Policy Recommendations for Attracting Investment Capital Contributed to Sustainable Development in Vietnam

Abstract

Background: Sustainable development is a goal for many nations, including Vietnam. These measures have helped the Vietnamese economy grow, become more competitive, and industrialise and modernise.

Objective: The study aims to determine the key factors influencing investment capital attraction and sustainable development in Vietnam. The authors also propose policy recommendations to enhance investment capital attraction.

Methodology: The authors conducted a descriptive survey based on the quantitative method and primary data collected directly from managers related to enterprises with investment capital in Vietnam. We collected data from 800 managers from three Vietnamese provinces and ten cities.

Result: Research results show five factors influencing investment capital attraction and sustainable development in Vietnam, each with a five per cent significance. These factors include investment policies, working and living environment, regional connectivity, human resources, and technology. The technological factor exhibits the highest standardised regression coefficient and exerts the most influential effect on attracting investment capital. It plays a crucial role in developing the digital and green economy by facilitating the adoption of clean technology, contributing significantly to sustainable development.

Conclusion: Vietnam's economy, notably investment, has suffered from political and economic instability, diminishing global commerce and investment, epidemics, natural disasters, and climate change.

Unique Contribution: This study has provided empirical data to help understand the factors that could drive sustainable development in Vietnam.

Key Recommendation: Vietnam should establish a comprehensive and stringent legal framework to facilitate the digital transformation and adoption of advanced technology. This component plays a crucial and innovative role in determining the economy's environmentally friendly future.