Assessing the impacts of supporting industry development policies on the electronics industry

VIETNAM NATIONAL UNIVERSITY, HANOI VIETNAM JAPAN UNIVERSITY DAO MAI ANH ASSESSING THE IMPACTS OF SUPPORTING INDUSTRY DEVELOPMENT POLICIES ON THE ELECTRONICS INDUSTRY MASTER’S THESIS VIETNAM NATIONAL UNIVERSITY, HANOI VIETNAM JAPAN UNIVERSITY DAO MAI ANH ASSESSING THE IMPACTS OF SUPPORTING INDUSTRY DEVELOPMENT POLICIES ON THE ELECTRONICS INDUSTRY MASTER’S THESIS MAJOR: PUBLIC POLICY CODE: 8340402.01 RESEARCH SUPERVISORS: DR DANG QUANG VINH DR TRAN LAM ANH DUONG Hanoi, 2022 COMMITMENT I declare that the Master thesis “Assessing the impacts of supporting industry development policies on the electronics industry" is the result of my research and has never been published in any work of others During the implementation process of this project, I have seriously taken research ethics I collected all data from a reliable source, analyzed it, and cited all references according to regulations I take full responsibility for the fidelity of my graduation thesis's number, data, results, and other contents Hanoi, 29th May 2023 Author of the thesis Đào Mai Anh ACKNOWLEDGEMENT I would like to express my deepest gratitude to all those who have contributed to the completion of this thesis Without their support, guidance, and encouragement, this work would not have been possible First and foremost, I am immensely grateful to my supervisors, Dr Dang Quang Vinh and Dr Tran Lam Anh Duong, for their invaluable guidance throughout my research Their expertise, patience, and continuous support have been instrumental in shaping the direction of this study I am truly fortunate to have had the opportunity to work under their supervision and learn from their wealth of knowledge I would like to extend my appreciation to the members of my thesis committee for their insightful feedback and constructive criticism Their expertise and scholarly input have immensely enriched this research I am indebted to the participants who generously gave their time and shared their experiences for this study Their willingness to be part of this research has been invaluable, and their contributions have greatly enhanced the quality and relevance of this work I would like to thank my colleagues and friends for their support and encouragement throughout this journey Their intellectual discussions, motivation, and camaraderie have made the research process more enjoyable and rewarding I am grateful for their friendship and the lasting memories we have created together My sincere appreciation goes to my family for their unwavering support and belief in my abilities Their love, encouragement, and understanding have been the driving force behind my academic pursuits I am deeply grateful for their constant presence in my life, even during the most challenging times Finally, I would like to express my heartfelt gratitude to all the researchers, scholars, and authors whose work has been cited in this thesis Their contributions to the field have paved the way for this study, and I am honored to have built upon their insights and findings In conclusion, I am profoundly grateful to all the individuals and institutions who have played a part in this research journey Your contributions, whether big or small, have left an indelible mark on this thesis, and I am sincerely thankful for your support Author of the thesis Đào Mai Anh TABLE OF CONTENTS INTRODUCTION Thesis statement 2 Research rationale 3 Research objectives 4 Scope of analysis Contributions of the thesis CHAPTER I: THEORETICAL AND PRACTICAL BASIS OF SUPPORTING INDUSTRY AND ELECTRONICS INDUSTRY 1.1 Theoretical basis of supporting industry 1.1.1 Concepts of supporting industry 1.1.2 Characteristics of supporting industry 1.1.3 Factors affecting the supporting industry 10 1.1.4 Criteria for assessing the level of supporting industry development 11 1.1.5 The role of supporting industry development 12 1.2 Theoretical basis of electronic industry 14 1.2.1 Concepts of electronic industry 14 1.2.2 Characteristics of electronic industry 15 1.2.3 Factors affecting the electronic industry 17 Findings 18 1.3 Supporting industry development policies in Vietnam 18 1.3.1 Current status and assessment 18 1.3.2 Ongoing supporting industry policies and assessment 20 1.4 Electronics industry development policies in Vietnam 24 1.4.1 Current status and assessment 24 1.4.2 Ongoing electronics industry policies and assessment 25 1.5 Other countries' experience in supporting industry development 27 1.5.1 Mechanism and policy 27 1.5.2 Human resources 28 1.5.3 Cluster of industry linkages 29 1.5.4 Lessons learned from other countries’ experience in electronics industry development 30 1.6 Literature review 32 Findings 36 CHAPTER II: RESEARCH HYPOTHESIS AND METHODOLOGY 38 2.1 Research hypothesis 38 2.2 Methodology 38 CHAPTER III: ASSESSING THE IMPACTS OF SUPPORTING INDUSTRY DEVELOPMENT POLICIES ON THE ELECTRONICS INDUSTRY: DIFFERENCE-IN-DIFFERENCES APPROACH 41 3.1 Evaluation model 41 3.1.1 DID model parameters and explanation 41 3.1.2 Reason for choosing control group as rubbery industry in DID model 43 3.1.3 Logarithmic values of the original data 43 3.2 Sample design 44 3.2.1 Treatment group and control group design 44 3.2.2 Descriptive statistics and data label 47 Table 3.7 Descriptive statistics of variables 48 3.3 Results 48 3.3.1 DID regression results 49 Table 3.8 DID regression results 49 3.3.2 Result analysis 51 Discussion 53 3.4 Robustness check 55 3.4.1 DID regression results with other dependent variables 55 Table 3.9 DID regression results with other dependent variables (except total revenue) 56 3.4.2 OLS estimator in the presence of heteroskedasticity 58 Table 3.10 OLS estimator results 58 3.4.3 Time fixed effects and firm fixed effects 59 Table 3.11 DID regression with time fixed effects and firm fixed effects 60 CONCLUSION 65 APPENDIX 68 Table 3.1 DID model parameters 68 Table 3.2 Industry type and code 68 Table 3.3 Treatment group and control group design 69 Table 3.4 List of enterprise types 69 Table 3.5 List of region types 70 Table 3.6 List of variable labels 70 Graph 3.1 Logarithm of Yearly Total Revenue 72 Graph 3.2 Logarithm of Yearly Total Labor 73 Graph 3.3 Logarithm of Yearly Total Labor and Revenue 73 LIST OF REFERENCES 75 INTRODUCTION Thesis statement The electronics industry has become an integral part of the global economy and is characterized by its rapid technological advancements and fierce competition As a result, many countries have implemented policies to support the development of their domestic electronics industry in order to gain a competitive advantage in the global market These policies include various forms of support such as tax incentives, research and development funding, infrastructure investment, and trade protection measures The effectiveness of these policies in promoting the growth and competitiveness of the electronics industry, however, remains a subject of debate While some studies have shown that these policies have been successful in increasing the competitiveness of domestic firms and boosting economic growth, others argue that they have created inefficiencies, distortionary effects, and market failures Therefore, this thesis seeks to assess the impacts of supporting industry development policies in the electronics industry Specifically, this research will investigate the following research questions: What are the different types of supporting industry development policies in the electronics industry? How effective have these policies been in promoting the growth and competitiveness of the domestic electronics industry? What are the implications of the findings for policy makers, industry practitioners, and other stakeholders in the electronics industry? To answer these questions, this research will employ Difference in Difference (DID) method approach, combining qualitative and quantitative data collection and analysis techniques The study will draw on data from firms The findings of this research will contribute to the understanding of the impacts of supporting industry development policies in the electronics industry and inform policy makers and industry practitioners on the design and implementation of effective policies to promote the growth and competitiveness of the domestic electronics industry Research rationale The rationale for conducting the thesis is as follows: Firstly, about the importance of supporting industries, including the electronics industry, it plays a crucial role in the development of a country's economy by providing essential goods and services to other industries However, the development of supporting industries often requires significant investment and government intervention, which can be difficult to justify without evidence of their impact Secondly, despite the importance of supporting industries, there is a lack of empirical evidence on the impact of supporting industry development policies, and importantly, in developing countries like Vietnam The thesis aims to fill this gap by providing empirical evidence on the impact of supporting industry development policies in the electronics industry in Vietnam Thirdly, about the need for policy evaluation, evaluating the effectiveness of supporting industry development policies is essential to ensure that public resources are used efficiently and to identify areas for improvement The thesis addresses this need by using the difference-in-difference method to evaluate the impact of these policies in the electronics industry in Vietnam Overall, the thesis aims to provide policymakers and researchers with empirical evidence on the impact of supporting industry development policies, with a focus on the electronics industry in Vietnam The findings of the study can be used to inform policy decisions and to promote sustainable economic development in Vietnam and other developing countries dimension in understanding the relationship between variables Furthermore, the inclusion of time fixed effects allowed us to examine the effects of other independent variables on the revenue while holding the year effects constant This approach helps us identify the specific contributions of these variables independent of any time-related influences The significant coefficients for variables such as 𝐴𝑖𝑡 , 𝐵𝑖𝑡 , 𝐴𝐵𝑖𝑡 , 𝑙ℎ𝑑𝑛𝑖 , 𝑟𝑒𝑔𝑖 and 𝑡𝑠𝑙𝑑𝑖𝑡 indicate their substantial impact on the revenue The inclusion of firm fixed effects allows for the control of unobserved heterogeneity that is specific to each firm By accounting for these fixed effects, we can better isolate the effects of the independent variables on the dependent variable within each firm In the case of your regression results, including firm fixed effects (enterprise type and region type) provides a more robust analysis by controlling for unobserved factors that are specific to each firm and region It helps to mitigate biases that may arise from unobserved variables that are correlated with both the independent variables and the dependent variable The coefficients of the independent variables (𝐴𝑖𝑡 , 𝐵𝑖𝑡 , 𝐴𝐵𝑖𝑡 , 𝑙ℎ𝑑𝑛𝑖 , 𝑟𝑒𝑔𝑖 ) represent the effects on the dependent variable (revenue, profit after taxes) after accounting for the firm fixed effects The standard errors associated with these coefficients provide information about the precision of the estimated effects The inclusion of firm fixed effects enhances the validity and reliability of the regression results by controlling for unobserved heterogeneity and providing more accurate estimates of the effects of the independent variables on the dependent variable within each firm Based on these results, we can conclude that the supporting industry development policies had a positive impact on the electronics industry The intervention led to significant improvements in the revenue and profit after taxes, indicating the effectiveness of the policies in fostering the growth and development of the electronics industry It is important to acknowledge that these 66 conclusions are drawn within the context of the analysis conducted using the DID method The time fixed effects regression analysis has provided valuable insights into the relationship between the variables of interest while accounting for the influence of time The results enhance our understanding of the factors influencing the revenue, shedding light on their independent effects beyond the variations caused by different time periods Nonetheless, this study provides valuable insights into the effectiveness of these policies in promoting the growth and development of the electronics industry, contributing to the existing literature on industrial policy and economic development 67 APPENDIX Table 3.1 DID model parameters Before intervention (𝑩𝒊𝒕 = 𝟎) After intervention Difference (𝑩𝒊𝒕 = 𝟏) Treatment group (𝑨𝒊𝒕 = 𝟏) 𝛽0 + 𝛽1 𝛽0 + 𝛽1 + 𝛽2 + 𝛽3 Δ 𝑌 = 𝛽2 + 𝛽3 𝛽0 𝛽0 + 𝛽2 Δ 𝑌 = 𝛽2 𝛽1 𝛽1 + 𝛽3 Δ Δ 𝑌 = 𝛽3 Electronic firms Control group (𝑨𝒊𝒕 = 𝟎) Rubbery firms DID estimation Table 3.2 Industry type and code Industry type Industry code 22110 22120 Rubbery 22190 Electronics Explanation Production of rubber tubes and tires; filling and recycling rubber tires Production of other products from rubber such as ropes, conveyor belts Production of other products from natural and synthetic rubber 22201 Production of packaging from plastic 22209 Production of other products from plastics 26100 Production of electronic components 68 Production of computers and computer 26200 peripherals 26300 Production of communication equipment 26400 Producing consumer electronic products Production of measuring, testing, 26510 navigating and control equipment 26520 Production of watch Production of radiation equipment, 26600 electronic equipment in medicine, electrotherapy Production of optical instruments and 26700 equipment 26800 Production of magnetic and optical discs Table 3.3 Treatment group and control group design Treatment group Electronics industry code 26100, 26200, 26300, 26400, 26510, 26520, 26600, 26700, 26800 Control group Time span Rubber industry code 22110, 22120, 22190, 2010 - 2020 22201, 22209 Table 3.4 List of enterprise types Enterprise type Code Frequency Percentage Central State 21 0.03% Local State 15 0.02% 69 Joint Stock Co having state capital > 50% 179 0.26% State Ltd 67 0.1% Collective 622 0.9% Private Enterprise 2448 3.55% Partnership 7228 10.47% Private Ltd Co 31302 45.35% Joint Stock Co not having state capital 10997 15.93% Joint Stock Co, having state capital < 50% 10 3509 5.08% 100% foreign capital 11 10734 15.55% Joint venture between State & Foreign 12 1411 2.04% Joint venture between others & foreign 13 419 0.61% Others 14 65 0.09% Table 3.5 List of region types Region type Code Frequency Percentage Red River Delta 24604 35.65% North East 3616 5.24% North West 140 0.20% North Central Coast 1483 2.15% South Central Coast 2097 3.04% Central Highlands 467 0.68% South East 31621 45.82% Mekong River Delta 4989 7.23% Table 3.6 List of variable labels Name Label 70 𝑌𝑖𝑡 𝑙𝑛𝑟𝑒𝑣 𝑌𝑖𝑡 is the outcome variable for firm 𝑖 at time 𝑡 The logarithmic values of the total revenue 𝑙𝑛𝑝𝑟𝑜𝑓𝑖𝑡_𝑎𝑓 The logarithmic values of the total profit after taxes 𝑟𝑒𝑣𝑒𝑛𝑢𝑒_𝑔𝑟 Revenue growth rate variable 𝑝𝑟𝑜𝑓𝑖𝑡_𝑔𝑟 𝛽1 Profit after taxes growth rate variable The average difference in outcomes between firms of electronic industry and firms of rubber industry in the pre-treatment period 𝐴𝑖 is a dummy variable of firm 𝑖 in the industry 𝐴𝑖𝑡 𝐴𝑖 = represents firm 𝑖 in the electronics industry 𝐴𝑖 = represents firm 𝑖 in the rubber industry 𝛽2 The average change in outcomes over time for the firms of rubber industry 𝐵𝑖 is a dummy variable of policy implementation (dummy 𝐵𝑖𝑡 variable of time) 𝐵𝑖 = indicates the period 𝑡 before the implementation 𝐵𝑖 = indicates the period 𝑡 after the implementation 𝛽3 The difference in the change in outcomes over time between the treatment and control groups 𝐴𝐵𝑖𝑡 = 𝐴𝑖𝑡 ∗ 𝐵𝑖𝑡 is the interaction term between the firms of 𝐴𝐵𝑖𝑡 electronics industry and post-policy period (policy implementation dummy variables) 𝑙ℎ𝑑𝑛𝑖 Enterprise type variable for firm 𝑖 𝑟𝑒𝑔𝑖 Region type variable for firm 𝑖 𝑡𝑠𝑙𝑑𝑖𝑡 Total labor variable for firm 𝑖 at time 𝑡 𝑁 𝑒𝑖𝑡 Number of observations The error term, which represents all other factors that affect the outcome variable 71 Graph 3.1 Logarithm of Yearly Total Revenue Logarithm of Yearly Total Revenue 22.5 22 21.5 21 20.5 20 19.5 19 18.5 18 2010 2011 2012 Rubbery 2013 2014 Electronics 2015 2016 Linear (Rubbery) 2017 2018 2019 2020 Linear (Electronics) 72 Graph 3.2 Logarithm of Yearly Total Labor Logarithm of Yearly Total Labor 14 13.5 13 12.5 12 11.5 2010 2011 2012 Rubbery 2013 2014 Electronics 2015 2016 2017 Linear (Rubbery) 2018 2019 2020 Linear 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