NGHIEN CUU & TRAO 06I
TAI NHAN THtTC V£ VAI TRO
D A U Tir TRLTC T I E P RA Nir6C NGOAI CUA VIET NAM VA MOT SO GOP Y CHINH SACH
ThS. L^ QUANG HUY
TOM TAT
Ddu tu trirc tiip ra nu&c ngodi la mot trong nhirng hogt dgng di chuyen von tir quoc gia nay song qudc khdc v&i nhieu mgc dich khac nhgu nhu tim kiim thj tru&ng m&i, khai thdc hipu qud, vir0 qua hdng rdo thteang mgi, chinh tri... Hogt dpng nay chiu su qudn ly ciia qudc gia ddu tu (home country) vd qudc gia tiip nhgn vdn ddu tir (Host country). Tuy nhien, trong gi&i hgn cita minh, tdc gid chi nghien ciru dnh hu&ng cua ddu tir true- tiep ra nu&c ngodi ddi v&i nen kinh te vd xual kfidu ciia qudc gia ddu tu. Kit qud chi ra rdng cd moi quan hp lich cue giua ddu tu tri^rc tiep ra nu&c ngodi vai GDP vd gid tri xudt khdu cua Viet Nam. Tu dd kien nghi rdng cdc nhd lap chinh sdch nen cd nhgn thirc tich circ han nira ddi voi ddu lu true tiep ra nu&c nggdi. cUng nhu cd nhirng chinh sdch ho trg tich CIK cho hogt dpng ndy phdt trien di mang lgi nhieu lgi ich cho quoc gia.
DAN NHAP
Trong 10 tiidng ciia nam 2012, Vift Nam da ddng ky ddu
Tni&ng D$i hgc Tdi chlnh
tu tryc tiip ra nudc ngoai 70 dy an vdi tong von dau tu ddng ky dgt 1,369 ty dd la MJ vd diiu chinh Gidy Chirng nhdn ddu tu ra nudc ngoai cho 14 dy an vdi s6 vdn ddu tu diiu chinh tdng them dgt 95.796 trifu dd la IVIy.' Nlu so vdi cd nam 2011, sd dy dn dang ky dau tir true tllp ra nudc ngodi Id 79 thi cd thi ndi cdc nha ddu tu Vift Nam cd sy tin tudng vdo triin vgng dau tu d nudc ngodi. Tuy nhien niu so vdi tdng vdn ddng ky ddu tu tryc tiip ra nudc ngoai ca ndm 2011 Id 2.01 ty dd la My thi thdy rdng cd mdt sy de ddt trong hoat dgng dau tu tryc tiep nudc ngodi ciia cac doanh nghiep Vift ma cy thi d day chinh la su de dat trong chuyin von ra nudc ngoai.
Cd nhiiu nguyin nhdn tdc ddng din sy djch chuyen vdn ciia nhd ddu tu, ma nguyen nhdn dugc xem la khd quan trgng trong sd dd chinh la nhQng bien phdp qudn ly. thdt chdt vdn ciia Nhd nudc vi nhung lo nggi ciia cdc nha ldp chinh sdch vi bdt i n kinh t i vT md.
Bdi viit nay nghiin ciiu tren ca sd ting hgp lai vd kiim dinh md hinh ve hifu qua ciia ddu tu ' Cdc so lifu du^fc Idy tir Cue ddu tir mr6c ngodi va Nien giam thong ke Vift Nam cac nSm
tryc tiip ra nudc ngodi vd tdng trudng kinh tl, xudt khdu ciia Vift Nam. ben cgnh i^ghiln cOru cdc chinh sach thiic ddy ddu tu true tiip ra nudc ngodi ciia mft s6 nudc. Tir dd tdi khdng djnh nhan thiic tich cyc ve ddu tu tryc tiip ra nudc ngodi ngay cd trong thdi ky suy thodi kinh ti, khi ma cdc qudc gia ddi mdt vdi vdn dk thuge kinh t l vT md. Vd sau ciing, nghiin ciiu dua ra bdi hgc kinh nghifm va ggi ^ cho cac nha ldp chinh sach cua ViftNam trong hogt ddng thiic ddy ddu tu tryc tiip ra nudc ngodi.
1. LOT Ich cCia hoat dong diiu tiP tryc tidp ra nu-o-c ngoai ddi v&i qudc gia ddu tu-
- Dau tu tnrc tiip ra nudc ngodi cd tdc dfng ti'ch cyc len xuat khdu, dieu nay dugc giai thich bdng vifc cdc dy dn ddu tu ra nudc ngoai cdn nguin cung cdp hdng hda trong nudc hay doi vdi nhQng dy an ddu tu ra nudc ngodi d i tim kiim thj trudng (Seungjin Kim, 2000).
Dau tu true tiip ra nudc ngoai cd tdc dfng tich cyc lln tdng trudng kinh t i (GDP) cia mrdc ddu tu (Dierk Herzer, 2010).
Ddu tu tryc tiip ra nudc ngoai cdn giiip tao ra vifc ldm cho nudc ddu tu, truong hgp nay NGHIEN Cifu TAI ClliNH - MARKETING s6 I3&I4, XUAN QU* TY • 2013
NGHIEN CUV & TRAO D 6 I diing vdi cdc nudc cd nin kinh
tl mdi ndi (Jaan Masso, Urmas Varblane and Priit Vahter, 2007).
- Ddu tir tryc tiip ra nudc ngodi giiip khai thac tdi nguyin cda nudc khdc di hgn chi cgn kift tdi nguyin hay bu dap vdo tai nguyin qudc gia minh thiiu hut/khdng cd (Peter J Buckley et al, 2007).
- Ddu tu tryc tiip ra nudc ngodi cdn giiip cho Qudc gia ndng cao dugc nang sudt lao ddng thdng qua tim kiim tdi sdn sdng tao, ky nang qudn ly, cdng nghf nudc ngodi (UNCTAD, 2006).
- Ngodi ra, ddu tu tryc tiip ra nudc ngodi cdn dugc xem Id mgt hogt ddng kinh t i chinh trj ciia nudc ddu tu de kit ndi, gdn chdt anh hudng ciia minh len nudc tiip nh^n ddu tu.
2. Cd nen khuydn khich ddu tu* ra nifoc ngoai trong giai doan suy thoai kinh t i ? - Nhieu nhd lap chinh sdch lo nggi rdng ddu tu tryc tiip ra nudc ngodi s6 dnh hudng din ddu tu nf i dja, vd gdy mat can ddi cdn cdn thanh todn. Nhirng trin thyc ti cd phai hodn todn nhu vdy? Bdng chiing tliyc nghifm dd cho thdy rdng ddu tu tryc tiip ra nudc ngodi khdng phdi liic ndo cung hiit von ddu tu nf i dia, md khdng cd anh hudng gi ca bdi mgt trong nhung yiu td thu hiit dau tu nudc ngoai, chinh la ldi sudt d nudc ngoai thdp hon lai sudt trong nudc. them vao dd chi phi tai trg vdn cung re hon.
nln nhiiu dy dn ddu tu tryc tiep ra nudc ngoai khdng phy thuge
nhieu vdo von nudc chii ddu tu (Seungjin Kim. 2000).
- Mgt khdc bdn chat ciia dau tu Id dai han vl vgy dy dn ddu tu sl gdp khd khdn, thdm chi phd san khi dang triin khai lai gdp sy cdn trd ndo dd (vi du tCr phia chinh sdch nudc chii nhd hay chinh sdch nudc tiip nhdn vdn).
Nln su ho trg lien tuc tQ phia chinh phii nudc chu nhd Id vd cung quan Irgng ddi vdi ddu tu tryc tiip ra nudc ngodi (UNCTAD, 2006: Luo, Y., et al, 2009). Dieu ndy cho thdy ngay cd khi gap suy thoai kinh ti. thi boat dgng ho trg phdi vdn dugc duy tri thyc hifn.
Doanh nghifp khdng the ndm chd do sy siit chat vdn cua Nhd nudc, vi nhu thi sl bd Id ca hgi chiim ITnh thi trudng nudc ngodi, khi md ddi thii cgnh tranh d nudc ngodi suy yiu trong thdi k^ suy thodi. Trung Qudc Id mfl diin hinh cho trudng hgp ndy, Chinh phii Trung Quoc vira qua da thdng bdo rdng cdc doanh nghifp Trung Qudc tai Campuchia s5 dugc vay von uu dai d cdc ngdn hang Trung Qudc tai Campuchia. Trong thdng 4/2012, T | p doan bdo ddm tin dung Thdi Lan - mgt td chiic tryc thudc Chi'nh Phii Thdi Lan dd thdng bdo cdc gdi ho trg tin dung cho cdc doanh nghifp vQa vd nhd nudc ndy dau tu tryc tiip ra nudc ngodi.
3. Kdt qua md hinh thipc nghiem vd hieu qua cua OFDl
De cimg c i thim quan diim cdn phai khuyin khfch ddu tu ra nudc ngodi chii khdng nln han
NGHlfeN CtfUTAI CHfNH - M A R K E l l N C s d 13*14, X U A N Q U * TY • 2013
che. tdc gia thyc hifn phan tich kit qua thyc nghiim vi hieu qud ciia ddu tu tryc tiip ra nudc ngodi ddi vdi kinh tl Vift Nam, vdi 2 cau hdi nghiin ciru:
Cdu hdi 1: Ddu tu tryc tiip ra nudc ngodi cd gdp phdn vdo tdng trudng kinh ti Viet Nam ndi chung khdng?
Cdu hdi 2: Ddu tu tryc tiep ra nudc ngodi cd gdp phdn vdo kim nggch xuat khdu Vift Nam khdng?
Trd Idi cho cdu hdi 1 vd 2, tdc gia thyc hifn kiim djnh 2 md hinh:
Md hinh 1:
l n Y t = p , + p2inOFDH-r Md hinh 2:
In EX - p, + pjlnOFDl + Trong dd : Y, Id GDP thyc t i qua cdc nam, EX Id kim nggch xudt khdu theo gid thyc t i eiia Viet Nam
OFDl la von FDI ddng ky ddu tu ra nudc ngodi, sai sd
Vi sy hgn chi cQa dQ lifu thing ke khdng ddy du, tdc gid idy dQ lieu d cdc ndm 1991 1994, 1998-2011.'
Kit qua md hinh hdi quy theo phuong phap binh phuong bl nhdt, vdi kiim djnh t (ddi vdi quy md mlu nhd hem 30) nhu sau (xem bdng 1,2):
Vdi muc y nghTa a = 5% ta cd gia trj tdi hgn bin phdi vd ben trai ciia phan phdi t ldn lugt Id t(0.975. \6)- 2 . 1 2 0 vd t(o,025; 16)= "
' Cic so lifu dugrc idy tir Cgc ddu tu nu6c ngoai va Nien g i ^ thong k€ Vi^t Nam cac n^m.
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NGHIEN CI>U & TRAO D 6 | 2.210, vd dya vao cdc gia trj ciia t-statistic ndm ngodi vung chap nhgn vd p-value < 0.05 d bdng kit qua 1 va 2, ta thdy ro rang cd mdi quan hi giQa vdn ddu tu tryc tiep ra nudc ngodi vdi tdng sdn phdm qudc ngi va kim nggch xudt khau ciia Vift Nam. Vd d ddy Id mdi quan hi duong (tich cue). Dugc the hifn qua hdm sd:
In EX =11,4 + 0,2771 InOFDI In Y,= 17,46 + 0,3463 InOFD!
Vi vgy khdng cd ly do gi dl khdng khuyen khich boat dgng ddu tu tryc tiep ra nudc ngodi ciia ViftNam.
4. Kinh nghiem vd chinh sach thiic dly OFDl cua mot sd nu'dc
4.1 Kinh nghipm tu cdc nu&c cd nen kinh te phdt trien
Peter J. Buckley et al (2010) diic kit mdt sd bdi hgc thiic ddy OFDl ciia mdt sd nudc phat triin ma cac nudc dang phat trien cd thi hgc hdi nhu sau:
- Cung cap thdng tin vd h6 trg ky thudt
- H 5 trg tdi chinh Khuyen khich vl tdi khda
Cac bao dam va bdo hiim ddu tir
Hd trg phdt triin cd chgn Igc mdt sd cdng ty dk gia tdng kha ndng canh tranh qudc te
- Cdc thda thugn vd hifp udc ddu tu song phuang, da phirong
68
- Chuang trinh ho trg phdt triin chinh thurc (ODA)
- Go bd cac bifn phap kiim soat vdn trudc khi thyc hifn cdc chinh sdch xiic tien vdn OFDl
*:• Trirdng hgp diln hinh:
Nhdt ban
- Tap doan Tdi chinh Nh^t Ban (JFC) mdt td chuc tdi chinh ciia Chinh phii Nhdt Bdn lam nhifm vy hd trg cac doanh
nghifp ciia hg ra nudc ngodi.
Tdp dodn nay thudng xuyin k^- cdc cam kit dii vdi Chfnh phii cac nudc tiip nhdn vdn ddu tu vi viec s l hd trg, dam bao tdi chinh cho cac doanh nghiep bao gim DNVVN cQa Nhdt Bdn ddu tu vdo nudc ngodi.
4,2 Kinh nghipm t^ cdc nu&c cd nin kinh ti m&i ndi
BangI : Ket qua bhi qiiy GDP theo OFDl • Dependent Variable: @LOO(GDP)
Method: Least Squares Date: 11/09/12 Time: 21:39 Sample (adjusted): 1991 2011
Included observations: 18 after adjustments Variable
C
@L0G(0FD1) R-squared Adjusted R-squared S.E. of regression Sum squared resid Log lilcelihood F-statistic Prob(F-statistic)
Coefficient 11.40217 0.277186 0.767594 0.753069 0.500360 4.005763 -12.01715 52.84504 0.000002
Std. Error 0.274947 0.038130
t-Statistic 41.47036 7.269460 Mean dependent var S.D. dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter.
Durbin-Watson stat
1
Prob. 0,0000 0.0000 13.20767 1.006919 1.557462 1.656392 1.571103 0.839732
Bang 2: Ket qua hoi quy x u l t k h i u theo O F D l Dependent Variable: @LOG(EX)
Method: Least Squares Date: 11/09/12 Time: 21:17 Sample (adjusted): 1991 2011 Included observations: 18 after adjustments
Variable C
@LOG(OFDI) R-squared Adjusted R-squared S.E. of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic)
Coefficient 17.46997 0.346391 0.760455 0.745483 0.603586 5.829057 -15.39325 50.79320 0.000002
Std. Error 0.869043 0.048603
t-Statistic 20.10254 7.126935 Mean dependent var S.D. dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter.
Durbin-Watson stat
1
Prob. O.OOOO 0.0000 23.58003 1.196412 1.932583 2.031513 1.946224 0.859994
NGfflfeN Cifu T A I CHfNH - MARKETING s 6 13&14. XUAN QU* TV - 2013
NGHIEN cOU & TRAO o6l
• Ve nhdn thuc: Phai cd thai dd tich cyc ddi vdi hoat ddng ddu tu tryc tiep ra nudc ngodi.
Chinh sdch cua Chfnh phii dugc xem Id nhdn td quan trgng thii 2 trong thiic ddy dau tu true tiip ra nude ngoai cua cdc doanh nghiep Trung Qudc. CJ cac qudc gia ndy xac djnh rdng vifc gia tdng siic mgnh cho cac doanh nghiep trong nudc ddu tu ra nudc ngodi cung gidng nhu gia tdng sirc mgnh ciia Qudc gia.
Chinh phil cac nudc nay xem OFDl la mdt ''con dudng mdi"
dl tiip can thi trudng, von, cdng nghf vd kiln thiic tir cdc nudc tiln tiin va ciing cd cho kha ndng canh tranh tren toan cau. 6 Singapore, chinh phii tdi trg, cho vay, khuyin khich thui, vd tai trg vin cho thiic ddy OFDl. Ci An Dd, cdc cdng ty dau tu tryc tiip ra nudc ngodi mua ngoai hii trin thi trudng khdng can qua sy chdp thudn trudc ciia Ngdn hang du trO An Do (Reserve Bank of India). Chi'nh phil Brazin thiit lap muc tieu phdi cd 10 cdng ty xuyen qudc gia cua hg vdo cudi nhiem ky Tdng thing Lula. 0 Malaysia miin trir thui tir chuyin tiln thu nhap kiim du'gc tir nudc ngoai cung nhu giam Ihul ciia hoat dong trudc khi khai thac d nudc ngodi. CJ Thdi Lan, chinh phii tdi trg cho khodn vay ddi ban lln din 85% chi phi xay dyng cho doanh nghifp thyc hien hgp ding d nudc ngodi.
• v i biln phdp thiic day:
- Kinh nghiim tir Trung Qudc + Chinh phii Trung Qudc ho trg tdi chinh cho cdc doanh nghiep ddu tir tryc tiep ra nudc
ngodi nhu tdi trg vdn, uu ddi va tao diiu kifn thuan lgi vay von, tranh ddnh thue 2 lan...
+ Sy phdi hgp mgnh me giiia cac td chiic xiic tiin ddu tu, cdi each kinh t i vdi Ngan hdng
+ 0 cdp do kinh t i vT md, Trung Qudc giam nhiJng riii ro liln quan din OFDl thdng qua cac sy thda thudn bao hd Idn nhau cua Chinh phii Trung Qudc vdi cac nudc tiip nhan vdn
+ O cdp dd kinh te vi md, chfnh phii Tnmg Qudc cung cdp bao hiem tai ngn nghi nghifp cho ngudi Iao dgng xudt ngogi
+ Chinh phii thyc hiln duy tri mgng ludi dich vu thdng tin ho trg cho doanh nghiep cua minh d nudc ngoai, thu thap du lieu va bao cao cac van dc Nhd dau tu dang vd se gdp khd khdn. De lam nh&ng vile ndy Trung Qudc thdnh lap Hdi ding xiic tiin ddu tu qudc te, hay Trung tam nghiin ciru ddu tu true lilp nudc ngodi.
+ Ngodi ra chinh phii Trung Qudc cdn xudt bdn cac an pham hudng dan ve qudc gia vd ngdnh nghi cho ddu tu tryc tiep nudc ngodi. cung cap cac ddnh gid ve thi trudng nudc ngoai cua cdc cdng ty Trung Qudc, dua ra cac kit ndi cdng ty Trung Qudc vdi chinh sach uu dai. iVIdt khac tdt ca cdc hogt ddng ddu tu theo hudng dan nay se dugc hudng cac ho trg, uu dai ve tai chinh, thil tyc chdp thudn dau tu...
- Kinh nghiim Thdi Lan + Chinh phil Thdi Lan thdnh lgp hdn mgt Tap doan - Thai Credit Guarantee Corporation
(Tdp dodn dam bao tin dung Thai Lan) hb trg va gia tdng sire manh tai chinh cho cac doanh nghifp viia va nhd. Va hifn nay tap dodn nay ho trg cho cdc DNVVN Thdi Lan ddu tu ra nudc ngodi, dac bift id vao cac nudc khu vuc Ddng Nam A.
•-• VI chi'nh sach giam sat ddu tir:
- Kinh nghiem tir Trung Quoc + Ngogi trir cac dy an OFDl cua cac cdng ty thudc sd hiiu Nhd nudc phdi dugc chap thugn dau tu bdi Uy ban qudn \^ vd giam sat tdi sdn Nhd nudc {State-owned Asset Supervision and Administration Commission (SASAC) thi cac dy an cdn Igi chi cdn sy chap thugn dau tu bdi Phdng thuang mai vd kinh t i ddi ngogi ciia Tinh (Foreign Economic Relation & Trade)
+ Cac dy dn ddu tu tryc tiip ra nudc ngodi cd vdn ft han 30 trieu USD vd dinh hudng khai thdc ngudn lyc nudc ngodi, vd nhiing dy dn dudi 10 trieu USD, sl dugc bdi Phdng thuang mai vd kinh te doi ngogi cap Tinh (Foreign Economic Relation &
Trade) cap phep, Thdi gian cap phip se khdng qua 20 ngay Idm vile, trong do 5 ngay dl co quan Nhd nudc xdc nh^n dan xin cap phep, 15 ngay dk ra quyit dmh cdp phep. Vd quan trgng hem het ta. cac dy dn khdng can phai cd ludn chimg kinh ti k j thudt, md Nha nudc chi can quan tam din nhd ddu tu vd djnh hudng ddu tu.
+ Them vao do, Trung Qudc cdn thyc hifn cac chuang trinh ddnh gia thdi k^' hdu cap phip ddu tu rat tdt, trong do lift kl
NGHlfeNCtfU TAI CHfNH - ^URKETING s6 13*14, XUAN QUt TV - 2013 69
NGHIEN Ciru & TRAO 06l cdc nguyin tdc chi tiet de ddnh gia hogt dgng ddu tu ciia doanh nghifp ra nudc ngodi.
5. Gop y vk chinh s a c h d6i vo-i diiu tu* tru'c tidp ra n i r v c ngodi c u e Viet Nam
Tir nghiin ciru thyc trgng.
hiiu dugc y nghTa ciia ddu tu tryc tiip ra nudc ngodi ddi vdi nin kinh t i Viet Nam, ciing vdi nhifng bdi hgc chinh sach hiic ddy ddu tu tryc tiip ra nudc ngodi ciia mdt sd nudc, tdc gid riit ra dugc mdt sd bdi hgc vi chinh sdch ddu tu tryc tiep ra nudc ngodi Vift Nam nhu sau:
- Nhd nudc phai xem ddu tu tryc tiip ra nudc ngodi Id ddng lyc tfch cm; gdp phdn ndng cao
"vj thi kinh ti'" Vift Nam.
- Cdc chi'nh sdch uu ddi, xiic tiin ddu tu ra nudc ngodi phai dugc thyc hiln lien tuc. Nlu trong thdi ky suy thodi kinh te.
gap sy khd khan ve dn dinh kinh t i vT md thi cung phdi can nhdc trong vifc quan ly ddu tu tryc tiip ra nudc ngoai. Vile quan ly dau tu tryc tiep ra nudc ngodi trong thdi ky nay nen theo hudng gidm hoat ddng xiic tien.
ho trg nhiing khdng phdi ban chi, gay khd khdn.
- Phdi hgp vdi chinh phii. ca
quan quan Iy dau tu. Ngan hang nudc tiip nhdn ddu tu d i tgo va tan dyng nhieu nhdt cd thi cd d sy trg giup tir nudc tiip nhdn ddu tu.
Xay dung chuang trinh nghiin cihi mdi trudng ddu tu nudc ngodi thdi suy thoai vd hau suy thoai d& giiip cac doanh nghiep Vift Nam dn dinh d nudc ngodi. Cling cd, gia tdng siic mgnh. lgi thi cgnh tranh, tan dyng CO hgi di vuan lln d nudc ngodi.
- Tiip tuc nghien ciiu vd triin khai thudn tiln hda thii tuc dau tu ddi vdi nhu'ng dy an quy md nhd, nhfrng dy an khdng cd tdc dfng mgnh lln can can thanh todn.
- Tiep tyc hd trg nhO-ng dy dn cd quy md Idn, nhiing dy dn dang trien khaL d^c bift nh&ng du an mang tfnh sdng cdn ddi vcri doanh nghifp me d Viet Nam.
- Xay dyng cac tap dodn tai chinh de ho trg, tdng cudng sirc mgnh, uy tfn tdi chinh cho cac DNVVN ddu tu ra nudc ngodi. *
Tdi lifu tham khao I. Le Quang Huy, Ddu tu tryc tiip ra nudc ngoai - mft giai phap cho cac doanh nghifp vCra va nhd Viet Nam vugt qua suy thoai kinh
te, Hfi thdo "Gidi phdp hgn che suy gidm cdc doanh nghipp vira va nho Vipt Nam", Dgi hpc Kinh ti Tp.HCM, 12/2012.
2. Dierk Herzer (2010). Outward FDI and economic growth, Joumal of Economic Studies 37(5), 476 - 494.
3. Luo, Y., et al (2009), How emerging market governments promote outward FDI: Experience from China, Journal of World
Business.
4. Jaan Masso, Urmas Varblane and Priit Vahter (2007), The Impact of Outward FDI on Home-Country Employment in a Low-Cost Transition Economy. Working Paper Number 873, William Davidson Institute, The University of Michigan,':
5. Seungjin Kim (2000), Effects of Outward Foreign Direct Investment, on Home Country Perfonnance: Evidence from Korea, The Role of Foreign Direct Investment in East Asian Economic Developmenl, National Bureau of Economic Research. Vol 9, 295 - 317, University of Chicago.
6. Peter J. Buckley et al (2010), What Can Emerging Markets Learn fitim the Outward Direct Investment Policies of Advanced CounUies?, Foreign Direct Investments from Emerging Markets (2010), Karl P.
Sauvant et al, p243-276, Palgrave Macmilan.
7. World investment report (2006), UNCTAD.
NGHIEN CiSV TAI CHfNH - MARKETING s 6 13&t4, XUAN QUt TV - 201^
