8/16/2023

National Economic University

FOREIGN
INVESTMENT

Giảng viên: PGS TS. Từ Quang Phương

Thời gian 45 tiết

Thi: Tự luận
Kiểm tra: 2 bài. 1 bài cá nhân; 1 bài nhóm

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TÀI LIỆU THAM KHẢO

1. Đầu tư quốc tế. Lê quang Huy. Nxb TP Hồ Chí Minh. 2020
2. Giáo trình Đầu tư quốc tế. Vũ Chí Lộc..Đại học Ngoại thương.
2011.
3. Luật đầu tư 2014..
4. Foreign direct investment: Theory, evidience and practice. Imad A.
Moosa. Palgrave. 2001.
Các trang web Các trang web
• www.unctad.org http://www.mpi.gov.vn
• www.oecd.org • http://fia.mpi.gov.vn
• www.imf.org • http://oda.mpi.gov.vn
• www.worldbank.org • http://vneconomy.vn/tai-lieu.htm

Chapter 1

OVERVIEW ABOUT
FOREIGN INVESTMENT

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CONTENT

I. Concepts, characteristics and classifications of foreign

investment
II.Causes of formation and development of foreign investment
III. Role of foreign investment
IV.Trends of foreign investment
V. Current situation of foreign investment capital flow
VI. Development history of foreign investment

1. DEFINITION 0F FOREIGN INVESTMENT

Investment
resources

Home Host
country country
Nước đi đầu tư Nước nhận đầu tư

Benefit

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1. DEFINITION 0F FOREIGN INVESTMENT

Foreign investment is when a company or individual from one

nation invests in assets or ownership stakes of a company based
in another nation. As increased globalization in business has
occurred, it's become very common for big companies to branch
out and invest money in companies located in other

1. DEFINITION 0F FOREIGN INVESTMENT

According to Vietnam's investment law "International investment

is the transfer of capital or any other form of value by investors of
one country (legal entity or individual) to another country to carry
out productive activities. business or other activities aimed at profit
or social efficiency”.

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Subjects of international investment are investors:

• International economic and financial organizations, Governments
of countries
• Private: are the companies that account for the most volume and
the highest proportion.
Investment vehicle (Capital):

+ Money can be hard foreign currency, local currency etc depending on the
regulations of each country where the investment is received
+ Tangible assets: means of production, factories, goods, construction works
other construction..
+ Intangible assets: including labor power, technology, technological know-
how, patents, trademarks, symbols, goods reputation, etc. In addition, there are
investment vehicles. other specials such as stocks, gold, silver, gems...

Purpose of international investment Profitable.

• Benefits that investment activities bring to investors, expressed
through profit targets.
• From the perspective of the whole economy, the benefits that
investment activities bring are expressed through socio-economic
benefits, with different criteria: such as creating added value for
the economy, creating job

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2. CHARACTERISTICS OF FOREIGN
INVESTMENT
• Investment location: Investment is in a different country from the
investor's country.
• There is a movement of investment capital across borders. Transferred
capital is called international investment. International investment capital
can be money, tangible assets and intangible assets such as machinery,
technology, management skills ...
• The investor is a foreigner
• Purpose to seek profit.

2. CHARACTERISTICS OF FOREIGN
INVESTMENT

 Bearing high risks from the investment environment of host countries.

International investment depends heavily on the diplomatic relationship
between the host country and the host country and the regional and global
political situation.
 There are many barriers to investment
 Enterprises transfer assets abroad to make investment. But not all
resources needed for investment are transferred from one country to another

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3. SOME CONCEPTS RELATED TO FOREIGN

INVESTMENT AND INVESTMENT

1. Real assets and financial assets 1.Tài sản thực và tài sản tài chính

2. Investment capital flows 2. Dòng vốn đầu tư và trữ lượng

vốn đầu tư
3. Concepts related to the
3. Các khái niệm liên quan đến tổ
organization of multinational
chức của các công ty đa quốc
companies gia
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Real estate
Anything fixed, immovable, or permanently attached to it such as appurtenances, buildings,
fences, fixtures, improvements, roads, shrubs and trees (but not growing crops), sewers,
structures, utility systems, and walls. Title to real estate normally includes title to air rights,
mineral rights, and surface rights which can be bought, leased, sold, or transferred together
or separately. Also called real property or realty

What Is a Financial Asset?

A financial asset is a liquid asset that gets its value from a contractual right or ownership
claim. Cash, stocks, bonds, mutual funds, and bank deposits are all are examples of financial
assets. Unlike land, property, commodities, or other tangible physical assets, financial assets
do not necessarily have inherent physical worth or even a physical form. Rather, their value
reflects factors of supply and demand in the marketplace in which they trade, as well as the
degree of risk they carry.

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CAPITAL FLOWS
refer to the movement of money for the purpose of investment, trade or business
production, including the flow of capital within corporations in the form of
investment capital, capital spending on operations and research and development

CAPITAL OUT FLOW

Capital outflow is an economic term describing capital flowing out of (or
leaving) a particular economy. ... Countries with outflow restrictions can find it
harder to attract capital inflows because firms know if an opportunity goes sour
they won't be able to recover much of their investment.

CAPITAL INFLOW
a movement of funds into a particular country, the HOST COUNTRY, from one or
more foreign countries, the source countries.

Bảng: Một số chỉ tiêu liên quan đến FDI và sản xuất quốc tế
(tỷ USD và %)

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4. CLASSIFICATION OF FOREIGN
INVESTMENT

PHÂN LOẠI ĐẦU TƯ QUỐC TẾ

A. According to the owner of the capital source:

FOREIGN INVESTMENT
FLOWS

Official Flows Private Flows

OOFs
ODA OA Other Official FDI FPI INTERNETIONAL
PRIVATE LOANS
Flows
Porfolio Bond Debt Commercial
Equity Flows Flows Loans

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What Are the Different Kinds of Foreign Investment?International

investment or capital flows fall into four principal categories: commercial loans,
official flows, foreign direct investment (FDI), and foreign portfolio investment
(FPI).

• Commercial loans, which primarily take the form of bank loans issued to
foreign businesses or governments.
• Official flows, which refer generally to the forms of development assistance
that developed nations give to developing ones.
• Foreign direct investment (FDI) pertains to international investment in which
the investor obtains a lasting interest in an enterprise in another country.
Most concretely, it may take the form of buying or constructing a factory in a
foreign country or adding improvements to such a facility, in the form of
property, plants, or equipment.

Foreign investments can be split into direct and indirect investments.

• Direct investments are when companies make physical investments

and purchases in buildings, factories, machines, and other equipment
outside of their home country.
• Indirect investments are when companies or financial institutions
purchase positions or stakes in companies on a foreign stock
exchange. This type of investment isn't as favorable as direct
investment because the home country can sell their investment very
easily, on the next day if they choose. Direct investments are usually a
longer-term investment in the economy of a foreign country. It's not
nearly as easy to sell factories, machines, and buildings as it is to sell
shares of stock.

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C. BASIS ON THE RIGHT TO EXECUTE MANAGEMENT

OF INVESTMENT OBJECTS(C2)

• Foreign direct investment (FDI)

• Indirect investment Investment in the form of international

lending - credit, (of which ODA is a special form of
lending)

INTERNATIONAL
INVESTMENT

Direct Portfolio INTER

Investment Investment LENDING

Wholly Joint Acquisition Investment

Owned Venture in FII IPL ODA
Subsidiary

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1. FDI

WHAT IS FDI
From a macro management perspective: The investor directly brings
capital and technology into the host country, carries out the production
and business process, on the basis of hiring, exploiting basic factors in
the host country.
From a micro perspective: The investor contributes a large amount of
capital, which is sufficient for them to directly participate in the
management and administration of capital-paying subjects.
A form of international investment in which foreign investors
contribute a sufficiently large amount of capital to the manufacturing or
service sector, allowing them to directly participate in managing the
object to which they invest.

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1. ĐẦU TƯ TRỰC TIẾP NN (FDI)

• Foreign direct investment (FDI) refers to an investment in or the
acquisition of foreign assets with the intent to control and manage
them. Companies can make an FDI in several ways, including
purchasing the assets of a foreign company; investing in the company
or in new property, plants, or equipment; or participating in a joint
venture with a foreign company, which typically involves an
investment of capital or know-how. FDI is primarily a long-term
strategy.

WHAT IS FDI

Foreign direct investment is a form of investment that an

investor of this country (usually a specific person or company)
invests in another country, in which the investor is directly
involved in the process of transport management. issuing
investment results in accordance with the regulations of the
host country

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CHARACTERISTICS OF FDI
 Foreign investors are directly involved in the management and
administration of capital use activities with the participation rate
proportional to the level of capital contribution.
 Investors are often businesses producing goods and services.
 The objective of the investor is a long-term goal.
 Investor's profits depend on the outcome of the investment.
Profits and losses are distributed to investors in proportion to
their capital contributions after payment of profits tax to the host
country.

2. 'FOREIGN PORTFOLIO INVESTMENT (FPI)

Portfolio investment refers to the investment in a company’s

stocks, bonds, or assets, but not for the purpose of controlling
or directing the firm’s operations or management. Typically,
investors in this category are looking for a financial rate of
return as well as diversifying investment risk through multiple
markets.

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What is 'Foreign Portfolio Investment - FPI'

Foreign portfolio investment (FPI) consists of securities and other
financial assets passively held by foreign investors. It does not
provide the investor with direct ownership of financial assets and is
relatively liquid depending on the volatility of the market. Foreign
portfolio investment differs from foreign direct investment (FDI), in
which a domestic company runs a foreign firm, because although FDI
allows a company to maintain better control over the firm held
abroad, it may face more difficulty selling the firm at a premium price
in the future.

CHARACTERISTICS OF FPI
• Foreign investors only hold securities and do not control the
operation of securities issuing organizations;
• The number of securities that foreign companies are buying, is
limited to a certain extent depending on each country;
• Investor's income: fixed or not, depending on the type of securities
they invest
• The scope of investment is limited to the goods circulating in the
stock market of the host country
• The host country receives capital in cash only, without the
opportunity to acquire modern technology, techniques and
management experience.

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CHARACTERISTICS OF FPI

• FII has high liquidity.

• FII is a short-term investment.

• FII is characterized by instability and reversibility.

• FII has the characteristics of being in many different

forms and very complicated.

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KEY DIFFERENCES BETWEEN FDI AND FII

• FDI is defined as the investment made by a company in the company

situated outside the country. FII is a way to to make quick money, the
entry and exit to the stock market are very easy. On the other hand,
the entry and exit are not easy in FDI.

• FDI brings long-term capital in the investee company whereas FII

may bring long or short term capital in the country.

• In the case of FDI, there is the transfer of funds, resources,

technology, strategies, know-how. Conversely, FII involves the
transfer of funds only.

KEY DIFFERENCES BETWEEN FDI AND FII

• FDI increases job opportunities, infrastructural development in the
investee country and thus leads to economic growth, which is not in
the case of FII.

• FDI results in the increase in the country’s productivity. As opposed

to FII that results in the increase in the country’s capital.

• FDI targets a particular company, but FII does not target a particular
company.

• FDI obtains management control in the company. However, FII does

not enable such control.

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FDI FII
Meaning When a company situated in one FII is when foreign companies
country makes an investment in a make investments in the stock
company situated abroad, it is known market of a country.
as FDI.
Entry and Exit Difficult Easy
What it brings? Long term capital Long/Short term capital
Transfer of Funds, resources, technology, Funds only.
strategies, know-how etc.
Economic Growth Yes No
Consequences Increase in country's Gross Domestic Increase in capital of the country.
Product (GDP).
Target Specific Company No such target, investment flows
into the financial market.
Control over a Yes No
company

3. INTERNATIONAL LENDING

This is a form of international investment, in which the investor

lends money to foreign investors and earns profits from the
loan.

Đây là hình thức của đầu tư quốc tế, trong đó, chủ đầu tư cho nước
ngoài vay vốn và thu lợi nhuận từ số tiền cho vay

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CHARACTERISTICS OF INTERNATIONAL LENDING

• The loan is mainly in monetary form, so it can be easily

converted into other investment vehicles.

• Foreign investors are not directly involved in the

management and use of investment capital. The host
country is free to use the investment capital for its own
purpose.

CHARACTERISTICS OF INTERNATIONAL LENDING

• Vốn vay chủ yếu dưới dạng tiền tệ nên dễ dàng chuyển đổi
thành các phương tiện đầu tư khác.

• Chủ đầu tư nước ngoài không trực tiếp tham gia quản lý sử
dụng nguồn vốn đầu tư. Nước tiếp nhận đầu tư hoàn toàn được
chủ động sử dụng vốn đầu tư theo mục đích riêng của mình.

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4. INTERNATIONAL PRIVATE LENDING (IPL)

International private credit is a form of international

investment in which an investor in one country lends money to
a recipient of investment in another country and earns profits
through interest rates on money for borrow.

CHARACTERISTICS: (FOR IPL OF BANKS)

• The relationship between the investor and the investee is the debt
relationship.
• The investor, before lending, will study the feasibility of the investment
project, require guarantees or mortgage loans to reduce risks.
• Investment capital is usually in the form of currency
• Foreign investors collect profits through bank interest rates as agreed
upon by the two parties

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5.(OFFICIAL DEVELOPMENT ASSISTANCE- ODA)

ODA means grants, grants or concessional credits provided by

governments, intergovernmental organizations, non-
governmental organizations (NGOs), and organizations under
the United Nations system. national (UN), international
financial institutions for developing and underdeveloped
countries.

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CHARACTERISTICS
+ Issued by the government of a country or international organizations to
a country's official agencies.
About the donors (Donors):
• Governments of countries
• Intergovernmental organizations: EC, OECD United Nations
UNCTAD, UNDP, UNIDO, UNICEF, WFP, UNESCO, WHO
International financial institutions: IMF, WB, WTO Non-
governmental organizations (NGOs)

+ Each government will have its own agencies to manage the issuance of
ODA: SIDA, AusAID, JICA, USAID, IAE, CIDA ...

6. OTHER OFFICIAL FLOWS (OOF)

Other official flows (OOF) are defined as official sector transactions that do
not meet official development assistance (ODA) criteria. OOF include: grants
to developing countries for representational or essentially commercial
purposes; official bilateral transactions intended to promote development, but
having a grant element of less than 25%; and, official bilateral transactions,
whatever their grant element, that are primarily export-facilitating in purpose.
This category includes, by definition: export credits extended directly to an aid
recipient by an official agency or institution (official direct export credits); the
net acquisition by governments and central monetary institutions of securities
issued by multilateral development banks at market terms; subsidies (grants) to
the private sector to soften its credits to developing countries; and, funds in
support of private investment. This indicator is measured in million USD
constant prices, using 2018 as the base year.

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OTHER OFFICIAL FLOWS (OOF)

Other official flows (OOF) are defined as official sector transactions that do
not meet official development assistance (ODA) criteria. OOF include: grants
to developing countries for representational or essentially commercial
purposes; official bilateral transactions intended to promote development, but
having a grant element of less than 25%; and, official bilateral transactions,
whatever their grant element, that are primarily export-facilitating in purpose.
This category includes, by definition: export credits extended directly to an aid
recipient by an official agency or institution (official direct export credits); the
net acquisition by governments and central monetary institutions of securities
issued by multilateral development banks at market terms; subsidies (grants) to
the private sector to soften its credits to developing countries; and, funds in
support of private investment. This indicator is measured in million USD
constant prices, using 2018 as the base year.

5. FOREIGN INVESTMENT
DIFFERENCE FROM DOMESTIC INVESTMENT

PHAN BIET DTQT VS DTTN

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II. CAUSES OF FORMATION AND

DEVELOPMENT OF FOREIGN
INVESTMENT

II. CAUSES OF FORMATION AND DEVELOPMENT

OF FOREIGN INVESTMENT

1. The level of uneven development of production forces and uneven distribution

among production factors.
2. Due to the strong development of scientific and technical revolution

3. The process of globalization is growing strongly to create a favorable

environment for the movement of resources, including investment between
countries.
4. International investment to avoid protectionist barriers to trade and market
dominance, expanding the power of transnational companies (TNCs)

5. Offshore investment to limit risks

6. Take advantage of tax policy

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III. ROLE OF FORIGN

INVESTMENT
VAI TRÒ CỦA ĐẦU TƯ QUỐC TẾ

2. ROLE OF FOREIGN INVESTMENT FOR

HOME COUNTRY

Looking to expand market

Positive Find raw material market

impact

Extend the life cycle of industrial products

Increase profits

Expanding economic and political power

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2. ROLE OF FOREIGN INVESTMENT FOR

HOME COUNTRY

Negative impact on the

environment ?
Negative
?
impact

.....

2. ROLE OF INTERNATIONAL INVESTMENT

FOR HOST COUNTRY
Create jobs, increase income for workers

Supplementing important capital

Positive Learning management experience,

advanced and modern working style from
impact
the host country.
Increased import and export
XNK 30 NĂM CỦA FDI TẠI VN

Acquire modern technology.

Tiếp thu được công nghệ hiện đại.
Impact on the national balance of payments
Tác động đến cán cân thanh toán quôc gia

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ADVANTAGES OF FOREIGN INVESTMENT

Below are the different advantages and disadvantages of International

Investment:
Advantages
• Foreign Investment can stimulate the country’s economy and also boost the
local industries.
• International Investment creates new job opportunities, this leads to an
increase in the purchasing power of people and increase their standard of
living.
• Parent enterprises would also provide investment to get additional
expertise, technology, and products.
• As an Investor International Investment is an opportunity to expand his
business, diversify his portfolio, to get entry into the new market.
• Reduction in cost of production.
• Tax Incentives

Wealth gap ↑.

Negative Causing environmental pollution.

impact
Depends on the request of the
investor.
Issues of social evils, increasing diseases

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DISADVANTAGES

• International Investment makes things tough for local

companies by creating huge competition.

• The risk of Political change will always be a concern for

investors as it can lead to expropriation.

• Unstable Economic condition can make your investment

economically non-viable.
• International Investment can impact exchange rates that can
make things worse for the investor or the target economy.

A. ENVIRONMENTAL POLLUTION PROBLEM

Environmental pollution
• Out of resources
• Technology consumes energy, discharges into
the environment
• Causes of adverse effects on the environment

Một là, luật pháp, CS thực hiện chưa nghiêm, xử phạt nhẹ

Hai là, chi phí xử lý thải tốn kém, trách nhiệm của DN chưa cao

Ba là, các cơ quan chức năng nhà nước còn buông lỏng quản lý, thiếu kiểm tra
giám sát.

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B. LINK FDI ENTERPRISES WITH

VIETNAMESE ENTERPRISES
The link between domestic enterprises and FDI enterprises is very weak;
undeveloped supporting industry. Reason:
• For foreign investors
- Because there are still few large TNCs in the world investing in
Vietnam.
- Due to the investment field and market orientation of TNCs

• Cause from domestic enterprises

- Weak capacity and lack of initiative of domestic enterprises themselves did
not meet the strict standards of FDI enterprises.

Nguyên nhân từ phía DN trong nước (tiếp)

- Tốc độ đổi mới công nghệ, thiết bị của các doanh nghiệp Việt Nam
chưa đạt yêu cầu phát triển
- Chất lượng sản phẩm, giá cả và thời gian giao hàng không tốt

Các nguyên nhân khác

- Vấn đề thiếu thông tin từ cả hai phía
- Sự cạnh tranh về nguồn lực của DN FDI với DN trong nước
- Vấn đề quy hoạch cũng đóng góp vào sự yếu kém của các quan hệ
này
- Tác động của hội nhập, nhiều DN từ bỏ sản xuất và NK sản phẩm và
phân phối ở thị trường Việt Nam

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C. EMPLOYMENT ISSUES

D. POTENTIAL RISK OF FPI

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TIỀM ẨN RUI RO CỦA DONG FPI

(i) The ability to put pressure on inflation, exchange rate (local currency
appreciation and affect the competitiveness of goods exports) when FPI
capital inflow is high;
(ii) (ii) FPI capital can create price bubbles not only in the stock market but
also in other asset markets such as real estate, causing credit risk due to
excess capital in the system...
(iii) (iii) Risk of reverse capital flows when large price bubbles in asset
markets combined with weaknesses of the financial system and the
economy. In addition, the volatility of the markets of other countries will
also affect the ability to reverse this capital flow.

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TÁC ĐỘNG TIÊU CỰC DTQT

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DTQT TÁC ĐỘNG DEN KTXH VIET NAM

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IV. TRENDS OF
FOREIGN INVESTMENT

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XU HƯƠNG DONG VỐN FDI

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DONG VỐN FDI TOÀN CẦU

1. The trend of international investment

liberalization

Xu hướng tự do hóa đầu tư quốc tế ?

Reducing and eliminating barriers to

investment activities Competitive and
equal investment environment Favorable
and open capital movement

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2. M&A (mergers & acquisitions) flourished

+ New wave of mergers taking place around the world

+ Mergers in most industries
+ Mergers and acquisitions take place within the industry and in
different industries

M&A (mergers & acquisitions) phát triển mạnh mẽ

3. There is a change in international investment flows

Có sự thay đổi về dòng vốn đầu tư quốc tế

FDI sector: investment

capital moves from developed
countries to emerging
economies, especially Asia,
Southeast Europe

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FOR DIRECT INVESTMENT

1. The flow of direct investment is mainly in industrialized

countries (OECD).
2. There is a big change in the correlation of the force of
international investors
3. There is a profound change in the field of investment
4. Asia-Pacific region attracts the most FDI capital The wave of
FDI investment from Asian countries to foreign countries
increased.
5. After the 2008 crisis, capital flows tend to shift from West to
East

FOR DIRECT INVESTMENT

6. There are many new forms of foreign direct investment

(license for contracts, contracts for managing investment
projects invested by foreigners ...)
7. Many developing countries adjust their policies, making the
investment environment more attractive in attracting
foreign capital
8. The trend of land associated with the 4.0 revolution

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ODA TRENDS

Many important commitments

in the supportive relationship
Feminist issues
Environmental
protection is a priority
ODA increases slowly
and tends to decrease
Developing countries compete
to attract ODA

FOR INDIRECT INVESTMENT

• More and more important commitments

• Development goes hand in hand with environmental
protection, fighting against climate change
• Enhance the role of women in the development
process

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V. THỰC TRẠNG DÒNG VỐN

ĐẦU TƯ QUỐC TẾ

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Giai đoạn 2000 - 2007, trước khủng hoảng

tài chính 2008 - 2009, dòng vốn đầu tư
(FDI và FPI) vào các thị trường mới nổi
và cận biên tăng liên tục với mức tăng
mạnh hơn nhiều so với dòng vốn vào thị
trường phát triển. Cụ thể, lượng vốn vào
các nước mới nổi và cận biên lập kỷ lục
vào năm 2007, đạt 834 tỷ USD và gấp 4,3
lần lượng vốn vào năm 2000. Trong khi
đó, dòng vốn vào thị trường phát triển chỉ
tăng 24% trong giai đoạn 2000 - 2007
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VIỆT NAM: “LỢI NHUẬN TỐT, RỦI RO CHẤP NHẬN ĐƯỢC”

Việt Nam được xếp vào nhóm các thị trường cận biên theo phân loại của MSCI dựa vào
một số các tiêu chí. Do đó, để tìm ra lời giải cho câu hỏi “TTCK Việt Nam hấp dẫn như thế
nào so với các thị trường khác”, chúng tôi chọn lọc so sánh với một số các thị trường cận
biên và mới nổi trong khu vực châu Á và trên thế giới, bao gồm Indonesia, Malaysia,
Thailand, Philippines, Nigeria, Kazakhstan, Ả Rập Saudi, Egypt, Argentina, Pakistan.

Xét về quy mô nền kinh tế và

TTCK, Việt Nam vẫn khá nhỏ
bé so với hầu hết các nước trong
danh sách so sánh. Tuy nhiên,
Việt Nam thể hiện sự tăng
trưởng đều đặn đối với các chỉ
tiêu GDP, quy mô vốn hóa cũng
như thanh khoản trên sàn giao
dịch chính trong ba năm trở lại
đây.
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Điểm nổi bật của Việt Nam so với

các thị trường kể trên là chỉ số định
giá P/E (sàn giao dịch chính) thấp
nhất trong suốt 3 năm qua trong điều
kiện rủi ro vỡ nợ quốc gia của Việt
Nam được các NĐT quốc tế đánh giá
ngày càng khả quan hơn. Bằng
chứng là giá CDS (hợp đồng bảo
hiểm rủi ro vỡ nợ) của trái phiếu
chính phủ Việt Nam kỳ hạn 2 năm từ
đầu năm 2014 đến nay đã giảm
42,11% bất kể sự kiện “căng thẳng
biển Đông” với Trung Quốc xảy ra
vào đầu tháng 5 vừa qua.
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 8/16/2023

THANK YOU

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