Core success factors in attracting the foreign direct investment: a case study in some provinces of Vietnam in the context of international economic integration

Abstract

The FDI is of great importance to developing countries like Vietnam. Foreign investment attraction helps bring a large amount of capital, technology, equipment, experts, and new management methods into Vietnam. The FDI helps increase employment, GDP, as well as local and national budget revenue. As a result, Vietnam in general and some provinces in particualar have financial resources to invest in other areas where localities have advantages. After more than 30 years’ FDI attraction in Vietnam, some provinces have achieved the impressive achievements in the FDI attraction. Therefore, the summary research to draw out the core success factors in the FDI attraction helps the strategic planning in attracting the FDI and preparing for the rapid implementation of FDI projects, as well as appropriate macroeconomic policies. This study is designed from a management perspective, focusing on detecting, analyzing, and summarizing the core success factors in the FDI attraction in some typical provinces with the successful FDI attraction in Vietnam. The research results show that some important factors can be mentioned, including: (1) the dynamic of the provincial government, (2) the good and synchronous planning towards investment attraction in general and the FDI in particular, (3) the decisiveness in key investments, (4) the local labor resources preparation, (5) local businesses, (6) strategic partners and FDI promoters, and (7) the FDI attraction activities innovation. The results of this study can help managers in other provinces in the FDI attraction as well as macro policy designers in building strategies and policies to attract the FDI in Vietnam.