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THAI NGUYEN UNIVERSITY Socialist Republic of Vietnam SOUTHERN LUZON STATE UNIVERSITY Republic of the Philippines NGUYEN ANH TUAN (English name: Raphaen) Doctoral Dissertation “ENVIRONMENT FACTORS FOR FOREIGN DIRECT INVESTMENT FOR AMERICAN BUSINESS CORPORATION IN THREE MAIN COMMERCIAL CENTERS OFVIETNAM” Scientific supervisor: Associ. Prof. Do Anh Tai Hanoi – 2013 ii ENVIRONMENT FACTORS FOR FOREIGN DIRECT INVESTMENT FOR AMERICAN BUSINESS CORPORATION IN THREE MAIN COMMERCIAL CENTERS OF VIETNAM A Doctoral Dissertation Presented to the Faculty of the Graduate School of Southern Luzon State University in Collaboration With Thai Nguyen University In Partial Fulfilment of the Requirements for the Degree of Doctor in Business Administration NGUYEN ANH TUAN May 2013 Nguyen Anh Tuan Raphaen Thai Nguyen University iii Southern Luzon State University ACKNOWLEDGMENT This research was a process of learning that asked for the involvement of individuals, companies and institutions. During my research period, I received unconditional co-operation from many individuals/organizations, and their support was a key factor in successfully completing the Dissertation. I greatly appreciate the contribution of everyone involved and I apologize to those I do not mention by name. First of all, I am especially grateful to my supervisors, Professor Do Anh Tai, who provided me with valuable guidance and comments throughout the research period. I also thank my supervisor for giving me the opportunity to work in the area of my interest. I would also like to thank the members of the reading for reading the manuscript and for providing me with constructive comments. During the period of data collection, I visited both the Vietnam and US institutions. To begin with, I would like to express my gratitude to the following members of the institutions for their willingness to be interviewed and also for spending time and effort in filling questionnaires: Departments of Planning and Investment (Hanoi, Ho Chi Minh city, Da Nang); Foreign Investment Agency – Ministry of Planning and Investment; I extend especial thanks to the board of Rectors of Hanoi University of Industry for permitting me to follow the doctoral course and great favorable conditions for me to accomplish this doctoral course. I would also like to express my gratitude to Thai Nguyen University, Southern Luzon State University and their professors for organization, support and help during the doctoral course. Nguyen Anh Tuan Raphaen Thai Nguyen University iv Southern Luzon State University I wish to express my sincere thanks to my families for their continual encouragement, love, and prayers for my progress and success. Finally, I am greatly indebted to my wife for her love, moral support, understanding and great encouragement. Hanoi, 8 th June 2013 Nguyen Anh Tuan Nguyen Anh Tuan Raphaen Thai Nguyen University v Southern Luzon State University DEED OF DECLARATION I, Tuan NGUYEN ANH., hereby submit my Dissertation for oral examination, entitled “Environment factors for foreign direct investment for American business corporations in three main commercial ceters of Vietnam””, truthfully declare that the said paper is a product of my original research investigation. The data presented in the paper have clear origin. PhD candidate Nguyen Anh Tuan Nguyen Anh Tuan Raphaen Thai Nguyen University vi Southern Luzon State University TABLE OF CONTENTS DEED OF DECLARATION V LIST OF TABLES XIV LIST OF TABLES XIV LIST OF FIGURES XVI APPROVAL SHEET .XX CHAPTER 1 .21 INTRODUCTION 21 Backgroundof theStudy .21 StatementoftheProblem 22 Objectives .24 Hypothesis 25 Scopeandlimitationofstudy .25 Significanceofstudy 26 Definitionterms .27 CHAPTER 2 .32 REVIEWOFLITERATURE ANDRELATEDSTUDIES .32 1. FOREINDIRECTINVESTMENT(FDI)THEORY 32 1.1. Concept and features 32 1.1.1. Concept 32 1.1.2. Features 33 1.2. FDI classification .35 1.2.1. Joint – venture company 35 1.2.2. Enterprise with 100% foreign capital 36 1.2.3. Business cooperation contract 37 Nguyen Anh Tuan Raphaen Thai Nguyen University vii Southern Luzon State University 1.2.3. Other forms of FDI 37 1.3. Roles of foreign direct investment .40 1.3.1. Impact of FDI on investors and investor’s country .40 1.3.2. Impact of FDI on investment receiving country 41 2. OVERVIEW OF INVESTMENT ENVIROMENT .46 2.1. Concept 46 2.2. Characteristics of the investment environment .47 2.2.1. Synthetic feature 48 2.2.2. Mobile (dynamic) feature 48 2.2.3. Openness feature 48 2.2.4. Systematic feature 49 2.3. Classification of investment environment .50 2.3.1. Classification by national management function .50 2.3.2. Classification by channels of factors affecting investment activity .50 2.3.3. Classification by constituent elements .50 2.3.4. Classification by scopes .50 2.3.5. Classification by phases of formation and investment activities .51 2.3.6. Classification by causes for capital flows 51 3. IMPACT OF INVESTEMENT ENVIRONMENT ON FDI ATTRATION .51 3.1. Factors from investment environment in the host country countries 51 3.1.1. Natural environment 51 3.1.2. Politic environment 52 3.1.3. Law and policy environment .53 3.1.4. Economical environment .54 3.2. Factors from invironment in investor’s countries .56 Nguyen Anh Tuan Raphaen Thai Nguyen University viii Southern Luzon State University 3.2.1. Macroeconomic policy .56 3.2.2. International legal for oversea investment .57 3.2.3. Economic, scientific and technological potential .58 3.3. Factors from international investment environment .59 3.3.1. General trend of cooperation between regions and countries 59 3.3.2. General trend of regional lingkage and globalization 59 3.3.3. Establishment and development of transnational companies 60 4. ATTRACTING FDI EXPERIENCE WORLD-WIDE 62 4.1. Attracting FDI experience of some countries .62 4.1.1. China 62 4.1.2. Malaysia .64 4.1.3. Thailand .66 4.1.4. Singapore .67 4.2. Experience for Vietnam 68 4.3. Role of FDI on socio-economic development in Vietnam 70 4.3.1. Enhancement of investment capital .70 4.3.2. Promotion of economic structure transfer, work creation for employee .70 4.3.4. Contribution of infrastructure and techniques forming for the industrialization and modernization process 71 4.3.5. Contribution of national budget increase .72 5. REVIEW OF RELATED STUDIES 72 6. CONCEPTUAL FRAMEWORK .75 CHAPTER 3 .77 METHODOLOGY .77 1. RESEARCH DESIGN .77 Nguyen Anh Tuan Raphaen Thai Nguyen University ix Southern Luzon State University 2. LOCATION OF THE STUDY .79 4. SAMPLE SIZE AND SAMPLING TECHNIQUE .81 5. DATA COLLECTION PROCEDURE 83 Figure 2. Data collection process 85 6. STATISTICAL ANALYSIS .86 CHAPTER 4 .87 RESESULT AND FINDINGS 87 1. RESEARCH BACKGROUND - AN OVERVIEW OF FDI ENVIRONMENT IN VIETNAM AND THE UNITED STATE .87 1.1. General investment environment of Vietnam 87 1.1.1. Politic environment 87 1.1.2. Geographic and Infrastructure environment 89 1.1.3. Economical and Financial Environment 92 1.1.4. Institutional and Administrative Management environment .95 1.1.5. Labor environment .96 1.2. Trend of FDI attraction in Vietnam 98 1.2.1. Economic growth forecast for Vietnam .98 1.2.2. Comments about FDI from the U.S in Vietnam during 2013 – 2020 99 1.3. POLICIES OF THE U.S ON ABROAD INVESTMENT 102 1.3.1. Summary of the United States .102 1.3.2. Practice of FDI from the US in Vietnam .110 2. RESULTS OF SURVEY ON FDI ENVIRONMENT IN VIETNAM .119 2.1. Foreign Enterprise’s Assessement .120 2.1.1. Process of receiving a project under OSS (One-Stop-Shopping) mechanism 120 Nguyen Anh Tuan Raphaen Thai Nguyen University x Southern Luzon State University 2.1.2. Infrastructure 121 2.1.3. Investment supporting policy .121 2.1.4. Rapid work clearance .122 2.1.5. Ensurement of supplying raw materials, supporting industries .122 2.1.6. Review of foreign investors about the attractiveness for FDI .123 2.2. The State administrator’s assessement .125 2.2.1. Politic evironment 125 2.2.2. Institutional and management environment .126 2.2.3. Geographic and infrastructure environment .127 2.3. Foreign investor’s assessement 128 2.3.1 Evaluating the reliability of statistic data 128 2.3.2. Descriptive statistics 134 2.3.3. ANOVA analysis .135 2.3.4. Hypothesis Testing 139 2.3.5. Factor analysis on regression model 142 CHAPTER 5 .147 CONCLUTIONS AND RECOMMENDATIONS 147 1. CONCLUSIONS 147 2. RECOMMENDATION FOR ATTRACTING THE U.S FDI .150 2.1 Shorterm solutions .151 2.1.1. Politic environment 151 2.1.2. Institutional- Administrative Management 151 2.1.3. Geographic- Infrastructure .153 2.1.4. Economic- Finance 155 2.1.5. Solutions related to human resources 159 . Vietnam. However, US FDI in Vietnam is incommensurable with advantageous potential of two countries. In order to attract efficiently the US FDI, Vietnam. of Commerce and Industry of Vietnam VĐK Registered capital VND Vietnam currency (Dong) VTH Implement capital WB World Bank WTO World Trade Organization