KINH T £ XHt Gltn • KHU V V C
Dau tip quoc te 2012 va trien vong 2013
PGS.TS. NGUYEN H O N G NHUNG*
VG QUANG TOAN"
Su suy gidm trong tdng trir&ng kinh te vd thuang inal todn cdu cdng vdi su gia tdng tinh bdt on tgi chdu Au. ddc biet Id Khu virc dong euro dd keo theo su suy gidm trong dong ddu tu quoc te ndm 2012. Ben cgnh do. qud trinh tdi ca cdu vd tdi cdn bdng kinh te dang duac hdu het cdc mrde tren the glal quan tdm Id dong luc de cdc chinh phu huang tdi mot su dieu chinh l&n trong chinh sdch thu hut cdc dong von ddu tu quoc te - hu&ng t&i viec ddm bdo tdng truang ben vdng tren cd ba goc do cita no Id kinh te.
moi truang vd xd hoi. De tgo thugn Icri cho viec chuyen huang ndy, UNCTAD dd thong qua vd ban hdnh Khung kho Chinh sdch Ddu tir vi sir phdt trien ben vdng.
Tur khoa: FDI. dong von ddu lir gidn tiep, the gi&i.
trong n§n kinh le toan cau, duac the hien thong qua sir suy giam toe dp tang truang GDP, Ihuang mai quoc le, long von dau lu, dan tai sir cai thien cham chap trong ITnh virc cong an viec lam cua nhieu Khu vuc tren the giai va linh hinh xau di a khu virc dong euro.
1. Ddng dau tir tryc tiep nu^c ngoai (FDI) to^n cau giam manh trong nam 2012
Theo ir6c tinh ciia UNCTAD, nam 2012, dong FDI toan cau giam 18% u a c dat khoang 1.300 ty USD so vai 1.600 ly USD nam 2011.
Sir suy giam nay d u a c tao nen bai nhiJng bat on
DS thi I: D6ng FDI vao toSn cau, trung binh 2005 - 2007, 2007 - 2014 Dan vj: Nghin ty USD
Figure 1 vs. average 2005-2007 2007-2014
»
Nguon: UNCTAD
•Dicn hinh *"U*crc ifnh **• Dybao
• Vi?n Kinh le v4 Chinh Irj T h ^ gi6i
" Ngan h i n g Dau t w v i P h i l trien Vi^l Nam
Nhung vin di KINH Tt VA CHJNH TRj TH£ Glfil So 5(205) 2013 -
Dau ILK quoc te 2012 va trien vgng.. Nguyen Hong Nhung - Vo Quang Toan Lugng FDl giam di chu yeu dien ra a cac
nuac phal trien - lai 90% irong long so 300 ty USD. Luang FDl vao giam manh a My va chau Au, Irong do neng lucmg FDI vao Bi giam lai 84 ty USD (lir 103,3 ly USD nam 2011 xuong con 19,3 ty USD nam 2012), con dong FDl vao Dire giam loi 39 ty USD (lir 40,4 ty USD nam 2011 xudng con 1,3 ly USD nam 2012), chii yeu la do su thao chay ciia cac nha dau tu. Cho du van la nuoc nhan FDl lan nhat the giai, song dong FDl vao iVly nam 2012 ciing bi gidm di - tir 226,9 ty USD nam 2011 xu6ng con 146,7 ly USD, chii yeu la do sir suy giam irong hoat dpng mua ban va sap nhap (M&A).
Dong FDl vao the giai dang phal trien nam 2012 luang d6i 6n dinh, uac dai 680 ly USD.
D5c biet, lan dau lien, dong FDl vao nhom cac nirac nay cao hem 130 ty USD so vdi dong FDI
vao cac nuac phat tnen. Tuy vh\ la khu vuc ti^p nhan FDI lan nhat trong the giai dang phal trign (chiem khoang 59% long FDl vao day), dong FDl vao chau A dang phal trien nam 2012 uac giam 9,5% so vai nam 2011. Do la ket qua cua sir suy giam dong FDI vao Trung Quoc, Hong Cong, An Do, Han Quoc, Singapore va Tho NhT Ky. Tuy dong FDI vao Trung Quoc nSm 2012 giam xu6ng con 119,7 ly USD (tir 124 ty USD nam 2011), song nuac nay da vugt qua My de tra thanh nuoc nhan FDl Ion nhat the giai.
Rieng .dong FDi vao khu virc Tay A da bi giam 4 nam lien tiep do nhimg bat on chinh iri va su thoai von lien tiep tir Arap Xe-iit - nuoc tiep nhan FDl Ion nhat trong khu virc. Dong FDl vao khu vuc Dong va Nam Au nam 2012 cung bj giam loi 51,9% so vai nam 2011, chi udc dat 3.5 ty USD, chti yeu la do giam dau tu tir EU.
Hinh 2: Dong FDI vao c^c khu vuc dang phat trien giai doan 2008 - 2012 Dffn vf: Ty USD
i
• B.'PM n ? 0 ! 2H
Chau Phi My Lalinh VJ,,/,;,,.- ( \CTin
•( hut: I hail ^oDi D6n}> A. Dan}; mim A, Nam A va Tay A.
Cac nen kinh te chuyen doi
- Nhung vin di KINH T t VA CHINH TR! THt Gldl So 5(205) 2013
jjguyen^Ang Nhung - Vo Quang Toan Oau tu'quocte 2012 va then vong..
Trong nhom cac nudc dang phEit trien. Phi, My Latinh \ a Caribe, mgl so nudc dong FDl vao da gia lang irong nam 2012 d ASEAN nhu Myanmar, Philippines. Thai Lan mgt so khu virc va nudc rieng le. nhu chau va Viel Nam.
Bdng I: 10 nu-oc nhan FDI nhieu nhat the gioi nam 2012
Nam
2011 2012
My
227 147
Trung Quoc 124 120
Hong Cong
96 73
Brazil
67 65
Anh
51 62
Phap
46 59
Singa - pore
64 54
Austra- lia
66 49
Dm vi: Ty USD
Canada
41 47
Nga
53 44
^gudn: Elisabeth Tuerk. UNCTADS IPFSD Development. New York. 5 February 2013
M&A xuyen bien gidi tiep tuc la mot hinh thirc pho bien cua ddng FDI vao cac khu vyc khac nhau tren the gidi. Tuy nhien, n5m 2012 danh dau sir suy giam dang ke ciia hoai dgng nay, ca ve mSl so Iirgng va gia tri cac vu sap nhap. Theo thdng ke cua UNCTAD, trong nam 2012, gia tri cac vu M&A xuyen bien gidi giam ldi 4 1 % so vdi nam 2011, chii yeu d cac nudc phal trien chau Au, song ngugc lai, co sir gia ling cua ddng dau lu lir nhdm cac thj trudng dang len va cac nudc dang phat trien. Trong thdi gian tren, vdi cac nudc phal trien, long gia trj cac vu ban rdng giam lir 409,7 ly USD xuong cdn 258 ty USD, lire 37% va long gia iri cac vu mua rong giam manh ban - tir 401 ty USD xudng cdn 176,3 ty USD, lire 56%. Trong khi dd, vdi cac nudc nhdm kia, long gia trj cac hgp ddng ban rong giam iCr 83 ly USD xudng cdn 48,3 ty USD, tire 41,9%, cdn long gia tri cac \ u mua rong thi tSng len - lir 103,6 ty USD len 114.6 ty USD, lire tang 10,7%.
Niim 2012 chimg kien nhieu vu tlioai vdn kha Idn ciia cac cdng ly \uyen qudc gia (TNC) tai cac nirdc phat trien, ddng thai nhieu vu thdn tinh Idn ciia ciic TNC lai thi Irudng dang len.
Investment Pollcv Framework for Sustainable
Cu the nhu vu thoai vdn ciia ING Group lai My va Canada cd gia iri 12 ly USD hay vu BP ban cac ca sd khai thae dau mo tai Vjnh Mexico co gia trj 5,6 ly USD. Trong sd cac vu thdn tinh Idn ciia cac nudc dang phat trien phai ke den vu mua Progress Energy Reourse Corp (Canada) bdi Petronas (Malaysia) trj gia 5.4 ty USD, vu mua Pelrogai Brazil Lida (Brazil) ciia Sinolec Group (Trung Qudc) tri gia 4,8 ly USD va v^i mua Energias de Portugal SA (Bd Dao Nha) cua China Three Gorges Corp (Trung Qudc) iri gia 3,5 ty USD. Cac TNC cua cac nudc My Latinh va Caribe cung tham gia ngay cang tich circ hon vao xu hirdng M&A tren the gidi. Nam 2012, gia tri cac vu mua lai cua hg da len ldi 28 ty USD. Mac dii vay, irong the gidi dang phat tri^n, cac TNC Ddng A van chiem ty trgng ldn (ldi 75%) trong tdng gia irj cac \ u M&A ma nhdm nirdc nay ihirc hien. Mgl nguyen nhan chinh khien nhdm cac nudc dang phat tri^n cd the Iham gia lich cue han vao hoat dong M&A xuyen bien gidi la viec duy tri thirc Irang thang dir trong lai khoan vang lai, tir do lam gia tang kha nang dir trii eiia nhieu nude Irong nhdm trong nhieu nam qua.
NhOTig vin de KINH Tt VA CHJNH TRj THf Giai So 5(205) 2013 -
Oau ty qudc t6 2012 va trien vong . Nguyen H6ng Nhung - Vo Quang To^n 2. Dong dau tu* gian tiep nam 2012 cung
CO xu huong giam di
Cac ddng vdn tu nhan vao cac nude dang phat trien da bi giam dan tir giiJa nam 2011.
Tuy da dugc phuc hdi dang ke trong nira sau nam 2012, song theo udc linh ciia Lien hgp qudc, long cac ddng vdn tu nhan rdng vao khu virc nay cho ca nam chi dat 990 ly USD, so vdi 1.100 ly nam 2011. Tuy nhien, sir suy giam nay chii yeu dien ra vdi ddng FDl (nhu da dugc de cap d tren) va ddng von cho vay lir ngan hang, cdn ddng dau tu cd phieu va trai phieu ihi van dugc tang cudng (.xem Htnh 3)
Sir suy giam ldi 33% so vdi nam 2011 cua ddng vdn vay lir cac ngan hang ciia nhdm cac nudc dang phal trien nam 2012 chii y^u lien quan den cac khoan cho vay ngan han dudi dang tin dung thuong mai. Nguyen nhan chii yeu la do trao ddi thuang mai toan cau giam di, keo theo sir suy giam trong nhu ciu vay v6n d^
cap kinh phi lai trg thuang mai. Ben c^nh dd, bai hgc tir cugc khung hoang ng chau Au da budc cac ngan hang phai xem xet lai hoat dpng cho vay ciia minh iheo hirdng di^u chinh tieu chuan cho vay, giam bdt cac khoan cho vay mao hiem, nham giam thieu nil ro.
Hinh 3: C i c d i n g von rdng t u nhan v i o cac nuoc dang phit trifin giai doan 2008 - 2012
TyUSD
1.2 1.0
0.8 1
D H</ ngdn han H Cho vay ngan h i n g ' - ' Trai phieu
" Danh muc chirng khoin a FDI
0.6 0.4 0.2 0.0 -0.2
2009 2010 2011 2012e
Chit thich: e - Ifac linh.
Ngiiiin: UN, World Economic Siliiclion and Prospecis 2012, United Nations publication. Sales No. E.12.II.C.2.NewYork.p. 36.
6 - Hhijng vin d4 KINH T t VA CHlNH TR! THt Gldl S6 5(205) 2013
Nguyin H6ng Nhung - V d Quang Toan Dau tu'quocte 2012 v^ Inen vgng..
Hinh 3 cdn cho thiy riing, cd sir gia lang Irong ddng vdn trai phieu va dau tu cd phieu vao cac nudc dang phat men trong nam 2012 so vdi nam trudc. Thirc l^ dd chirng td cac nha dau lu qudc te da va dang tim thdy d nhdm cac nudc dang phat tri^n kha nang sinh lai tdt ban cho ngudn vdn ciia minh so vdi cac nudc phat trien, do mirc cau trong nudc va san xual cdng nghiep d day van dang dugc gia lang kha dn djnh. Theo ket qua nghien ciru ciia IIF, neu tdc do tang trudng GDP thuc te ciia cac thj trudng dang len lang them 1 diem phan tram, thi se keo theo sir gia tang d mirc khoang 82,1 ty USD trong ddng vdn luu chuyen (theo ly gia USD nam 2012). Ngoai ra, linh hap dan ciia nhdm thj trudng nay cdn dugc tao nen bdi do an toan vdn cao han hay ndi each khac la do riii ro thap hon va mirc lai suat ca ban hap dan hon so vdi cac nudc phat tnen.
3. Phan ung chinh sach - Huong tdi viec dam bao tang trudng ben vung
Thirc Id cho thiy. cho dii boi canh kinh lc loan cSu, khu virc hay ke ca d pham vi qudc gia la "thang" hay "tram", cac chinh phii van ludn quan lam d^n vice cai lhi?n mdi inrdng d^u tu trong nudc dc ihu hiit va sir dung cd hi?u qua cac ngudn vdn tir hen ngoai. Nhirng dien bidn trong phan irng chinh sach dau tu ctia cac qudc gia nam 2012 giiip chung la khang djnh dieu dd.
Cac phan img chinh sach dugc cac chinh phii Ihuc hien irong nam 2012 bao gdm cac bien phap dSu tu dac biet, cac bien phap dau tir lien quan dC'n an ninh qudc gia va iham gia ky ket cac hiep djnh dau tu qudc le. Trong dd, bien phiip thir hai il dugc lira chgn nhiit, bdi nd ihirdnu nham han che hoac dieu liet ddng dau tu nudc ngoai. Trong cac nudc chau Au, chi cd Phap va Italy la ap dung bien phap nay. Tham
chi, Chinh phii Phap cdn md rdng pham vi cac ITnh vuc ddi hdi cap phep ddi vdi cac nha dau tu nudc ngoai, cdn Chinh phu Italy thi dua ra nhirng quy djnh chal che han lien quan den viec giao djch lai san trong cac nganh qudc phdng va an ninh qudc gia va cac ITnh virc hoat ddng chien lugc nhu nang lugng, giao ihdng va ihdng tin. Chinh phii My da ddng cua mdt dir an dau tir ciia mdt cdng ly Trung Qudc vi ly do an ninh qudc gia, khi cho rang nd dugc dSt tren mdt vi Iri kha gan vdi mdt can cir hai quan cua nudc nay.
Trong nhdm cac nudc dang phat trien, cd mgt v;ii qudc gia cung dua ra cac bien phap han che hoac kiem soat dau tu chal che han. Chinh phu Indonesia thai chal quy djnh ve ty lc tham gia gop vdn vao cac ngan hang lu nhan. Theo dd, c:ic td chirc lai chinh chi dugc sd hiru tdi da 40% vdn ed phan trong cac ngan hang tu nhan, cac td chirc phi tai chinh - tdi da 30% va cac cd ddng ca nhan irong cac ngan hang - tdi da 20%.
Chinh phu Philippines thi dua ra cac yeu cau v^ cac tieu chuan mdi Irudng ddi vdi cac hgp ddng khai ihac md. Chinh phii Argentina thi xem XCl lai c:ic dir an dau lu cua cac cdng ly bao hiijm va lai bao hiem nham dam bao rang c-ac cdng ty nay da gianh mdt phan vdn cua minh dC- dSu Ur vao nen kinh le thuc. Nhirng ddng thai nay cho thay cac nudc da quan lam nhic'u han den viec dam bao phal Irien kinh ic b^n virng cho dai nude.
N^u cac bien phap tren cd phan lam ban che cac ddng vdn vao cac nudc ap dung, ihi viec ap dung cae bicn phap dau lu dac biel \a tham gia vao cac hiep djnh dau tu qudc le cd lac ddng cai thien mdi Irudng dau lu trong nudc theo hudng minh bach hon va thuan Igi han cho cac nha diu lu ndi chung, trong dd bao gdm ca cac nha diu Ur nudc ngoai. Da cd rat nhieu nudc trong
Nhuvg vin dd KINH Tt VA CHJNH TRj THt GICTI So 5(205) 2013 ~
Dau tu* quoc t l 2012 va then vgng... Nguyen Hong Nhung - Vo Quang Tojin nhdm G20 da ap dung cac bien phap nhu vay,
nhu Brazil, Canada, An Do, Mexico, Lien bang Nga, Thd NhT Ky. Vdi cac nudc chau Phi, Nam A va Cgng ddng cac qudc gia ddc lap, cac giai phap khuyen khich hoac tao thuan lgi cho dau lu la cac chinh sach uu dai thue quan, thu hul dau tu vao cac khu cdng nghiep, khu che xuat.
Vdi mgt sd nudc khac nhu Brazil, da chii Irgng han den viec khuyen khich dau lu vao cac hoat dgng nghien ciru va trien khai cac cdng nghe bao ve mdi trudng. Vdi An Dp, nhieu bien phap dac bi?l da dugc dua ra de thu hut cac nha dau tu nirdc ngoai, nhu ma rdng quyen tham gia gdp vdn cua hg len 5 1 % trong thuang mai ban Ie trong nhOng bang da phe chuan chinh sach nay va d cac Ihanh phd cd dan sd tren I trieu ngudi, ndi ldng viec thanh lap chi nhanh ciia cac td chirc lai chinh phi ngan hang vdi mgl sd ho^l dgng xae djnh.
Bi?n phap dugc nhieu nudc quan tam nhai lii dam phan va ky kel cac hiep dinh dau tu qudc le. Trong Quy II va III nam 2012, cac thanh vien G20 da ky kel them dugc 4 hiep djnh dau lu song phuang, 5 hiep djnh tranh danh thu^ hai lan va 4 hiep djnh dau lu qudc te khac - cac hiep djnh chira hau nhu hoac tat ca cac bien phap bao hg dau tu tieu chuan nhung di kem vdi mpl vai ngoai le nhu irudng hgp cua Hiep djnh gifra Australia va Malaysia, giira Trung Qudc, Nhat Ban va Han Qudc ve khuyen khich, tao thuan Igi va bao hd dau tu. Trong nira cudi nam 2012, cd them 3 hiep dinh dau tu song phuang dugc ky kel giiJa cac nudc dang phal trien vdi nhau, 3 hiep dinh giua cac nudc phal trien va dang phat trien va 3 hiep dinh khac. Nhu vay, cho d^n cudi nam 2012, tren thd gidi da cd 2.856 hiep djnh dau tu song phuang, 3.1 11 hiep djnh Iranh danh Ihue hai lin va khoang 337 hiep dinh diu tu qudc le khac. Ben canh dd, vice cac nudc ky kdl cac hiep djnh thuang mai iir do (FTA) cung sc
tac ddng den viec cai thien mdi Irudng dau tu trong nudc ndi rieng va mdi trudng kinh doanh ndi chung.
Nhu vay, hau hel cac nudc deu dira ra va ap dung nhieu bien phap nham eai thien moi irudng dau lu trong nudc de thu hut ludng vdn nhan roi lir ben ngoai. The nhung, do nhimg ddi hdi ciia nen kinh te Irong nudc, cac nudc khong the thu hilt dau tu nudc ngoai bing mgi gia, ma hg da quan lam nhieu han den vi?c gan hoat ddng dau lu vdi viec dam bao lang trudng ben vung nen kinh te.
4. Khung kho Chinh sach Dau tu vi su Phat trien ben virng ciia UNCTAD
Nam 2012, UNCTAD da thdng qua va ban hanh Khung khd Chinh sach Dau lu vi su phal Irien ben virng, tren co sd nhan dinh ring day la thdi diem thich hgp de cac nudc tren the gidi cimg cd nhirng ddi mdi Irong chinh sach dau tu ciia minh. Cac chuyen gia UNCTAD cho ring, sy ra ddi ciia Khung khd nay la nhim Ihich ung vdi nhiing thay ddi trong mdi Irudng chinh sach dau lu qudc gia va mgl sd ihach thirc Idn ma cac nudc dang phai ddi mat. Dd la: i) Nhu ciu phai tang cudng sy gan kel gi&a chinh sach dau tu vdi chien lugc tang irudng kinh le qudc gia, tao nen sy ddng bd giira cac chinh sach kinh le, dac biel la cua nudc nhan dau lu; ii) Chinh sach dau lu phai hudng tdi dam bao phal trien ben vimg va loan dien; iii) Phai dam bao linh hieu qua va tinh phii hgp ciia dau tu.
Khung khd Chinh sach Dau tu vi sy phal Irien ben vijng bao gdm mpl he thong cac nguyen tac cho qua trinh hoach dinh chinh sach, nhung djnh hudng cho chinh sach dau tu qudc gia va nhiing hudng dan cho cac nha hoach dinh chi'nh sach dau tu lam the nao de cd the thiel ke va su dung hieu qua cac hiep djnh dau tu quoc te dd tham gia vao chd do dau lu qudc te. Theo
- Nhdng van de KINH Tt VA CHJNH TR! THt Gl6l So 5(205) 2013
NguyjnJHong Nhung - Vo Quang Toan Dau tu' quoc Id 2012 va tnen vgng..
cac chuydn gia UNCTAD, Khung khd nay cd mpt sd dac didm dac trung sau day i) La mdt cdng cu kha loan didn, bao ham tai ca cac khia canh ciia qua trinh hoach djnh chinh sach dau lu qudc gia va qudc le; ii) Nhin manh ddn mdi Itdn he giua dau lu nudc ngoai va phal tridn ben vCrng, theo hudng dam bao sy can biing giira viec theo dudi cac muc tidu kinh Id thuan tuy thdng qua ty do hda va khuyen khich dau tu \a nhu cau bao vd ngirdi ngheo va mdi irudng trong qua trinh phal inen; iii) Chii irgng den lgi ich cua cae nudc dang phat irien trong qua trinh hoach djnh chinh sach diiu tu;
va iv) Day khdng phai la mdt Ihda ihuan mang tinh bat budc hoac tinh phap ly, song la khung khd hudng dan ciia cac chuyen gia cua mgl td chirc qudc Id cung cap cho cac nh:i lap sach qudc gia va hg se cd quyen lya chgn phuong an ap dung phu hgp.
5. Trien vong nSm 2013
Dya tren nhirng du bao vc mgt sy phuc hdi nhe ciia tang trudng kinh td. thuang mai qudc td, sy cai ihicn trong qua trinh lai eo ciu kinh Id, cac chuyen gia UNCTAD cho rang irong hai nam l d i , ddng FDI toan cau sc d i n dugc phuc hdi. Cac nude dang phal Inen licp tuc la dgng lyc ciia sy gia lang nay vdi
lu each vira la nudc nhan \ira la nudc d.iu lu.
Tuy nhien, cac ehuyen gia cung canh bao rang, Irien vgng ddng FDl the gidi phu thupc nhidu vao tinh dn dinh cua cac chinh sach dau tu ciia cac chinh phii. Trong thdi gian l d i , nhu cau vd lang trudng bdn \Lrng dang dugc tang cudng d bau hdl cac qudc gia trdn the gidi rat cd the se lao ndn nhirng khd khan cho sy gia lang ddng FDl the gidi khi cac nudc se dua ra nhung ddi hdi vdi cac nha dau lu nudc ngoai trong \idc irng dung cdng nghd than ihicn vdi mdi trudng. Bdn canh dd, qua trinh tai ca ciiu dang dugc lang cudng d nhidu nudc Irdn the gidi se tao ndn nhfrng ca hdi dau tu mdi. Trong bdi canh dd, cac chuyen gia cho rang, tdng ddng vdn the gidi sc tang dan irong thai gian ldi. Nam 2013, ddng FDl the gidi se lang khoang l^'^o so vdi nam Irudc, lire khoang 1.400 ty USD \a nd se licp tiic tang Irong nam 2014 ldn mirc 1.600 ly USD. Xu hudng tuang ty eiing dugc dy bao la se xay ra ddi vdi cac ddng vdn tu nhan \ao cac nirdc dang phal tridn, nhat la cac ddng dau tu true lidp vii cd phidu. Cae nudc dang phat tridn lidp luc lang cucmg dau lu ra nudc ngoiii.
Theo dy bao cua IMF, cac hinh thirc diiu tu ma nhdm nudc nay ua chugng se Iii dau tir tryc tidp, cd phidu \'a cho v a \ *
Tiii lieu tham khao:
1. Hoang Thl Thanh Nhan (2012): Kinh tO vd chinh fn tht'gi&i 2011 vd trlen vong 2012, NXB Khoa hoc Xa hdi. Ha Ndi
: Anders Aslund (2013;- The World Seeds a .Multilateral Investment .Agreement. Perlerson InstiUil. for Inlemalional Economics, Polic> Brief, No. pp. 13 - 01, Jan.
3 Aysc Bcrlrand and Emilie Kotlie (2012): FDl In Figures, Invesiment Division - Sccrci:irKU oflhe OECD Investment Committee, Oct.
NhOog \fan de KINH TE VA CHINH TRj THt GIOI So 5(205) 2013 -
D^u tt^qu6ct4 2012va trien vgng... Nguyen H6ng Nhung - V 6 Quang Toan 4. Elisabeth Tuerk (2013): UNCTAD's IPFSD - Inveslmenl Policy Framework for Sustainable
Development. New York, 5 February.
5. IIF {Institute of Intemational Finance) (2013); Capital Flows to Emerging Market Economies. IIP Reseach Note, Jan. 22.
6. OECD and UNCTAD (2012): Eighth Report on 020 Inveslmenl Measures, Information provided by OECD and UNCTAD Secretariats. 31 October.
7. UN, IVorld Economic Situation and Prospecis 2012, United Nations publication, Sales No.
E.I2.II.C.2, NewYork,
8. UNCTAD (2013). Global Investment Trends Monitor, N. I I , Jan. 23.
9. UNCTAD, Investment Policy Framework for Sustainable Development (IPFSD).
10. UNCTAD (2012): Inveslmenl Policy Monitor, N.7, Feb. 16, 2012 and N.8, Nov. 26.
11. UNCTAD (2012): World Inveslmenl Report 2012 Towards 4 New Generation of Inveslmenl Policies, UN, New York and Geneva.
12. WB (2013) Weekly Global Economic Brief. Development Prospects Group, No.161, Jan. 10.
- mang viin de KINH TE VA CHINH TRj T H 6 Gldl S6 5(205) 2013
