Luận án Vốn cho tăng trưởng kinh tế bền vững: Trường hợp nghiên cứu tại tỉnh Đồng Nai, Việt Nam

MINISTRY OF EDUCATION AND TRAINING STATE BANK OF VIETNAM BANKING UNIVERSITY OF HO CHI MINH CITY DO THI LAN DAI CAPITAL FOR SUSTAINABLE ECONOMIC GROWTH: THE CASE FROM DONG NAI PROVINCE IN VIETNAM DISSERTATION IN FINANCE - BANKING HCMC, 09/2022 MINISTRY OF EDUCATION AND TRAINING STATE BANK OF VIETNAM BANKING UNIVERSITY OF HO CHI MINH CITY DO THI LAN DAI CAPITAL FOR SUSTAINABLE ECONOMIC GROWTH: THE CASE FROM DONG NAI PROVINCE IN VIETNAM DISSERTATION IN FINANCE - BANKING Major: Finance - Banking CODE: 9 34 02 01 Advisor: Assoc. Prof. Dr. Hoang Thi Thanh Hang HCMC – 09/2022 i COMMITMENT The author guarantee that the dissertation “Capital for sustainable economic growth: the case from Dong Nai province in Vietnam” is the research. Except for the references cited in this dissertation. The author guarantee that the whole or a small part of this dissertation has never been published or used to obtain a degree elsewhere. No other people’s products/studies have been used in this dissertation that has not been appropriately cited. This dissertation has never been submitted to receive any degree at any university or other training institution. HCMC, September 02, 2022 D Do Thi Lan Dai ii ACKNOWLEDGEMENT The author would like to sincerely thank the Banking University of Ho Chi Minh City administrators and teachers, especially the teachers directly teaching K22 Ph.D. students who have enthusiastically taught, passed on experience, and supported the author while studying at the Banking University of Ho Chi Minh City. The author would like to express his gratitude and respect to the science instructor, Assoc. Prof. Dr. Hoang Thi Thanh Hang enthusiastically supported, encouraged, and instructed the author to implement and complete this dissertation. The author also expressed gratitude to the Board of Directors and officers at enterprises in Dong Nai province, managers who participated in the author’s interviews and surveys. The author also thanked family and friends for their help, creating favorable conditions for the author to complete the dissertation. Although the author has made great efforts, the dissertation cannot avoid its shortcomings. I hope to receive comments from my teachers and friends. Sincerely! HCMC, September 02, 2022 Author Do Thi Lan Dai iii ABSTRACT In recent years, the mobilization and use of investment capital, especially foreign investment capital, have significantly affected the country’s speed and quality of economic growth and each locality. Besides, Dong Nai has favorable conditions to develop the marine economy with the Southeast provinces. These economic, demographic, and geographic factors help facilitate Dong Nai’s promotion of economic development. However, Dong Nai still faces significant challenges in developing specific sectors and products with comparative advantages. Attracting and effectively using investment capital is always a complex problem for locations still weak in infrastructure, financial sophistication, attractive policies, the efficiency of using capital sources, and many inadequacies when implementing investment projects. Therefore, this study aims to identify factors affecting the investment capital attraction for sustainable economic growth. The author tested Cronbach’s Alpha, confirmatory factor analysis (CFA), and structural equation model (SEM). Based on the research results, the author proposed policy implications for attracting investment capital for sustainable economic growth in Dong Nai province. The study surveyed 1.000 managers related to enterprises with investment capital in Dong Nai province, but 939 samples were processed and answered 39 questions. The data was collected from June 2020 to November 2020. Based on the things mentioned above, eight factors affect the investment capital attraction for sustainable economic growth in Dong Nai province. Technology (Te); Working and living environment (Wle); infrastructure (In); investment costs (Ic); human resources (Hr); investment policies (Ip); regional connectivity (Rc); and public service quality (Psq). Besides. The results are also scientific and important for Dong Nai province researchers and policymakers to apply research results to improve investment capital attraction based on high and low standardized coefficients. Finally, the author proposed policy implications for attracting investment capital to improve Dong Nai province's sustainable economic growth: technology, Working and living environment, infrastructure, investment costs, human resources, investment policies, regional connectivity, and public service quality. Keywords: Capital, sustainable, economic, growth, Dong Nai, Vietnam. iv TÓM TẮT LUẬN ÁN Trong những năm gần đây, việc huy động và sử dụng vốn đầu tư, nhất là vốn đầu tư nước ngoài đã ảnh hưởng không nhỏ đến tốc độ và chất lượng tăng trưởng kinh tế của cả nước và của từng địa phương. Bên cạnh đó, Đồng Nai có điều kiện thuận lợi để phát triển kinh tế với các tỉnh Đông Nam Bộ. Các yếu tố kinh tế, nhân khẩu học và địa lý này giúp tạo điều kiện cho Đồng Nai thúc đẩy phát triển kinh tế. Tuy nhiên, Đồng Nai vẫn phải đối mặt với những thách thức lớn trong việc phát triển các ngành, sản phẩm cụ thể có lợi thế so sánh. Thu hút và sử dụng hiệu quả vốn đầu tư luôn là một bài toán phức tạp đối với các địa phương còn yếu kém về cơ sở hạ tầng, khó khăn về tài chính, chính sách hấp dẫn, hiệu quả sử dụng các nguồn vốn, còn nhiều bất cập khi triển khai các dự án đầu tư. Do đó, nghiên cứu này nhằm xác định các nhân tố ảnh hưởng đến việc thu hút vốn đầu tư để tăng trưởng kinh tế bền vững. Tác giả đã kiểm định độ tin cậy thông qua hệ số Cronbach’s Alpha, phân tích nhân tố khẳng định (CFA), và mô hình cấu trúc tuyến tính (SEM). Trên cơ sở kết quả nghiên cứu, tác giả đề xuất các hàm ý chính sách thu hút vốn đầu tư để tăng trưởng kinh tế bền vững trên địa bàn tỉnh Đồng Nai. Nghiên cứu đã khảo sát 1.000 cán bộ quản lý liên quan đến doanh nghiệp có vốn đầu tư trên địa bàn tỉnh Đồng Nai, nhưng có 939 mẫu được xử lý và trả lời 39 câu hỏi. Dữ liệu được thu thập từ 6-11/2020. Dựa những dữ liệu trên, kết quả có 8 yếu tố ảnh hưởng đến việc thu hút vốn đầu tư để tăng trưởng kinh tế bền vững của tỉnh Đồng Nai. Công nghệ (Te); Môi trường sống và làm việc (Wle); cơ sở hạ tầng (In); chi phí đầu tư (Ic); nguồn nhân lực (Hr); chính sách đầu tư (Ip); kết nối khu vực (Rc); và chất lượng dịch vụ công (Psq). Kết quả cũng mang tính khoa học và quan trọng đối với các nhà nghiên cứu và hoạch định chính sách của tỉnh Đồng Nai trong việc ứng dụng kết quả nghiên cứu để nâng cao khả năng thu hút vốn đầu tư dựa trên các hệ số chuẩn hóa cao và thấp. Cuối cùng, tác giả đề xuất các hàm ý chính sách thu hút vốn đầu tư nhằm nâng cao tốc độ tăng trưởng kinh tế bền vững của tỉnh Đồng Nai: công nghệ, Môi trường sống và làm việc, cơ sở hạ tầng, chi phí đầu tư, nguồn nhân lực, chính sách đầu tư, kết nối vùng và chất lượng dịch vụ công. Từ khóa: Vốn, bền vững, kinh tế, tăng trưởng, Đồng Nai, Việt Nam. v CONTENTS Page Commitment Acknowledgment Summary of dissertation List of acronyms List of tables List of figures CHAPTER 1. INTRODUCTION .................................................................... 1 1.1 Reason for study ............................................................................................. 1 1.2 Objectives of the study .................................................................................. 4 1.2.1 General objective .................................................................................... 4 1.2.2 Specific objective ................................................................................... 4 1.3 Research questions ......................................................................................... 4 1.4 Scope and delimitation of the study ............................................................. 4 1.4.1 Scope and objective of the study .......................................................... 4 1.4.2 The time of study .................................................................................... 5 1.5 Research methods ........................................................................................... 5 1.6 Scientific and practical significance of research ......................................... 6 1.6.1 The scientific significance of research ..................................................... 6 1.6.2 The practical significance of research ...................................................... 7 1.7 Organization of the study .............................................................................. 7 CHAPTER 2: LITERATURE REVIEW AND RESEARCH MODEL ............. 8 2.1 Theoretical framework ...................................................................................... 8 2.1.1 Economic growth ...................................................................................... 8 2.1.2 Sustainable economic growth ................................................................. 13 2.1.3 Capital and investment attraction for sustainable economic growth ...... 17 2.1.4 The relationship between investment attraction ..................................... 20 2.1.5 Factors affecting investment attraction ................................................... 23 2.2 Review of related studies ............................................................................. 31 2.2.1 Review of related studies in other countries ........................................... 31 vi 2.2.2 Review of related study in Vietnam ....................................................... 37 2.3 The experiences in investment capital attracting ............................................ 42 2.3.1 Asian countries ..................................................................................... 42 2.3.2 Vietnam ................................................................................................. 47 2.3.3 The lessons in investment capital attraction for Dong Nai ............ 51 2.4 The gap in the studies ..................................................................................... 53 2.5 The scientific basis for building a research model ......................................... 54 2.5.1 The scientific basis for building a research model ................................. 54 2.5.2 Research model and research hypothesis ........................................... 55 Summary of chapter 2 .................................................................................. 59 CHAPTER 3. RESEARCH METHODOLOGY ............................................. 60 3.1 Research procedure ......................................................................................... 60 3.2 Qualitative research ........................................................................................ 63 3.2.1 Qualitative research results .................................................................... 63 3.2.2 Group discussion results ........................................................................ 76 3.2.3 Questionnaire design............................................................................... 76 3.2.4 The results of the scale test through preliminary quantification ............ 77 3.2.5 Exploratory Factor Analysis (EFA) ........................................................ 83 3.3 Quantitative research ...................................................................................... 86 3.3.1 Sample size and sampling techniques ..................................................... 86 3.3.2 Data collection instrument ...................................................................... 87 3.3.3 Data analysis techniques ......................................................................... 87 Summary of chapter 3 .................................................................................. 91 CHAPTER 4. RESEARCH RESULTS.......................................................... 92 4.1 Overview of Dong Nai province .................................................................... 92 4.1.1 Geographical position ............................................................................. 92 4.1.2 Topography ............................................................................................. 92 4.1.3 Land ........................................................................................................ 93 4.1.4 Climate .................................................................................................... 94 4.1.5 Population ............................................................................................... 94 4.1.6 Infrastructure .......................................................................................... 94 vii 4.1.7 Traffic ..................................................................................................... 95 4.1.8 Resources ................................................................................................ 95 4.1.9 Tourism ................................................................................................... 96 4.1.10 Status of attracting investment capital from 2019 to 2020 ................... 96 4.2 Research results ............................................................................................... 99 4.2.1 Descriptive statistics of the research sample .......................................... 99 4.2.2 Cronbach alpha test of reliability .......................................................... 102 4.2.3 Exploratory factor analysis (EFA) and Confirmatory factor analysis .. 109 4.2.4 Testing of structural equation modeling (SEM) ................................... 113 4.2.5 Testing model by Bootstrap (N = 5.000) .............................................. 118 4.2.6 Testing analysis of variance (ANOVA) ............................................... 119 4.2.7 T-Test the means of two groups (T-test) .............................................. 121 Summary of chapter 4 ................................................................................ 130 CHAPTER 5: CONCLUSIONS AND POLICY IMPLICATIONS ............... 131 5.1 Conclusions ................................................................................................... 131 5.2 Policy implications ....................................................................................... 134 5.2.1 Technology ........................................................................................... 134 5.2.2 Regional connectivity ........................................................................... 136 5.2.3 Public service quality ............................................................................ 138 5.2.4 Investment costs .................................................................................... 140 5.2.5 Human resources................................................................................... 142 5.2.6 Investment policies ............................................................................... 144 5.2.7 Infrastructure ......................................................................................... 147 5.2.8 Working and living environment .......................................................... 149 5.3 Limitations and suggestions for further research ......................................... 152 5.3.1 Limitations of the research ................................................................... 152 5.3.2 Suggestions for further research ........................................................... 152 Summary of chapter 5 ................................................................................ 152 REFERENCES ................................................................................................ i APPENDIX ........................................................................................................... vii-xx viii LIST OF ACRONYMS No. Code Contents 1 ANOVA Analysis of variance 2 CFA Confirmatory factor analysis 3 EFA Exploratory factor analysis 4 EU European Union 5 FDI Foreign direct investment 6 FL Factor loading 7 GDP Gross Domestic Product 8 GNI Gross National Income 9 GNP Gross National Product 10 HCMC Ho Chi Minh City 11 HR Human resources 12 IC Investment costs 13 IMF International Monetary Fund 14 IN Infrastructure 15 IP Investment policies 16 KMO Kaiser - Meyer – Olkin 17 MAN Management capacity 18 OECD Organization for Economic Co-operation and Development 19 PSQ Public service quality 20 RC Regional connectivity 21 SDM Spatial Durbin Model 22 SEM structural equation modeling 23 Sig. Significant 24 SPSS Statistic Package for Social Sciences 25 TE Technology 26 WLE Working and living environment ix LIST OF TABLES Table 3.1: The results of the discussion of 30 managers ............................................. 65 Table 3.2: Qualitative research results of infrastructure (IN) ...................................... 66 Table 3.3: Qualitative research results of investment policies (IP) ............................. 67 Table 3.4: Qualitative research results of working and living environment (WLE) ... 68 Table 3.5: Qualitative research results of public service quality (PSQ) ...................... 69 Table 3.6: Qualitative research results of regional connectivity (RC)......................... 70 Table 3.7: Qualitative research results of human resources (HR) ............................... 71 Table 3.8: Qualitative research results of technology (TE) ......................................... 72 Table 3.9: Qualitative research results of investment costs (IC) ................................. 73 Table 3.10: Qualitative research results of investment capital attraction (ICA) ......... 74 Table 3.11: Qualitative research results of sustainable economic growth (SEG) ....... 75 Table 3.12: Cronbach’s Alpha for infrastructure (IN) ................................................. 78 Table 3.13: Cronbach’s Alpha for investment policies (IP) ........................................ 79 Table 3.14: Cronbach’s Alpha for working and living environment (WLE) .............. 79 Table 3.15: Cronbach’s Alpha for public service quality (PSQ) ................................. 80 Table 3.16: Cronbach’s Alpha for regional connectivity (RC) .................................... 80 Table 3.17: Cronbach’s Alpha for human resources (HR) .......................................... 81 Table 3.18: Cronbach’s Alpha for technology (TE) .................................................... 81 Table 3.19: Cronbach’s Alpha for investment costs (IC) ............................................ 82 Table 3.20: Cronbach’s Alpha for investment capital attraction (ICA)....................... 82 Table 3.21: Cronbach’s Alpha for sustainable economic growth (SEG)..................... 83 Table 3.22: KMO and Bartlett's Test ........................................................................... 83 Table 3.23: Total Variance Explained ......................................................................... 84 Table 3.24: Principal components ................................................................................ 85 Table 4.1: Sample structure by Gender ........................................................................ 99 Table 4.2: Sample structure by Marital status.............................................................. 99 Table 4.3: Sample structure by Age ....................................