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The thesis aims at studying the impact of investment and development of infrastructure of industrial parks to attract investment into industrial parks; offering solutions and proposals for investment in developing industrial park infrastructure to increase investment attraction in industrial parks for managers and infrastructure investors.
1 INTRODUCTION Urgency of the Research Topic Investment in infrastructure development of industrial zones (IZ) is one of the important factors for attracting investment in the industrial park, promoting economic and social development of local national and especially the developing countries This view not only the researchers affirmed in theory, but also reflected the success of countries such as China,Taiwan, Thailand in the implementation of investment and development of infrastructure to enhance the industrial zone to attract investment from which creates big leap forward for growth and economic development However, not every country or locality is successful with this model So in terms of theoretical and practical development investment IZ infrastructure impacts how to attract investment into the IPs? In the world and Vietnam have much theoretical research and experimental development investment shows infrastructure IPs positive impact to attract investment in industrial zones Investment and development of infrastructure IPs contribute to improving the production efficiency of the investment business ((Marshall (1890); Jacobs (1969); Krugman (1979, 1991); Reduce costs for investors (Marshall (1890); Weber (1929); Vernon (1966); Badri, Masood (1996); Fujita, Thisse (1996)); The Competitive Advantage of Nations (Porter, 1990), It contributes to increase competitiveness for investors; Mitigation of Investment Risk by Kuchiki (2005, 2006), Nguyen Ngoc Anh, Nguyen Thang (2007); Dinh Phi Ho (2012); Pham Van On, Tran Phan Doan Khanh (2012) also showed that the infrastructure of the industrial zone has positive impacts to attract investment in the industrial zone According to the survey data of the Central Development Cooperation Consulting Group in 2012 from investors operating in the industrial zones of the region, investors think that the important factors will positively affect the investment decisions of enterprises in the industrial zones in order: preferential policies, support; Geographic location; advantage of labor cost; synchronous infrastructure; quality of human resources; potential market; abundant natural resources It can be said that many researchers have evaluated the investment in infrastructure development of the industrial park plays a very important role to attract investment in the industrial zone However, investment in infrastructure development of the IZ includes investment in the development of technical infrastructure of the IZ and investment in the development of social infrastructure in the industrial zone Most of the studies are only in the analysis of the impact of investment in infrastructure development of the IZ or the investment in the development of technical infrastructure of the IZ with little analysis separation of the two contents of investment in development of social infrastructure of industrial zones and investment to develop technical infrastructure of industrial zones to attract investment in industrial zones In Vietnam fewer researchers analyzed aggregate channels the impact of the investment and development of infrastructure to attract investment in industrial parks in the industrial park To carry out investment activities in industrial zones is a process that consists of stages: preparation of investment, implementation of investment and operation of investment results; Different investment stages will have different criteria for attracting investment However, studies often measure investment attraction in an area such as investment decisions, investment intentions, investment attractiveness results, or investor satisfaction, but not yet evaluated criteria appropriate to each stage of the investment The author's research will analyze the impact of infrastructure development investment in the IPs to attract investment into the IZ in three aspects: investment decision in the IP (corresponding to investment preparation stage), Results attract investment in industrial zones (corresponding period of investment implementation) and the level of satisfaction of investors in the industrial park (which corresponds to the operational phase of investment or the result of investment cycles) From the beginning of 1990 until now, investment in infrastructure development of industrial zones in Vietnam has taken place with the increase of investment capital in these industrial zones According to the report on the model of industrial parks and economic zones in 2017 of the Ministry of Planning and Investment, "from the establishment up to now, foreign direct investment in industrial zones, export processing zones annually from 35% - 40% of the total registered capital of Vietnam; Particularly the industrial sector accounts for nearly 80% Thus, the investment in the development of the industrial park model has attracted a great amount of capital for Vietnam and accelerated the process of industrialization and modernization Experience in developing industrial zones in the country and in the world is that if the investment in industrial infrastructure is delayed or incomplete, lack of synchronism, the IZs are in danger of ineffective Each industrial park has a synchronous and modern infrastructure, the more active the investment is; poor infrastructure, not complete, the attraction will be more difficult However, in Vietnam also showed an increase in the number of IPs is not proportional to the occupancy rate of the industrial park Even those industrial parks that have invested in infrastructure, the occupancy rate remains low, not contributing to the economy commensurate with the invested resources; It has not shown the role of local economic development as the target This is actually happening in many industrial parks in Vietnam in general and in Binh Dinh in particular Binh Dinh determines investment activities to develop the infrastructure of the IZ will be an important factor to help the province to attract more investment and social and economic development, making Binh Dinh become the growth pole in the economic region Central key According to the plan to develop Vietnam's industrial parks to 2020, there will be 08 industrial zones in Binh Dinh with a total planned area of 1,961 hectares Phu Tai Industrial Zone is the Prime Minister established under Decision No 1127 / QD-TTg dated 18/12/1998 scale industrial park area of 80 hectares is the first focus of Binh Dinh Province Up to now, the size of Phu Tai Industrial Park has been adjusted times, expanding to meet the investment needs of enterprises and increased to 345.8 hectares Subsequently, Long My Industrial Park was formed in 2004 to supplement the resources accelerate industrial development and contribute to the economic restructuring of the province Currently, Long My Industrial Zone has basically filled up the secondary project area of over 110 hectares on the planning approval Established and invested after Hoa Hoi Industrial Park but Nhon Hoa Industrial Zone has progressed to build technical infrastructure quickly and can be seen as filling the first phase of the industrial zone Cat Trinh Industrial Park was established in October, 2011 and is currently implementing compensation, land clearance and resettlement, infrastructure development Previously, in June 2011, Hoa Hoi Industrial Park had its investment certificate revoked because the infrastructure investor did not have the capacity to carry out the construction work in accordance with the schedule of commitments, although the province has created favorable conditions profit With these conditions, up to 2015, the industrial zones in the province has 219 projects granted certificates with total registered capital of VND 30,333 billion; By 2017, there were 226 projects with 11,856 billion dong of registered capital (due to a large project canceled investment registration), the cumulative realized capital is only 7,421 billion However, the province's industrial park projects no large-scale investment, high technology, capable of promoting the development of many industries and sectors Capital foreign investment into Binh Dinh is still small, the majority of investment projects foreign direct investment has attracted is small projects, financial capability is not strong and not creates incentives to attract large investors Investment capital attracted mainly concentrated in three industrial parks already relatively complete the infrastructure with the occupancy rate high (80% or more) also in other industrial parks are in the stage of investment in infrastructure IPs attracted some project or not attracted According to Mr Duong Ngoc Oanh, Head of Investment Management Department of Binh Dinh Economic Zone Authority, said: "The attractiveness of investors is the infrastructure The investment spread, drip can not effectively promote the IZ but also lead to waste We can see the number of industrial zones established in the province is but actually only IZ fundamentally improve the system infrastructure, while the other industrial parks incomplete development investment infrastructure floor is also a major constraint in promoting investment in industrial zones "According to the specialized agencies of the Province, "the preferential policies have paralleled the synchronization of infrastructure, human resources, and other support new attractive enough to investors; top priorities are investors interested in Binh Dinh but the main point is to take industrial zone infrastructure." The delays in compensation and land clearance, delayed issuance of land use right certificates, infrastructure in industrial zones have not been invested in quality and integrity, causing discouraging secondary investors to delay or postpone investment investment.The delays in compensation and land clearance, delayed issuance of land use right certificates, infrastructure in industrial zones have not been invested in quality and integrity, causing discouraging secondary investors to delay or postpone investment investment On the other hand, due to the low starting point of social infrastructure in the province, it also affects the attraction of investment in industrial zones The housing project for workers associated with urban planning and industrial park will solve the situation tenancy with conditions of living in appalling conditions in the residential area near the industrial zones in the province, but the industrial zones in the province have not been properly invested According to Nguyen Thi Hong Si, Deputy Director, Center for Investment Promotion (Department of Planning and Investment of Binh Dinh province), "the perfect infrastructure to ensure that the IPs have not drastically, leading to regulation Wherever the population grows there Then many other issues arise when the IPs share infrastructure with residential areas This has greatly affected the attraction of investment in industrial zones “Thus, investment activities developed infrastructure IPs (infrastructure engineering and infrastructure in society) in Binh Dinh has a large effect to attract investment in industrial zones in the province Completing the investment in infrastructure development of the industrial zone and bringing into play the positive impact of the infrastructure system of the industrial zone to enhance attracting investment in industrial zones in the province is a matter of concern in Binh Dinh in recent years On the situation in Vietnam in general and Binh Dinh in particular that researchers paid more attention to the issue of investment and development of infrastructure IPs positive impact of the investment in industrial zones like on aspects: the decision to invest in industrial zones, results in the industrial zone to attract investment, the level of satisfaction of investors in IPs? At what level? What channels are affected? Investing in infrastructure development of the current industrial park has met the requirements of investors or not? Is it necessary to invest in developing more IPs? And more, policy-makers about investment in developing infrastructure to strengthen the industrial zone to attract investment in industrial zones in Binh Dinh province? The analysis of the study will contribute to the interpretation of these issues both theoretically and practically Before the gaps of the previous studies and the practical problem understand the impact of investment in infrastructure development to attract investment in industrial zones in IZ is necessary Therefore, the author selected the topic "Impact of investment in developing infrastructure of industrial zones on attracting investment in industrial zones in Binh Dinh province" as thesis Objectives and Research Questions Overall objective is to study the impact of investment and development of infrastructure to attract investment in industrial parks in the industrial park The author also made a number of proposals on investment in infrastructure development of the industrial zone to enhance attracting investment in industrial zones for managers and infrastructure investors To achieve the research objectives, the author answers the following research questions: i What factors affect the investment attraction in the IP? ii Investment and development of infrastructure to attract IZ impact investing in industrial zones through which channels? iii The impact of investment and development of infrastructure to attract investment in industrial zones in IZ? iv What are the solutions to invest in infrastructure development of the industrial zone to increase attracting investment in industrial zones? Subjects and scope of research The subject of research is the impact of investment in developing industrial infrastructure to attract investment in industrial zones The scope of the research is research in industrial zones in the province of Binh Dinh Secondary data collected during the period from 2010 to 2016 and survey respondents included managers, investors inside IPs and investors outside industrial zones in Binh Dinh province New contributions of the thesis In theory and research methods The thesis synthesizes and analyzes the four channels of investment in the infrastructure development of the IZ to attract investment into the IZ including the channel of business operation efficiency, cost channel, channel of competitiveness and risk channel The thesis elaborates the model and estimates the impact of two contents: investment in development of technical infrastructure of industrial zones and investment in development of social infrastructure of industrial zones to attract investment in industrial zones on three sides edge is the decision to invest in the IZ, the results attracted to the IP and the level of satisfaction of investors in industrial zones.The thesis points out investment and development of technical infrastructure in industrial zones positively impact the decision to invest in industrial zones to attract investment results in IZ and the satisfaction level of investment in the industrial park home Investment in the development of social infrastructure in the industrial zone has a positive impact on the satisfaction of investors in industrial zones Practices The thesis identifies and points out the nature; Analysis of the impact channels of investment in infrastructure development of the IZ to attract investment into the IZ At the same time, it is estimated that this impact on the overall factors affecting the investment attraction in the IP This helps managers and investors to infrastructure controlled or adjusted elements of investment and development of infrastructure to promote industrial parks to attract investment in industrial zones Thesis assess the impact of investment and development of infrastructure industrial zones to attract investment, depending on the stage of investment activities with the criteria corresponding to the decision to invest in industrial zones, the results draw on IPs and satisfaction of investors From here, the thesis proposed for managers and investors IZ infrastructure in the province of Binh Dinh reasonable solutions for investment and development of infrastructure to enhance the industrial zone to attract investment in industrial zones The composition of the thesis Apart from the preamble and conclusion, the dissertation contains five chapters: Chapter 1: Overview of research Chapter 2: Theoretical bases on the impact of investment in the development of industrial zone infrastructure to attract investment in industrial zones Chapter 3: Research Methods and Research Models Chapter 4: The impact of investment investment in infrastructure development of industrial zones to attract investment in industrial zones in Binh Dinh province Chapter 5: Orientations and solutions for investment in development of industrial park infrastructure in order to attract more investment in industrial parks in Binh Dinh province In addition, the thesis also includes: CHAPTER 1: OVERVIEW OF RESEARCH 1.1 Research related to investment in infrastructure development in industrial zones The issues related to infrastructure investment and developments have been paid attention by many researchers in the world and in Vietnam The theoretical issues on planning, territorial organization, analyze the situation of planning, choosing placement IPs from which to make the solutions planned industrial zones in order to develop industrial parks in Vietnam is mentioned in the case studies as Nguyen Cao Lanh (2000), Pham Dinh Tuyen (2001), Nguyen Xuan Hinh (2003) and a number of other studies.The research team on the status of development and sustainable development of industrial zones in Vietnam has analyzed in detail the current status of development of IZs in Vietnam and other localities, assessing the current and future of industrial zones orientation for policy makers to develop industrial parks and sustainable solutions for sustainable development IPs are the authors give a very rich and consistent with the practice of Vietnam by Nguyen Chon Trung, Truong Giang Long (2004) Tran Ngoc Hung (2004), Vu Thanh Huong (2006), Phan Manh Cuong (2015) Research team on investment in infrastructure development such as Nguyen Ngoc Dung (2010), Tran Ngoc Hung (2009), and Nguyen Dinh Trung (2012) Nguyen Ngoc Dung (2010) analyzed the current status and proposed a number of indicators to assess synchronism, indicating the ability of synchronous development of industrial zones in Hanoi Research on the issue of investment in social infrastructure development as well as the social impact of industrial zone development which proposes solutions to social problems that arise along with the investment and development of industrial zones number of writers of interest such as Tran Viet Tien (2008), Le Xuan Ba (2007), Hoang Ha, Ngo Thang Loi and others (2009), Tran Ngoc Hung (2009) Thus, there have been many studies related to us by reasoning and status related to investment activities developed infrastructure IPs in many aspects in Vietnam and the different localities in Vietnam These studies have also proposed useful solutions and recommendations for policy makers involved in investing in infrastructure development in the IZ.These studies in Vietnam usually only stop the analysis, evaluation and comparison of investment activities in infrastructure development of IPs and solutions and proposals but not use many quantitative tools Besides, there are no studies related to infrastructure investment in industrial zones in Binh Dinh 1.2 Research related to attracting investment into industrial zones According to Dunning (1993), these three factors are the advantage of ownership, location advantage and internal advantage in answering three questions: why multinationals want to invest abroad, where to invest and how to invest? Porter's research (2000) Competitive Advantages, Investment Sites, Industry / Industry Combinations and Corporate Strategy provide a dynamic approach to investment decision motivation, highlighting the role of public corporations Industry / industry in the competitive strategy of enterprises, at the same time analyze the role of investment locations in the process of forming competitive advantage of enterprises Walcott (2003) studied the role of Chinese industrial zones in attracting modern technologies to produce quality goods for domestic and international markets.In terms of factors affecting the attraction of investment in industrial zones are also many study authors Le Viet Anh (2004), Nguyen Dinh Tho (2009), Dinh Phi Ho (2012) used survey data of 226 enterprises in IZs in Vietnam to assess factors affecting investment attraction In the industrial zone with SPSS software, the infrastructure factor is one of the three factors influencing the investment attraction in the industrial park after the investment and living environment There have been many theoretical research and empirical analysis with qualitative and quantitative analysis of the world and Vietnam in attracting investment in industrial zones But overall, the study only integrated study of factors affecting the attraction of investment and joint evaluation the relationship between investment and development of infrastructure and industrial zones to attract investment in the industrial zone, mechanism of action, and the impact of how the researchers have not yet been analyzed 1.3 Research related to the impact of investment in the development of industrial zone infrastructure to attract investment in industrial zones 1.3 Studies on the impact of investment in the development of industrial zone infrastructure to attract investment in industrial zones 1.3.1 Studies on the impact of investment in the development of industrial zone infrastructure to attract investment in industrial zones Research by Mai Van Nam, Nguyen Thanh Vu (2010); Nguyen Thi Ninh Thuan, Bui Van Trinh (2012); Nguyen Tan Tuy, Nguyen Thi Tuyet (2013) with data sets collected in different localities have concluded that the investment in infrastructure development of the IZ has the strongest impact on attracting investment into the IZ In addition, Nguyen Ngoc Anh & Nguyen Thang (2007) has demonstrated that the market and infrastructure factors influence the spatial distribution of FDI among localities Nguyen Manh Toan (2010), by statistical methodology, describes the study as concluding that technical infrastructure development is the most important factor, ranked in turn following the investment incentives of local government, as well as the central government; low operating costs; Factors are less important than potential markets; Factors that not affect the decision to choose the location of the investor are geographic location and social infrastructure So, there are many studies on the factors that affect the investment attraction in the IP from which the impact of investment in infrastructure development of industrial zones to attract investment in industrial zones at different angles with the varying degrees of impact in different datasets These studies combine quantitative and qualitative analysis to provide the most comprehensive research results Infrastructure investment is often considered by some authors in terms of investment in the development of local infrastructure and no authors have studied the impact of investment factors Infrastructure development of the IZ to attract investment in the IP 1.3.2 Studies on the impact channels of investment in the development of industrial park infrastructure to attract investment in industrial zones i Effective channel of business activities of investors From the development practice of many countries in the world over the last two centuries, economists have proven that the model of IPs and ICs contributes to create and increase economies of scale through the collective efficiency Medium economic activity the focus of economic activity is derived from the spatial concentration of activities and economic agents Investment in infrastructure development of the IP contributes to the concentration of investors around a certain space This is reflected in the views of Afred Marshall (1890), Jaffe et al (1993), Holmes (1999), Costa and Kahn (2001) In addition, recent studies such as Kim (1995) and Glaeser et al (2001); New Economic Geography Theory (NEG) with representatives from Krugman (1991); Fujita, Krugman & Venables (1999), Henderson (1999); Fujita and Mori (2005); Paul Krugman (1979) Investment in developing industrial zones with the formation of infrastructure systems affect the scale of business activities of investors since then attract investors to invest in industrial zones ii Cost channel: According to studies by Glaeser et al (1992); Mills and McDonald (1992); Moulaert and Djellal (1995), at the regional level, economic growth and technological development are strongly influenced by economic efficiency derived from proximity to geospatial space By choosing a business location close to or together with a variety of businesses in many different professions in the centralized economic space or in the FEZs, that enterprise will have access to business operations and services, suppliers, distributors, research organizations Fast and easy and with low transportation costs After the economy, cost is also a factor that motivates investors to invest in industrial zones iii Investor Competitiveness Channel: In the traditional cost approach, the main factors that have been identified in the study by Michael Porter (1990 and 2000) on competitive advantage, investment location, Industry / industry and company strategies provide a dynamic approach to investment decision motivation, highlighting the role of industry / industry combinations in corporate competitiveness, At the same time, we analyze the role of investment locations in the process of forming the competitive advantage of enterprises iv Risk channel in investment: Kuchiki's (2005) study that when investing in IPs, the risk of foreign investors can be reduced If the investment period is long, the risk of investing in the developing country's IPs will decrease These analyzes allow the country to attract FDI understandable by international investors to adjust domestic policies as well as to design 10 appropriate investment incentives, especially incentives applied in IPs are superior to other IPs 1.4 Research gap and conclusion Through the study overview related to the impact of investment in infrastructure development of industrial zones to attract investment in industrial zones, the author draws the following research gaps: About content There have been many studies on investment in infrastructure development in IZ in both theory and practice in Vietnam and some regions and localities in Vietnam However, research is focused on some aspects of development investment such as investment in technical infrastructure development, waste water treatment, housing issues for laborers There are not many studies analyzing all contents of infrastructure development investment in industrial zones The previous studies mainly assessed the impact of the common infrastructure factors (local and industrial zones) or just assessed the impact of investment in the development of technical infrastructure of the IZ to attract investment are many studies assessing the differential effect of investment in development of technical infrastructure of industrial zones and investment in development of social infrastructure of industrial zones to attract investment in industrial zones In this study, the author assesses the impact of these two contents on attracting investment into the IZ The analysis of channel impact of investment to develop infrastructure of the IZ to attract investment in the IZ is still low At the same time, there are no studies to synthesize the impact channels of investment to develop infrastructure of the IZ to attract investment in the IP that the author proposed include: channel business performance, channel cost, channel risk, channel competitiveness According to the sources that the author has access to, so far the research usually only use one indicator to measure investment attraction in the IZ, no research using three aggregate indicators as the author For each period of the investment cycle, the investment decision criteria (corresponding to the investment preparation stage), the investment capital performance criteria (corresponding to the stage of investment execution the level of satisfaction of the investor (corresponding to the stage of investment performance and can evaluate the whole investment cycle) The impact of the infrastructure system of the IZs to attract investment into the IPs is different Understanding the difference in impact at each stage of investment is important and has special implications for practitioners About research methods The author uses a combination of qualitative and quantitative methods to study the nature of the investment impact to develop the infrastructure of the IZ 13 Cyclical investment activities Criteria represent investment attraction Investment preparation Implementation of investment Operating and investment results Decision to invest in industrial zone Results of attracting capital into the industrial Satisfaction of investors in IPs Figure 2.2: The investment cycle and criteria represent attract investment in industrial zones 2.3.1 Impacts of investment and development of industrial zone infrastructure to attract investment in industrial zones Production efficiency Investment in infrastructure development of the industrial zone Cost Competitiveness Attract investment in industrial zones Risk Figure 2.3: Impact channels of investment to develop infrastructure of industrial zones to attract investment in industrial zones Mechanism of impact of infrastructure development investment is researched through channels including effective business channel, cost channel, competitive channel and risk channel as above 2.4 Experiences on the impact of investment and development of industrial park infrastructure to attract investment in industrial zones around the world and some localities in Vietnam The study authors from Taiwan and Malaysia and the two localities in Da Nang and Binh Duong have drawn lessons for Binh Dinh province CHAPTER 3: RESEARCH METHODOLOGY AND RESEARCH MODEL 3.1 Research Process The research process is modeled as follows: 14 Research issues; Research objectives; Research Questions Research Overview Basis Rationale Collect data from Management Secondary data Board of Economic Zone, Department of Planning and Investment, Infrastructure companies and other sources Analyzing the actual situation of investment in developing industrial zones, attracting investment into industrial zones, analyzing the impact of investment in developing infrastructure of industrial zones to attract investment in industrial zones in Binh Dinh province Primary data Surveying investors inside and outside the industrial zones in Binh Dinh Province Quantitative research results on the impact of investment and development of infrastructure to attract investment industrial park in the industrial zone in Binh Dinh province Recommendations and solutions MODEL 1: Model of Impact Assessment of Infrastructure Development Investment to attract investment in the decisive aspect of investing in industrial zones Investment and development of technical infrastructure Investment in development of social infrastructure Cost of infrastructure use Management and support of local government Ngu n nhân l c Attracting investment in industrial zones The decision to invest in industrial zones Human Resources Advantages of the investment sector Features of investors Policies to attract investment MODEL 2: Model of impact assessment of investment in infrastructure development of industrial zones to attract investment into industrial zones in terms of attracting investment into industrial zones and the level of satisfaction of investors in IPs 15 Investment and development of technical infrastructure in industrial zones Investment in social infrastructure development of the industrial zone Investment policy Management and support of local government Ngu n nhân l c Human Resources Attracting investment in industrial zones Investment decisions, results of attracting, Satisfaction level Advantages of the investment sector Cost of infrastructure use Features of investors 3.2.1 The variables of the model and how to measure 3.2.1.1 Control variable: the author uses the characteristics of the investor is the size of labor and area of land rent with the sample model is the investor inside the industrial park and the scale of investment capital, the scale of labor and the area rented by the model with the model of investors inside and outside the IP 3.2.1.2 The independent variables: The independent variables and statistical criteria were statistically summed as follows Table 3.1: Criteria for measuring factors for investment in development of technical infrastructure and investment in social infrastructure development SCALE Investment in developing the technical infrastructure in industrial zones Convenient transportation infrastructure Power supply system is stable Water supply and drainage system is stable The system of green trees is well invested Favorable communication Waste treatment systems are well invested Investment in social infrastructure development of the industrial zone Cafeteria systems for employees are well invested Investment infrastructure meets demand The school system meets the educational needs of the children of employees and investors The entertainment system satisfies the demand Human Resources Labor quality meets the requirements of the investor Labor resources abundant Highly disciplined labor Ability to acquire and apply technology of good labor Easily recruit good local managers SIGN HTKT HTKT1 HTKT2 HTKT3 HTKT4 HTKT5 HTKT6 HTXH HTXH1 HTXH2 HTXH3 HTXH4 NNL NNL1 NNL2 NNL3 NNL4 NNL5 16 SCALE The cost of cheap labor Investment policy Local investment incentive policies are reasonable Legal documents are quickly deployed to investors Clear tax system Simple, quick administrative procedures Management and support of local government Local leaders are available to assist investors Local authorities have good support mechanisms for investors The questions and reflections of the business are always answered satisfactorily Qualifications, skills and attitudes of good managers Advantages of the investment sector Easy access to the inputs Supporting industries Favorable market Favorable geographical location Cost of infrastructure use The price of communication services is reasonable Electricity price, water price, reasonable freight Reasonable rent Waste disposal costs reasonable SIGN NNL6 CSDT CSDT1 CSDT2 CSDT3 CSDT4 CQ P CQ P1 CQ P2 CQ P3 CQ P4 LT T LT T1 LT T2 LT T3 LT T4 CPHT CPHT1 CPHT2 CPHT3 CPHT4 Source: Compiled by author 3.2.1.3 The dependent variable Table 3.7: The measurement criteria to attract investment in industrial zones SCALE ATTRACTING INVESTMENTS IN IZ Decision to invest in industrial zone No investment in IPs Invest in IPs Results of investment attraction in IZ Total investment made Satisfaction of investors in IPs The industrial park meets my expectations I am satisfied with the investment infrastructure of the IP I will continue to invest in local industrial zones I will introduce this local IP to other investors Overall, I feel satisfied when investing in the IP SIGN QD KQ VTH MHL MHL1 MHL2 MHL3 MHL4 MHL5 Source: Compiled by author 3.2.2 Research hypothesis Hypothesis (H1): Investment in developing the technical infrastructure has a positive impact on the decision to invest in industrial zones Hypothesis (H2): Social investment has a positive effect on the decision to invest in the IZ 17 Hypothesis (H5): Investment in developing the technical infrastructure IPs has positive impact to the satisfaction of investors Hypothesis (H6): Investment in development of social infrastructure IPs has positive impact to the satisfaction of investors: Hypothesis (H3): Investment in developing the technical infrastructure IPs has positive impact to attract investment results in IZ Hypothesis (H4): Investment in development of social infrastructure in industrial zones has a positive impact to attract investment results in IZ 3.3 Data collection methods Both methods of collecting secondary data source, the source of primary data through surveys, surveys, expert interviews, statistics, etc… 3.4 Statistical Data Analysis Method of statistical analysis description, method of synthesis, analysis, comparative surveys, interviewing experts, methods of factor analysis to discover (EFA), the method of regression analysis Multivariate T-Test Method CHAPTER 4: THE IMPACT OF INVESTMENT INVESTMENT IN INFRASTRUCTURE DEVELOPMENT OF INDUSTRIAL ZONES TO ATTRACT INVESTMENT IN INDUSTRIAL ZONES IN BINH DINH PROVINCE 4.1 Situation of investment in infrastructure development of industrial zones in Binh Dinh province 4.1.1 Overview of industrial zones in Binh Dinh Province Currently, Binh Dinh province has formed IPs as follows: Table 4.1: The Industrial Zone in Binh Dinh province Industrial park Phu Tai Long An Nhon Hoa stage Binh Nghi Hoa Hoi Cat Trinh Area (ha) 345,8 117,7 154,4 228 265 368,1 Area of industrial land for lease (ha) 246 100,4 147 148,4 185,5 232,63 Area of IP has rented (ha) 221,8 80,4 143 - Source: Compiled from reports of Management Board of Binh Dinh's Economic Zone 4.1.2 Capital and investment capital for infrastructure development of industrial parks in Binh Dinh province 18 Policies on investment capital, methods of raising capital for investment in development of industrial zones are diverse, from many channels and open However, until now investment capital for development of industrial zones in the province to mobilize only from main sources: budget (central and local) and funding of infrastructure investment In the period of 2011-2015, the investment capital for infrastructure development in industrial parks in Binh Dinh province has experienced fluctuations over the years both in terms of registered capital and implemented capital with specific figures below Table 4.2: Investment capital for development of infrastructure in accumulative industrial zones in the period of 2010 - 2015 Unit: million VND 2010 2011 2012 2013 2014 2015 Subscription 1397.4 956.5 1093.9 1515.6 1515.3 1515.3 Current Capital 231.961 272.9 299.84 452.36 488.14 507.96 Current capital / 16.59 28.53 28.53 27.41 32.21 33.52 Register (%) Source: Compiled from reports of Management Board of Binh Dinh Economic Zone 4.1.3 Contents of investment to develop infrastructure of industrial zones in Binh Dinh province Including the contents of investment in development of transport infrastructure of the IZ, investment in the development of energy infrastructure, investment in the development of water supply and drainage infrastructure, investment in the development of environmental infrastructure, investment in the development of information and communication infrastructure, investment in development of housing infrastructure for laborers, investment in development of public infrastructure and services 4.1.4 A number of assessments on investment in developing infrastructure systems in industrial parks in Binh Dinh Including some parameters evaluated on the results and performance of investment activities in infrastructure development of industrial zones in Binh Dinh province in 2015 and evaluation of the investors surveyed 4.2 Current situation of attracting investment in the industrial park in Binh Dinh province 4.2.1 Some tools to attract investment in the industrial park in the province of Binh Dinh: The tools include: planning, investment promotion, administrative tools and economic instruments and other tools 4.2.2 Results of investment attraction in industrial zones in Binh Dinh province 19 Table 4.14: Scale of investment capital in Binh Dinh Industrial Zones Unit: VND billion Standard 2010 2011 2012 2013 Current Capital 1.982,49 2.455 2.995 4.651,37 5.560,37 6.846 Subscription 4.595,33 5.733,73 6.775,14 28.504 29.210,9 30.333 V n / V n đ ng ký (%) 43,14 19,0 42,81 42,2 16,31 2014 2015 22,56 Source: Compiled from the reports of the Economic Zone Management Board of Binh Dinh Province Along with the formation and development of industrial zones, investment capital attracted to industrial zones in Binh Dinh province has increased continuously in recent years There are also results drawn by capital and investment partners 4.2.3 Analysis of factors influencing investment attraction in industrial zones in Binh Dinh province To analyze the qualitative factors that impact on attracting investment in the industrial park based on statistical authors describe the appreciation of investors inside and outside IPs IPs on these factors Simultaneously, the author combines analytical reviews, comments of experts to make conclusions At the same time the authors also compared the difference between the rating of the investors inside and outside Industrial Zone Industrial Park on the factors affecting the attraction of investment in industrial zones 4.3 Impact of investment to develop infrastructure of industrial zones to attract investment in industrial zones in Binh Dinh province 4.3.1 Impact of investment to develop infrastructure of industrial zones to attract investment in industrial zones in Binh Dinh province by attracting The author studies the impact of investment in infrastructure development to attract investment in IZs based on the results attracted in the province of Binh Dinh on three aspects: Comparing and analyzing the scale of investment capital to develop the infrastructure of the industrial zone and 20 investment capital attracted to the industrial zones operating in the area; Examining the difference in registered capital of internal secondary investors and outside IP investors; Testing the difference invested implementation of secondary investors inside and outside investors IZ 4.3.2 The impact of investment in infrastructure development of the IZ contributes to increase the efficiency of production and business activities of investors Using the infrastructure system of the IP together with the advantages of the IP has helped businesses improve their production efficiency To evaluate this impact authors offer some analysis and comparison of the results of production activities of the enterprise business in the industrial park along with their comments on the impact of this These data have proved to be somewhat effective results and business production of active investors in industrial zones in Binh Dinh province We also see the positive impact of operational infrastructure IPs to produce business results of enterprises through business indicators and comparisons with the local 4.3.3 Investment in infrastructure development of the industrial zone contributes to reducing the production and business costs for investors As well as numerous studies have demonstrated the theoretical analysis of the role of investment in developing infrastructure in production costs IPs to business investors Illustration based on the analysis of the following: Comparing the cost of using the infrastructure inside and outside the industrial zone in Binh Dinh province, Comparing the difference in the cost of infrastructure use by investors inside and outside IPs through accreditation T - test, Comparing some other costs when investing inside and outside industrial zones, Evaluation of investors in the industrial park on the cost of infrastructure in industrial zones 4.3.4 Investment in infrastructure development of industrial parks contributes to increase the competitiveness of enterprises in industrial parks 21 Review by investors 100 ánh giá by c ainvestors nhà đ u t Review 50 Không đ ng ý Disagree Bình th Normal ng ng ý Agree Hoàn toàn đ ng Completely agree ý Figure 4.5: Investor's assessment of the impact of industrial park infrastructure investment on the competitive advantage of investors Unit: % 4.3.5 Investmenting in the infrastructure development contributes to reduce the risk for investors Based on the information below, we can see some issues of risk mitigation if investors use the infrastructure system in the industrial zones and enjoy the rules, policies, security assurance Also, avoid policy risks, there is no guarantee of investment in infrastructure and management agencies, 4.4 Evaluating the impact of investment in the development of industrial park infrastructure to attract investment in industrial zones in Binh Dinh province 4.4.1 Estimating the impact of investment in infrastructure development of industrial zones to the decision to invest in industrial parks Logistic regression performed with variable QD under independent variables and control variables on obtained regression results table below: Table 32: Results of Logistic regression model Variables in the Equation B S.E Wald df Sig Exp(B) Step 1a DTT 0,016 0,026 0,380 0,538 1,016 LD 0,002 0,002 1,039 0,308 1,002 VTH 0,050 0,016 9,381 0,002 1,051 DTHTKT 2.233 0,383 34,024 0,000 9,328 NNLA -0,018 0,313 0,003 0,953 0,982 NNLB -0,250 0,339 0,545 0,460 0,779 CSDT -0,359 0,259 1,915 0,166 0,699 CPHT 1,176 0,243 23,332 0,000 3,240 CQDP -0,576 0,225 6,581 0,010 0,562 LTDT -0,323 0,371 0,758 0,384 0,724 DTHTXH -0,398 0,354 1,262 0,261 0,672 22 Constant -6,420 2,391 7,212 0,007 0,002 X= + DTT + LD + VTH + 4DTHTKT + NNLA + 7CSDT+ 8CPHT + 9CQDP + 10LTDT + 11DTHTXH +e (*) NNLB + Based on the significance level (Sig.) Of the Wald test, four independent variables were introduced into the Sig model < 0.05 These independent variables are statistically significant at the 5% level In other words, the variables: capital performance, investment in technical infrastructure development, cost of infrastructure use, management and support of local authorities is influencing the decision to invest in IPs According to the results we have seen, investment in developing the technical infrastructure has a positive impact on the investment decisions of investors as expected by the author with the hypothesis H1 However, investment in the development of social infrastructure is not significant for the investment decision in the IPs of investors Thus, the H2 hypothesis is not satisfied 4.4.2 Estimating the impact of investment in the development of industrial park infrastructure to the results of attracting investment in industrial parks and the level of satisfaction of investors in industrial zones The results of the regression analysis are as follows: Table 37: Regression results with dependent variable are investment capital Model Unstandardized Coefficients B Std Error (Constant) DTT LD NNLA NNLB CSDT LTDT CPHT CQDP HTXH HTKT -79,042 ,154 ,030 3,070 3,852 13,461 3,171 2,392 -,113 1,101 4,445 18,806 ,045 ,009 2,266 2,255 1,953 2,960 1,702 2,411 2,707 2,400 Standardized Coefficients Beta ,224 ,213 ,095 ,117 ,466 ,070 ,088 -,003 ,027 ,119 t Sig VIF -4,203 3,456 3,405 1,355 1,708 6,892 1,071 1,405 -,047 ,407 1,852 ,000 ,001 ,001 ,178 ,090 ,000 ,286 ,162 ,963 ,685 ,066 1,112 1,043 1,301 1,249 1,218 1,133 1,055 1,107 1,134 1.096 a Dependent Variable: VTH Source: Compiled from the results of the research General regression models were estimated as follows: VTH = 8CQDP+ + 1DTT + 9HTXH+ 2LD + 10HTKT NNLA + 4NNLB + 5CSDT + 6LTDT + 7CPHT + + ei Variable investment and development technical infrastructure IPs with 10 = 4.4445 represents investment in developing the technical infrastructure to 23 positively impact investment results This means that the H3 hypothesis is satisfied with the meaning that when the investor evaluates the investment in the development of technical infrastructure of the IZ by unit, the investment Variable investment in developing social infrastructure IPs have no meaning in the model so theoretical H4 is not satisfied.Using the results of the preliminary evaluation of the scale, we also have independent variables and control variables for inclusion in the regression analysis model with the dependent variable is the satisfaction level of the investor (MHL) General regression models were estimated as follows: MHL = + 1DTT + 2LD + NNLA + 4NNLB + 5CSDT + 6LTDT + 7CPHT + 8CQDP + 9HTXH + 10HTKT + ei According to the regression results, investment in infrastructure development of industrial zones has a positive impact to the satisfaction of investors The investment in technical infrastructure development with = 0.182 demonstrates the investment in technical infrastructure development that is conducive to the level of satisfaction of investors It means that when the investor evaluates the investment in the development of technical infrastructure of an industrial zone increases by unit, the satisfaction level increases by 0.183 units with the reliability = 0.1 Model Unstandardized Standardized Coefficients Coefficients B (Constant) ,930 ,420 -,001 ,001 ,000 NNLA Sig VIF Beta 2,213 ,028 -,043 -,615 ,540 1,112 ,000 -,058 -,853 ,395 1,043 -,052 ,051 -,079 -1,036 ,302 1,301 NNLB ,037 ,050 ,055 ,737 ,463 1,249 CSDT ,008 ,044 ,013 ,177 ,860 1,218 LTDT ,164 ,066 ,177 2,478 ,014 1,133 CPHT ,029 ,038 ,053 ,766 ,445 1,055 CQDP ,111 ,054 ,146 2,066 ,041 1,107 HTXH ,306 ,060 ,361 5,065 ,000 1,134 HTKT ,182 ,054 ,238 3,398 ,001 1,096 DTT LD Std Error t a Dependent Variable: MHL Source: Compiled from the results of the research 4.5 General assessment of the impact of investment and development of industrial zone infrastructure to attract investment in industrial zones in Binh Dinh province 4.5.1 Positive aspects 24 positive impact on the decision to invest in the IZ, the results of investment attraction and the level of satisfaction of investors impact on the level of satisfaction of investors in the industrial zone efficiency of production and business of investors costs competitive advantage ture development of the IZ contributes to reducing costs 4.5.2 Existence and Causes Surface exists Investment activity in infrastructure development IZ no synchronization between technical infrastructure and social infrastructure, the infrastructure between the inside and outside industrial zones The issue of mobilizing resources and attracting qualified infrastructure investors to invest in the development of IP infrastructure remains a problem for the Binh Dinh authorities The industries attracting investment in industrial zones in Binh Dinh also overlap, attracting policies are not synchronous, lack of cohesion Attracted to the industrial zones in the province of Binh Dinh period 2010 2015 mainly investors in the country with the majority of the enterprises of small and medium-scale investment is not large, use the medium technology Investors who decide to invest in IPs face many administrative procedures with infrastructure investors and state management agencies, thus causing difficulties for investors Infrastructure investors have not promoted the connection between secondary and state investors and have not provided good support to investors in administrative procedures Investment promotion activities in the IP are rather faint, the promotion of environmental investment in Binh Dinh IP is limited Lack of cohesion, mutual cooperation between the industrial zones, enterprises in industrial zones in the province and linking development with other localities in the region in investment activities developed infrastructure industrial zones and attract investment in industrial zones Cause of the shortcomings The quality of planning for IP development is not good The capacity of some infrastructure investors is limited 25 Central and local budgets for investment in infrastructure development of IPs are still limited Mechanisms and policies to mobilize investment capital are not diversified The investment in the development of infrastructure outside industrial zone planning depends on local development, so sometimes no synchronization between the investment and development of infrastructure inside and outside the industrial park Policies to attract investment by local inconsistent The policy of encouraging investment in building houses and social works for employees is not attractive enough for infrastructure investors to welcome the Party to this issue Investors focus on infrastructure investment in developing technical infrastructure that has not focused on social infrastructures Besides, the agency has not managed closely in the planning and implementation of the investment plan for the implementation of infrastructure investment in developing social infrastructure serving employees Chapter 5: ORIENTATIONS AND SOLUTIONS FOR INVESTMENT IN DEVELOPMENT OF INDUSTRIAL PARK INFRASTRUCTURE IN ORDER TO ATTRACT MORE INVESTMENT IN INDUSTRIAL PARKS IN BINH DINH PROVINCE 5.1 Oriented investment activity in infrastructure development of industrial zones and attract investment into the industrial park 5.2 Some solutions for investment in infrastructure development of industrial zones to promote investment in industrial zones in the province of Binh Dinh 5.2.1 Group of solution for management agencies of industrial zones in the province of Binh Dinh (1) To improve and enhance the quality of the planning development of industrial parks and the detailed planning of investment in infrastructure development of industrial zones (2) Solutions to expand capital flow and create motivation for investment in development of industrial zone infrastructure (3) Solutions to increase attracting foreign investors to invest in infrastructure development in industrial zones (4) Solutions for support and management of development investment, management and operation of industrial zone infrastructure (5) Solutions to attract investment in production and business investment in industrial zones 5.2.2 Some solutions for investors to develop industrial infrastructure in Binh Dinh province 26 (1) solution for investment in developing technical infrastructure of industrial zones (2) Solutions for investment in developing social infrastructure in industrial zones (3) Solutions on strict management of the operation process in order to maximize the service capacity of the industrial park infrastructure system 5.2.3 A number of coordinated solutions between infrastructure investors and IZ authorities (1) Cordination solution between infrastructure investment and industrial zone management agencies to promote the impact of investment and development of infrastructure to the industrial park in the industrial zone investment decisions of investors (2) Cordination solution between infrastructure investment and industrial zone management agencies to promote investment impacts of infrastructure development result IPs attracted to IPs (3) Cordination solution between infrastructure investment and industrial zone management agencies to promote the impact of investment and development of infrastructure IPs to the level of satisfaction of investors in industrial zones CONCLUSION The impact of investment and development of infrastructure to attract investment in industrial zones in IZ get the attention of policy makers and researchers at home and abroad From the overview of previous research at home and abroad related to the topic, the author has made analysis and synthesis to find the research gap to PhD thesis Inheriting the previous study, the authors systematically ideological issues related to investment and development infrastructure in industrial zones to attract investment into the industrial zone and the impact of investment and development of infrastructure IPs to collection investment in IPs from which to build research framework for the subject The author also studied the lessons of investment in infrastructure development in the IP so as to enhance investment attraction in Taiwan and Malaysia's industrial zones and two localities in Da Nang and Binh Duong and to draw lessons for Binh Dinh province Based on the research framework authors have built models of the thesis research to assess the impact channels and level of impact of investment in developing infrastructure to attract investment in industrial parks in the industrial park The author collected primary data from internal investor surveys, outside IPs and secondary data for research purposes The author uses both qualitative and quantitative methods in the study as Based on the research framework authors have built models of the thesis research to assess the impact channels and level of impact of investment in developing infrastructure to attract investment in industrial parks in the industrial park The author collected 27 primary data from internal investor surveys, outside IPs and secondary data for research purposes The author uses both qualitative and quantitative methods in the study as descriptive statistics; analyze, compare and contrast; explore factor analysis, multiple regression, T-test inspection.; analyze, compare and contrast; explore factor analysis, multiple regression, T-test inspection From the data collected from the industrial zones in Binh Dinh province, the author has analyzed the actual situation of investment in infrastructure development of industrial zones, attracting investment in industrial zones in Binh Dinh province Based on practical data analysis authors channels the impact and extent of the impact of investment and development of infrastructure to attract investment in industrial parks in the industrial park.Research results show that investment in infrastructure development positively affects business efficiency, contributing to reduce risks for investors, increasing competitiveness and cost savings for investors private The estimation results also show that investment in the development of infrastructure and technical IZ positive effects to attract investment in industrial zones in all three aspects: the decision to invest in the Industrial Zone, the results attract and satisfaction of investors in industrial zones However, investment in the development of social infrastructure no statistical significance in the research model.Research results show that investment in infrastructure development positively affects business efficiency, contributing to reduce risks for investors, increasing competitiveness and cost savings for investors private The estimation results also show that investment in the development of infrastructure and technical IZ positive effects to attract investment in industrial zones in all three aspects: the decision to invest in the Industrial Zone, the results attract and satisfaction of investors in industrial zones However, investment in the development of social infrastructure no statistical significance in the research model Based on the results of analysis and evaluation from the reality, the author proposed solutions for investment in infrastructure development of the industrial zone in order to attract more investment in industrial zones in Binh Dinh province Infrastructure investors and management agencies in the locality related to issues such as planning, policies to attract investment, investment in developing infrastructure of industrial zones, mobilizing investment capital to develop structures infrastructure of the industrial zone, At the same time the author also proposes some measures additional to the coordination of the management body and the IZ infrastructure investment to boost the effects of investment in developing infrastructure to attract investment in industrial zones on aspects: investment decisions, results attract and satisfaction of investors in industrial zones ... DEVELOPMENT OF INDUSTRIAL ZONES TO ATTRACT INVESTMENT IN INDUSTRIAL ZONES IN BINH DINH PROVINCE 4.1 Situation of investment in infrastructure development of industrial zones in Binh Dinh province 4.1.1... industrial zones to attract investment in industrial zones in Binh Dinh province 4.3.1 Impact of investment to develop infrastructure of industrial zones to attract investment in industrial zones in Binh. .. Analyzing the actual situation of investment in developing industrial zones, attracting investment into industrial zones, analyzing the impact of investment in developing infrastructure of industrial