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Facebook:@Dethivaonganhang www.facebook.com/dethivaonganhang GRADUATION THESIS Major: International Business Economics DETERMINANTS OF FOREIGN DIRECT INVESTMENT FROM JAPAN INTO SOUTH EAST ASIAN COUNTRIES AND RECOMMENDATIONS FOR VIETNAM www.ThiNganHang.com S Á C H – T À I L I Ệ U T H I T U Y Ể N Trang 1
Facebook:@Dethivaonganhang www.facebook.com/dethivaonganhang TABLE OF CONTENTS ABBREVIATIONS LIST OF FIGURES AND TABLES INTRODUCTION.................................................................................................. 1 CHAPTER 1: OVERVIEW OF FOREIGN DIRECT INVESTMENT AND JAPAN FOREIGN DIRECT INVESTMENT OUTFLOWS ............................ 3 1.1 Overview of Foreign Direct Investment......................................................... 3 1.1.1 Concepts .......................................................................................................... 3 1.1.2 Characteristics ................................................................................................. 4 1.1.3 Classification................................................................................................... 5 1.1.4 Determinants of FDI ....................................................................................... 10 1.1.5 Role of FDI towards home and host countries................................................ 16 1.2 Overview of Japan Foreign Direct Investment Outflows............................. 20 1.2.1 Total value and number of projects of Japan outward FDI ............................ 20 1.2.2 Japan FDI outflows by region ......................................................................... 23 CHAPTER 2: DETERMINANTS OF JAPAN OUTWARD FOREIGN DIRECT INVESTMENT TO SOUTH EAST ASIAN COUNTRIES............... 31 2.1 Overview of Japan FDI outflows to South East Asian countries................. 31 2.1.1 Japan FDI outflows to the whole South East Asian countries as a unit.......... 31 2.1.2 Japan FDI outflows to individual South East Asian countries ....................... 36 2.2 Literature review of empirical research about determinants of outward foreign direct investment....................................................................................... 43 2.3 Quantitative analysis about determinants of Japanese outward FDI to South East Asian countries.................................................................................... 48 2.3.1 Methodology and model specification ............................................................ 48 2.3.2 Data and variable description.......................................................................... 49 2.3.3 Result analysis................................................................................................. 54 CHAPTER 3: RECOMMENDATIONS TO VIETNAM ON ATTRACTING FOREIGN DIRECT INVESTMENT FROM JAPAN ....................................... 60 3.1 Situation of attracting Japan outward FDI to Vietnam............................... 60 www.ThiNganHang.com S Á C H – T À I L I Ệ U T H I T U Y Ể N Trang 2
Facebook:@Dethivaonganhang www.facebook.com/dethivaonganhang 3.1.1 Total value of Japan FDI to Vietnam.............................................................. 60 3.1.2 Japan outward FDI to Vietnam by sector........................................................ 61 3.2 Governmental directions and targets to boost Japan FDI........................... 62 3.3 Recommendations for Vietnam to attract Japan outward FDI................... 63 3.3.1 Enhancing national economic growth............................................................. 63 3.3.2 Improving the quantity and quality of human capital ..................................... 65 3.3.3 Upgrading quality of infrastructure................................................................. 67 3.3.4 Boosting exchange rate policy ........................................................................ 69 3.3.5 Boosting trade openness by conducting promotion schemes ......................... 69 CONCLUSION....................................................................................................... 72 REFERENCES....................................................................................................... 74 ANNEX.................................................................................................................... 76 www.ThiNganHang.com S Á C H – T À I L I Ệ U T H I T U Y Ể N Trang 3
Facebook:@Dethivaonganhang www.facebook.com/dethivaonganhang ABBREVIATIONS AJCEP ASEAN-Japan Comprehensive Economic Partnership ASEAN Association of Southeast Asian Nations BOP Balance of Payment EU European Union FDI Foreign Direct Investment FTA Free Trade Agreement GDP Gross Domestic Product GSO General Statistics Office IMF International Monetary Fund JPY Japanese Yen JVEPA Japan-Vietnam Economic Partnership Agreement LCU Local Currency Unit M&A Merge and Acquisition MNE Multinational Enterprise OECD Organization for Economic Co-operation and Development OFDI Outward Foreign Direct Investment PPP Public Private Partner SEA Southeast Asian TNC Transnational Corporation UNCTAD United Nations Conference on Trade and Development UK United Kingdom US United States WTO World Trade Organization www.ThiNganHang.com S Á C H – T À I L I Ệ U T H I T U Y Ể N Trang 4
Facebook:@Dethivaonganhang www.facebook.com/dethivaonganhang LIST OF FIGURES AND TABLES Figures Title Page Figure 1.1 US, Japan, France, United Kingdom, Netherlands and German of 21 outward FDI flows evolution (1990-2012) Figure 1.2 Number of projects of Japan outward FDI (1990 - 2004) 22 Figure 1.3 Number of projects of Japan outward FDI (2005-2013) 23 Figure 1.4 Japan outward FDI regional distribution (1990-2010) 24 Figure 1.5 Japan outward FDI to North America (2000-2014) 25 Figure 1.6 Japan outward FDI to Latin America (2000-2014) 26 Figure 1.7 Japan outward FDI to Europe (2000-2014) 27 Figure 1.8 Japan outward FDI to Asia (2000-2014) 28 Figure 1.9 Japan outward Manufacturing FDI (2005-2014) 29 Figure 1.10 Japan outward Non-manufacturing FDI (2005-2014) 30 Figure 2.1 Value of Japan outward FDI in South East Asian countries (1995- 32 2013) Figure 2.2 Japan's rate of return on outward FDI by region/country (2001- 33 2011) Figure 2.3 Japan FDI in Asia by region/country 35 Figure 2.4 Japan's Services FDI in South East Asian countries by sub-sector 36 (2005-2010) Figure 2.5 Japan outward FDI to Vietnam, Thailand and Singapore (1995- 37 2013) Figure 2.6 Japan outward FDI to Malaysia, Philippines and Indonesia (1995- 39 2013) Figure 2.7 Japan's manufacturing FDI in South East Asia by country (2005- 40 2010) Figure 2.8 Japan's services FDI in South East Asia by country (2005-2010) 41 Figure 2.9 Japan FDI in South East Asia's Transport sector by country (2005- 42 2010) Figure 2.10 Japan 's Finance and Insurance FDI in South East Asia by country 43 (2005-2010) www.ThiNganHang.com S Á C H – T À I L I Ệ U T H I T U Y Ể N Trang 5
Facebook:@Dethivaonganhang www.facebook.com/dethivaonganhang Figure 3.1 Japan FDI outflows to Vietnam (1995-2013) 61 Figure 3.2 Japan FDI outflows to Vietnam by sector (1995-2013) 62 Table 2.1 FDI flows to South East Asian countries (top 5 major source 31 countries, 2001-2005) Table 2.2 Japan FDI in Asia by region/country 34 Table 2.3 Abbreviation and expected signs of determinants 53 Table 2.4 Summary statistics 54 Table 2.5 Result of empirical model 55 Table 2.6 Result of normal distribution test 57 Table 2.7 Result of multi-collinearity test 58 www.ThiNganHang.com S Á C H – T À I L I Ệ U T H I T U Y Ể N Trang 6
Facebook:@Dethivaonganhang www.facebook.com/dethivaonganhang INTRODUCTION 1. Rationale Foreign Direct Investment (FDI) is one of the core features of the globalization and the world economy over the past few decades. It is considered to be integral to less- developed, developing and developed countries since attracting FDI is a crucial part of their development progress and economic reforms.Among leading investing countries such as the United States (US), the United Kingdom (UK), Germany and other developed countries, Japan has experienced a remarkable increase in FDI outflows and became one of the biggest source of FDI since the late 1980s. The major beneficiaries of Japan outward FDI range from industrial countries to developing world, especially South East Asia (SEA) region of which member countries has significantly benefited from Japan outward FDI. In fact, there are a number of determinants that would explain Japanese investment trend in this region. Fully understanding them would help appropriately conduct policies and strategies in order to attract more Japan outward FDI to SEA region. That is also the reason why, in this paper, I decide to identify which determinants primarily affect investment decisions of Japanese enterprises in South East Asian countries so as to recommend appropriate strategies to Vietnam to promote and attract more FDI from Japan, hence I choose thesis title: "Determinants of Foreign Direct Investment from Japan into South East Asian countries and Recommendations for Vietnam" for my research. 2. Objectives This paper is aimed at identifying the trend of Japan outward FDI to South East Asia region, in general and to Vietnam, in particular, consequently recommending suitable plans and strategies to Vietnam in the hope of attracting more Japan outward FDI. 3. Subjects and scope of research - Subjects of research: I would like to determine the trend and determinants of outward FDI from Japan into South East Asian countries. www.ThiNganHang.com S Á C H – T À I L I Ệ U T H I T U Y Ể N Trang 7
Facebook:@Dethivaonganhang www.facebook.com/dethivaonganhang - Scope of research: FDI outflows from Japan into 6 countries namely Vietnam, Thailand, Singapore, Malaysia, Indonesia and Philippines will be elaborately analyzed. - Time period of research: the thesis will analyze the data from 2004 to 2013 4. Research methodology The research will employ both qualitative and quantitative methodology. First of all, a general analysis about the trend of Japan FDI outward from 1990 to 2013 will be presented to see the movement and changes in location as well as industry decision of Japaninvestors. Afterwards, I would like to use panel regression model to test the impacts of determinants on FDI flows from Japan to South East Asian countries.Detail of the empirical model would be mentioned in Chapter 2. I expect that the applied empirical test will help me discover the real typical motivations of Japan outward FDI (OFDI) into South East Asian countries and from that I can propose some appropriate recommendations for Vietnam. 5. Research structure The paper would be structured as follows. In the first chapter I would like to review the related concept and develop a theoretical background for the empirical analysis. After that, in the next section an overview about the general trend of Japan outward FDI will be presented. I would like to point out some striking features throughout the years from 1990 to 2013 by regions and sectors. Next, the methods and data will be presented. Details of the methodology used in our research are explained in this section. It describes measurement formula, research model, and variable specifications. Then, data and sample are explained. The empirical results from an analysis using data from official statistics of publically recognized organizations such as Japan External Trade Organization (JETRO), World Bank, United Nations (UN), International Labor Organization (ILO), and International Monetary Fund (IMF) from 2004 to 2013. This part is followed by discussion of results. Finally, recommendations and implications are provided for Vietnamese government and enterprises can exploit advantages of the investing environment and overcome disadvantages to attract more FDI from Japan in the coming years. www.ThiNganHang.com S Á C H – T À I L I Ệ U T H I T U Y Ể N Trang 8
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