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MINISTRY OF EDUCATION AND TRAINING FOREIGN TRADE UNIVERSITY -o0o MASTER THESIS ATTRACTING FOREIGN DIRECT INVESTMENT IN THE FIELD OF EDUCATIONAL TECHNOLOGY IN VIETNAM MAJOR: INTERNATIONAL ECONOMICS FULL NAME: LE THI TU UYEN Ha Noi - 2023 MINISTRY OF EDUCATION AND TRAINING FOREIGN TRADE UNIVERSITY -o0o MASTER THESIS ATTRACTING FOREIGN DIRECT INVESTMENT IN THE FIELD OF EDUCATIONAL TECHNOLOGY IN VIETNAM Major: International Economics Specialization: Master of Research in International Economics Code: 8310106 Full name: Le Thi Tu Uyen Supervisor: Ly Hoang Phu, PhD Ha Noi - 2023 i STATEMENT OF ORIGINAL AUTHORSHIP As the author of this study, I strongly believe in the principles of academic integrity It is my priority to ensure that all information presented in this study is truthful, genuine and accurately cited In adherence to ethical guidelines and best practices, I have conducted this study with the utmost care and respect for the research process I recognize the significance of academic honesty and its impact on the credibility of research and the advancement of knowledge Hence, I am committed to upholding the highest standards of integrity in all my academic pursuits Rest assured, this study has been conducted with integrity and rigorous attention to detail Every source used in this study has been properly cited and referenced, and no data has been manipulated or fabricated Hanoi, July, 2023 Le Thi Tu Uyen ii ACKNOWLEDGEMENTS I would like to express my deepest gratitude and appreciation to all those who have supported me throughout this journey of completing my master's thesis Firstly, I would like to thank my thesis advisor, PhD Ly Hoang Phu, who provided me with invaluable guidance and encouragement throughout this process His expertise and patience were instrumental in the completion of this work His insights and suggestions were invaluable, and he always made time for me whenever I had questions or concerns I am grateful to Foreign Trade University for providing me with the opportunity to pursue my master's degree and for all the resources that were made available to me I would like to thank the members and staff of Faculty of International Economics for their dedication and commitment to excellence Lastly, I would like to thank my family and friends, who have supported and encouraged me throughout my academic career, and who have provided me with the strength and motivation to complete this work Thank you all for being a part of my journey and for making this thesis possible Le Thi Tu Uyen iii TABLE OF CONTENTS STATEMENT OF ORIGINAL AUTHORSHIP i ACKNOWLEDGEMENTS ii LIST OF ABBREVIATIONS vi LIST OF FIGURES AND TABLES vii LIST OF TABLES vii LIST OF FIGURES vii SUMMARY OF THESIS RESEARCH RESULTS viii INTRODUCTION 1 Rationale of the research Literature Review Objectives of the research Object and scope of the research 4.1 Object 4.2 Scope Research questions 6 Research Method .7 Thesis structure CHAPTER 1: THEORETICAL BACKGROUND FOR ATTRACTING FOREIGN DIRECT INVESTMENT IN THE FIELD OF EDUCATIONAL TECHNOLOGY AND PRACTICAL BACKGROUND 1.1 Overview of FDI and Edtech 1.1.1 Theoretical basis of FDI 1.1.2 Overview of Edtech .13 1.2 The state of investment in Edtech in the world and factors affecting FDI on Edtech 23 1.2.1 The state of investment in Edtech in the world 23 1.2.2 Factors affecting FDI on Edtech 26 1.3 International experiences in attracting FDI in the field of Edtech 29 iv 1.3.1 FDI incentives in Edtech field in India 29 1.3.2 FDI incentives in Edtech field in China .31 CHAPTER 2: THE STATE OF ATTRACTING FOREIGN DIRECT INVESTMENT IN THE FIELD OF EDUCATIONAL TECHNOLOGY IN VIETNAM 34 2.1 Overview of Edtech market in Vietnam 34 2.1.1 The development of Edtech in Vietnam .34 2.2.2 Edtech market segments and customers analysis 38 2.2 Overview of FDI in Edtech in Vietnam 41 2.2.1 Factors affecting FDI in Edtech in Vietnam 41 2.2.2 Typical FDI deals in Edtech in Vietnam 43 2.3 Government policies in attracting FDI in Edtech in Vietnam .49 2.3.1 Legal framework for FDI in education 49 2.3.2 FDI incentives policies in Edtech field in Vietnam .52 2.3.2.2 Policies promoting the use of Edtech 54 2.3.2.3 Tax preferences .57 2.4 Assessment of the state of attracting FDI in Edtech in Vietnam 59 2.4.1 Successes .59 2.4.2 Existed problems 61 CHAPTER 3: RECOMMENDATIONS AND SOLUTIONS TO ATTRACT FOREIGN DIRECT INVESTMENT IN THE FIELD OF EDUCATIONAL TECHNOLOGY IN VIETNAM 63 3.1 Opportunities and challenges in attracting FDI in Edtech in Vietnam 63 3.1.1 Opportunities in attracting FDI in Edtech in Vietnam 63 3.1.2 Challenges in attracting FDI in Edtech in Vietnam .64 3.2 Recommendations and solutions to attract Edtech FDI in Vietnam .67 3.2.1 Recommendations for Government and local authorities in attracting Edtech FDI 67 3.2.2 Recommendations for domestic Edtech companies in Vietnam to attract FDI 70 v 3.2.3 Solutions for foreign investors in Edtech in Vietnam 73 CONCLUSION 76 LIST OF REFERENCES 77 vi LIST OF ABBREVIATIONS AI Artificial Intelligence AR Augmented Reality B2B Business-to-Business B2C Business-to-Consumer CAGR Compound annual growth rate CEO Chief Executive Officer COVID-19 Coronavirus disease of 2019 CTO Chief Technology Officer DICT Department of Information and Communications Technology Edtech Educational technology FDI Foreign direct investment HSBC The Hongkong and Shanghai Banking Corporation Limited K-12 12th grade (1-12) MOET Ministry of Education and Training OECD The Organization for Economic Cooperation and Development OER Open Educational Resources RTI Research Triangle Institute International SDGs Sustainable Development Goals UNCTAD United Nations Conference on Trade and Development UNESCO United Nations Educational, Scientific, and Cultural Organization VC Venture Capital VR Virtual Reality WTO The World Trade Organization LIST OF FIGURES AND TABLES vii LIST OF TAB Y Table 1: Top investments on Edtech in Vietnam 44 LIST OF FIGURE Figure 1: Impressions of learning technology, % of student respondents 18 Figure : Why students are excited about using learning technology in the future, % of student respondents 19 Figure 3: Global Education Venture Capital Funding, 2021-2022 in USD Billions 23 Figure 4: Global Edtech Venture Capital Funding, 2022 in USD Billions and number of funding rounds .24 Figure 5: Education Venture Capital Funding, 2010-2022 in USD Billions 25 Figure 6: Global Education Venture Capital Funding, 2010-2022 in USD Billions 26 Figure 7: 2018 Global Edtech Mega Deals 35 Figure 8: Top 50 Edtech platforms in Southeast Asia in 2022 .37