phân tích hoạt động đầu tư trực tiếp ra nước ngoài của các doanh nghiệp VN trong thời gian qua e

phân tích hoạt động đầu tư trực tiếp nước doanh nghiệp VN thời gian qua Subject: “Currently, many enterprises of Vietnam undertakes direct investment abroad However, it was suggested that goverment should not encourage because Vietnam are in nees of capital to implement the program of industrialization and modernization of the contry Do you comment about this? Content I II III Introduction Role of investment abroad of Vietnamese enterprises Role for the nation Role for the enterprise Limitation of investment abroad activities Activities of foreign direct investment of Vietnamese enterprises during the past time Successes of the investments abroad Limitations of investments abroad Restrictions on investment activities abroad in aspect of enterprises Solutions to enhance the role and performance of investments abroad Outlook on proposal of solutions Recommendation Conclusion INTRODUCTION The year 2009 was a 10-year celebration since having a first legal mechanism for investment abroad, but before that there was tens of projects of Vietnamese investors invested in many countries; this has proved the vitality, attractiveness of these investment (without implemented official institutions) Up to now, there have been nearly 400 projects invested in 44 countries across five continents no matter what economic crisis, the investment abroad were still increasing According to the judgement of Ministry of Planning and Investment since 2009, there should be USD 500 million transferred out of Vietnam to implement projects abroad After 20 years, however, the investment abroad by Vietnam enterprises have still been spontaneous, the growth was not commensurate with potential: The number and scale of the projects were small in comparison with countries that have the similar conditions; many enterprises invested abroad had much difficulties without assistance from the competent authorities In addition to the causes of limited financial capability of the own enterprise, this was not the main cause (because the enterprise could borrow or establish joint stock companies), there are many causes outside the enterprises The most important reason that comprehensively affected strategies, policies and administrative procedures for investment abroad was the competent management authorities of the State, the role of investment abroad was not respected in society for economic development of country in condition of lacking financial resources, it should strengthen the call for FDI capital to take part in building the country Supporting this claim about the role of investment abroad, some economists believe that enterprises that invest abroad in the current context were for the benefits of investors rather than national interests, so building up the mechanisms and policies to support Vietnamese investors abroad is not urgent and necessary Furthermore, there was ideas suggested that the government should not encourage this because Vietnam itself is in need of capital to implement programs of industrialization and modernization for the country According to our judgement on the role of investment abroad as above is not satisfactory, making the completion of mechanisms and policies for this type of investment take place slowly According to our opinion: many countries around the world, including the developing countries, has encouraged investing activities abroad due to the positive role for capital export and foreign investors I Role of investment abroad of Vietnamese enterprises Role for the nation: - Help strengthen the political role and economic position of Vietnam in the region and the world - Vietnam Economy penetrate deeper into the world economy, rapidly accelerate the process of international economic integration in Vietnam - Through foreign investment, Vietnam has more raw materials, fuel, etc For domestic economic development For example, the investment of Petro Vietnam in operation of oil and gas exploitation in many countries around the world will create supply for Dung Quat oil refinery where the oil capacity in the country tends to decrease - Investing abroad shall create the axiom for richness and diversification in activity of foreign economic relations, diplomatic activity comes deeply - Successful investment abroad shall conversely impact the domestic economy towards promoting economic conversion: on institutional policy, tax law, administrative procedures, the foreign affairs information system, on the macro management policies - Investing abroad shall contribute to building up a team of dynamic traders with experience in international business, contribute to increasing the national capacity - Investing abroad shall contribute to promoting international trading activities of Vietnam under direction of more stability and efficiency because the services and manufacture units abroad shall be the coming site of goods, equipments and trade secret (medicine, food processing, etc.) and labor of Vietnam Role for the enterprise: - Investing abroad shall help the enterprises deeply penetrate the world market, find out the better investment opportunities, from that improve the effectiveness of using capital For example, many Companies specialized in noodle processing of invested in Russia, Ucraina, etc have produced the noodle products suit the European and use the in-site flour, and then it is possible to have better production price - Investing abroad shall help the enterprises increase internal force in business: accumulate experience in international business; take over technology and trade secret; use a group of local technical science and management, etc and apply the sucesses abroad into the domestic holding company - Investing abroad shall create ability for the enterprise to carry out “price transfer” to minimize the tax rate that the Company is entitled to contribute to the whole taxation system in different countries From that it is possible to maximize acquired profits Presently, many Vietnamese companies have established affiliated companies in Singapore to implelment the targets of “price transfer”, because there is a good business enviroment in Singapore with a low tax system - Investing abroad shall help the enterprises develop their intangible capital: brand, technology, trade secret For example, the brand name of Trung Nguyen Coffee, Pho 24, acupunctures hospital, etc - Investing abroad shall help the enterprises have full conditions to distract the business risks and this has specially important significance in the world of economicpolitical changes as today In short, the investment abroad presents the organic relationship "usefulness for country, benefits for investors"; thus, there should have more active measures to make these activities effectively Limitation of investment abroad activities - Investing abroad shall disperse financial resources, people, reducing the ability of jobs employment in the country - Ineffective management of investing abroad could cause the bleeding of foreign currency, create the gap for money laundering - In some aspect, the investment abroad shall make the foreign economic relations more complex and expensive - For the enterprises, investing abroad is a complex investment activities, risks, relating to different laws, culture, language, politics, society, ethnic group, etc Despite the limitations, according to a survey implemented by UNCTAD, however, there receives more benefits from investing abroad, brings benefits for both investing and invested countries, thus this operation is still developing and confirming the role for the economic globalization, which Vietnam is not exception II Activities of foreign direct investment of Vietnamese enterprises during the past time: Since there are no legal documents of the State officially stipulated on investment activities (before 1999), there were nearly 20 licensed projects, after two times of completing decrees related to these activities, the projects of investment abroad increased strongly (Table 1) Table 1: Foreign investment situation of Vietnam (until 19/12/2008) Seq Year No of projects 1989 1990 1991 1992 1993 1994 1998 1 3 Total investment (USD) 563,318 4,000,000 5,282,051 690,831 1,306,811 1,850,000 10 11 12 13 14 15 16 17 1999 10 12,337,793 2000 15 7,165,370 2001 13 7,696,452 2002 15 191,459,576 2003 24 62,390,970 2004 17 12,463,114 2005 37 437,905,179 2006 36 349,106,156 2007 80 911,819,885 2008 103 2,386,201,934 Total 368 4,391,676,122 (Source: Foreign Investment Agency – Ministry of Planning and Investment) Table 2: Investment abroad divided into receiving country of investment (until 19/12/2008 – only valid projects) Total investment (USD) Laos 147 1,531,259,492 Russian Federation 17 945,347,407 Malaysia 812,472,740 Angieri 243,000,000 Cambodian 39 211,259,268 Madagascar 117,360,000 Iraq 100,000,000 Iran 82,070,000 America 40 80,114,754 10 Indonesia 46,180,000 11 34 other countries 129 178,655,841 Total 368 4,392,239,502 (Source: Foreign Investment Agency – Ministry of Planning and Investment) Seq Receiving country No of project Table 3: Investment abroad divided into sectors (until 19/12/2008 – only valid projects) Sectors Industry Oil and gas industry Heavy industry Light industry Food industry Construction Agriculture No of projects 155 17 80 20 16 22 70 Rate (%) 42.12 4.62 21.74 5.43 4.35 5.98 19.02 Total investment (USD) 3,146,005,631 2,247,986,125 1,056,174,890 26,214,810 31,011,080 54,618,726 557,472,764 Rate (%) 77.77 51.18 24.05 0.60 0.71 1.24 12.69 Agriculture and forestry Aquaculture Service Service Transportation – Post Office Hotel – Tourism Finance – Banking Culture-Health-Education Construction of OfficeApartment 62 143 78 29 16.85 2.17 38.86 21.19 7.88 2.17 1.63 2.44 545,272,764 12,200,000 418,761,107 103,315,076 70,925,832 18,383,589 26,792,500 21,807,239 12.41 0.28 9.53 2.35 1.61 0.42 0.61 0.50 13 3.53 177,536,871 4.00 368 100 4,392,239,502 100 (Source: Foreign Investment Agency – Ministry of Planning and Investment) Successes of the investments abroad: a The regimes and policies relating to investment abroad have been completed and sufficiently to establish legal corridor to the investment of Vietnamese enterprises abroad: ten years (1999 – 2009) since the Government’s Decree on investment abroad, which has been revised twice and reviewed before next revision b Diversification of the Investment abroad: - Diversification in term of market (in all continents) –developed and developing nations, including 44 countries (Table 2) - Diversification in term of investment sectors: industry, agriculture, service (Table 3) - Diversification in term of investment scope: plenty of several thousand American –dollar – projects, and hundred-million – American – dollar projects (in which, the project with over American dollar billion is licensed in Laos) - Diversification in term of investment form: 100% joint-venture capital, cooperation contracts, (Petroleum) product division contract, trade mark transfer agreements, etc - Diversification in term of economic sectors in investment abroad: state enterprises, private enterprises, Vietnamese and foreign joint venture (Vietsovpetro); individuals, etc - Diversification in term of type of enterprises in investment: economic groups, medium and small -sized enterprises c Some successful projects abroad such as projects on petroleum, telecommunication, that not only bring foreign currency to the nation but also lift Vietnam’s image and positions in the international arena d Establishment of qualified teams of enterprises in term of negotiation in international procurement (in petroleum, construction industry) in the cooperation with foreign organization to perform investment abroad In short, investments abroad open the second economic “front” to exploit the market and competitive advantages of other countries to add, to support the economic development in the country and to lift the economic status of Vietnam in the region and in the world Limitations of investments abroad: a In term of policies and regimes: The policies and regimes are uncompleted, later in comparison with that in practice, impacting, even obstructing, and the growth of so young investments abroad b Shortcomings in management of investments abroad: Improper and complicate management of pre-investment: FDI attraction to Vietnam is certified by competence authorities (the Prime Minister, the Ministry of Planning and Investment, the Province/city People’s Committee, the Management Unit of Industrial Parks, Processing Zones, and high Technology areas) meanwhile investments abroad, even in small-sized projects, are certified exclusively by the Ministry of Planning and Investment, which causes the enterprises in the Central and South of Vietnam waste money and time being granted investment licenses In addition, there are other improper procedures relating to issue abroad investment certificates, opening accounts, transferring money to abroad for investments For example, to be offered an abroad investment certificate, the Investor has to submit the written approval of competent authority in the country receiving the investment However, some countries such as Laos, Cambodia, China, etc require abroad investment certificates issued by Vietnamese Government before issuing the investment license (As issuing FDI certificate to Vietnam, competent authorities not require the foreign investors to submit written approval or abroad investment licenses of the country offering FDI and so many other countries) Furthermore, remittance procedure in Vietnam is too complicated, long to cause difficulties or loss opportunities of domestic investors to abroad Undisciplined management of implementation and end of the investment projects abroad: - At present, no one know which competent authority manages the implementation of investment projects abroad? Whether they are the Ministry of Planning and Investment or the industry management agency or local authority (in province or city level)? How the investments abroad are implemented? Are they living? It is unaware - The management of investment projects abroad faces with difficulties due to insufficient reporting investment projects abroad meanwhile there are no clear definition and strict regulations - Lack of information on investment projects of some localities, causing difficulties to investment promotion to push Vietnamese enterprises to invest abroad - Irregularly summarizing, evaluating effectiveness in investment activities abroad to learn experience in management and recommendation of methods to promote further investment activities abroad c Representatives of Vietnamese Government in foreign countries (Embassies, consulates, commercial representatives) have not participated into the management of the Government and support to the investment project abroad Particularly, representative agencies of Vietnamese Government in some countries have been unaware of quantities of projects, investors, disadvantages, advantages of investors, therefore, they have no support methods meanwhile investors fail to meet and report their investment activities, etc It is one of the reasons why plenty of investors fall in to the situations of either “self-act” to cause adverse impact on the investment environment of the nations, or “aloneness” and self-settlement of their difficulties in implementing investment projects abroad d There are investment strategies abroad in Vietnam, except for oil and gas industry having long-term plans of foreign investment, but investment strategies abroad have not been built at levels from the Center, locals to sections, etc., as a result, the Government has not built measures to support the development of investment activities abroad Investment activities abroad of Vietnam today are still largely spontaneous by enterprises e The information about the investment environment in foreign countries is not respected: If the Chinese government has instructed the diplomatic authorities of the China in foreign countries to be responsible for research of investment environment, including legal mechanisms and characteristics of investment environment; the investment opportunities then inform the country and system of information about the investment market is set up from the centre to ministries and industries, associations and enterprises etc, then in Vietnam, some provisions of investment in Laos are just mentioned on the website of Department of investment promotion, but there is not any government agency who is assigned to inform about investment environment, investment opportunities in the countries This is one of the reasons that the investment activities abroad basically are not methodical, missing of the orchestra, enterprise has to self-exploit resulting in costly and incompletely f Tasks of Investment promotion abroad are not interested: In other countries, after the non-government agencies, businesses’ associations receive a list of investment opportunities abroad, they held for businesses learning about the investment environment in foreign countries, but in Vietnam, it has just promoted to attract foreign investments in sectors and localities, but the promotion of investment abroad has not been held because there is no strategy and not be concerned Restrictions on investment activities abroad in aspect of enterprises: a Weak competitiveness: Except for some businesses of Petro Vietnam, Electricity of Vietnam, etc., the majority of enterprises who invest abroad have the modest potentiality: less capital, difficulty in accessing capital resources, limited qualification, capacity and experience in operating in international business environment is limited, the company’s, products’ trademark and services, etc not have, therefore they meet with difficulties in competing with foreign investors in aspect of tender win, implementation of joint venture and association with partners of the receiving countries of investment capital b Project implementation is slow: Apart from difficulties in administrative procedures, the implementation of delayed investment projects has also caused by lack of funds investor, finding of the investment environment is not well, and so after receiving licenses, new difficulties arise resulting in the delaying of project implementation c Domestic banks expand abroad to set up their businesses or branches are too small: This makes the investors of Vietnam investing abroad to access to funds for project implementation, in addition to, limited investment of Vietnamese banks impacts on the payment activities of international trade of Vietnam d Businesses of Vietnam invest overseas is lack of interconnection: When investing in Vietnam, foreign investors have connections and help each other through the establishment of businesses’ associations such as Association of Japanese, Taiwan, Indian, Chinese businessmen, etc there are more than such 30 associations While, Vietnamese investors operate separately, tattered garment, they not only connect each other but also compete unfairly causing difficulties for friendly countries Therefore, in order to invest in Laos, China, enterprises (applied separately for the Vietnam), investors must have letter of recommendation from the State management agencies of Vietnam e Many investors overseas not make periodic reports to the competent agencies of state with regard to management of foreign investment activities; even some companies change their functions of business, investment forms; or dissolution of companies not notice to the country This also reasons that the state management agencies not infirmly catch investment activities abroad and not regularly summarize and review the situation to propose solutions on developing this form of investment to the Government III Solutions to enhance the role and performance of investments abroad Outlook on proposal of solutions: Solutions are based on the following points: a Investment abroad is part of the Vietnam economy: Investment abroad helps to supplement natural resources, goods and foreign currencies, etc for the domestic economy, and help to penetrate deeply into the economy of the region and the world With this view, it is required that: The government must build the investment strategies abroad; providing support policies; completion of management system for timely grasping the situation, helping businesses to catch opportunities and solve difficulties as operating in foreign countries b Equality opinion should be grasped thoroughly in investment abroad If management of the investment projects abroad in Vietnam such as issuing investment certificate; modification, supplementation of investment license; tax preference is decentralized strongly by Government to industrial parks; Provincial and City People’s Committee, investment abroad for such works is implemented by Ministry of Planning and Investment or Prime Minister causing difficulties for investors outside Hanoi Therefore, to ensure equality in the projects of investment abroad of medium and small size, Government should decentralize management to localities (where investors’ companies are located) Besides, equality requires the State to allocate budget for promotion of foreign investment, capital support, tax reduction for this activity; investment abroad should be considered as a special export c Every investor is considered an ambassador representing the economic activity in our country With this opinion, the State must develop mechanisms to force the representing agencies in term of foreign affairs and economy in foreign countries to handle the activities of Vietnamese investors in our country to solve difficult problems immediately Otherwise, the State must introduce sanctions to force the investors to inform implementation of projects regularly to the embassy or the Vietnamese trade representatives in foreign countries Recommendation a Establish development strategy for foreign investment: Ministry of Planning and Investment on behalf of the Government developed the general strategy of investment abroad of the country with following contents: - The objectives and orientation for development of investment abroad of Vietnam under the five-year plan and specified for every year - Sectors and fields for foreign investment - Key investment market - Encouraging policies of the State for supporting foreign investment Economic sectors: oil and gas, construction, agriculture-forestry-fishery The development plan of the sector must include strategy of development o investment abroad and support and encouraging methods of the sector for the investment b Develop mechanisms and policies to encourage overseas investments: - Completely exempt from taxes, including taxes on the returning profits to the country within five years after the project is put into operation - Develop the fund for supporting foreign investment - Objects supported with borrowing: the projects has a great influence on the invested country; the feasible projects; the projects of material exploitation for domestic production - Promote to sign agreement of avoiding to pose tax twice for countries to ensure that payment of tax of foreign investors does not coincide - Develop mechanisms to honour: awarding and granting titles to the successful investors in foreign countries, with contribution to the economy c Promote foreign investment: Investment abroad is considered an integral part of the Vietnamese economy, so the State must allocate a portion of funds for investment promotion d Build National Investment- Trade Information Centre: - The Centre provides free information for business - Website of the Centre is located on the web site of Ministry of Planning and Investment (www.mpi.gov.vn) and connected to the website of the Ministry of Industry and Commerce (www.moit.gov.vn) and websites of foreign market) - Government develops a mechanism for coordination among the Ministries to provide information to Investment- Trade Information Centre e Intensify diplomatic activities to support investment abroad activities - In order to create favourable conditions for overseas investors - To help investors to protect their legal rights f Complete mechanism and structure of management of foreign investment: - To minimize hindering in term of administrative procedures in the country for overseas investors - To create favourable conditions and encourage foreign investment m Encourage establishment of Investment Association in foreign countries: - Help Vietnamese investors have a voice with competent agencies of the host country during expressing their expectation of mechanism and policies related to Vietnamese investors - Vietnamese investors support each other to study and solve difficulties related to investment in the local country CONCLUSION Investment abroad of Vietnam has developed for 20 years with both achievements and challenges The greatest challenge is that there the State Agencies and Social Agencies not recognize its significant role for Vietnamese economy We need to pay attention to get solutions to the reality contributing to effective development of investment abroad and meeting requirements of international economic integration  ... achievements and challenges The greatest challenge is that there the State Agencies and Social Agencies not recognize its significant role for Vietnamese economy We need to pay attention to get... and Investment, which causes the enterprises in the Central and South of Vietnam waste money and time being granted investment licenses In addition, there are other improper procedures relating... China, enterprises (applied separately for the Vietnam), investors must have letter of recommendation from the State management agencies of Vietnam e Many investors overseas not make periodic reports