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Ministry of Education and Training State bank of Vietnam Banking University Ho Chi Minh City VO VAN BINH ATTRACT CAPITAL INVESTMENT DEVELOPMENT MARINE ISLANDS ECONOMIC SOUTHERN VIETNAM Majors: Finance – Banking No: 9.34.02.01 SUMMARY OF ECONOMIC THESIS Ho Chi Minh City – 2020 Ministry of Education and Training State bank of Vietnam Banking University Ho Chi Minh City VO VAN BINH ATTRACT CAPITAL INVESTMENT DEVELOPMENT MARINE ISLANDS ECONOMIC SOUTHERN VIETNAM Majors: Finance – Banking No: 9.34.02.01 SUMMARY OF ECONOMIC THESIS Science instructor: Instructor Associate Professor Ph.D LE THI MAN Instructor Ph.D NGUYEN VAN PHUC Ho Chi Minh City – 2020 PAPER OF AUTHOR  Vo Van Binh (2016), The role of bank credit in the development marine economic of Vietnam Review of Finace, 9/2016, No 641  Vo Van Binh (2017), Investing development marine island economic of southern Vietnam Economic and Forecast Review, 7/2017, No 20  Vo Van Binh (2017), Situation and solutions to increase capital investment development marine island economic southern Vietnam Industry and Trade Magazine, 7/2017, No  Vo Van Binh (2018), Attracting capital investment development economic in Ba Ria - Vung Tau province National scientific conference "Mechanisms and policies to create capital sources for development of the southern key economic region Day 28.10.18  Vo Van Binh (2019), Improve the investment development environment marine island economic of southern Vietnam Economic and Forecast Review, 3/2019 CHAPTER INTRODUCTION OF THE STUDY 1.1 NECESSARY OF THE SUBJECT Marine island of Souther Vietnam has an important position in Asia, Pacific Ocean is the gateway for sea transport However, it has not brought into full play its existing potential due to objective and subjective reasons In which capital investment develop the marine island economic is a matter of concern Investment development of marine island economic has its own peculiarities therefore The capital of this field also has many differences compared to other economic sectors, it is necessary to have appropriate policies to attract investment capital to develop the marine island economic to both develop economic and guaranteed national security From current practice, The author has chosen the topic “ATTRACT CAPITAL INVESTMENT DEVELOPMENT MARINE ISLANDS ECONOMIC SOUTHERN VIETNAM” to research with the desire to study situation analysis capital and capital attraction from there, propose specific solutions to increase the attraction of investment capital for the development of this field 1.2 RESEARCH OVERVIEW - Research related to capital sources and attraction of capital investment development marine island economic - Research related to analysis and assessment of the investment environment for economic development Research orientation of the thesis The author's thesis approaches the issue of attracting capital investment develop the marine island economic in specific directions such as: (1) Analysis of investment development environment the marine island economic and (2) Investment efficiency of economic development marine island economic on the view of sustainable development and (3) Effective use of capital investment develop the marine island economic on a macro scale In addition, the thesis limits the scope of practical research from 2010 to 2018 propose solutions to attract capital investment develop the marine island economic in the coming time 1.3 RESEARCH OBJECTIVES Overall objectives: Solutions to attract capital investment develop the marine island economic of southern Vietnam Specifically objectives: - Analyze the current situation of attracting capital investment develop the marine island economic of southern Vietnam Thereby assessing the achieved results, the limitations and the causes of the limitations in attracting capital investment develop the marine island economic southern Vietnam - Proposing a system of solutions and proposals to attract capital investment developing the marine island economic southern Vietnam 1.4 RESEARCH QUESTION - What is the efficiency of the capital investment develop the marine island economic of southern Vietnam today? - What factors of the investment environment affect the attraction of capital investment develop the marine island economic? - What measures are needed to attract capital investment develop the the marine island economic of southern Vietnam? 1.5 OBJECT AND SCOPE OF THE RESEARCH Research subjects: Capital investment develop the marine island economic Research scope: - Scope of research content: Attract capital investment developing the marine island economic southern Vietnam Specifically on degrees: (i) Investment efficiency in development the marine island economic and (ii) The impact of factors of investment environment to attract capital investment develop the marine island economic Scope of research space: The southern provinces of Vietnam are adjacent to the coast, including: Ba Ria – Vung Tau, Ho Chi Minh, Tien Giang, Ben Tre, Tra Vinh, Soc Trang, Bac Lieu, Ca Mau, Kien Giang Research time range: Secondary data: Period 2010 to 2018 Primary data: Period: 2017 to 2018 1.6 RESEARCH METHODS Methods of general analysis and system analysis; Survey survey method; Statistical methods; Comparative method; Methods of analyzing the indicators; Professional solution 1.7 PRACTICAL THINGS OF RESEARCH - From the analysis of the current situation of capital investment development the marine island economic southern Vietnam, the capital investment development the marine island economic are mainly from the state budget - From the analysis of the current situation of capital investment development the marine island economic southern Vietnam, the capital investment development the marine island economic are mainly from the state budget - Investment in the development of the marine island economic southern Vietnam is unsustainable - The efficiency of using capital investment development the marine island economic of southern Vietnam is not high - Through the actual survey results of 600 concern investing development marine island economic southern Vietnam Attract capital here is influenced by factors of investment environment such as: Group of policy elements; Economic factors group; Group of institutional factors The impact level is expressed through linear regression function as follows: Attract capital = -0,124 + 0.386 * Policy + 0.312 * Market + 0.185 * Efficiency + 0.101 * Institution + 0.049 * Resources - The dissertation has proposed solutions to attract capital investment development marine island economic southern Vietnam, such as: improving the investment environment, enhancing the application of science and technology in investment management, attaching importance to efficiency in using capital investment CHAPTER RATIONALE FOR ATTRACT CAPITAL INVESTMENT DEVELOPMENT MARINE ISLAND ECONOMIC 2.1 OVERVIEW OF MARINE ISLAND ECONOMIC 2.1.1 Concept of marine island economic Resolution of the Eighth Conference the Central Executive Committee the XII Course on Strategy for Sustainable Development Marine Economy Vietnam to 2030, vision to 2045 (Resolution number 36) Development marine economic sectors, including development marine economic sectors in order of priority: (1) Marine tourism and services; (2) Marine economic; (3) Mining oil and gas and other marine mineral resources; (4) Aquaculture and fishing; (5) Coastal industry; (6) Renewable energy and new marine industries 2.1.2 Marine island economic features Marine island economic is greatly affected by the harsh marine environment; Investment developing marine island economic requires a huge amount of investment capital; Investment execution time is relatively long; Investing development the marine island economic creates works of long-term use and of great value; Investing development marine island economic, changing the ecological and social environment; The marine island economic must ensure a balance in the overall economic of the whole country, in relation to regions and in the integration trend with the regional and world economies; Develop marine island economic to strengthen the nation's strength, protect the independence and sovereignty and the whole territory of the country 2.1.3 The sectors marine island economic (1) Marine tourism and services; (2) Marine economy; (3) Mining oil and gas and other marine mineral resources; (4) Aquaculture and fishing; (5) Coastal industry; (6) Renewable energy and new marine industries 2.1.4 The role marine island economic Contribute development of the field marine Transportation; Contribute to economic, political - social stability; Ensuring national defense - security 2.2 CAPITAL INVESTMENT DEVELOPMENT THE MARINE ISLAND ECONOMIC 2.2.1 Concept capital investment development the marine island economic Capital investment development the marine island economic are tangible capital (cash, assets, natural resources and human resources) and intangible capital (inventions, invent, trademarks and land location advantages belt, water surface ) used directly or indirectly development the marine island economic 2.2.2 Features capital investment development the marine island economic - Capital investment development the marine island economic is greatly affected by risks from the marine environment - Capital is sensitive to interest rates and return on investment; especially for capital raised from the private sector - Investing development marine island economic, besides economic development, must go hand in hand with ensuring national security and defense 2.2.3 Types of capital investment development the marine island economic  Capital from the state budget  The State's development investment credit capital  Capital from credit institutions  Capital from state-owned enterprises  Private capital  Official development assistance (ODA)  Foreign direct investment (FDI)  Credit capital from international financial institutions  Capital from international financial markets 2.3 ATTRACT CAPITAL INVESTMENT EVELOPMENT THE MARINE ISLAND ECONOMIC 2.3.1 Viewpoints attract capital investment develop the marine island economic Attract capital investment develop the marine island economic is the application of measures and policies for investors to bring money to invest in various forms suitable to the common interests of the investors and receiving country / locality 2.3.2 Conditions to attract capital investment develop the marine island economic 11 3.2.1.2 Capital from foreign investment In the period of 2010-2018, Vietnam has been assessed by many foreign organizations and investors as having an improved and stable business investment environment, creating a firm belief for investors Therefore, during this period, the FDI capital continuously increased from USD 3200 million to USD 7390 million 3.2.1.3 Private capital In the period of 2010 - 2018, the total private capital in the oil and gas industry accounted for the largest proportion and ranked second is the seaport industry, followed by fisheries in the period 2010 - 2018 3.2.1.4 Capital from the State's investment development credit In the 2010-2018 period, the total capital from the state's investment development credit tends to increase, in 2010 the total capital is 700 billion VND till 2018 reaching 1,940 billion VND The major capital for investment in building marine transport infrastructure accounts for the highest proportion, followed by aquaculture 3.2.1.5 Capital from credit institutions In the period of 2010-2018, the amount of capital investment develope the marine island economic from credit institutions has not increased significantly (reaching VND 500 billion in 2010 and VND 1,000 billion in 2018) due to the business activities of banks In recent years, the bank has not expanded its lending to develop marine island economic in general in southern Vietnam 12 3.2.2 Efficiency of investment development the marine island southern economic 3.2.2.1 Efficiency of investment development the marine island economic southern Vietnam from the perspective of sustainable development  Growth targets and quality of growth of the island economic: - Growth rate in a certain period: In the period of 2010-2013 GDP tends to increase significantly, the average GDP growth rate in this period is 8.35%, the contribution of GDP from the marine island economic GDP of each province increased during this period In the period of 2014-2018, the average GDP growth rate will be 22.6% - VA value added: In the period of 2010 - 2018, the average value added of VA is VND 9,799, VND 67 billion, the lowest is in 2010 with VND 2780 billion, the highest is in 2018 with VND 24,499 billion In general, VA during the period of 2010 - 2018 tends to increase  Criteria for assessing exploitation of natural resources and environmental pollution: in the period of 2010-2018, the southern coastal provinces with violating enterprises causing marine environmental pollution in this period tend to increase In 2010, there were 181 enterprises and 454 enterprises in 2018  Criteria for evaluating the implementation of social responsibility: Enterprises investing development the marine island economy, 100% of enterprises have labor agreements, labor regulations, payroll scale and participation social 13 insurance This shows that businesses have implemented social responsibility according to the criteria of the Department of Labor - Invalids and Social Affairs 3.2.2.2 Efficiency of using capital investment developing marine island economic southern Vietnam on a macroscopic basis  Investment rate km of the harbor (S1) If the investment rate of 1km of a port is according to the current price, the investment rate of the period of 2010 - 2018 is higher than that of the period 2005-2009, about 2.7% higher However, when calculating the capital investment at the constant price in 2005 to eliminate the price fluctuation factor, the investment rate of the period of 2010 - 2018 is smaller than that of the period 2005 - 2009 Investment in the period of 2010 - 2018 is economical and effective more fruit  The ratio of realized capital investment to assets The ratio of investment capital to assets of seaport projects was high in the period of 2010 - 2018, in which investing more equipment in Saigon port reached 98.4; Investment in additional equipment in Vung Tau port reached 99.3; The channel dredging project reaches 98.4; Some project items of upgrading and developing port of grade I reached 97.3; Project on construction and upgrading of grade-I ports is 99.1; Project to build and upgrade grade-II ports reaches 98.3  Operating factor In the period of 2010 - 2018, the seaports in the country, after being completed and put into use, have attracted the throughput of 73% - 95.4% of the designed capacity Thus, the 14 ports have shown relatively good effects and invested in the right direction  Creating jobs and increasing labor productivity - Job creation: The rate of labor increased to investment activities to develop the southern island economy in the period of 2010-2018 from 3.2% - 12.6% - Increasing labor productivity: The growth of investment capital and investment structure has greatly affected the productivity of laborers working in the marine islands southern Vietnam The modernization of equipment, informatics applications in management of marine island exploitation, labor productivity increased in the period of 2010 - 2018  Contribution to economic growth - Contribution to the state budget: In the period of 2010-2018, the contribution to the state budget decreased from the investment development the marine island economic southern Vietnam, reaching VND 27.5 billion in 2010 but VND 20.1 billion in 2018 - Contribution of investment development marine island to GDP growth: In the period of 2010-2015, the average GDP growth rate of Vietnam economy is 5.87% / year, investment in development of coastal marine island economic South Vietnam generates an estimated GDP growth rate of 0.0377% annually, the remaining 5.8323% (5.87% - 0.0377% = 5.8323%) is due to investment from other industries, due to labor factors and TFP factors (technology, policy mechanism…) 15 3.2 ASSESSMENT OF THE SITUATION OF ATTRACT CAPITAL INVESTMENT DEVELOPING MARINE ISLAND ECONOMIC THE SOUTH VIETNAM 3.2.1 These achievements 3.2.1.1 Capital investment development marine island economic Period 2010 – 2018 Capital investment development marine island economic from the state budget is stable Private capital is constantly increasing Capital from the state's economic investment development credit tends to increase and is mainly invested in building marine transport infrastructure 3.2.1.2 Efficiency of investment developing marine island economic Period 2010 - 2018 Growth targets and growth quality of the marine island economic southern Vietnam tend to be stable, the rate of marine-island economic GDP tends to increase The ratio of VA / GO tends to increase and is stable, the marine island economic has advantages to ensure sustainable development In the period of 2010 - 2018 The efficiency of using capital investment development for economic has achieved certain results such as: The investment rate of km of the coast has increased; The rate of capital investment becomes high assets, most of the capital investment put into seaport projects has been recognized by the auditing agencies as legal and reasonable 16 3.2.2 Limitations and reasons 3.2.2.1 Regarding capital investment development marine island economic State budget capital still plays a key role in infrastructure investment, capital private sector has not been effectively exploited; still imbalance between mobilized capital and medium and long-term investment plans; the growth rate of investment capital is still slow, mobilized capital has not met the demand for investment and development of economic infrastructure system on marine islands 3.2.2.2 Regarding the efficiency of investment developing marine island economic The effectiveness of investment developing the marine island economic southern Vietnam is unsustainable in aspects: Economic - Social - Environment In the period of 2010 - 2018, the efficiency of using capital investment developing the marine island economic is not high 17 CHAPTER ANALYSIS IMPACTS OF THE INVESTMENT ENVIRONMENT TO ATTRACT CAPITAL INVESTMENT DEVELOPMENT MARINE ISLAND ECONOMIC SOUTHERN VIETNAM 4.1 OVERVIEW RESEARCH From the perspective of the United Nations Conference on Trade and Development (UNCTAD), the groups factors of the national investment environment affecting investment attraction include three groups of factors: the group of factors: policy framework, economic factor groups and factor groups related to institutional quality 4.2 THEORETICAL AND RESEARCH MODEL 4.2.1 Theoretical  Theoretical 1: Attracting capital investment develop the marine island economic southern Vietnam is related to the policy framework elements (in the tendency to create a more favorable investment environment)  Theoretical 2: Attracting capital investment develop the marine island economic southern Vietnam is related to the market search engine  Theoretical 3: Attracting capital investment develop the marine island economic southern Vietnam is related to the resource search engine  Theoretical 4: Attracting capital investment develop the marine island economic southern Vietnam is related with an effective search engine 18  Theoretical 5: Attracting capital investment develop the marine island economic southern Vietnam is concerned with institutional quality factors (in the tendency to create a more favorable investment environment) 4.2.2 Research design The research process is carried out through two steps: qualitative research and quantitative research Qualitative research was conducted by in-depth interviews with 14 experts in the fields of economics, finance - banking Quantitative research was conducted with 600 enterprises making investments developing marine island economic southern Vietnam Linear regression equation in the proposed research model: Attract capital = 0 + 1* Policy+ 2* Market+ 3* Resources + 4* Efficiency+ 5* Institutions 4.3 RESEARCH RESULTS 4.3.1 Descriptive statistics Table 4.1 Descriptive statistics elements of the investment environment No Variance Size Mean Std Deviation Policy 600 4,5123 0,61586 Market 600 4,2858 0,70071 Resources 600 4,3083 0,67929 Efficiency 600 4,4800 0,66386 Institutions 600 4,4733 0,61728 Source: Results from the author's survey 19 4.3.1 Assess the reliability Statistics Policy Market Resources Efficiency Institutions Attract capital Table 4.2 Reliability Statistics Cronbach's Alpha Cronbach's Alpha 0,803 0,808 0,858 0,857 0,852 0,852 0,813 0,817 0,839 0,840 0,836 N of Items 3 0,840 Source: Results from the author's survey  EFA (Exploratory Factor Analysis) Independent variables: Table 4.3 Results of independent variable KMO and Bartlett's Test Kaiser-Meyer-Olkin Measure of Sampling 0,857 Adequacy Bartlett's Test of Approx Chi-Square 7733,045 Sphericity df 153 Sig 0,000 Source: Results from the author's survey Dependent variable: 20 Table 4.4 Results of Dependent variable KMO and Bartlett's Test Kaiser-Meyer-Olkin Measure of Sampling 0,820 Adequacy Bartlett's Test of Approx Chi-Square 1204,812 Sphericity df 10 Sig 0,000 Source: Results from the author's survey 4.3.2 Correlation between variables Table 4.5 Correlation between variables Policy Policy Market Resources Efficiency Institutions Attract capital Market Resources Efficiency Institutions 0,509** ** 0,521 0,355** 0,636** 0,474** 0,518** 0,402** 0,440** 0,303** 0,377** Attract capital 0,774** 0,706** 0,499** 0,675** 0,535** ** Correlation is significant at the 0.01 level (2-tailed) Source: Results from the author's survey Linear regression: Table 4.9 Regression analysis results Model Summary Model Model R Adjusted Square R Square 0,875a 0,765 0,763 R Std Error of Durbinthe Estimate Watson 0,29987 1,989 Unstandardized Standardized Coefficients Coefficients Std Error B Beta t Collinearity Statistics Sig Tolerance VIF 21 (Constant)1 Policy Market Resources Efficiency Institutions -0,124 0,113 0,386 0,312 0,049 0,185 0,101 0,030 0,021 0,022 0,025 0,024 -1,097 0,273 0,386 0,355 0,054 0,199 0,102 12,862 14,656 2,273 7,451 4,286 0,000 0,000 0,023 0,000 0,000 0,440 0,676 0,703 0,553 0,705 Coefficientsa ANOVAb Model Regression Residual Sum of Squares 173,711 53,414 df 594 Total 227,125 599 Mean Square 34,742 0,090 F 386,360 Sig 0,000a a Predictors: (Constant), Policy, Market, Resources, Efficiency, Institutions b Dependent Variable: Attract capital Source: Results from the author's survey Regression analysis results: Attract capital = -0,124 + 0,386* Policy + 0,312* Market + 0,185* Resources + 0,101* Efficiency + 0,049* Institutions 2,274 1,479 1,423 1,807 1,418 22 CHAPTER SOLUTIONS ATTRACT CAPITAL INVESTMENT DEVELOPMENT THE MARINE ISLAND ECONOMIC SOUTHERN VIETNAM 5.1 ORIENTATIONS ECONOMIC DEVELOPMENT MARINE ISLAND OF VIETNAM TO 2030 AND A VISION TO 2045 The Fourth Conference of the Party Central Committee X Session has a guiding viewpoint on Vietnam's marine island economic development orientation and strategy to 2030, with a vision to 2045 Marine island economic development strategy: The overall objective is to strive to turn our country into a strong nation in the sea, enriching from the sea, ensuring solid sovereignty and national sovereignty on marine islands, making an important contribution to the cause of career industrialization and modernization, making the country rich and strong Specific objectives are to build and comprehensively develop economic, social, scientific and technological fields, and strengthen national defense and security consolidation Striving to 2030, the economic on the marine and coastal areas contributes about 53-55% of the country's GDP 5.2 ORIENTATIONS FOR ATTRACT CAPITAL INVESTMENT DEVELOPMENT THE MARINE ISLAND ECONOMIC TO 2030 AND A VISION TO 2045 23 Attract capital, encouraging all economic sectors to invest in sustainable marine island development, building strong marine economic groups Promote the attraction of resources from all economic sectors, especially the private sector and foreign-invested economy Proactively attract large investors, with source technology, advanced management qualifications from developed countries Giving priority to state budget investment development of marine island districts, pre-offshore and marine island communes; socialize investment in marine island infrastructure, economic zones and coastal industrial parks To encourage the development of enterprises of all economic sectors and strong marine island economic groups to conduct production and business activities on the marine island, especially in offshore and ocean areas Continue to restructure state-owned enterprises in marine island economic sectors, ensure improvement of management capacity, business and production efficiency and competitiveness 5.3 SOLUTIONS ATTRACT CAPITAL INVESTMENT DEVELOPMENT THE MARINE ISLAND ECONOMIC SOUTHERN VIETNAM 5.3.1 Solutions to improve the efficiency of investment developing marine island economic 5.3.1.1 Solutions for sustainable development the marine island economic 24 - Raising the whole society's awareness about the strategy of developing marine island economic associated with preventing, adapting to climate change and protecting the sovereignty over the marine island as these are three sides of an issue of close relationship - Urgently develop a project to restructure the marine economic, mechanisms and policies in order to promote the initiative of branches, levels, localities and territories, with the management and concentration of Center - Urgently develop strategies to adapt coastal livelihoods, protect ecological environment, identify and approach each field such as: Shipping, fishing, aquaculture, farming, and husbandry - Expeditiously deploy scientific research projects in the field - Development marine island economic should ensure the marine environment 5.3.1.2 Solutions to improve the efficiency of using capital investment develop the marine island economic - Diversify capital investment develop the marine island economic - Completing mechanisms and policies to invest developing the marine island economic - Increasing the application of scientific evaluation methods to select the optimal investment project - Accelerate investment, control costs and ensure the quality of works - Improve the efficiency of managing capital investment 25 5.3.2 Solutions to improve the investment developing environment the marine island economic - Adjusting and perfecting mechanisms and policies to exploit capital investment developing marine island economic - Stepping up the reform of administrative procedures in the direction of "one door, one clue" to facilitate investment activities of investors - Continue to reform the tax system to suit the socio-economic development in the direction of simplifying taxes, gradually applying the common tax system to both domestic and foreign investment: - Improve the quality of planning formulation and the list of projects calling for capital to ensure transparency, stability and predictability, and at the same time facilitate investment enterprises in selecting investment opportunities 5.3.3 Some other solutions  There is a need for close coordination among authorities  Enhancing the application of information technology to investment developing the marine island economic  Improve the effectiveness of state management of infrastructure investment  Developing high quality human resources  Effectively solve social security issues  Orientation on thinking and awareness ... province / city  Paying attention to attracting capital investment development, including domestic and foreign capital  In addition to ensuring to attract capital, attention should be paid to... SITUATION OF ATTRACT CAPITAL INVESTMENT DEVELOPMENT THE MARINE ISLAND ECONOMIC SOUTHERN VIETNAM 3.1 OVERVIEW OF THE MARINE ISLAND ECONOMIC OF SOUTHERN VIETNAM Location of marine island South Vietnam Marine... economic of southern Vietnam Specifically objectives: - Analyze the current situation of attracting capital investment develop the marine island economic of southern Vietnam Thereby assessing the