Solutions to attract the inflow of foreign direct investment into vietnam,graduation thesis

STATE BANK OF VIETNAM BANKING ACADEMY Foreign Language Faculty - - GRADUATION THESIS SOLUTIONS TO ATTRACT THE INFLOW OF FOREIGN DIRECT INVESTMENT INTO VIETNAM Supervisor Student Class Student Code : Nguyen Phuong Lan, M.A : Nguyen Bao Ngoc : K16-ATCA : 16A7510113 May 2017 i Graduation Thesis DECLARATION I hereby declare that this submission is my own work in design and execution The thesis has not been applied for any degree, and it is not concurrently submitted in candidature of any orther similar titles elsewhere Signature Nguyen Bao Ngoc Nguyen Bao Ngoc – K16 ATCA ii Graduation Thesis ACKNOWLEDGEMENT I would like to give my many thanks to those people who supported me for not only pursing this thesis but also completing my acdemic study during the four passing years Firsly, I would like to extend my deepest appreciation and gratitude to my thesis advisor, Ms Nguyen Phuong Lan, for her tremendous interest and assistance in the preparation of this thesis I am taking this opportunity to express my gratefulness to all lecturers in Faculty of Foreign Languages for having expertly instructed me through my graduate education at Banking Academy of Vietnam With boundless love and appreciation, I would like to express my sincere thanks to my friends for supporting and encouraging me to this study Finally, I would like to acknowledge with a deep sense of reverence towards my family If there had not been great help from these above people, this thesis would not have been fulfilled Nguyen Bao Ngoc – K16 ATCA Graduation Thesis iii ABSTRACT Up to this time, foreign direct investment has been recognized as one of the "pillars" of Vietnam's economic growth The role of foreign direct investment is clearly expressed through the contribution of development as well as the addition of capital, export promotion, employment generation, and budget revenue that has brought to Vietnam Thanks to the important donation of foreign direct investment, Vietnam has achieved investment which fostered the economic growth in the past several years, thereby enhancing Vietnam's position in the international arena as well as contributing to Vietnam many new development opportunities Therefore, the main objective of this thesis is to take an overall picture of the tendancy of foreign direct investment flowing into Vietnam from 2009 to 2016 and more especially, analyze the impacts of foreign direct investment on Vietnam’s socio-economic development Finally, the last chapter of this thesis will propose some suggestions to atrract and use foreign direct investment more effectively Nguyen Bao Ngoc – K16 ATCA Graduation Thesis iv TABLE OF CONTENTS DECLARATION i ACKNOWLEDGEMENT ii ABSTRACT iii LIST OF TABLES AND FIGURES vi LIST OF ABBREVIATIONS vii CHAPTER 1: INTRODUCTION 1.1 Rationale 1.2 Objective and research questions 1.2.1 Objective 1.2.2 Research questions 1.3 Scope and limitations 1.4 Research methodology 1.5 Thesis structure CHAPTER 2: LITERATURE REVIEW 2.1 Definition .3 2.2 Types of Foreign Direct Investment 2.2.1 By the nature of the investment 2.2.1 By investors' perspective 2.2.2 By objectives of the investment 2.3 The impacts of FDI in Vietnam 10 2.3.1 Positive impacts 10 2.3.2 Negative impacts 12 CHAPTER 3: 3.1 THE INFLOW OF FDI INTO VIETNAM 15 The inflow of FDI into Vietnam 15 Nguyen Bao Ngoc – K16 ATCA Graduation Thesis v 3.1.1 The scale of FDI flowing into Vietnam 15 3.1.2 The structure of FDI by investment partners 17 3.1.3 The structure of FDI by investment sectors 20 3.2 Achievements and problems of FDI in Vietnam 23 3.2.1 Achievements 23 3.2.1 Problems .31 CHAPTER 4: SOLUTIONS AND RECCOMANDATIONS TO ATTRACT FDI FLOWING INTO VIETNAM 38 4.1 Solutions to improve FDI flowing into Vietnam 38 4.1.1 Attracting selective investment .38 4.1.2 Tightening the legal and management system 40 4.1.3 Promoting investment using clean technology .41 4.2 Recommendations for further FDI flow into Vietnam 43 4.2.1 Completing the Law on investment 43 4.2.2 Improving the investment environment 44 4.2.3 Promoting investment promotion, trade promotion activities and preparing for implementation of investment projects .47 CONCLUSION 49 REFERENCES 50 WEB REFERENCES 52 Nguyen Bao Ngoc – K16 ATCA vi Graduation Thesis LIST OF TABLES AND FIGURES List of tables Table 3.1 The inflow of FDI into Vietnam during 2009 - 2016 15 Table 3.2 FDI projects were licensed in Vietnam by sectors in 2012 20 List of figures Figure 3.1 Top 10 biggest investors in Vietnam accumulated up to 12/2012 17 Figure 3.2 Top largest investors in Vietnam during 2014 – 2016 18 Figure 3.3 Top sectors which was invested in Vietnam during 2014 - 2016 22 (billion USD) Figure 3.4 Vietnam GDP & Economic Growth Rate during 2009 – 2015 24 Figure 3.5 Vietnam FDI, percent of GDP during 2009 – 2015 25 Figure 3.6 The proportion of total registered FDI in all sectors, accumulated 32 by 2016 Figure 3.7 The rate of technology transfer of FDI projects in Vietnam 34 Figure 3.8 Forecast of Economy & Environmental Costs GDP 37 Nguyen Bao Ngoc – K16 ATCA vii Graduation Thesis LIST OF ABBREVIATIONS FDI Foreign direct investment GDP Gross domestic product IMF International Monetary Fund OECD Organization for Economic Co-operation and Development WTO World Trade Organization BPM5 The fifth edition of the Balance of Payments Manual GI Greenfield investment M&A Merger and Acquisition R&D Research and Development MNE(s) Multinational Enterprise(s) EU European Union MPI Ministry of Planning and Investment USD United States dollar VND Vietnam dong Nguyen Bao Ngoc – K16 ATCA Graduation Thesis CHAPTER 1: 1.1 INTRODUCTION Rationale For any developed or developing countries, capital plays an extraordinarily important and necessary role in the process of economic development as well as the settlement of political, cultural and social issues Capital for economic enhancement can be mobilized either domestically or from abroad; however, domestic capital is often limited, especially for developing countries like Vietnam Thus, foreign investment is taking an significant part in the development of each country Vietnam is also not an exception In other words, the first prominent issue is to mobilize and use foreign direct investment effectively in order to achieve the objectives of industrialization and modernization of the country In recent years, the Government of Vietnam has always attached great importance to attracting foreign investment As a consequence, FDI sectors have contributed a lot to GDP, to the total social investment capital and to the total export turnover of the whole country Nevertheless, there are still many limitations and negative impacts on searching and using FDI in Vietnam Therefore, it is essential that giving solutions to attract more FDI is of importance and neccessity Under the guidance and supervision of thesis advisor, Ms Nguyen Phuong Lan, “Solutions to attract the inflow of FDI into Vietnam” is chosen for my graduation thesis 1.2 Objective and research questions 1.2.1 Objective The aim of this thesis is to draw a picture on the fundamental theorical framework of FDI, study the overview of FDI flow into Vietnam and its impacts Then, propose serveral solutions and recommendations to improve FDI inflow to Vietnam Nguyen Bao Ngoc – K16 ATCA Graduation Thesis 1.2.2 Research questions In attempt to achieve the purpose of this paper, the problem has been shed light on the following questions: - What is FDI? - What is the tendency of FDI flow into Vietnam? - How does FDI affect Vietnam economic growth? - What are the solutions and recommendations to seek and use FDI flowing into Vietnam effectively? 1.3 Scope and limitations This thesis focuses on the real situation of attracting and using FDI in Vietnam during 2009 – 2016 1.4 Research methodology The paper uses mainly the information and secondary data form prevalent channels and sources such as the Internet, domestic and foreign magazines and newspaper, statistic and annual reports The literature review is abstracted from some books, dictionaries and previous research All the data were methodically analysed, synthesised and classified into singular part of this thesis 1.5 Thesis structure Chapter 1: Introduction Chapter 2: Literature review Chapter 3: The inflow of FDI into Vietnam Chapter 4: Solutions and recommendations to attract FDI flowing into Vietnam Nguyen Bao Ngoc – K16 ATCA 38 Graduation Thesis CHAPTER 4: SOLUTIONS AND RECCOMANDATIONS TO ATTRACT FDI FLOWING INTO VIETNAM 4.1 Solutions to improve FDI flowing into Vietnam Nowadays, Vietnam still has many constraints which would cause a huge number of serious consequences if there are no timely solutions Firstly, Vietnam should have effectively methods to not only overcome the existing obstacles but also promote advantages in the process of receiving and implementing FDI projects 4.1.1 Attracting selective investment The Ministry of Planning and Investment may draws on the FDI attraction strategy to list the sectors and multinational companies that prioritize the capital These catalogs should be consulted by leading economic experts, local and foreign regulators There are many forms of selective investment attraction as below: FDI attraction selectively by sector In the labor-intensive industries, there should be a policy of mobilizing large foreign corporations to invest in Vietnam By the way, Vietnam could not only be able to receive expert knowledge but also professional management skills from foreign partners This is one of the optimal solutions to grow the quality of human resources and promote efficient production In the real estate business and golf course, The Ministry of Construction should coordinates with the Ministry of Natural Resources and Environment and the State Bank of Vietnam to develop the real estate process with the organized investors In particular, it is important to regulate strictly the mobilization of capital and loans during the project implementation At the same time, they need to encourage the establishment of specialized industrial zones and to invest in the development of warehouses and yards so as to serve the logistic activities This is the only way to attract multinational corporations to invest in Vietnam Nguyen Bao Ngoc – K16 ATCA Graduation Thesis 39 In technology, manufacturing and processing industry, Vietnam needs to have a selective view to receive advanced modern investment Instead of accepting investment indiscriminately, Vietnam also needs to study and research carefully the development possibilities as well as risks to avoid importing weak and backward technologies with a view to reduce the hazards of becoming a digital dumping ground FDI attraction selectively by regions In some provinces attracting more than 500 FDI projects or provinces using outsourced human resources (over 50%) such as Ho Chi Minh City, Hanoi, Dong Nai, Binh Duong, Ba Ria - Vung Tau and so on, it is necessary to evolve a roadmap to not attract projects that pollute water and gas It is equally important to focus on attracting projects with high technology level and eco-friendly projects Likewise, there is a need for actively promoting attraction in areas that have not been invested or invested less to boost the economy and the awareness of level advancement Specific conditions for attracting FDI by the locality are to draw up arrangements to find out capital in regions with similar natural and economic conditions based on each locality In addition, localities should proactively train their human resources, take forefront FDI projects in accordance with the plans and strategies to seduce more capital The central and local governments may take the initiative in enhancing their infrastructure plans and meeting the requirements of attracting domestic and foreign investment Additionally, provinces and cities should pay attention and well implement the right to select investors and FDI projects so as to successfully carry out local socio-economic development plannings, regions and branches; to inveigle investment into industries that mainly need to foster their possibility such as infrastructure, agriculture and rural areas, finance, credit, education, health, culture, sport, personal service and community; to strengthen the cooperation between domestic and FDI enterprises, labor training and technology transfer Nguyen Bao Ngoc – K16 ATCA Graduation Thesis 40 FDI attraction to develop machine-building industry In provinces where more than one million people have been transitioning from agricultural to industrial sectors, such as the North Central and Central Coast provinces, they should be attracted by the following projects: Agriculture, fisheries and marine resources exploitation projects and so on Some provinces in the Mekong Delta and the Red River Delta should entice FDI in the garment, footwear and agricultural products sectors It is illegal to seek FDI projects that pollute the water sources and lessen the land projects in respect of quality and quantity The Central Highlands provinces and mountainous areas should ruin projects which can apply their strengths in water resources and forest products Nonetheless, it is necessary to progress regulations on the operation of these projects in order to avoid the exploitation of destructive resources 4.1.2 Tightening the legal and management system The choice of either FDI or environmental projects is not an optimal solution Vietnam is fully capable of both FDI projects and environmental protection by introducing stringent regulations that FDI companies should invest in Vietnam to maximize their target of environmental protection By the same token, there is a need for stating the view that it will strictly punish those projects which are against the law, deliberately using dirty and backward technologies that harm the environment Moreover, the law of Vietnam for its own businesses, agencies and leaders are still not in a strict manner This has provided the opportunity for the leaders, as greedy to have many commissions, to agree and accept FDI inflows to Vietnam from businesses that use unclean and outdated technology In stead of receiving ecofriendly projetcs, the leaders have inadvertently brought in unqualified technologies into Vietnam for personal gain and causing our own environment to be destroyed Therefore, it is clear to manage and control not only the FDI enterprises but also the government agencies of Vietnam Nguyen Bao Ngoc – K16 ATCA Graduation Thesis 41 At present, there are a number of legal system of Vietnam which has not been qualified enough as evidenced by many cases of FDI projects causing serious environmental damage Hence, law improvements and modifications are extremely important The authorities have to take a grave view on this issue that managing strictly and transparently the FDI projects and authorities of our country As a whole, it is possible to overcome the consequences that have been and will affect the environment, people and nature of Vietnam It is also a weakness in our monitoring and controlling the performance of FDI enterprises that have a major problems on the environment and human health, such as Vedan and Formosa cases Since then, Vietnam needs to take management measures raising the level of controling and strengthening the inspection and supervision of operations of FDI enterprises for detecting early violations, preventing timely and strictly measures to deal with FDI enterprises which intentionally pollute the environment and use backward technologies to transfer prices, evading taxes or treat harshly with local workers and so on Consequently, it is necessary to train and build up the contingent of qualified and competent inspectors; to equip advanced and modern technical detecting violations and create a basis for strictly handling FDI enterprises that violate Vietnamese law 4.1.3 Promoting investment using clean technology FDI attraction in the period to 2020 must be adjusted in the direction of moving the criterion from quantity to quality Besides, maximizing the use of FDI to promote the transfer of economic to modernized and effective structure and to improve the quality of growth and competitiveness of the economy Priority should be given to projects with modern technology and high quality services like energy saving, low carbon and greenhouse gas emissions, eco-friendly technologies and human resources development to build a "green economy" and sustainable development Moreover, it is essential to focuse on attracting FDI into industries such as agriculture and the formation of value chain, production and business linkage Nguyen Bao Ngoc – K16 ATCA Graduation Thesis 42 network; to classify economic zones, industrial zones to deal with the principle of socio-economic efficiency, overcome the waste of land and investment by the movement Nowadays, the competition of enterprises to promote the investment has become a form of movement Therefore, it is necessary to promote investment especially in clean and eco-friendly technology projects In fact, in Vietnam, projects are considered typically in the field of using clean technology such as the Pallet and Power Plant Project (Truong Thanh Company as the investor, North Dong Hoi IP) Power Plant (DOHWA-Korea Corporation as the investor, in Hon La Seaport IP) and Investment project of building MDF factory of LICOGI13 Joint Stock Company in Dong Hoi IP using the chain system which has the most modern technology in the world today In addition, Hanoi, Danang, Ho Chi Minh City and some other provinces have clearly planned to attract and encourage foreign investors with high and clean technology In order to attract more FDI enterprises using clean technology, Vietnam can offer special preferential policies to assist in calling for regional and global support and participation The availability of preferential policies will not only promote the development of FDI enterprises using clean technology that are currently implementing projects in Vietnam, but also look for new FDI projects that follow this standards This is one of the solutions that many investors are most interested in; hence, Vietnam would have the opportunity to attract FDI projects using clean technology thoroughly In general, Vietnam should introduce special preferential policies which applied to large FDI projects using high technology to create great potentials and spillovers in each product and economic branch together with revising, amending and supplementing the situation and applying the system of regulations and requirements on technology, technology transfer, attracting and training skills for laborers Furthermore, it is neccesary to support effective investment activities while minimizing negative aspects such as large enterprises which focus mainly on Nguyen Bao Ngoc – K16 ATCA Graduation Thesis 43 processing, assembling and exploiting the domestic market; make corrupt use of gaps in policies and laws to transfer prices, declare losses or low profits to transfer profits back to the country without contribution or very low contributions to the state budget of Vietnam It is essential not to receive or limit projects using low technology with high energy consumption and causing environmental pollution and ecology In addition, there should be policies, regulations on taxes, fees, land, foreign exchange management and so on to attract and encourage more investment in production and processing using domestic inputs; promulgating legal documents to regulate and manage the unified investment promotion nationwide activities 4.2 Recommendations for further FDI flow into Vietnam In parallel with addressing the existing negative issues in FDI attraction, it is strongly important to have some solutions on policies and measures to enhance further FDI as follow: 4.2.1 Completing the Law on investment First of all, some articles on foreign investment law in Vietnam kindly need to be amend and supplement in order to ensure that the investment environment is more attractive and competitive than other countries in the region In particularly, it must be in line with the common law of foreign countries to create equal ground for domestic and foreign investment projects and be ensure the stability of laws and policies for foreign investment in attempt to create and maintain trust for foreign investors Second, it is necessary to have a revision of some provisions in legal documents related to foreign investment to remove difficulties for enterprises such as allowing foreign investors to mortgage their assets associated with the value of land use rights at Vietnamese banks, joint venture banks and foreign bank branches to facilitate the business loans to develop the production and business; Adjusting the Nguyen Bao Ngoc – K16 ATCA Graduation Thesis 44 level of higher income tax requirements for employees working in FDI sector to encourage Vietnamese to assume high positions, managerial positions and higher professional qualifications This is a good opportunity to raise the bar for workers, then they can take responsibility for their work; Stricter regulations on the signing of labor contracts with foreign invested enterprises to ensure the interests of Vietnamese workers so as to avoid conflicts in accordance with mental and physical damage which is usually on the side of the Vietnamese In summary, Vietnam should build a system of investment law that is synchronous and attractive to adjust the process of investment; improve and amend the relevant relations such as civil law, commercial law, law on environmental protection, corporate bankruptcy law, land law and competition law We also need to consider both legal factors and important factors as well as the basis for firmly establishing the country's economic and political autonomy 4.2.2 Improving the investment environment It can be clearly seen that when the project is implemented effectively, foreign investors often want to use the profits to reinvest, or add more capital to invest in expanding the project Therefore, promoting the investment environment is extremely necessary to increase the attractiveness of foreign direct investment There are some solutions such as Developing services for FDI such as job placement centers, introduction of skilled workers, technical staff, material supply centers, and foreign exchange control centers; Enhancing the quality of service networks (food, accommodation, travel, entertainment) for foreign investors to have a good condition to work with Vietnam in a long run; Improving infrastructure for foreign direct investment, promote the construction of special economic zones, export processing zones; Promoting anti-corruption among officials and employees directly or indirectly involved in the approval, appraisal and implementation of foreign direct investment projects; Annoucing publicly development plans for industrial products that need to be capped or prioritized for domestic firms to invest Nguyen Bao Ngoc – K16 ATCA Graduation Thesis 45 In order to attract investment, Virginia B Foote, Chairman of the American Business Association (AmCham), said that Vietnam needs to continue to improve its investment in a way that encourages the establishment of a safe and secure business environment In addition, it should be paid to aging the quality of labor resources, in order to promote long-term economic growth The United States is willing to work with the Government of Vietnam to modernize and improve curricula, especially at the undergraduate and vocational levels, to help narrow the education gap and practical work experience with neighboring countries Moreover, according to Tomaso Andreatta, Vice President of the European Business Association in Vietnam, in order to foster the business environment, Vietnam should continue to simplify administrative procedures, reduce abuse of power by regulation, thereby creating conditions for Vietnam to attract more foreign investment and promote domestic SMEs to grow stronger In fact, under the direction of the Government, Vietnam is committed to significantly fixing up the business investment environment A number of synchronous solutions have been set up in which the Government of Vietnam has focused on three areas of "strategic breakthrough" to be implemented from now until 2020 namely To perfect institutional market economy and legal framework and To build a synchronous and modern infrastructure system, especially transport infrastructure and human resources The Government of Vietnam continues to seriously implement international commitments to which Vietnam is a member or participant and promote negotiations and sign new free trade agreements In addition, with the success of FDI enterprises, the Government of Vietnam is committed to ensuring a stable socio-political environment, protecting the legitimate rights of all FDI investors as well as creating favorable conditions for FDI enterprises in Vietnam It can be said that administrative procedures are considered as one of the important reasons to reduce the attractiveness of the investment environment Therefore, the reform of administrative procedures is also one of the useful solutions to better the Nguyen Bao Ngoc – K16 ATCA Graduation Thesis 46 investment flowing into Vietnam by simplifying the administrative work, completing the procedures at each focal point and shortening the customs and tariff procedures Vietnam should also expand some areas to allow 100% foreign investment, encourage the form of 100% foreign-owned enterprises for hi-tech projects, allow the flexible transformation of joint venture investment into a wholly foreign-owned enterprise In particular, we need to quickly promulgate guidelines on issuing certificates of land use right certificates for enterprises operating in industrial or export processing zones and should promptly amend the land law in line with the commitments in the trade agreement that allow foreign investors and overseas Vietnamese for long-term investment in Vietnam to buy houses associated with land use rights The government should continues to amend the two-price regime (which is quite high currently) for foreigners and infrastructure costs to create competition such as hurriedly adjust prices of goods and services costs, step by step to the prices and charges agreed between domestic and foreign enterprises on airfares, railways, electricity and water charges, design consultancy charges and so on And we continue to study the starting level and personal income tax for foreigners in order to create favorable conditions for enterprises to implement the policy of gradually replace foreign employees by Vietnamese at the same time In the infrastructure, Vietnam needs to upgrade the road system nationwide to deepen the activities of the aviation industry in Vietnam on the basis of economic planning, especially the modernization of Noi Bai airport, Da Nang airport and Tan Son Nhat airport aiming to meet domestic and international flights On the other hand, it is to ensure flight safety, appreciate urban transport systems and focus on developing transportation networks in rural and remote areas of each locality We also need to cooperate with our neighbors to expand our international transportation system, specifically opening routes to Laos, Cambodia and China in order to renovate the seaport system and raise the efficiency of special operations of Saigon and Vung Tau ports Nguyen Bao Ngoc – K16 ATCA Graduation Thesis 47 Moreover, Vietnam's railway system needs to be renovated and upgraded such as widening the railway track, renewing and replacing old ones with modern highquality to improve the communication system, to increase the number of international information channels, to adjust the information and postal charges in line with the users and to be in line with other countries in the region, to expand the nationwide internet network, particularly economic development centers One of the infrastructure issues that need to be improved and newly constructed are water supply projects that can be sufficiently supplied for daily life with an expectation of reasonable price In addition, the State needs to build modern works for production, public works and entertainment areas to meet the demand for leisure and recreation 4.2.3 Promoting investment promotion, trade promotion activities and preparing for implementation of investment projects Mobilization of investment promotion and trade promotion should be studied and recuperated in terms of contents and methods of implementation Particularly, the implementation plan and the actioning plan must be more specific and effective; Investment and trade promotion should also be considered as substantial tasks of central and local agencies The State should set up trade promotion at the Ministry of Foreign Affairs, the Ministry of Trade, the Ministry of Planning and Investment, the Ministry of Industry, the Ministry of Finance, the People's Committee of the province or city in attempt to actively promote the mobilization of foreign investment For lists of projects calling for investment which have been approved for planning, there should be a program to actively mobilize and promote investment specifically for each project directly with each group such as multinational companies, potential investors and overseas Vietnamese Mobilizing policies to attract FDI must be very flexible, in line with the characteristics of each country and each multinational company Therefore, State agencies should carefully study the economic situation, investment market, laws of Nguyen Bao Ngoc – K16 ATCA Graduation Thesis 48 other countries, policies to attract investment selectively in order to timely have justifiable policies Precisely, in every months, the government of the Ministries, branches and People's Committee should organize meetings with investors who have projects operating in Vietnam to listen to their ideas, to exchange and solve problems so as to support and solve problems in time This is also a very important measure to mobilize effective and convincing investment for new investors Nguyen Bao Ngoc – K16 ATCA 49 Graduation Thesis CONCLUSION Today, FDI has become an economic necessity in the internationalization of production and circulation Although FDI is a universal issue, it is necessary to have identification and evaluation to amelioate and find out solutions to further FDI flowing into Vietnam This paper is writen for that objective by drawing an overall picture of FDI as well as its impacts on Vietnam socio-economic development In this thesis, I outlined the basic concepts of FDI along with the stituation of seeking and using FDI in Vietnam over the course of seven years started in 2009 Then, chapter three also hightlights both achievements and problems of FDI attraction in Vietnam Over serveral years of implementing the “open door” policy, attracting FDI has been a positive factor directly serving the strategy of economic development in Vietnam Especially in the context of internationalization and globalization, Vietnam is currently in great need of capital to meet development goals and FDI is one of the leading factors However, the process of attracting FDI still has some limitations that we need to cope with quickly and effectively In the limited framework of the research, the recommendations proposed are only for quanlitative and general orientations As a matter of fact, my thesis unavoidably has certern restrictions; therefore, it is my honor to be given support and advice from readers Nguyen Bao Ngoc – K16 ATCA 50 Graduation Thesis REFERENCES Alexander Protsenko (February 11, 2004), Vertical and Horizontal Foreign Direct Investments in Transition Countries, p16 Art Ridgeway, Statistics Canada (November 2004), IMF committee on balance of payments statistics and OECD: Workshop on international investment statistics direct investment technical expert group (DITEG), p5 Ayse Bertrand (Directorate for Financial and Enterprise Affairs, Investment Division, OECD, 2004), Mergers and Acquisitions (M&As), Greenfield investment and extension of capacity Aytaỗ Gửkmen (ầankaya University, Turkey), Handbook of Research on Strategic Developments and Regulatory Practice in Global Finance, p385 Bholanath Dutta (2009), Entrepreneurship Management (Text and Cases), p269, p270 Center Institute for Economic Management (2014), The impact of FDI, Cross Border Mergers and acquisitions and Greenfield; To promote foreign direct investment attraction and usage in Vietnam Christopher C Fisher (MSc in Maritime Economics and Logistics, 2008/2009), Foreign Direct Investment in Greenfield Port Projects in Developing Countries - A Determination of Leading Indicators for Successful Investment Directorate for Financial and Enterprise Affairs, 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Kenneth A Reinert, Ramkishen S Rajan, Amy Joycelyn Glass, Lewis S Davis (2009), The Princeton Encyclopedia of the World Economy, Volumn Klaus E Meyer (China Europe International Business School, Shanghai, China, 2003), Multinational Busuness Review Marianne Ojo (North West University, South Africa, 2016), Analyzing the Relationship between Corporate Social Responsibility and Foreign Direct Investment, p217 Nadide Sevil Tulucea, Ibrahim Doganb (Meliksah University, FEAS, Kayseri, Turkey, 2014), The Impact of Foreign Direct Investments on SMEs’ Development Organization for Economic Co-operation and Development (OECD): Benchmark Definition of Foreign Direct Investment (3rd Edition, 1996) Philip Luck (University of California, 2008), Instructor’s manual for use with international trade (2nd Edition) Nguyen Bao Ngoc – K16 ATCA 52 Graduation Thesis WEB REFERENCES http://www.theglobaleconomy.com/ http://unctad.org/ https://www.imf.org/ http://lexicon.ft.com/ http://Guidewhois.com/ http://cafef.vn/ http://fia.mpi.gov.vn/ http://baodautu.vn/ http://vccinews.vn/ http://kinhtevn.com.vn/ http://www.dankinhte.vn/ http://vtv.vn/ http://www.tienphong.vn/ http://baodatviet.vn/ http://vie.vass.gov.vn/ Nguyen Bao Ngoc – K16 ATCA