the trend of fdi in the world related to the restructuring of the international financial market under the impact of economic recession

INTERNATIONAL FINANCIAL MANAGEMENT Mid-term Presentation The trend of FDI in the world related to the restructuring of the international financial market under the impact of economic recession Lecturer: MBA Tang My Sang Group 2: Ngo Dinh Anh Thu Nguyen Phuong Vy Hoang Van Quynh Nguyen Quynh Thuan Phat CONTENT I DEFINITION OF FDI, FDI CAPITAL Definition of FDI .3 Definition of FDI Flow II THE TRENDS OF FDI IN THE WORLD UNDER THE IMPACT OF ECONOMIC RECESSION The economic recession 2012 – 2013 The trends of FDI under the economic recession 2012 – 2013 .5 2.2 FDI inflows to selected regional and interregional groups, average 2005–2007, 2008–2013 10 III The trends of FDI under the economic recession 2020 – present 11 The economic recession 2020 - present 12 The trends of FDI under the impact of COVID – 19 Epidemic 12 The International financial market under the impact of Covid – 19 Epidemic 16 IV VIETNAM’S FDI MARKET 20 Some advantaged situations 20 The situation of attracting Foreign Direct Investment (FDI) in Vietnam 21 SWOT Analysis of FDI market in Vietnam 23 What does Vietnam need to to attract FDI? 24 Suggested solutions 25 REFERENCES 27 the.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recession I DEFINITION OF FDI, FDI CAPITAL Definition of FDI - According World Trade Organization (WTO), Foreign direct investment (FDI) occurs when an investor based in one country (the home country) acquires an asset in another country (the host country) with the intent to manage that asset - The management dimension is what distinguishes FDI from portfolio investment in foreign stocks, bonds and other financial instruments In most instances, both the investor and the asset it manages abroad are business firms In such cases, the investor is typically referred to as the “parent firm” and the asset as the “affiliate” or “subsidiary” - Examples of foreign direct investments include mergers, acquisitions, retail, services, logistics, and manufacturing, among others Definition of FDI Flow - FDI net inflow is defined as the total value of inward overseas direct investment made by foreign entities, including non-resident investors - Inward foreign direct investments into the domestic country includes all assets and liabilities exchanged between the foreign investors and enterprises based in the domestic country, where the investment is being made - FDI net outflow is defined as the total value of outward overseas direct investment made by the residents of the domestic country or reporting economy to businesses based in foreign economies - Outward foreign investments include assets and liabilities exchanged between investors based in a domestic country or reporting economy to foreign businesses based out in different countries Inward direct investment is also referred to as direct investment abroad the.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recession the.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recession II THE TRENDS OF FDI IN THE WORLD UNDER THE IMPACT OF ECONOMIC RECESSION The economic recession 2012 – 2013 - The three-year European public debt crisis has forced  Greece, Ireland, Portugal and Cyprus to seek relief from the international community to avoid default  Spain and Italy are also at risk  France was almost caught in a spiral, and the German economy - Europe's leading - slowed significantly  Many European economies fell into recession and the Eurozone eventually failed to avoid recession again in the third quarter of 2012 - The "financial cliff" in the US: The world's largest economy grew fairly strongly in 2012  - Deflation, slowing growth in world trade, weak domestic demand and declining exports, especially to China (down as much as 14.5% in November 2012), are pushing Japan into the risk of a fifth recession in 15 years.  - Emerging economies that grow quite quickly such as China, India, Brazil, not keep their "form" - The decline in exports was a key reason for a significant slowdown in asia's developing economies - Structural challenges, weaker investment and excess output have caused the region's two growth engines, China and India, to lose momentum - However, the United Nations report noted that in contrast to other regions, the AsiaPacific economy in 2012 remained positive with an estimated growth rate of 5.6%, although it was inevitably lower than the previous forecast of a 6.5% increase - According to the World Bank (WB), the developing East Asia region (Indonesia, Malaysia, Philippines Myanmar), not taking into Account China, is a rare bright spot for the global economy the.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recession the.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recession The trends of FDI under the economic recession 2012 – 2013 2.1 Global FDI flows FDI flows to developing economies reached a new high at $778 billion, accounting for 54 per cent of global inflows, although the growth rate slowed to per cent, compared with an average growth rate over the past 10 years of 17 per cent Developing Asia continues to be the region with the highest FDI inflows, significantly above the EU, traditionally the region with the highest share of global FDI FDI inflows were up also in the other major developing regions, Africa (up per cent) and Latin America and the Caribbean (up per cent, excluding offshore financial centres) Although FDI to developed economies resumed its recovery after the sharp fall in 2012, it remained at a historically low share of total global FDI flows (39 per cent), and still 57 per cent below its peak in 2007 Thus, developing countries maintained their lead over developed countries by a margin of more than $200 billion for the second year running Developing countries and transition economies now also constitute half of the top 20 economies ranked by FDI inflows Mexico moved into tenth place China recorded its largest ever inflows and maintained its position as the second largest recipient in the world the.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recession the.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recession FDI by transnational corporations (TNCs) from developing countries reached $454 billion – another record high Together with transition economies, they accounted for 39 per cent of global FDI outflows, compared with only 12 per cent at the beginning of the 2000s Six developing and transition economies ranked among the 20 largest investors in the world in 2013 Increasingly, developing-country TNCs are acquiring foreign affiliates of developed-country TNCs in the developing world The per cent increase in global FDI inflows in 2013 reflected a moderate pickup in global economic growth and some large cross-border M&A transactions The increase was widespread, covering all three major groups of economies, though the reasons for the increase differed across the globe FDI flows to developed countries rose by per cent, reaching $566 billion, mainly through greater retained earnings in foreign affiliates in the European Union (EU), resulting in an increase in FDI to the EU FDI flows to developing economies reached a new high of $778 billion, accounting for 54 per cent of global inflows Inflows to transition economies rose to $108 billion – up 28 per cent from the previous year – accounting for per cent of global FDI inflows Developing Asia remains the world’s largest recipient region of FDI flows All subregions saw their FDI flows rise except West Asia, which registered its fifth consecutive decline in FDI The absence of large deals and the worsening of instability in many parts of the region have caused uncertainty and negatively affected investment FDI inflows to the Association of Southeast Asian Nations (ASEAN) reached a new high of $125 billion – per cent higher than 2012 The high level of flows to East Asia was driven by rising inflows to China, which remained the recipient of the second largest flows in the world After remaining almost stable in 2012, at historically high levels, FDI flows to Latin America and the Caribbean registered a 14 per cent increase to $292 billion in 2013 Excluding offshore financial centres, they increased by per cent to $182 billion In contrast to the preceding three years, when South America was the main driver of FDI flows to the region, 2013 brought soaring flows to Central America The acquisition in Mexico of Grupo Modelo by the Belgian brewer Anheuser Busch explains most of the FDI increase in Mexico the.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recession the.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recession as well as in the subregion The decline of inflows to South America resulted mainly from the almost 30 per cent slump noted in Chile, the second largest recipient of FDI in South America in 2012 The decrease was due to equity divestment in the mining sector and lower reinvested earnings by foreign mining companies as a result of the decrease in commodity prices FDI inflows to Africa rose by per cent to $57 billion Southern African countries, especially South Africa, experienced high inflows Persistent political and social tensions continued to subdue flows to North Africa, whereas Sudan and Morocco registered solid growth of FDI Nigeria’s lower levels of FDI reflected the retreat of foreign transnational corporations (TNCs) from the oil industry In developed countries, inflows to Europe were up by per cent compared with 2012 In the EU, Germany, Spain and Italy saw a substantial recovery in their FDI inflows in 2013 In Spain, lower labour costs attracted the interests of manufacturing TNCs The largest declines in inflows were observed in France, Hungary, Switzerland and the United Kingdom FDI flows to North America grew by 23 per cent as acquisitions by Asian investors helped sustain inflows to the region The largest deals included the takeover of the Canadian upstream oil and gas company, Nexen, by CNOOC (China) for $19 billion; the acquisition of Sprint Nextel, the third largest wireless network operator in the United States, by Japanese telecommunications group Softbank for $21.6 billion, the largest deal ever by a Japanese company; and the $4.8 billion acquisition of the pork producer Smithfield by Shuanghui, the largest Chinese takeover of a United States company to date FDI flows to the United States rose by 17 per cent, reflecting signs of economic recovery in the United States over the past year the.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recession the.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recession Transition economies experienced a 28 per cent rise in FDI inflows, reaching $108 billion – much of it driven by a single country The Russian Federation saw FDI inflows jump by 57 per cent to $79 billion, making it the world’s third largest recipient of FDI for the first time The rise was predominantly ascribed to the increase in intracompany loans and the acquisition by BP (United Kingdom) of 18.5 per cent of Rosneft (Russia Federation) as part of Rosneft’s $57 billion acquisition of TNK-BP Global FDI outflows rose by per cent to $1.41 trillion, up from $1.35 trillion in 2012 Investors from developing and transition economies continued their expansion abroad, in response to faster economic growth and investment liberalization as well as rising income streams from high commodity prices In 2013 these economies accounted for 39 per cent of world outflows; 15 years earlier their share was only per cent In contrast, TNCs from developed economies continued their “wait and see” approach, and their investments remained at a low level, similar to that of 2012 FDI flows from developed countries continued to stagnate FDI outflows from developed countries were unchanged from 2012 – at $857 billion – and still 55 per cent off their peak in 2007 Developed-country TNCs continued to hold large amounts of cash reserves in their foreign affiliates in the form of retained earnings, which constitute part of reinvested earnings, one of the components of FDI flows This component reached a record level of 67 per cent Investments from the largest investor – the United States – dropped by per cent to $338 billion, led by the decline in cross-border merger and acquisition (M&A) purchases and negative intracompany loans United States TNCs continued to accumulate reinvested earnings abroad, attaining a record level of $332 billion FDI outflows from the EU rose by per cent to $250 billion, while those from Europe as a whole increased by 10 per cent to $329 billion With $60 billion, Switzerland became the largest outward investor in Europe, propelled by a doubling of reinvested earnings abroad and an increase in intracompany loans Countries that had recorded a large decline in 2012, including Italy, the Netherlands and Spain, saw their outflows rebound sharply In contrast, investments by TNCs from the.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recession the.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recession France, Germany and the United Kingdom saw a substantial decline TNCs from France and the United Kingdom undertook significant equity divestment abroad Despite the substantial depreciation of the currency, investments from Japanese TNCs continued to expand, rising by over 10 per cent to a record $136 billion Flows from developing economies remained resilient, rising by per cent FDI from these economies reached a record level of $454 billion in 2013 Among developing regions, flows from developing Asia and Africa increased while those from Latin America and the Caribbean declined Developing Asia remained a large source of FDI, accounting for more than one fifth of the world’s total Flows from developing Asia rose by per cent to $326 billion with diverging trends among subregions: East and South-East Asia TNCs experienced growth of per cent and per cent, respectively; FDI flows from West Asia surged by almost two thirds; and TNC activities from South Asia slid by nearly three quarters In East Asia, investment from Chinese TNCs climbed by 15 per cent to $101 billion owing to a surge of cross-border M&As (examples include the $19 billion CNOOCNexen deal in Canada and the $5 billion Shuanghui-Smithfield Foods deal in the United States) In the meantime, investments from Hong Kong (China) grew by per cent to $92 billion The two East Asian economies have consolidated their positions among the leading sources of FDI in the world Investment flows from the two other important sources in East Asia – the Republic of Korea and Taiwan Province of China – showed contrasting trends: investments by TNCs from the former declined by per cent to $29 billion, while those by TNCs from the latter rose by per cent to $14 billion the.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recession the.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recession FDI flows from Latin America and the Caribbean decreased by per cent to $115 billion in 2013 Excluding flows to offshore financial centres, they declined by 31 per cent to $33 billion This drop was largely attributable to two developments: a decline in crossborder M&As and a strong increase in loan repayments to parent companies by Brazilian and Chilean foreign affiliates abroad Colombian TNCs, by contrast, bucked the regional trend and more than doubled their cross-border M&As Investments from TNCs registered in Caribbean countries increased by per cent in 2013, constituting about three quarters of the region’s total investments abroad FDI flows from transition economies increased significantly, by 84 per cent, reaching a new high of $99 billion As in past years, Russian TNCs were involved in the most of the FDI projects, followed by TNCs from Kazakhstan and Azerbaijan The value of crossborder M&A purchases by TNCs from the region rose significantly in 2013 – mainly as a result of the acquisition of TNKBP Ltd (British Virgin Islands) by Rosneft; however, the number of such deals dropped 2.2 FDI inflows to selected regional and interregional groups, average 2005– 2007, 2008–2013 In 2013, APEC absorbed half of global flows – on par with the G-20; the BRICS received more than one fifth Among major regional and interregional groupings, two – Asia-Pacific Economic Cooperation (APEC) countries and the BRICS (Brazil, Russian Federation, India, China and South Africa) countries – saw a dramatic increase in their share of global FDI inflows from the pre-crisis level APEC now accounts for more than half of global FDI flows, similar to the G-20, while the BRICS jumped to more than one fifth In ASEAN and the Common Market of the South (MERCOSUR), the level of FDI inflows doubled and the EU, which are negotiating the formation of TTIP, saw their combined share of global FDI inflows cut nearly in half over the past seven years, from 56 per cent during the pre-crisis period to 30 per cent in 2013 The share of the 12 countries participating in the TPP negotiations was 32 per cent in 2013, markedly smaller than their share in world GDP of 40 per cent RCEP, which is being negotiated between the 10 ASEAN member States and 10 the.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recession the.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recession 2.3 Trends in greenfield investment projects and Cross-border M&As by sector  Greenfield Investment - Announced greenfield projects in manufacturing decreased by 14 per cent to $402 billion Despite the decline in extractive industries, announced investments in the manufacturing of coke and refined petroleum products rose by 12 per cent, to $94 billion  Cross – border M&As - Cross-border M&A sales in developed countries declined by 40 per cent in 2019, to $411 billion The decline of cross-border M&As in 2019 was much stronger than the 14 per cent decrease in total M&A activity (including domestic deals) worldwide, continuing the trend of the last few years in the relative unpopularity of cross-border expansions and consolidations through deals The fall in global cross-border M&As sales was deepest in the services sector, followed by the manufacturing sector 15 the.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recession the.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recession The International financial market under the impact of Covid – 19 Epidemic 3.1 - In Africa The economic and investment implications for FDI of the pandemic will be further compounded by the oil glut in global markets, which is causing extremely low oil prices as well as declining commodity prices in general - Although the pandemic will affect all industries, several services industries are being hit disproportionally, including aviation, hospitality, tourism and leisure in 2019 16 the.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recession the.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recession - There was a notable downward trend in the first quarter of 2020 in announced greenfield investment 3.2 - In Asia The pandemic has highlighted the dense interconnection of economies and factories in Asia and with other parts of the world Work stoppages in China have significantly disrupted the supply chain of many factories in East and South-East Asia - The pandemic has also underscored the vulnerability of these supply chains, and the important role of China and other Asian economies as global production hubs - The decline was driven mostly by a 13 per cent drop in investment in East Asia, primarily in Hong Kong, China and the Republic of Korea Inflows to China rose marginally and reached an all-time high of $141 billion - The number of M&As dropped by 35 per cent in April 2020 from the monthly average of 2019 - Following high inflows in 2019, SouthEast Asia has not been spared the impact of the pandemic The region is experiencing a significant economic slowdown, including a major disruption of production and supply chains in many industries 17 the.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recession the.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recession - Investment commitments in Indonesia and Viet Nam declined by 10 % - Market-oriented investment in construction, real estate, hospitality and other services will also be significantly affected by the economic slowdown - Longer term, a few countries with low labour cost advantages (e.g Indonesia and Viet Nam) could fare relatively better as MNEs pick up operations They could benefit from MNE decisions to diversify geographical risks and build more resilient supply chains - Relocations of investment by MNEs to avoid the trade tensions between the United States and China helped push up FDI Companies such as Intel (United States), Nintendo (Japan) and Kyocera (Japan) have relocated operations from China to Viet Nam 3.3 - In Latin America and Caribbean FDI for 2020 is expected to halve Commodity exporters in the region face a double shock of collapsing prices and lower volumes of exports to major trading partners Investment in extractives, the largest FDI sector in the region, already tumbled in the first quarter and is not expected to recover this year - Flows to the tourism industry, a key services sector industry in many economies of the region, especially in the Caribbean, are also sinking 18 the.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recession the.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recession 3.4 In Transition Economies Outward FDI from economies in transition is expected to continue its decline in 2020 and 2021, as economic recessions in home economies and the low oil prices affect the capacities of MNEs from the region to invest abroad 3.5 The In Developed Economies value of cross-border M&A purchases by MNEs in developed countries actually fell by 34 per cent, mainly in manufacturing and services Cross-border M&A sales fell sharply in chemicals and chemical products and in financial services 19 the.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recession the.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recession - Several developed countries have introduced or are considering measures aimed at protecting critical domestic infrastructure and other sensitive industries - Earnings forecasts for 2020 of the top MNEs based in developed countries show an average downward revision since the outbreak of 39 per cent IV VIETNAM’S FDI MARKET Some advantaged situations - In 2020, due to the impact of the covid-19 pandemic, the global supply chain will be seriously affected Besides, the influence of trade war between the US and China, the shift of production out of China took place quickly In which, there are four areas that corporations tend to shift to Vietnam to set up company and make investment are information technology and high technology, electronic equipment, e-commerce and logistics, consumer goods, and retail - Vietnam, with the advantage of being close to China, is favorable for the movement of investment and machinery Besides, having policies to attract FDI from Vietnam will make it easier for international investors to transfer investment Some big global corporations have started recruiting, searching for supply chains, and Vietnam is one of the destinations in the transition - Within months from 2020, Vietnam also participates in many Free Trade Agreements such as CPTPP, EVFTA, etc that facilitate trade relations with many 20 the.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recession the.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recession countries and regions in the world, which will make cooperation more favorable In addition, the stability in the value of Vietnam currency is also a strong point in attracting international investment - According to a report in 2019, Vietnam’s labor costs are also lower than that of Thailand, Malaysia and Indonesia, in addition, the labor force in Vietnam is increasingly abundant and the quality of labor is increasing - In addition, with the application of supportive policies such as reduction of corporate income tax, import and export tax, land rental assistance, labor supply, and administrative procedures, Vietnam deserves to become be best investment destination in the world, for international companies to make investment, establish company and obtain investment registration certificate The situation of attracting Foreign Direct Investment (FDI) in Vietnam 21 the.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recession the.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recession - According to Ministry of Planning and Investment, until 08/20/2020, total newly registered capital, adjusted and contributed capital to buy shares of foreign investors reached 19.54 billion USD, equaling 86.3% compared to the same period in 2019 Investment in implementing FDI projects was estimated at 11.35 billion USD, equal to 94.9% over the same period in 2019 - Vietnam's FDI tends to decrease, which is mainly due to the outbreak of the Covid19 pandemic As of August 20, 2020, the total newly and adjusted registered capital of foreign investors reached 19.54 billion USD, equaling 86.3% over the same period in 2019 22 the.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recession the.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recession - Although newly registered capital and adjusted capital increased more than the same period last year, the contributed capital of foreign investors in the form of jointventure continued to decrease, reducing the total investment capital attracted in the first months of 2020 - In which, the newly registered capital: there were 1,797 new projects granted investment registration certificates (down 25.3% over the same period in 2020), total registered capital reached US$ 9.73 billion (increased 6.6% over the period in 2020) Investment capital increased mainly because the Bac Lieu liquefied natural gas (LNG) power plant project was granted a new investment registration certificate with a total investment of billion USD (accounting for 41.1% of the total registered capital) - There were 718 times of registered projects that wanted to change investment capital (down 20.9% compared to the same period in 2020) The total additional registered capital reached over 4.87 billion USD (up 22.2% compared to the same period in 2020) During 2020, adjusted capital in the months of 2020 increased due to the adjustment of the South Vietnam Petrochemical Complex Project in Ba Ria - Vung Tau (Thailand) 23 the.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recession the.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recession - Capital contribution, share purchase: There were 4,804 times of joint stock brokerage by foreign investors (down 8.2% compared to the same period in 2020), the total value of contributed capital was 4.93 billion USD (equivalent to 51.8% over the same period in 2020) The structure of the value of capital contribution and share purchase in total capital investment also decreased significantly compared to the same period in 2019 (from nearly 42% in months of 2019 to 25.2% in months of 2020) - Foreign investors have invested in 18 sectors, in which the processing and manufacturing industry leads the way with a total investment of more than 9.3 billion USD, accounting for 47.7% of the total registered capital investment The field of electricity production and distribution ranked second, with a total investment of over billion USD, accounting for 20.6% of the total registered capital investment - Among countries that have been investing in Vietnam: Singapore is the leading country with total investment capital of 6.54 billion USD, accounting for 33.5% of total investment capital in Vietnam; Korea ranked second with total investment capital of 2.97 billion USD, accounting for 15.2% of total investment capital China ranked third with a total registered investment capital of 1.75 billion USD, accounting for nearly 9% of total investment capital Next are countries: Japan, Thailand, Taiwan… SWOT Analysis of FDI market in Vietnam - By analyzing SWOT model of Vietnam in terms of FDI attraction, we are going to determine what the strengths, the weaknesses, the opportunities, and also the Threats of Vietnam in order to find out effective and suitable strategies to gain the investors’ attention around the world Furthermore, Vietnam’s economy has to minimize the threats and improve its weaknesses to get rid of forecasted issues in near future STRENGTH  Suitable location WEAKNESS  Lack fully oriented stable development 24 the.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recession the.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recession  Abundant labor forces  High-qualified labor forces demand  Low-cost production  Long time for procedures  Low labor cost  Corruption & bureaucracy  Stable politicy  The Infrastructure is still being completed OPPORTUNITY THREAT  Growing good reputation  High competitive region  WTO’s member (2006)  Some environmental issues  EVFTA, RCEP agreement  Less impacted by Covid-19  Encouraged by government  Supportive policies related to tax incentive What does Vietnam need to to attract FDI? - Companies looked for some key factors when considering direct investment in a country - They wanted good supply of labour with skills and experience, logistics convenience in places they set up new factories so that they could easily ship in raw materials and ship out finished products, minimal bureaucratic obstacles to setting up and operating factories, and political and economic stability - Vietnam scored well in most of these aspects, and quickly improves in areas it did not - But there were several things it could to become more attractive to investors - Its logistics costs continued to be high, and it needed to quickly build and improve physical infrastructure to rise in the World Bank Logistics Performance Index from its current 45th position 25 the.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recession the.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recession - Government also needed to improve the country’s position in the World Bank’s ease of doing business rankings by streamlining the bureaucratic processes related to setting up and operating a business - “In the most recent World Bank survey, Vietnam ranks 70th out of 190 countries, ahead of countries like Indonesia, and the Philippines but behind Malaysia and Thailand.” - The Government’s recently announced ‘fast track’ initiative to speed up the licensing of FDI projects was a good example of the steps it could take to reduce red tape and bureaucratic hurdles companies faced - The Government should consider promoting quality FDI by setting up an Investment Promotion Agency (IPA) to actively market Vietnam’s advantages as an FDI destination around the world - The Government tended to approach FDI reactively and only worked with foreign companies that approached it though the Ministry of Planning and Investment and other relevant Government departments had become more aggressive in following potential leads - Next, Vietnam’s vocational training needs to be significantly improved to ensure that the workforce could perform tasks that require higher skill levels, and the country needed to invest in R&D and improve technical universities - Finally, the Government could encourage the formation of industrial clusters around desirable industries such as electronics - This strategy would have the dual advantage of maximising Vietnam’s benefit from FDI investments and giving firms more confidence to locate their higher valueadded activities in the country Suggested solutions - Firstly, The National Assembly and the Government need to refine the legal system and administrative procedures on foreign investment in a synchronous, consistent, easy-to-understand, and easy-to-implement manner 26 the.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recession the.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recession - Building outstanding institutions, preferential policies, international competition to create favorable business conditions to attract large projects, national key projects, high-tech projects, etc to attract investors Besides, Việt Nam should establish R&D centers and innovation centers to have more new potential projects that attract foreign investors - Secondly, usual inspection and supervision to create favorable conditions for enterprises to operate effectively, promoting coordination among state management agencies to avoid overlapping in inspection and examination; strengthen postinspection with FDI projects after being licensed - Thirdly, Vietnam should focus on creating an educated and high-qualified workforce, especially related to High Tech and R&D, so that Foreign corporations can make use of local Workforce helping investors not only save their money but also their time - Last but not least, Vietnam should spend budget on upgrading the infrastructure system, especially traffic, seaports in order to create favorable conditions for investors in the process of conducting investment activities in Vietnam, because Investors always want a perfect logistical system - Finally, Vietnam should not offer overly generous tax breaks Invested countries often use a range of tax incentives to attract foreign investment, and of course who does not like tax incentives? But offering overly generous tax breaks is not critical for Việt Nam to be successful in attracting FDI According to the IMF, tax incentives are “not critical” to attracting FDI and “…cannot substitute for political stability, good macroeconomic fundamentals, the availability of infrastructure, and a sound legal framework.” 27 the.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recession the.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recession REFERENCES https://www.investopedia.com/terms/f/fdi.asp https://www.wto.org/english/news_e/pres96_e/pr057_e.htm Kinh tế giới năm 2012: “Đi qua bóng tối” | Báo Dân trí (dantri.com.vn) Những mảng xám kinh tế tồn cầu 2012 | Tạp chí Tun giáo (tuyengiao.vn) World Investment Report 2014 (unctad.org) https://www.antconsult.vn/foreign-investor-in-vietnam/the-advantages-of-attractingfdi-to-vietnam-in-2021.html/amp http://tapchicongthuong.vn/bai-viet/thuc-trang-thu-hut-von-dau-tu-truc-tiep-nuocngoai-vao-viet-nam-giai-doan-2010-2020-80266.htm https://www.vietnam-briefing.com/news/fdi-in-vietnam-year-in-review-and-outlookfor-2021.html/ https://www.crowe.com/vn/insights/doing-business-in-vietnam/foreign-directinvestment-(fdi)-in-vietnam https://www.vietdata.vn/tinh-hinh-thu-hut-von-dau-tu-nuoc-ngoai-fdi-fii-5-thangdau-nam-2020-2040743145 10 https://vietnamnews.vn/economy/749545/what-vn-needs-to-do-to-attract-quality-fdi-aftercovid-19.html 11 https://tapchitaichinh.vn/su-kien-noi-bat/thu-hut-nguon-von-fdi-vao-viet-nam-va-nhung-van-dedat-ra-hien-nay-330589.html? fbclid=IwAR0r4udQMP72Ijij7WdKT9CT8xDv2lfvY8I0IieaVyOb3mwxQDg8rfyNFfs 12 https://unctad.org/system/files/official-document/wir2020_en.pdf 13 https://unctad.org/system/files/information-document/diae_gitm34_coronavirus_8march2020.pdf 14 https://data.worldbank.org/indicator/BM.KLT.DINV.CD.WD? end=2019&most_recent_value_desc=false&start=1970&type=shaded&view=chart&year=2019 15 https://tapchitaichinh.vn/su-kien-noi-bat/cac-yeu-to-anh-huong-toi-viec-thu-hut-dong-von-dau-tunuoc-ngoai-tai-viet-nam-330984.html 16 http://www.talawas.org/talaDB/showFile.php?res=12823&rb=0502 17 https://www.investopedia.com/ask/answers/06/greenfieldvsacquistion.asp 28 the.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recession the.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recession the.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recessionthe.trend.of.fdi.in.the.world.related.to.the.restructuring.of.the.international.financial.market.under.the.impact.of.economic.recession