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https://www.oecd.org/en/publications/fdi-qualities-review-of-viet-nam_a3c78dac-en.html
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Title page 1
Contents 5
Foreword 4
Executive summary 9
1. Key assessment and recommendations 11
1.1. Powering Viet Nam's next growth phase: challenges and opportunities 13
1.1.1. Sustained economic progress will require new drivers of productivity 13
1.1.2. Viet Nam has made impressive strides towards a more open investment regime 15
1.2. The contribution of FDI to Viet Nam's development: Achievements and limits 18
1.2.1. Foreign firms' characteristics in Viet Nam: Rapid wage and labour growth, modest revenue gains 18
1.2.2. Thin-margin FDI is no longer enough to fuel the next productivity boom 20
1.2.3. Foreign firms' limited R&D and high import reliance constrain technology transfer 22
1.2.4. Viet Nam's green and digital transition is an opportunity to better reap the benefits of FDI 23
1.2.5. Reaping the benefits of FDI requires better alignment across investment, skills and gender policies 25
1.3. From quantity to quality FDI: A policy agenda 26
1.3.1. Strengthen governance and co-ordination through clearer mandates and cross-ministerial taskforces 27
1.3.2. Modernise regulatory frameworks: Easing restrictions in high-skill services, enforcing IPR, strengthening labour rights and improving... 29
1.3.3. Rebalance incentives and support, shifting from income- to expenditure-based incentives for R&D, skills, and green innovation 30
1.3.4. Enhance investment promotion and transparency, focusing on high-quality FDI and reducing information asymmetries through digital... 31
References 34
Note 34
2. Boosting FDI contribution to productivity and innovation 35
2.1. Summary and main policy recommendations 36
2.2. Productivity and innovation trends 39
2.2.1. Viet Nam's economic growth has been driven by rising productivity and structural change, but future gains may be limited by an ageing... 39
2.2.2. Despite limited domestic R&D and innovation capacity, Viet Nam benefits from high-tech exports and ranks relatively well on innovation outputs 42
2.3. The contribution of FDI to productivity and innovation 43
2.3.1. Foreign firms are more productive within sectors, but their aggregate contribution to productivity growth is constrained by FDI's sectoral composition 43
2.3.2. Foreign firms contribute little to innovation, with low R&D investment and limited process or product innovation compared to peers 48
2.3.3. Export-oriented FDI has deepened Viet Nam's trade integration, but rising global trade pressures and limited domestic value addition... 50
2.3.4. Limited local sourcing by foreign affiliates constrains the potential for productivity spillovers 52
2.4. The governance and policy framework for investment, innovation and SME 55
2.4.1. The complexity of the institutional framework for FDI, productivity and innovation has been reduced, but policy overlaps at the agency... 55
2.4.2. Institutional co-ordination on FDI, productivity and innovation could be further improved 57
2.4.3. Aligning Viet Nam's strategies and action plans on investment, innovation, entrepreneurship could improve policy coherence 60
2.4.4. Viet Nam has significantly liberalised market access, but there is still scope to ease regulatory restrictions in certain knowledge-intensive sectors 62
2.4.5. Enforcing intellectual property rights and further strengthening competition rules may support technology transfer 65
2.4.6. Recently international trade and investment agreements include innovation and SME provisions 66
2.4.7. FIA could further target knowledge-intensive investment in its promotion activities 67
2.4.8. Investment facilitation services can be improved to encourage linkages between foreign and domestic firms 69
2.4.9. Viet Nam provides investment incentives targeting productive and knowledge intensive FDI, but their design can be improved to increase... 73
2.4.10. Strengthening the productive capacities and innovation potential of Vietnamese firms can enhance their integration into the supply chains... 77
2.4.11. Viet Nam has prioritised cluster development and technology parks; yet further investment in knowledge transfer infrastructure would... 82
References 86
3. Leveraging FDI in support of digital transformation 99
3.1. Summary and main policy recommendations 100
3.2. The contribution of FDI to digital transformation 103
3.2.1. FDI in Viet Nam's digital economy is increasing and predominates in ICT manufacturing 103
3.2.2. Viet Nam would benefit from further promoting investments in ICT infrastructure 107
3.2.3. Foreign firms are important contributors to Viet Nam's digital economy 108
3.2.4. Digital FDI in Viet Nam has been instrumental for job creation 110
3.2.5. Strengthening the scale of R&D investment remains key to upgrading digital FDI in Viet Nam 112
3.3. The institutional and policy framework for attracting digital investments 113
3.3.1. The institutional framework for investment and digital policy has been streamlined, but agency mandates could be revised to ensure policy... 113
3.3.2. Viet Nam has a comprehensive strategic framework to support digital transformation 116
3.3.3. Market access restrictions for foreign investors are concentrated in telecommunications and media activities 119
3.3.4. Viet Nam has developed a comprehensive legal framework for the digital economy; yet, data localisation requirements may affect investment... 120
3.3.5. Competition rules for the telecommunications sector could be strengthened to attract investment in ICT infrastructure 121
3.3.6. Investment promotion and facilitation could be better co-ordinated and targeted to attract digital-intensive investments 124
3.3.7. Viet Nam pursues a whole-of-government approach to digital skills development, yet there is further scope to leverage FDI for workforce upskilling 126
3.3.8. Viet Nam offers generous incentives to attract digital investment, but effective implementation and performance-based conditions... 129
3.3.9. Strengthening the digital capacities of Vietnamese enterprises to collaborate with foreign tech firms 131
3.3.10. Viet Nam could leverage its tech startup ecosystem to attract FDI in digital sectors 134
References 137
4. Mobilising FDI for job quality and skills development 143
4.1. Summary and main policy recommendations 144
4.2. Overview of Viet Nam's labour market 146
4.3. The contribution of FDI to job quality and skills 149
4.3.1. FDI drives more than one third of formal employment in Viet Nam 150
4.3.2. Jobs created by FDI are largely in manufacturing and around urban hubs 151
4.3.3. Foreign firm wages are on average 21% higher than Vietnamese firms 154
4.3.4. Foreign firms create more jobs in low-skilled activities 157
4.3.5. Foreign firms are more likely to offer on-the-job training than Vietnamese peers, but less so than comparator economies 159
4.4. The policy and institutional framework influencing the impact of FDI on job quality and skills development 160
4.4.1. Labour market enhancements are part of Viet Nam's strategic outlook, but co-ordination could be strengthened 160
4.4.2. Viet Nam features an open FDI environment, but regulatory restrictions persist in skill-intensive sectors 165
4.4.3. Viet Nam has undertaken important labour market reforms, and continuing this momentum will be important 166
4.4.4. International agreements are key to improving labour conditions in Viet Nam 168
4.4.5. Investment promotion and facilitation for FDI and its impact on employment and skills development 170
4.4.6. Viet Nam would benefit from greater involvement of the investment community to forecast skills and design skills programmes 172
References 174
Notes 179
5. Improving FDI contribution to gender equality 180
5.1. Summary and main policy recommendations 181
5.2. Overview of women's economic participation 183
5.3. Contribution of FDI to women's economic empowerment and gender equality 187
5.3.1. Foreign firms account for nearly half of women's formal employment in Viet Nam 189
5.3.2. The uneven regional concentration of FDI risks compounding gender inequalities 191
5.3.3. Foreign firms employ more women than men, yet offer fewer career advancement prospects for women 192
5.3.4. Foreign firms in Viet Nam pay higher wages with variations across sectors 194
5.4. The institutional and policy framework affecting the impact of FDI on gender equality 196
5.4.1. Viet Nam's national strategies and promote women's economic participation, but the link with investment could be strengthened 196
5.4.2. Viet Nam's institutional framework on investment and gender includes many actors 198
5.4.3. Regulatory restrictions to FDI continue to apply on few female-intensive sectors 201
5.4.4. Viet Nam has advanced gender equality in its legal framework, but compliance could be strengthened 202
5.4.5. Viet Nam could support investment promotion and facilitation for investment and gender equality 204
5.4.6. International agreements could further reinforce the role of investment in supporting gender equality in Viet Nam 207
5.4.7. Strengthening women's skills is key for Viet Nam's economic restructuring 209
References 211
Notes 215
6. Improving the contribution of FDI to green growth 216
6.1. Summary and main policy recommendations 217
6.2. Key challenges and opportunities for green growth 220
6.2.1. Viet Nam faces significant pollution and other environmental challenges 220
6.2.2. Viet Nam has not succeeded in decoupling CO₂ emissions from GDP growth 221
6.2.3. Viet Nam is vulnerable to climate change due to exposure to natural disasters 222
6.2.4. While private investment has driven a rapid expansion in solar and wind power, coal-based power generation has increased strongly as well 223
6.3. Contribution of FDI to green growth 225
6.3.1. FDI in carbon-intensive sectors is significant in Viet Nam 225
6.3.2. Renewables FDI doubled in the last decade but is still lower than FDI in fossil fuels 226
6.3.3. Foreign firms significantly outperform Vietnamese firms in clean business practices 227
6.4. Policy framework for green FDI 229
6.4.1. Institutional framework for green FDI 229
6.4.2. Strategic framework for green FDI 233
6.4.3. Legal and regulatory framework for green FDI 238
6.4.4. Green investment promotion and facilitation 248
6.4.5. Pricing, incentives and financial support for green investment 252
6.4.6. Public infrastructure supporting green investment 261
6.4.7. Green innovation and skills 263
6.4.8. Responsible business conduct 266
References 270
Notes 289
Figure 1.1. Economic performance and sustainability indicators in Viet Nam 14
Figure 1.2. Along with exports, Viet Nam sustained high inflows of FDI including in recent years 15
Figure 1.3. Viet Nam's FDI Regulatory Restrictiveness Index in comparison to ASEAN and OECD 16
Figure 1.4. Key characteristics of foreign firms in Viet Nam (2006-2023) 19
Figure 1.5. Foreign activity grew faster, but disproportionately in labour-intensive dimensions 20
Figure 1.6. Foreign firms perform strongly but their concentration in manufacturing drags down their edge 21
Figure 1.7. Foreign firms in Viet Nam invest little in R&D and rely heavily on imported inputs 23
Figure 1.8. Increased green and digital FDI shifts FDI from labour to knowledge intensive projects 24
Figure 1.9. Skills gaps in foreign firms persist as training falls short of meeting rising skills needs 25
Figure 2.1. Labour productivity growth in Viet Nam and selected economies 40
Figure 2.2. Shift-share decomposition of productivity growth in Viet Nam 41
Figure 2.3. Labour productivity by province in Viet Nam, 2018-2023 41
Figure 2.4. Gross domestic expenditure on R&D in percentage of GDP in selected economies, 2021 42
Figure 2.5. Foreign firms' productivity premium over Vietnamese firms by sector, 2023 43
Figure 2.6. Foreign firms' productivity premium in selected sectors over time, 2006-2023 44
Figure 2.7. Foreign-domestic labour productivity gap and decomposition by sectoral and within-industry effects 45
Figure 2.8. Contribution of foreign firms to labour productivity growth in Viet Nam, 2006-2023 46
Figure 2.9. Foreign employment and relative productivity growth in manufacturing, 2012-2023 47
Figure 2.10. Labour productivity premium of foreign versus domestic firms 48
Figure 2.11. Innovation performance of foreign versus domestic firms 49
Figure 2.12. Greenfield FDI in R&D activities by sector in Viet Nam 49
Figure 2.13. Participation in global value chains in Viet Nam and selected economies, 2020 51
Figure 2.14. Exports of foreign versus domestic firms, 2023 52
Figure 2.15. Local supplier linkages in Viet Nam and selected economies 53
Figure 2.16. Business partnerships in selected economies, 2003-2023 54
Figure 2.17. The institutional framework for investment, productivity and Innovation 56
Figure 2.18. Cross-sector comparison of FDI Regulatory Restrictiveness Index, 2023 63
Figure 2.19. Services trade restrictiveness index, 2024 64
Figure 2.20. Biggest obstacles for businesses in Viet Nam and comparator countries 65
Figure 2.21. Top 3 policy objectives of investment incentives in Viet Nam in relation to OECD IPAs 74
Figure 2.22. Types of tax incentives available in OECD countries and Viet Nam 76
Figure 3.1. Digital FDI in Viet Nam grew strongly in the last decade 105
Figure 3.2. The increase in digital FDI has been driven by investments in ICT goods and electric components 106
Figure 3.3. Investment in ICT manufacturing is gradually diversifying toward technologically sophisticated activities 107
Figure 3.4. Viet Nam has attracted little FDI in ICT infrastructure over the past two decades 108
Figure 3.5. Foreign firms are more concentrated in digital sectors and are more export-intensive 109
Figure 3.6. Job intensity in digital sectors has declined but remains higher than in peer economies 111
Figure 3.7. Greenfield investment in digital R&D activities in Viet Nam and peer economies 112
Figure 3.8. The institutional framework for investment and digital policy in Viet Nam 114
Figure 3.9. FDI restrictions in Viet Nam's digital economy are concentrated in telecommunications and media 120
Figure 3.10. Drivers influencing Viet Nam's IPA matches ones in OECD and ASEAN countries 124
Figure 4.1. Viet Nam benefits from an abundant and large workforce 147
Figure 4.2. Employment is concentrated in low-skilled sectors and occupations 148
Figure 4.3. Factors influencing FDI impacts on job quality and skills 149
Figure 4.4. Foreign firms contribute to over one third of formal employment in Viet Nam 151
Figure 4.5. The manufacturing sector accounts for the vast majority of jobs created by FDI 152
Figure 4.6. FDI-driven employment is concentrated around urban centres 153
Figure 4.7. Foreign wage premia are positive but lower in sectors with significant FDI 155
Figure 4.8. Foreign firms pay higher wages than domestic firms across all regions 156
Figure 4.9. FDI is directed to low skill intensity sectors such as manufacturing 157
Figure 4.10. Foreign firms are more skills-intensive in many sectors outside of manufacturing 158
Figure 4.11. Firms identify skill shortages as a constraint in Viet Nam but don't invest enough in upskilling 160
Figure 4.12. Viet Nam's institutional landscape for investment, employment and skills involves many actors 164
Figure 4.13. Viet Nam's FDI restrictions are relatively higher in skills-intensive sectors 166
Figure 5.1. Viet Nam's female labour participation rate is higher than OECD, but informality remains pervasive 184
Figure 5.2. More than half of female employment is in the manufacturing and agriculture sectors 185
Figure 5.3. The transmission channels of FDI impacts on gender outcomes 188
Figure 5.4. Nearly nine out of every ten women working at foreign firms are in manufacturing 190
Figure 5.5. Job opportunities by FDI for women are concentrated in few regions of Viet Nam 192
Figure 5.6. Foreign firms have higher proportions of female employees than Vietnamese peers 193
Figure 5.7. Foreign firms are half as likely as Vietnamese ones to have a female top manager or owner 194
Figure 5.8. Foreign firms pay higher wages but in sectors with lower female representation 196
Figure 5.9. Viet Nam's governance framework for gender and investment policy involves an interplay of national and subnational actors 200
Figure 5.10. Viet Nam maintains restrictions to FDI in select female-intensive sectors 202
Figure 5.11. Viet Nam has fewer legal restrictions on female employment than peer economies 203
Figure 6.1. Air pollution in Viet Nam has remained broadly similar since 2010 221
Figure 6.2. Unlike many comparators, Viet Nam has not yet succeeded in decoupling its CO₂ emissions from output 222
Figure 6.3. Viet Nam is more exposed to natural disasters than most comparators, especially floods and storms 223
Figure 6.4. While electricity from renewables other than hydropower shot up between 2018 and 2021, coal-based power generation increased... 224
Figure 6.5. Viet Nam generates more than 50% of electricity from renewables, mainly from hydropower - a larger share than most comparators 225
Figure 6.6. FDI in renewables has increased and FDI in heavy industry decreased, but FDI in fossil fuels and manufacturing remains considerable 226
Figure 6.7. Although FDI in renewables in Viet Nam has more than doubled over the last decade, FDI in fossil fuels remains sizable 227
Figure 6.8. Foreign firms in Viet Nam are twice as energy efficient as domestic firms 228
Figure 6.9. Foreign firms in Viet Nam are twice as likely to adopt energy management measures as domestic firms and three times as likely to... 229
Figure 6.10. Viet Nam's institutional setting for investment, climate and green-growth policies remains complex (updated to reflect institutional... 230
Figure 6.11. The PDP VIII aims at expanding electricity generation from gas until 2030 and renewables combined with hydrogen until 2050 237
Figure 6.12. Fossil fuel subsidies in Viet Nam have declined and are moderate 253
Figure 6.13. Viet Nam's renewable support mechanisms have been adjusted frequently since their introduction 259
Figure 6.14. Green inventions remain moderate in Viet Nam in international comparison 263
Boxes 8
Box 1.1. Policy principles of the OECD Council Recommendation on FDI Qualities 27
Box 2.1. Policy recommendations 37
Box 2.2. Measuring the productivity premium of foreign firms in Viet Nam 47
Box 2.3. Business partnerships are a potential channel for FDI spillovers in Viet Nam 54
Box 2.4. Co-ordination on investment promotion and facilitation: The Invest in Holland Network 59
Box 2.5. National strategies with implications for FDI impacts on productivity and innovation 61
Box 2.6. IDA Ireland's targeted data collection and evaluation tools for prioritising productivity-enhancing and R&D-intensive investment 69
Box 2.7. Investment facilitation services to foster supplier linkages and R&D partnerships 71
Box 2.8. BOI Thailand's Unit for Industrial Linkage Development 73
Box 2.9. Policies to improve transparency of investment incentives 75
Box 2.10. Evaluating the effectiveness of incentives for R&D investment 77
Box 2.11. Improving the supplier capacities of domestic firms in line with foreign MNE standards 80
Box 2.12. Ho Chi Minh City Centre for Supporting Industries Development (CSID) 81
Box 2.13. Cluster development policies in selected OECD economies 84
Box 3.1. Policy recommendations 102
Box 3.2. The OECD FDI Qualities Indicators 2024: digital transformation in the spotlight 104
Box 3.3. Measuring foreign firms' relative importance in digital sectors 110
Box 3.4. National strategies governing investment and digital policy 117
Box 3.5. ICT governance and regulatory independence: the case of selected ASEAN economies 123
Box 3.6. Investment facilitation to advance digital outcomes 126
Box 3.7. International policy examples of public sector co-operation with MNEs to encourage digital skill development 128
Box 3.8. Leveraging the technology transfer potential of foreign MNEs 133
Box 3.9. International policy examples of IPAs promoting their tech start-up ecosystems for international investors 135
Box 4.1. Framework for assessing FDI impact on job quality and skills 149
Box 4.2. Examples of government co-ordination structures at the intersection of FDI, employment and skills development 164
Box 4.3. Collective bargaining and workers' voice improve FDI impacts on working conditions 168
Box 4.4. Examples of expenditure-based tax incentives for skills development 171
Box 5.1. The transmission of FDI impacts on gender equality in the labour market 187
Box 5.2. National strategies and plans advancing women's economic participation 197
Box 5.3. Jordan's institutional framework for FDI and gender equality 200
Box 5.4. Investment promotion to advance gender equality outcomes 206
Box 5.5. Investment facilitation to advance gender equality outcomes 207
Box 5.6. Principles on gender equality and non-discrimination in the OECD Guidelines 208
Box 5.7. Costa Rica's skills development programmes for women 210
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