UNIVERSITY OF FINANCE – MARKETING

FOREIGN DIRECT INVESTMENT (FDIS) AND

TRANSNATIONAL CORPORATIONS (TNCS) IN VIETNAM

Lecturer: Nông Thị Như Mai

Student's name Student's code

Nguyễn Đặng Nhã An 2021009195
Nguyễn Thị Kim Chi 2021001334
Nguyễn Thái Hùng 1821002532
 Content

I. Table of Contents
II. Introduction......................................................................................................1

III. Content.............................................................................................................1
I. FDI............................................................................................................................................................1

II. TNCs......................................................................................................................................................6

III. Vietnam's FDI attraction policy............................................................................................................9

IV. The main issues of inadequacies, difficulties and problems around the attraction of FDI of Vietnam
today...............................................................................................................................................................11

V. Achievement............................................................................................................................................12

VI. Vision..................................................................................................................................................13

IV. Conclusion.....................................................................................................13

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 Table of Figures
Table 1: Foreign direct investment inflows, top 20 host economies, 2020 (Source:UNCTAD).............................5
Table 2 Structure of foreign direct investment by industry in 2021. (Source: FIA)...............................................6
Table 3 top 10+ reputable and leading TNCs listed in the Vietnamese market
(Sourcehttps://glints.com/vn/blog/cac-cong-ty-xuyen-quoc-gia-o-viet-nam/#.Y3Nd03bP25c).............................9
 A. Introduction
Vietnam has been a popular location for foreign direct investment (FDI), particularly from
multinational corporations (TNC). With Vietnam, the likelihood of attracting FDI is expanding
as the country's transnational economic integration process becomes more solid. Not only are
international firms contributing directly to budget income through duty payment, talent transfer,
and job creation, but large-scale investment projects are also returning. The large "magnet" leads
to numerous other foreign direct investment system (FDI) in Vietnam. The purpose of the
following essay is to discuss the models, main issues and policy measures of Vietnam to attract
FDI based on the knowledge content of FDI and TNC over the past years.

B. Content
I. FDI
1) Definition of FDI:

The FDI expression is the word Foreign Direct Investment. This is a long-term investment of
foreign individualities or companies in another country by establishing such production, business
and operating establishments. According to WHO World Trade Organization, foreign direct
investment (FDI) means an investor from a country (investor) has property in another country
(country attracting investment) together with the right to manage that property. What
distinguishes FDI from other financial instruments is the right to control. In almost cases,
investors and assets they manage abroad are business establishments. (htt12)

2) The Law, regulations

According to the Investment Law 2005 (this document has expired), foreign-invested enterprises
include enterprises established by foreign investors to carry out investment activities in Vietnam;
Vietnamese enterprises by foreign investors buying shares, mergers, and acquisitions (in short,
all of them are foreign investors).

Currently, the Investment Law 2020 (the document in effect) only defines in general terms that a
foreign-invested economic organization is an economic organization whose foreign investors are
members or shareholders.

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Thus, according to this regulation, compared with the concept of FDI enterprises, current
Vietnamese Law recognizes the activities of foreign investors in our economy in a broader scope
than that of enterprises with foreign investment. (Vy, n.d.)

3) Characteristics of forms of foreign direct investment:

 Characteristics

The main purpose of FDI is none other than to bring profits to investors. The regulation on the
minimum amount of FDI that investors need to contribute to having control and control in each
country is not applicable. The business results of the invested enterprises are the basis for
calculating profits from FDI. Most forms of FDI investment are accompanied by technological
superiority, so work productivity is significantly improved. The investor decides the investment
field and location. (htt) (Vy, n.d.)

 The characteristics of FDI are all aimed at profit purposes

 Classify forms
When operating, FDI will be categorized based on a wide range of factors, including penetration, industry
relations, investment orientation, the orientation of the FDI owner and legal foundation. You may get a
deeper understanding of each category right below.

o According to the method of infiltration of FDI when operating, it will manifest as

follows:
It consists of New investments, Acquisitions and Mergers.
New investment is the form that the company will invests in a new working facility for production or
advertising or as an administrative center. Everything will be entirely new to serve its intended use.
The acquisition is a form of investment or acquisition by a company in an operating unit or production
plant to reduce costs.
A merger is a unique type of investment firm when two units pool their cash after purchase to establish a
new, stronger company. Because there is a chance to combine their operations on a relative equilibrium
basis, this is often done amongst entities of the same size.

o According to the orientation of investment, FDI can also use the orientation of
investment to operate as follows:
Import substitution: Investment countries will produce and export to the markets of the countries where it
is investing in all the products that the government previously had to import.
Active export: Investment countries target more markets instead of focusing on the host country.
Government-oriented to promote investment from abroad.
It depends on the government orientation of each country receiving FDI
 o According to the legal form, FDI will be invested in the following activities:
Business cooperation by signed documents. Venture business. Enterprises with wholly foreign capital.
The two sides will apply in the direction of BTO - BOT – BT (Build – Transfer – Operate)
 Therefore, businesses in the receiving nations know the immense growth potential, regardless
of how FDI is utilized. At the same time, money from abroad will keep pouring into that
nation. (Vy, n.d.)

4) The influence of FDI on the world economy and investment in a country:

Foreign direct investment offers advantages to the investor and the foreign host country, and
these incentives encourage both parties to engage in and allow FDI.

Some of the advantages for businesses are as follows:

 Market diversification to expand market share or enter new markets.

 Tax incentives
 Lower labour costs
 Preferential tariffs
 It is helping investors take advantage of the host country's advantages, reducing
production costs. So it keeps prices low for consumers. (htt15)

Attracting FDI is the goal of numerous countries, especially developing countries, including
Vietnam.

In Vietnam, attracting foreign direct investment (FDI) associated with sustainable development
has become an important goal in the socio-economic development strategy. The reason is that
investment brings many advantages to the countries receiving investment, such as:

 Promote technology transfer, thereby creating more pressure in the market,

making competition among enterprises more intense, forcing domestic enterprises to
invest in technological innovation, and technology for business.
 Promote economic restructuring and improve industrial production capacity.
 FDI promotes technology transfer and development, especially in developing
countries.
 FDI contributes to improving the balance of payments.

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  FDI contributes to helping investment recipient countries, especially developing
countries, integrate deeply into international economic life, and join with economic
organizations in Asia and around the world.
 Through FDI, jobs are provided, and the development of local human resources

Despite its many advantages, FDI still has disadvantages that make investment recipients
hesitant such as:

 Easy to leads to an imbalance in investment structure by industry or region

 The phenomenon of "transfer pricing" is quite common in foreign direct investment.
 Can cause environmental pollution to increase rapidly
 Creating competitive pressure on domestic companies, leading to the risk of increasing the
bankruptcy of domestic economic establishments and traditional industries and unequal
competition.
 Losing many traditional jobs and not paying due attention to training for workers.
 The risk of money laundering (htt10)

Thus, in addition to the benefits that FDI brings to the host country, some limitations must be
kept in mind. (Vy, n.d.) (htt11)

5) FDI in Vietnam:

As one of the investment recipient countries, Vietnam has many conditions to attract investors,
such as:

 Stable and flexible politics

 The government runs the country decisively

 Important geographical location: Vietnam is centrally located in Southeast Asia with a long
coastline; owns a considerable advantage with essential trade routes around the world

 Abundant and cheap young labour force

 Good production and circulation infrastructure and investment incentives. (htt1)

There are some examples of FDI companies in Vietnam: VEDAN-VIETNAM CO., LTD;
HanSung Haram Vietnam Co., Ltd/Han Sung Yarn and Thread Manufacturing and Dying
Factory; Pepsi Vietnam Company; Coca-Cola Vietnam Beverage Co., Ltd; …

Since 1987 when the Law on Foreign Investment was promulgated, Vietnam began to open its
doors to foreign direct investment. However, Vietnam's FDI attraction flourished when our
country joined the World Trade Organization (WTO) in 2007. (Ngọc, n.d.)

After 2007, the FDI capital in Vietnam increased sharply, making Vietnam a large FDI attraction
country in Southeast Asia. Most notably, by 2020, Vietnam has been in the top 20 countries
attracting the most FDI globally. Since 2020, due to the impact of the Covid-19 epidemic, FDI
capital in many countries has decreased significantly. Still, Vietnam has only been affected
slightly, which has proven the great attraction of Vietnam in attracting FDI. Vietnam is one of
the top 20 host economies inflowed by Foreign direct investment in 2020. (htt13)

Table 1: Foreign direct investment inflows, top 20 host economies, 2020 (Source: UNCTAD)

For the first time, Vietnam is among the top 20 countries attracting the world's most foreign
direct investment (FDI) capital, according to World Investment Report 2021 by the United
Nations Conference on Trade and Development (UNCTAD).

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The latest data from the Foreign Investment Agency (Ministry of Planning and Investment)
shows that in the first half of 2022, there were 487 projects registered to adjust investment
capital (up 5.9% over the same period), with the total additional registered capital reaching
nearly 6.82 billion USD (up 65.6% over the same period).

Vietnam's overall FDI inflows in 2021 are expected to exceed 31.15 billion USD, a 9.2 percent
increase over 2020. Foreign investors have invested in 18 of the 21 national economic sectors,
with the processing and manufacturing industry leading the way with over 18.1 billion USD in
total capital, accounting for around 58 percent of total registered investment capital. (htt14)

FDI structure by industry in Vietnam

7%
3%
5% manufacturing and processing
industry
Production and distribution of elec-
tricity, gas, water, air conditioning
9%
Real estate business
Wholesale, retail, repair of cars
and motorbikes
Professional activities, science and
58% technology
Other industries
18%

Table 2 Structure of foreign direct investment by industry in 2021. (Source: FIA)

Although the electricity production and distribution of electricity has attracted a small number of
new projects, adjust as well as contributed capital to buy shares, there are projects with large
capital scale, so it ranks second with a total investment of over 5.7 billion USD, accounting for
18.3% of total registered investment capital.

Next is the real estate business; wholesale and retail with a total registered capital of over $2.6
billion and over $1.4 billion. (ĐTNN, n.d.)
 II. TNCs
In the long-term economic development orientation, attracting transnational corporations (TNCs)
is one of the ways to help promote foreign investment and enhance the positive influence of FDI.
Therefore, countries open their markets, encourage FDI and even compete with each other in
attracting TNCs. As a result, TNCs have expanded quite rapidly.

1) Definition of TNCs

Business that are worldwide in scope are referred to as global business. They sell their
goods by utilizing the same image or brand across all markets. A transnational
corporation that operates on a worldwide scale is fundamentally a global company.

2) The main characteristics of TNCs

 Diversification: To satisfy the diverse needs of foreign target markets, TNCs have no
other active choice but to diversify their products, and thus each of the company's product
groups. must be in the direction of "Differentiation".
 Standardization: To focus on standardized products to meet the uniform wants of
customers, TNCs identify the identical needs and tastes of various international markets
across a vast geographic region. most items, especially on the worldwide market, which
has the most markets.
 Globalisation: This feature of TNCs is most often expressed in phase 4 of the
international opening process. The entire marketing mix strategy activities of large TNCs
often extend on a global level, such as global market strategy, global product strategy,
global pricing strategy.
 Internationalization: This is a prominent feature of TNCs taking place mainly in phase 3
in the process of international opening. It is also a process of efforts to expand TNCs'
business activities to a series of countries across the region that have the most
advantages. This feature is also known as multi-nationalization/regionalization (such as
the entire Asia-Pacific region or the whole of Europe...). (htt2)
3) Strategy of TNCs:

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TNCs attach great importance to the formulation and implementation of business
strategies. These strategies are often long-term in nature, some of which are used such as:
Globalization, diversification, localization, technology transfer and development, human
resource development, merger and acquisition (M&A), ... Here are some frequently used
strategies:

 Global integration: about conducting the management of scattered activities in

localities in the international scope.

Ex: Canon factories in Europe or IBM Toyota factories all over the world.

 Diversification strategy: Normally, each TNC base on its advantages to build a

key product as a mainstay and then gradually expand to other areas (obtain high
profits and minimize risks).
Ex: Kinh Do Confectionery JSC has diversified its by-products and launched
products into the market.
 Mergers and Acquisition (M&A): This is an activity to gain control of an
enterprise through a merger or acquisition between two or more businesses to own
part or all of that business.
Ex: ThaiBev - Sabeco, Central Group - Big-C, GIC Private Limited - Vinhomes
 Local Responsive-ness: Based on local demand and competition, each subsidiary
makes its own policy on resource allocation. (Ngọc, n.d.)
4) The role of TNCs in the world economy and the host country
 Promoting international trade
o Changing structure of international trade
o Exchange of goods and services by TNCs. (Exchanges between TNCs' branch
companies are often associated with transfer pricing → causing damage to the
host country)
o Changes in partnership structure
 Promoting international investment
o Promoting investment liberalization among countries
 o Promoting the flow of investment capital around the world
o Increase the capital accumulation of the host country
 Human resource development and job creation
o Create direct and indirect jobs
o Improve working conditions
 Role for technology transfer
o TNCs are the main actors in world technology transfer
o Technology transfer through: direct investment, equity investment, alliances, ...
(Ngọc, n.d.)
5) TNCs in Vietnam. Evaluate:

- Below are the top 10+ reputable and leading TNCs listed in the Vietnamese market such as:
1. Procter & Gamber (P&G) 
2. Unilever 
3. Microsoft 
4. Pepsico Foods
5. Nestlé
6. Honda 
7. Abbott
8. Coca Cola 
9. Samsung 
10. IBM
Table 3 top 10+ reputable and leading TNCs listed in the Vietnamese market (Source https://glints.com/vn/blog/cac-cong-ty-
xuyen-quoc-gia-o-viet-nam/#.Y3Nd03bP25c )

=> This not only helps solve the problem of jobs for Vietnamese workers but also helps
Vietnam's economy become more attractive in the eyes of investors.

III. Vietnam's FDI attraction policy

In 2022, foreign investment is increasing. Therefore, the Government has been implementing
policies to attract foreign investment as follows:

 Create an attractive investment environment: investors have to adjust the purposes, forms
and scope of activities accordingly, creating favourable conditions for business activities
and leading to high business efficiency.

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 Ensuring the basic interests of investors:

o Guarantee not to be deprived of benefits: this is stipulated in the first provisions of the
Law on Foreign Investment.
o Guarantee for loss: because of nationalization (In Vietnam, the Law stipulates that
foreign-invested enterprises are not nationalized), destroyed by war, or non-
convertible currency.
o Foreign exchange transfer/send: in all cases, foreign investors must be repatriated if
they want.

 Have a protection and priority strategy for investors and foreigners:

o Recruiting foreigners: to ensure benefits for investors. The State of Vietnam has
regulations on the recruitment of foreigners, such as the number of foreign workers,
the issuance of residence cards, and the necessary industries to employ foreign
workers
o Ensure intellectual property rights: on inventions, trademarks.

o Government priority: Government loans or grants are considered as one of the

incentives for investment.
o Ensure a fair, competitive environment: (Ex: to protect imported goods of the infant
industry, the State and Government must clearly distinguish the preferences for each
region)
o Fairness in taxation and tariff barriers.

 Incentives on land for foreign investors: for investors, the most favourable thing is to own
real estate. Because it gives foreign investor confidence in the stability of the investment
as well as other rights.

 Tax exemption and reduction: a part of FDI policy. Focus on tax policies such as
corporate income tax, import and export tax, personal income tax.

 Government subsidies:

o Allow operating costs to be included in the project's costs for a certain period of time.
 o Enjoy certain incentives if using profits to reinvest.

o Investment subsidy, not subject to investment obligations for a certain period of time.

 Special incentives: The Government ensures the principle of a "level playing field."

o Treat multinational companies as listed companies on the stock market and enjoy
similar incentives
o Allow multinational companies to establish joint stock companies

o Encourage multinational companies to transfer technology and conduct internal

procurement, as well as encourage the establishment of headquarters by allowing the
establishment of shopping centres of multinational companies in the host country and
simplify the procedures...
o Encourage the establishment of offshore financial institutions to encourage foreign
enterprises to invest in the host country. Host governments tend to waive taxes and
financial obligations as well as facilitate the establishment and operation of offshore
financial institutions.

 There are laws to help foreign investors operate smoothly: including non-financial incentives
such as allowing unlimited recruitment of foreign workers, guaranteeing the
transfer/remittance of capital and profits back home; signing agreements; Authorization to
sell consumer goods to end consumers, not through an agent or trading company, and own
real estate. (htt3)

 Attract and Investment in TNCs and MNCs for the development of supporting industries in
Vietnam is an urgent need to help domestic enterprises participate in the global production
network and global value chain. (htt4)

IV. The main issues of inadequacies, difficulties and

problems around the attraction of FDI of Vietnam today

 Vietnam's supporting industry is developing quite slowly. Because in order to develop

Vietnam to develop supporting industries, businesses need medium and long-term capital
while banks usually only provide short-term loans. Moreover, the supporting industry

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 requires intensive technology while the science and technology level of domestic
enterprises is still weak.

=> Solution: Develop specific policies to attract FDI in an effective way to have large capital,
improve capacity, science and technology level. Enterprises producing products belonging to
supporting industries in the country develop, creating favorable conditions for Vietnamese
enterprises to participate in the global value chain. (htt5)

 Environmental issues after more than 30 years of attracting FDI: Environmental

protection is a requirement throughout economy the development process. As most of the
trend of exporting pollution from developed countries to developing countries through
FDI is increasing, Vietnam is at risk of becoming one of the countries with a high level of
pollution imports.

=> Currently, Vietnam continues to attract "green" FDI. Changing policy to appropriate with the
goal of sustainable development. The state follows the policy: “Fast, effective and sustainable
development, progress, social justice and environmental protection"; "Socio-economic
development is closely linked with the protection and improvement of the environment, ensuring
the harmony between the artificial environment and the natural environment, preserving
biodiversity". (LOAN, 22/11/2019)

 The issue of bribery and corruption diverting investment capital makes foreign donors
more hesitant when pour capital into Vietnam (htt7)

=> Vietnam is committed to administrative reform and raising the ethical standards of cadres and
civil servants at all levels.

V. Achievement
-At the Prime Minister's Conference with foreign-invested enterprises on 17/9–20/8/2022,
According to the report, Vietnam has attracted more than 35.5 thousand valid FDI projects with a
total registered capital of over 430 billion USD. Realized capital of FDI projects is 264.4 billion
USD, equal to 61.5% of the total valid registered investment capital. In the eight months of 2022
alone, 94 countries and territories have invested nearly 16.8 billion USD in Vietnam.
- According to the survey results of the Japan Trade Promotion Organization (JETRO), currently,
55% of Japanese enterprises in Vietnam have plans to expand their operations (the highest in
ASEAN). And Vietnam ranks second in terms of where businesses want to expand their
operations (after the United States).

- From 2013 to 2022, FDI capital in Vietnam maintained a relatively high growth rate in terms of
the number of newly registered, supplemented and disbursed projects. FDI inflows account for a
significant proportion of the total investment capital of the whole society. FDI capital is
disbursed quickly, which means that the production scale of economic sectors is expanded,
creating conditions to promote economic growth.

- In addition, during more than two years of the Covid-19 epidemic, the FDI sector has always
trusted and accompanied the Government of Vietnam, maintaining production and business
activities, ensuring jobs and income for people. Labor, and prevent supply chain disruption. This
has made an important contribution to realizing the Government's dual goals of epidemic
prevention, recovery and socio-economic development (htt8)

VI. Vision
By 2045, Vietnam will become one of the leading smart manufacturing and service centers,
start-ups and innovation centers in Asia.

- In 10/2022, the Ministry of Planning and Investment, in collaboration with the Central
Committee of the Ho Chi Minh Communist Youth Union, organized a workshop on
"Mechanisms and policies to create a breakthrough for innovation and entrepreneurship in
Vietnam". The delegates discussed mechanisms and policies to attract FDI, obstacles, pointed
out the advantages of leading countries such as Singapore and Saudi Arabia, and learned about
the "Innovation Economic Strategy".

- In addition, representatives of investment funds, businesses, and youth start-up communities

suggested that the Government soon issue guidelines on the establishment of innovation and
start-up centers with private capital and receive private funding. preferential policies as
stipulated in the Law on Investment 2020.

- Identify strategic partners in attracting FDI and effective approach.

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 C. Conclusion
In the medium and long-term vision, attracting FDI is an important factor contributing to
Vietnam's economic growth. And attracting TNCs is one of the ways to achieve effective FDI.
However, we must have a comprehensive view of all aspects of attracting FDI to the economy,
politics, and society, especially paying attention to the environment. Then, offer appropriate
solutions and develop specific plans to overcome the inadequacies and challenges being
encountered. (htt9)
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