression Dependent Variable: LOG(CO) Method: Least Squares Date: 05/02/08 Time: 13:16 Sample: 84 Included observations: 84 w n Variable Coefficient Std Error lo ad c ju y th LOG(QI) LOG(PM) LOG(TC) LOG(PSD) X 12.36768 0.950085 0.410052 0.610070 0.312177 0.376007 yi pl 0.604688 0.579347 0.400854 12.53332 -39.28894 2.017177 n ua al n va ll fu Prob 24.45593 8.386782 4.592166 2.521153 2.523317 3.191458 0.0000 0.0000 0.0000 0.0137 0.0137 0.0020 Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion F-statistic Prob(F-statistic) 16.02424 0.618050 1.078308 1.251938 23.86247 0.000000 oi m R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood Durbin-Watson stat 0.505713 0.113284 0.089294 0.241981 0.123717 0.117817 t-Statistic nh Source: Author's calculation at z Estimation Command: z vb jm ht LS LOG(CO) C LOG(QI) LOG(PM) LOG(TC) LOG(PSD) X k Estimation Equation: gm LOG(CO) = C(l) + C(2)*LOG(QI) + C(3)*LOG(PM) + C(4)*LOG(TC) + om l.c C(5)*LOG(PSD) + C(6)*X 12.367 + 0.312*LOG(PSD) + 0.376*X (0.123) 70 (0.117) te re - (0.089) n (0.241) + 0.41 *LOG(PM) + va 0.61 *LOG(TC) 0.95*LOG(QI) (0.113) (0.505) n LOG(CO)= a Lu The results of the restricted model: Table Appendix 2.2: The results of White Heteroskedasticity Test of restricted regression ng White Heteroskedasticity Test: hi ep 0.690672 14.29296 F-statistic Obs*R-squared Probability Probability 0.814249 0.766353 w Test Equation: Dependent Variable: RESID"2 Method: Least Squares Date: 05118/08 Time: 16:21 Sample: 84 Included observations: 84 n lo ad yi pl c t-Statistic Pro b 3.018684 -0.178860 -0.046826 0.085594 0.292834 -0.066816 0.064101 -3.575549 0.550268 0.897373 0.327240 0.272560 -1.778299 0.280086 -0.666933 0.625970 1.606543 -0.351935 -0.223380 -1.165060 7.037764 3.404686 0.307376 0.606259 1.548788 0.975301 0.548784 2.269121 0.264839 1.243614 0.595081 0.454118 6.042098 1.856066 1.349287 1.465648 3.010653 0.429159 0.732698 2.262385 0.428927 -0.052533 -0.152341 0.141185 0.189073 -0.068508 0.116806 -1.575742 2.077746 0.721585 0.549908 0.600198 -0.294318 0.150903 -0.494286 0.427094 0.533619 -0.820057 -0.304874 -0.514970 0.6694 0.9583 0.8794 0.8882 0.8506 0.9456 0.9074 0.1200 0.0417 0.4732 0.5843 0.5505 0.7695 0.8805 0.6228 0.6707 0.5955 0.4152 0.7615 0.6083 0.170154 -0.076206 0.643006 26.46124 -70.67513 2.027753 Mean dependent var S.D.dependentvar Akaike info criterion Schwarz criterion F-statistic Prob(F-statistic) n va ll fu m at nh z an Lu 0.149206 0.619823 2.158932 2.737698 0.690672 0.814249 om l.c n va t re 71 gm At least a k =f (k =2; 20) k Hypothesis H 1: jm a ht -0 2-a -a 20- Hypothesis H0 : vb Source: Author's calculation z R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood Durbin-Watson stat Std Error n • ua al LOG(QI) (LOG(QI))"2 (LOG(QI))*(LOG(PM)) (LOG(QI) )*(LOG(TC)) (LOG( QI))*(LOG(PSD)) (LOG(QI))*X LOG(PM) (LOG(PM) )"2 (LOG(PM)) *(LOG(TC)) (LOG(PM))*(LOG(PSD)) (LOG(PM))*X LOG(TC) (LOG(TC) )"2 (LOG(TC))*(LOG(PSD)) (LOG(TC))*X LOG(PSD) (LOG(PSD))"2 (LOG(PSD))*X X Coefficient oi ju y th Variable - - nR2 = 84*0.170154= 14.29296 and p-value = 0.766353> 10% leading to Maintain H0 It means that there is no heteroscedasticity in restricted model (Nguyen Trong Hoai (2007)) ng hi ep Table Appendix 2.3: The results of multicollinearity Test of restricted regression w Restriced model QI PM TC PSD n lo ad ju y th Rii 0.054845 0.025265 0.451585 0.043284 VIF=l/(1- Rii 2) 1.058028 1.02592 1.823437 1.045242 yi Source: Author's calculation pl < Ru (0.604688) and, thus Variance - ua al Table Appendix 2.3 show that Rij Inflation Factor (VIF) is used to test the problem of multicollinearity n • 1NIF 0.945155 0.974735 0.548415 0.956716 n (1 - ru2) va VIF = - - ll fu oi m All calculated VIF is smaller than 10, and it means that there 1s no at nh multicollinearity arising in the restricted model (Gujarati, 1995) z z k jm ht vb om l.c gm n a Lu n va te re 72 APPENDIX3 Use Wald test to choice model the restricted model or the unrestricted model ng Table Appendix 3: The results of Wald test hi ep Wald Test: Equation: LOG(CO) Test Statistic df Probability 0.669570 2.678279 (4, 74) 0.6151 0.6130 Value Std Err 0.133387 -0.161014 0.087189 -0.043971 0.090620 0.314218 0.235856 0.266694 w Value n lo F-statistic Chi-square ad y th ju Null Hypothesis Summary: yi Normalized Restriction(= 0) n ua n va C(5) C(6) C(8) al • pl C(2) ll fu Restrictions are linear in coefficients oi m Source: AuJhor's calculation at nh Hypothesis H0 : a 2= a = a = a = (Use restricted model) z Hypothesis H 1: At least a ora ora or as=/= (Use unrestricted model) z because P (F > 0.669570) = 0.6151> 0.05 leading to maintain Ho It means that restricted model can be used (Hoang Ngoc Nham, 2007, Part I, pp 41-44) k jm ht vb om l.c gm n a Lu n va t re 73 APPENDIX4 Chart Appendix 4.1: The Provincial Competitiveness Index ranking in 2005 ng hi ep 30 35 40 45 50 55 60 65 70 75 80 85 90 95 100 76.82 70 65.65.029468.56 C::::::::::;::::::::::::;:::::::::::::::::::::::::::::::::::::::::::::::::::J 64.14 c:===============:::::::J 61.62.3993 C::================:::~ 61.29 c===============~ 61.13 C::::=~=============::=~ 61.09 C::::::::::::::::::::::::::::::::::::::::::::====::::l 60.60 c===============:::J 60.44 c===============:=J C::=========:::::;:::::::::::::::::=J 59.60.7023 r==============:::::J 59.59.6516 c==============:=:J t::=~=============:::~ 59.40 r=============:=:J 59.6155 c==============::J 58 ~==============:::! 58.49 58.06 t::::::::::;::::::::::::::::::::::::::::::::::::::::::::::=J 57.44 ~=============:::J 56.77 c============~ 56.25 c============:=:J 55.89 c============::::J 55 63 ~============:::~ 54.08 53.97 r===========:=:J 53.53.0376 r========:::::::::::::::::J51.67 c=========:J47.49.9950.2990 t:::=======:::::J47.06 P:='3· lE,•i:· ·•·:I·=: : :==:: J 45.45.7997 t: •·: Z•· Z·•: : ;: : : : : : : !41 : : : 2:J144.45 38.81 ~ Binh Duong Da Nang w Vinh Long n Ben Tre lo Vinh Phuc ·- _ ·-~ -· ~ - ~ ad Dong Nai ~================::=~ Can Tho oi m at ~=============:=:J nh LongAn Bac Ninh Tay Ninh ll BRVT Dong Thap fu HaiPhong n HCM C NgheAn va Quang Nam ~=~============:::::::J60.32 n HaNoi Hung Yen ua Phu Yen al Binh Dinh pl Quang Tri yi Kien Giang ju Thai Binh y th Quang Ninh z t:::=~=====:::J n va Ninh Thuan ~========:::::J an Lu Nam Dinh Hai Duong ~==========:=~ om Quang Ngai BinhPhuoc ~=========::::;::::::J l.c An Giang Thanh Hoa gm HaTinh k Ha Nam Quang B inh ~===========::::J jm Binh Thuan ht Soc Trang Khanh Hoa vb Tien Giang z TT-Hue Tra Vinh NinhBinh} Source: The VNCI & VCCI 2005 74 t re Ha Tay Chart Appendix 4.2: The Provincial Competitiveness Index ranking in 2006 ·- ng 30 40 50 60 hi ep Da Nang Binh Dinh 90 75.39 66.49 Vinh Long 64.67 Dong Nai 64.64 Lao cai HCMC 64.11 63.39 w n lo Vinh Phuc An Giang Can Tho Dong Thap 61.27 60.45 58.30 58.13 ad Yen Bai 56.85 56.83 56.42 y th 55.99 55.97 ju 55.95 55.82 yi 55.33 54.93 54.79 al 54.43 ua 54.42 53.25 53.11 n 53.06 va 52.71 52.70 n Quang Ninh Ben Tre Gia Lai Thai Nguyen Hai ~ong 55.34 pl Khanh Hoa Phu Yen Bac Ninh Nghe An Phu Tho 52.66 fu Binh Thuan 52.61 ll Hau Giang Lam Dong 52.18 Quang Tri 52 18 oi Oak Lak 51 65 51 27 nh Kien Giang Thai Sinh TT-Hue Long An HaNoi 50.54 z 50.17 at 50.53 50.40 50.34 z Hoa Sinh HaiPhong Lang Son Nam Dinh Bac Kan Ha Giang Tay Ninh Quang Sinh Ha Nam 49.98 vb 49.64 48.89 ht 48.73 48.49 jm 48.35 k 47.90 47.27 47.21 46.63 Cao Bang Sinh Phuoc gm Tuyen Quang 46.29 l.c Ninh Thuan 45.82 Thanh Hoa Son La Quang Ngai Ca l\llau 45.30 45.22 44.20 om 43.99 €~~~ an Lu Ha Tinh Sac Lieu Dien Bien Kon Tum Ha Tay 52.25 m Tten Giang 80 B~h~ong ~~76.~23 Tra Vinh Quang Nam Bac Giang Hung Yen BRVT Ninh Sinh Soc Trang • 70 42.35 42.89 42.28 41.38 40.73 n va Dak Nong Lai Chau Source: The VNCI & VCCI 2006 • 75 t re Weighted PCI
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