The difference of goals: Trang 12 8 Industrial Policy Agricultural Policy Industrial Policy: Industrial policy focuses on the development of industries and the production of goods on a
INTRODUCTION
Since the end of World War II, the East Asian economies first Japan, – Taiwan, Singapore, Hong Kong and then South Korea have achieved the fastest – rates of industrialization in the world human history.
Overall, these economies grew at a rate of 5-6% per capita in the second half of the 20th century This means that their standard of living has doubled every 12 and a half years In half a century, such growth is likely to generate a 16-fold increase in income This spectacular economic transformation has been and remains the most controversial issue, which is the role of industrial policy Whereas previous interpretations discussed East Asia moving towards a free- market, free-trade narrative, most commentators now agree that these countries, with the exception of Hong Kong, used a variety of industrial policy measures Some argue that the success of these countries is largely due to government intervention involving the promotion of certain industries through a mixture of protectionism, subsidies, trade, and mergers government-brokered mergers (M&A), accession and capacity expansion regulations, and technology licensing However, others believe that East Asia's industrial policies are not great successes and that even if they do, they cannot be adopted by other countries Because each country will have its own views and views So, that's why we chose the topic " Learn about “Industrial Policy” in East Asian countries List some of the successes and failures of these policies and lessons for Vietnam.” Through this, we will have a broader and more objective view of the industrial policies of East Asian countries Industrial policy is planned step by step and changes with passion for industry in each period In some countries, industrial policy is seen as an instrument of directional planning, applied continuously and in coordination So is the effect of industrial policies really even? Besides the remarkable achievements, the application of this policy also has many failures The lessons from that are experiences, as well as things that need to be drawn so that Vietnam can develop the national industry as well as promote the country's economic growth
MAIN CONTENT
Theoretical basis
2.1.1 Some problems about industrial policy definition:
A major problem with the industrial policy debate is that the very concept of industrial policy is not clearly defined, leading to heated but often fruitless debates.
For example, During the initial debate on Japanese industrial policy in the late 1970s and early 1980s, opponents of industrial policy argued that industrial policy was not the primary reason for Japan's industrial policy Japan's success because government subsidies and loans to industries are smaller in Japan than in many other comparable countries They argued that Japan's industrial policy had no decisive impact on the country's development.
Behind this assertion is the implicit definition of industrial policy as a policy involving the transfer of money that aims to change the incentives faced by industries However, as we will see later, financial transfers are only a small part of the industrial policy of Japan (and other East Asian countries) Thus, unless we abandon this narrow, financial-biased definition, we cannot understand the true importance and influence of East Asian industrial policy.
Having said that, the problem with the (often implicit) definitions of industrial policy in circulation is that they are often too broad rather than too narrow For example, Pinder (1982), a leading British industrial policy proponent in the 1980s, considers all of the following components of industrial policy: pro- industrial policy in general as policy Human; financial incentives and financing for investment; public investment program; public procurement policy; financial incentives for R&D; company-level policies such as specific R&D support; antitrust policy; merger policy to create 'national champions'; support for small businesses; regional policies such as the development of physical and social infrastructure and the establishment of industrial clusters; general trade protection; sectoral policies such as organizing recessionary coalitions in recessionary industries; product upgrading in labor-intensive industries The tendency to adopt an overarching definition also exists among skeptics of the merits of industrial policy Donges (1980), a fierce critic of industrial policy, explicitly stated that industrial policy "includes all government actions that affect industry".
However, although all of the above policies have implications for industrial development, classifying every policy affecting industrial development as industrial policy is not a useful way to proceed If we did, almost any policy could be classified as industrial policy, which would render the concept meaningless.
In this sense, Landesman's (1992) emphasis on the 'specific', or discriminatory, nature of industrial policy deserves attention According to him,
3 industrial policy “is designed specifically, that is, towards specific industries, firms, regions, groups in the labor market, etc., not general Therefore, implicit in the formulation and implementation of industrial policy is always a trade-off between different groups, regions, industries, etc.” Under this definition, we can exclude general policies such as creating a skilled workforce or improving labor management relations from the field of industrial policy, making the concept more focused.
However, Landesman's concept of industrial policy is still somewhat overwhelming, because it includes policies designed to affect both specific regions and specific groups in the labor market It is true that industrial policy affects different regions and groups differently, and its effects on specific regions and groups should be seen as a by-product rather than a policy goal Likewise, region- and group-oriented policies may affect specific industries (e.g setting up an industrial park for the garment industry in an area with high unemployment), but this should not be turned into industrial policy.
Once industrial policy has been defined, it is necessary to comment on the difference between so-called general industrial policy and selective policy.
Mainstream economists tend to argue that general industrial policy, which affects all industries equally, is less distorted and therefore more favored For example, Corden (1980) states that “the best possible industrial policy would be to provide an adequate infrastructure, some limited power of monopolies and cartels, a system educational system to help create human resources for industrial success, instructing industry prospects (no coercion or subsidies), stability and simplicity in the tax system, free and flexible capital markets, and steady movement toward non-partisan protection, whether directly or indirectly” (page 182-3) In its famous study of the East Asian miracle, the World Bank (1993) argued that industrial policy was not only economically inferior to industrial policy in general, but was also incapable of applicability in the region other developing countries because it requires a high level of governance capacity that many of them do not have.
Regardless of one's view of the relative merits of selective industrial policy, there is an important definition problem here As Lall (1994) has pointed out, in practice the distinction between general and selective industrial policy is virtually meaningless, because almost all general industrial policy involves selectivity filter to one degree or another.
This is because, in a world with limited financial resources and limited management capacity, there will always be some degree of selectivity involved in the implementation of industrial policy For example, it can be argued that general support for R&D (such as a subsidized R&D fund for a specific industry) is not related to selectivity However, unless there are unlimited financial and administrative resources, dedicating more resources to support R&D activities means that R&D-intensive industries are now being prioritized over others In
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4 this way, the so-called general industrial policy will likely target certain areas without acknowledging it, leading to the risk of policy inconsistency.
To take another example from the above quote by Corden, government cannot just abstractly 'provide adequate infrastructure' It must decide, for example, which roads will be built where, and in deciding this it will have to consider, among other things, its possible impacts on industries industry in the relevant regions To take another example from Corden, it cannot provide 'an educational system that creates human resources for industrial success' without determining the scientists, engineers and skilled workers in the industry In what field the future will be trained a decision tied to its vision of the future of the – country's industries Technical colleges and universities cannot train engineers and skilled workers in the abstract - they must be trained in very specific fields (chemical engineering, operating numerically controlled machines with computer, etc.).
As can be seen, the dichotomy between general and selective industrial policies is ultimately untenable, with the exception of policies such as basic education and the provision of health care – policies that should not be classified as industrial policy anyway, at least by my definition.
Whether we use terms such as targeting or not, selectivity is a must-have issue, and in fact is frequently faced by industrial policy practitioners Indeed, it may be better to explicitly acknowledge the necessity of selectivity and openly discuss which areas to target in what ways, rather than trying to pretend there are no goals what's going on, thereby increasing the risk of inconsistencies between different targeting activities Furthermore, contrary to what the World Bank
(1993) says in this regard, countries with weak administrative capacity have a higher chance of success with more precisely targeted policies, because they save on scarce administrative costs.
In summary, the important question is not whether industrial policy should be selective, but how to select the right sector in the right way, based on the overall goals of industrial policy
A set of actions implemented by the government to increase industrial productivity, foster technical advancement, and enhance employment possibilities is known as industrial policy.
Industrial policy is implemented through both broad programs intended to aid in the process as well as targeted intervention to safeguard and finance specific sectors, businesses, and initiatives expansion and revitalization of industry.
All measures that aid in the creation and growth of industries inside a nation are considered to be part of industrial policy Two types of options are
5 frequently put up when policymakers think about which industrial strategy is best for growth and development in order to streamline the conversation.
The first remedy is the notion that industrialization is a process that cannot be left to the market's free will To encourage these businesses' development and global competitiveness, the state must choose a set of "lead" industries, create and build state-owned firms, and apply supportive policies for these businesses global market.
The difference between Industrial policy and Agricultural policy
Industrial policy and agricultural policy are two different economic policies, and they differ in the following ways:
Industrial policies are policies that governments utilize industrial strategies to steer and spur development in a variety of sectors, including manufacturing, construction, transportation, and information technology In order to increase competitiveness and satisfy the market's need for production, industrial policy frequently focuses on increasing a nation's industrial production capacity
Agriculture policy, on the other hand, refers to the measures taken by the government to encourage and assist the growth of the agricultural industry The production and commercial operations involving land, livestock, agri-forestry goods, and natural resour s are the main emphasis of this policy Increasing ce productivity and reducing reliance on agricultural imports are the two main objectives of agricultural policy
Industrial policy and agricultural policy are two important policies of a country, with different goals to promote economic development Industrial policy and agricultural policy are two different policies in terms of purpose and scale The objectives of industrial policy and agricultural policy have significant differences as follows:
Industrial Policy: Industrial policy focuses on the development of industries and the production of goods on a large scale to meet the needs of markets such as:
Increase productivity and production efficiency in industries to boost economic growth
Develop highly competitive and export-capable industries, thereby strengthening foreign trade and improving trade
Create jobs for workers and improve their living conditions
Develop industrial parks and infrastructure to attract foreign investment and enhance the competitiveness of the country
Agricultural policy focuses on the development of agricultural and food production sectors to meet consumer needs such as:
Improve productivity and production efficiency in the agricultural sector to meet the country’s food needs and reduce poverty
Develop high-quality agricultural products to boost exports and increase incomes for farmers
Strengthen the protection of the environment and natural resources while enhancing food security Create jobs for farmers and improve their living conditions
In short, the objectives of industrial policy and agricultural policy are both aimed at economic development and improving the quality of life of resident however, the me s and approaches vary depending on the area that the policy is an aiming at
2.2.3 The reason why East Asian countries prioritized industrial policy over agricultural policy:
The objective of industrial policy is to facilitate the development of industry and contribute to overall economic growth The development of sectors such as manufacturing, construction and industrial services often offers greater added value and growth potential than the agricultural sector
Industrial policy often focuses on innovation and technological development, which can lead to improvements in production and increased competitiveness East Asian countries such as Japan, Korea and Taiwan have invested heavily in technology research and development, which has brought about significant changes in the industry and contributed to the economic development of the country
Export promotion and market expansion are frequently the main goals of industrial policy East Asian nations have formed networks for industrial
9 production and close economic ties with other nations, particularly industrialized nations with sizable consumer markets Exporting more produced goods can generate large profits and accelerate economic growth
Foreign direct investment and opening up to foreign investment are frequently linked to industrial strategy East Asian nations have improved the business climate by providing tax breaks and assistance to foreign companies This promotes the creation of industrial parks and export processing zones, generates jobs, and aids in economic development
Despite their differences, the two policies are also closely related Industrial policy and agricultural policy can support each other to achieve the highest efficiency in the economic development of the country For example, the production of agricultural machinery and equipment is an example of the synergies between industrial policy and agricultural policy
However, in order to achieve the highest efficiency in implementing these two policies, an overall strategy for the count 's economic development is ry needed This strategy must include clear directions and coordination among different policies to achieve common goals In addition, there should be good linkages between enterprises in agriculture and industry to boost production, improve product quality and improve productivity
In summary, the goals of industrial policy and agricultural policy are both towards economic development and improving people's quality of life, however, the means and approaches differ depending on the sector area to which the policy is directed East Asian countries' preference for industrial policy does not imply that agricultural policies are wholly ignored Many countries in the region continue to invest in both areas to ensure long-term development
2.3 “Industrial Policy” in East Asian countries:
2.3.1 Industrial Policy of Japan: a Industrial policy after World War II and the post-war recovery period:
Japan struggled to recover from the devastating effects of the war during the first five years after it ended Japan at the time experienced a severe shortage of both products and foreign exchange reserves A "preferential production plan" was established by the Japanese government (Keisha Seisan Hoshiki, 1946–
1948) As a result, the Japanese government gives e distribution of resources th and money top priority Steel and coal are two industrial resource types Both the steel industry and the coal sector got large quantities of coal This special treatment has helped to address the production capacity shortage and successfully set the stage for the next stage of industrialization In addition, the Japanese government directly affects the market by regulating pricing through subsidies, loan distribution, and distribution of prohibited imports
The Dodge Plan, a stabilization strategy that abolished Japanese government authority over new loans and subsidies and tightened budget oversight, was first implemented in 1948 Inflation quickly vanished This period's industrial policy should be viewed as unique Like socialist economic planning, many direct interventions We should consider this period as the building block for strong growth in the following period. b Policy for the setup period:
Time to start and set up (from 1951 to 1960): "Targeted Policies" came to dominate policies in the 1950s Some target industries, such as the steel, coal, shipbuilding, electricity, synthetic fibers and chemical fertilizers, petrochemicals, machine tools and parts, and electronics, are "rationalized" (Gorika) to "catch up" with Japanese industrial policy (the goal is to achieve international competitiveness) The automotive, electrical machinery, computer, and chemical industries were among those targeted for "establishment" (the creation of new industries) at this time oil These fields are referred to be "developing industries" by governments because they have a high potential for expansion or higher returns on investment.
The creation of special tax provisions, import tariffs and quotas, accelerated depreciation, and tax exemptions for imported machinery are only a few of the policy measures the Japanese government has adopted to achieve these goals Postal savings and social insurance accounts were put into the Japanese government's Financial Investment and Loan Program (Zaisei Touyushi) in order to support these policy measures In reality, industries receive unique privileges and high levels of protection, but entrepreneurs recognize that these governmental tools are only transitory In actuality, policies at this point are implemented within the framework of transient measures and their eventual repeal in accordance with a well-defined timeline Latin American nations, where
11 protection is excessive and lasts for a long time, differ significantly from one another in this regard. c Policy for the high growth period (from 1961 to 1972):
The successes and failures of these policies
2.4.1 Review of Japan's industrial policy: a Success of Japanese industrial policy: es
First, looking at Japan's industrial development support policies, it can be seen that the Japanese Government always offers industrial support policies depending on different stages, conditions, and situations of various industries economy In particular, Japan has the most favorable development conditions, and at the same time can overcome difficulties and challenges at different stages of development, development, and R&D comprehensively.
Second, the Japanese Government is focusing on implementing supportive policies to protect and help small and medium-sized enterprises operate safely, avoiding the impact of economic fluctuations and world markets Tax incentives, business mergers, loans to set up protection funds and business support are priorities of the Japanese Government.
Third, the Japanese government has implemented a policy of developing the country's leading industries to enhance the country's competitive advantage Industries that need to be focused include automobiles, electronics, apparel, chemicals, etc At the same time, integration and openness are indispensable factors for the development of the whole industry, especially industry and supporting industries support to expand the market, and improve its position and competitiveness.
Fourth, Japan's development in all fields cannot be achieved without the great contribution of highly qualified human resources The Japanese government is investing in the education system in terms of facilities, especially focusing on vocational training, and preparing a well-qualified and work-ready workforce Private vocational schools account for 80% to 90% of the total number of vocational schools across the country, in which the information technology industry accounts for the majority In large cities, there are independent computer and technical training centers These centers have the function of training teachers, perfecting teaching materials, and researching teaching methods b Failures of Japan's industrial policy:
Some constraints on the implementation of Japanese industrial policy may include:
Competition from other countries: Japanese companies are facing competition from other countries including China, Korea, and Taiwan This may reduce the competitiveness of Japanese companies in the international market
Lack of investment in new industries: Japanese companies may not be able to invest enough in new industries such as information technology, renewable
26 energy, and new materials This can leave them behind in the competition in the global market
Reduced domestic demand: The Japanese economy is reducing domestic demand conditions, so the domestic industry may be affected and make it difficult for Japanese companies to maintain and develop their operations his motion
Age of big companies: Japan has a lot of big companies that have been growing for a long time and it has become difficult to introduce significant changes Change can be difficult and takes time
However, Japan remains a leading country in manufacturing and industrial development, and Japanese companies continue to work to respond and adopt policies to address these constraints
2.4.2 Review of China's industrial policy: a Success of es China’s industrial policy:
China is an example of an ongoing miracle in East Asia Since economic reform in 1987, China has grown by about 9%, accounting for two-thirds of the total growth of low-income people in the world China's GDP per capita is growing at about 8% annually, more than quadrupling in 20 years Thus, China's economic success is comparable to that of the early eight high-growth economies: Hong Kong, Indonesia, Japan, South Korea, Malaysia, Singapore, Taiwan, and Thailand But China's population is three times the population of all these economies combined, making these achievements all the more commendable.
2010 was the year that China's exports surpassed Germany's for the first time and became the world's largest exporter More than 95% of China's exports are produced locally, making China the new manufacturing power after Britain, the United States, Japan, and Germany since the 18th-century industrial revolution.
According to the World Intellectual Property Organization, in 2017, China became the second-largest patent applicant country in the world And this year, the value added of China's manufacturing industry accounted for 27% of the global market share, becoming the main driver of global industrial growth.
MIC 2025 has contributed to improving China's innovation capacity, product competitiveness, and economy Since the implementation of MIC 2025, the productivity of 109 smart manufacturing pilot projects nationwide in Phase I has increased by an average of 38%, and energy efficiency has increased by 9.5% in transportation costs onion Business fell 21% According to a report by the Ministry of Science and Technology of China, total investment in R&D activities increased steadily to over 2% of GDP in 2015 and 2016, making China the second largest R&D investor in the world after the United States Ky Kai The largest investments in research and development activities are in manufacturing, computing, and telecommunications companies At present, many manufacturing
27 industries in China have reached the world's most advanced level, such as industrial robots and industrial robots, nuclear energy, etc b Failures of China’s industrial policy:
In general, the overall structure of China's industry is unbalanced, reflected in two aspects: the overcapacity of some outsourcing industries and the lag of the infrastructure industry compared to the light industry The main reason is due to too much focus on the processing industry at the early stage and backward technical level, which makes the processing industry use too much input On the other hand, the concentration of resources on many key industries has led to a waste of the state budget These industries have not yet regulated the minimum size, so they cannot operate effectively, so it is necessary to take advantage of international and domestic competitive conditions to create potential industries, not through public policy China's industry has yet to identify its own unique and internationally competitive spearhead industries Chinese industrial enterprises participate in the global market as well as the domestic market as second and third-class suppliers of goods Currently, China is increasingly adapting and developing market-oriented industrial policies, such as increasing the use of FDI in competitive industries to overcome the problems mentioned above
2.4.3 Review of Korea's industrial policy: a Successes of Korea’s industrial policy:
In general, in the period 1953 - 1962, the results were achieved when the domestic industrialization was still at a low level The average annual economic growth rate is 3.7% Exports are insignificant, accounting for only 1% of total national income The capital used for economic recovery and the development of new industries that create import substitutes is mainly based on foreign aid, in which the United States plays a major role The Korean economy is still facing many difficulties, the national income per capita is low, in 1953 it was 67 USD, and in 1962 it was 87 USD As a result, the economic development capital mobilized based on domestic savings is very limited The goal of the period 1953-1962 was to meet the minimum needs and socio-economic stability was not achieved.
In the late 1960s and early 1970s, the development of industry based on the light industry with the advantage of cheap labor for growth and export promotion began to show difficulties The economic strengthening in the period 1962-1971 showed signs of a large imbalance between heavy industry and light industry In 1971, of the total value of industrial output, the main heavy industries such as mechanical engineering only accounted for 9.3%, chemicals, oil refining, and coal 15.5%, and metallurgy 6.1% Therefore, most of the raw materials in the economy are imported from abroad, so the trade deficit remains high and makes Korea increasingly dependent on imported materials.
During the period 1972-1980, the Korean government made bold experiments to improve industrial quality by focusing on the development of heavy industry and chemicals The State also uses many strong measures to promote the country's economic development according to defined goals Therefore, the Korean economy has made significant development achievements Export turnover in 1976 reached USD 7,715 million, 9.2 times higher than in
1970 In the period 1972-1981, the average annual export growth increased by 56% and was equal to 87.9% of the import level As a result, the trade balance has improved significantly Based on strong economic growth, the national income per capita also increased rapidly: in 1972 it reached 330 USD/person, and in 1981 it reached 1830 USD (5.5 times).
Table 2.5: GDP growth rate of Korea (1972 - 1981) (%)
Increase in 5 years Average annual increase
(Source: Le Van Toan Economics of East Asian NICs Business for - Vietnam Statistical Publishing House, Hanoi 1992 p.54)
Lessons for Vietnam from industrial policies of East Asian countries
2.5.1 An overview of industrial policies of East Asian countries:
Industrial policy is government efforts to shape the economic structure of a country by promoting certain industries and sectors East Asian countries such as Japan, Korea and Taiwan have implemented successful industrial policies that have played an important role in their economic development
Industrial policy is an effective tool for these countries to rebuild their economies after the damage of war and develop into new industrial economies such as Korea, Taiwan or industrialized economies developed like Japan a Focus on building the domestic economy:
Focusing on building the domestic economy is a key objective in the industrialization strategies of countries such as Japan, Korea, and Taiwan With post-war ruins, these countries made it a priority to rebuild their economic base by nationalizing and privatizing businesses in diverse industries Governments have also adopted policies to encourage taxation, finance and foreign investment to promote economic development
Meanwhile, Korea adopted a policy of land reform and shifted the landlord class to commercial and industrial areas to promote industrial development However, this has led to a large migration from rural to urban areas to work in the industrial sector
Industrial development is considered a top priority in the strategy of strengthening the nation's strength to deal with communist forces The Korean government has built large-scale private economic groups and encouraged the development of light and heavy industries through strict social management policies The government also maintains a dual exchange rate regime and reduces taxes on imported machinery and equipment to encourage and facilitate the development of import substitution industries.
In addition to investing in infrastructure and developing new industries, East Asian countries have also expanded their trade and investment relationships with other countries around the world Trade negotiations have been conducted to promote exports and imports of goods and services, thereby creating more business opportunities for domestic enterprises.
In particular, East Asia has become the epicenter of the production of smartphones, tablets and other electronic devices Major technology corporations such as Samsung, LG, Sony and Panasonic are all based in this region and have dominated the global market with innovative technology products
In addition, East Asian countries have also introduced policies to encourage investment in technology research and development They have built research and training centers to train and attract talented scientists and engineers
32 to develop new and breakthrough technologies in areas such as artificial intelligence, virtual reality and robots.
In summary, the East Asian countries have achieved much in economic and industrial development However, these efforts also pose many challenges and problems that must be addressed Going forward, these countries need to continue to invest in infrastructure and develop new industries, while fostering global trade and investment relationships to create new business opportunities
Summary of industrial promotion policies in Japan, Korea and Taiwan
Prioritize investment in equipment imports, investment in machinery
- After the Korean Civil War(50s)Development and promotion of import substitution industries
- Tax exemption for imported machinery and raw materials
- Import-substituting industrialization (first half of the 1950s)Regulating key public industries (sugar, cement, chemical fertilizers )
- Encouraging the textile industry by limiting quantities
- Encourage industrial development (second half of 1950s)Tariff protection on synthetic fiber products, textiles, petrochemicals, machinery, consumer electronics Selective fiscal and fiscal policy
Encourage adoption of new technology
- Transition period to Export-oriented Industrialization (second half of 1950s) Formation of key industries
- Development of textile and agricultural product processing industries.
Development of an open economy
- Cooperation between the State and the private sector
- Implementation of the sector economic development program
((solutions for the machinery industry and electronics sector)
-Shift to export-oriented industry (60s) Prioritize economic growth
- Encourage industry to produce export goods
- Encourage the development of key industries through government intervention and investment in applied research.
Increasing use of foreign capital (loans and direct investment)
- Focusing on the private sector
- Setting up export processing zones
- Developing industries that use a lot of knowledge factors, high technology
- Industrialization of heavy industries, export- oriented chemicals (70s) Strategic plan for heavy industry development, chemicals
- Controlled financing for business activities
- Interest loans for heavy industries, chemicals and export production
- Encourage expansion of equipment in private enterprises.
- Export-oriented industrialization (70s)Formal development plan for state-owned companies in iron and steel, petrochemical, and shipbuilding/forming social investment capital fund.
- Combined liberalization of heavy and chemical industries.(80s) Economic liberalization
- Privatization of some public sectors
-Liberalization of foreign investment management
- Continue to encourage the development of small and medium-sized enterprises.
- Encourage the development of high-tech industries.(80s)Identify strategic industries
- Exempt tax for electronics and machinery
- Low interest rates on loans
- Incentivize auto industry b Inward industrialization, import substitution is redirected to outward industrialization, encouraging exports at the right time:
An important difference between the NIE countries and the Latin American economies is the import substitution industrialization strategy This strategy was first introduced in Latin American countries, but maintaining it for so long has led to obvious limitations
Brazil's experience shows that maintaining preference for the domestic market over a long period of time can be a fundamental cause of the failure of an inward industrialization strategy
Meanwhile, India, NIEs and Japan have shifted from domestic economic reconstruction through import substitution to developing the export sector This was done in the second half of the 50s (for Japan and Taiwan) and the early years of the 60s (for Korea).
Japan began implementing a series of technological innovations and introduced a diversified industrial policy in the second half of the 1950s The objective of industrial policy during this period was to increase domestic production , encouraging the development of new industries and restructuring depressed areas
To achieve this goal, the Japanese Government has introduced incentives for businesses in the industrial sector, including tax exemptions and reductions, low-interest loans, permission to import technology from abroad, and exemptions from taxes subject to antitrust laws The synthetic fiber, petrochemical, machinery, spare parts and electronics sectors were identified as priority areas
In the 1960s, the objective of industrial policy was supplemented with the content of protecting industries against the effects of liberalization To enhance the competitiveness of Japanese industry, horizontal policy tools have been implemented, including strengthening cooperation between industries and information exchange between the private and public sectors water However, vertical tools are still used for a few specific industries such as automotive and petrochemicals.
The Japanese government does not consider itself the father of industries, instead, it coordinates well with business in the industrial sector This boosted production and created a solid liberal economic system As a result, during this period, Japanese industry achieved unprecedented growth and formed a solid liberal economic system
CONCLUSION
Industrial policies adopted in East Asian countries play an important role in their economic development In particular, there are policies that have brought about remarkable success such as Japan with its strategy of focusing on the automotive and high-tech industries, or South Korea with promoting exports and enhancing competitiveness for foreign manufacturers big industry However, there are also policies that have failed such as China with its excessive protectionist trade policy, causing disputes with international trading partners Thereby, we can draw lessons for Vietnam, especially in the context that we are developing the industry Solutions such as improving the quality of human resource training, investing and researching and developing new skills and technologies, focusing on high-potential industries, strengthening cooperation with commercial partners internationally are strengths that need to be incorporated into the future industrial policy formulation of Vietnam We hope Vietnam will have a strong, competitive and sustainable industry to contribute to the comprehensive economic development of the country
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13 "The Role of Government in Supporting Entrepreneurship & SMEs: The Case of Korea," by Youngsun Kwon and Jaiho Chung, Asian Journal of Technology Innovation, vol 28, no 1, 2020, pp 46-62
14 "Innovation Policies in Japan: Current Practice and Future Directions," by Martin Hemmert and Christian Keuschnigg, Asian Economic Policy Review, vol
10, no 2, 2015, pp 252-269 https://onlinelibrary.wiley.com/doi/full/10.1111/aepr.12102
15 Xây dựng Chính Sách phát triển công Nghiệp ở Việt Nam Hiệp hội Cao su Việt Nam - The Vietnam Rubber Association (n.d.) https://www.vra.com.vn/tin- tuc/kinh te trong- - -nuoc-co-lien-quan/xay-dung-chinh-sach-phat-trien-cong- nghiep-o-viet-nam.14429.html
16 Baotuoitre (2017, August 26) Chương 2: Làn Sóng công nghiệp đông Á đầu Thế KỶ XX TUOI TRE ONLINE https://tuoitre.vn/chuong-2-lan-song-cong- nghiep-dong-a-dau-the-ky-xx-166338.htm
17 Kinh Tế Hàn Quốc Trên Thế Giới – Kỳ tích Sông Hàn : Korea.net : The official website of the Republic of Korea koreanet (n.d.) https://vietnamese.korea.net/AboutKorea/Economy/The-Miracle-on-The- Hangang
18 Công Nghiệp - Nền Kinh tế Phát triển Của Trung Quốc (n.d.-a) https://sites.google.com/site/nenkinhtephattrientrungqoc/cong-nghiep
19 Baodientuvtv (2023a, March 6) Trung Quốc Tăng Tốc Hiện đại hóa Chuỗi Công nghiệp BAO DIEN TU VTV https://vtv.vn/kinh-te/trung-quoc-tang toc- - hien-dai-hoa-chuoi-cong-nghiep-20230306110623972.htm
20 VietnamBiz (2020, January 6) Mục tiêu chính sách Phát triển nông nghiệp bền vững là gì? vietnambiz https://vietnambiz.vn/chinh-sach-phat-trien-nong- nghiep-ben-vung- -gi-la muc tieu- -20200106141541504.htm
21 "Agricultural versus Industrial Development: A Comparative Study of Their Impact on Economic Growth," https://www.jstor.org/stable/3867278
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