MINISTRY OF EDUCATION AND TRAINING
NATIONAL ECONOMICS UNIVERSITY
NguyEn viEt dUng
THIS THESIS HAS BEEN COMPLETED AT
NATIONAL ECONOMICS UNIVERSITY
Supervisor 1: Assoc.Prof.Dr. Le Hung Son
Supervisor 2: Dr. Cao Thi Y Nhi
Reviewer 1: Assoc.Prof.Dr. Nguyen Huu Anh
Mobilizing financial resources
for investment in socio-economic
Reviewer 2: Assoc.Prof.Dr. Nguyen Hong Thai
infrastructure in Mong Cai
international border gate city
Reviewer 3: Dr. Pham Phan Dung
Major: Finance - Banking
Major code: 62340201
The thesis will be defended at University Assessment Council,
National Economics University
The thesis will be found in:
- The National Library
HA nOi, 2016
- The Library of National Economics University
promote the best advantages on the basis of the maximum use of resources from all domestic
and abroad economic sectors to develop. The study and proposal mechanisms, policies and
measures for mobilizing resources to build Mong Cai become an international border gate city
is considered as a very necessary and urgent task.Approaching the problem from the national
interest with the general vision, comprehensive and long-term to determine the direction, goals,
measures, mechanisms and financial policy formidable strategic in nature, looking out the key
stage, breakthrough to concentrate investment and development resources; which, it should
prioritize the financial resources for the construction of important infrastructure projects,
creating the foundation developed city. At the same time, recognizing that, Mong Cai City will
join the northern border city (Lao Cai, Cao Bang, Lang Son) quickly upgrade, rapid
development to overcome the lag quickly, tend to become the difference in "class" than the city
across the border, leading to many restrictions, loss of development cooperation, not only
individually but also locally in the whole country.
According to the development trend, the pattern that Mong Cai should be pointed to is a
modern international border, which is competitive in a position to partner with the city opposite
side of China as well as many other cities in the region. In the near future, it needs enough
resources to invest in building a number of key infrastructure projects to create a breakthrough
development in order to exploit the potential and advantages for socio-economic development
of the city.
With the potential, advantages, opportunities, challenges and the development
orientation of Mong Cai, I find that there are many different resources needed to build Mong
Cai become a modern administrative economic unit. Mobilizing financial resources plays a very
important role for the implementation and concretization of the objectives set out. Therefore, I
decide to choose the thesis title "Mobilizing financial resources for investment in socioeconomic infrastructure in Mong Cai international border gate city".
2. The purposes of the thesis
- Study theoreotical and practical basis of mobilizing financial resource for socioeconomic infrastructure investment of local governments (provincial).
- Analyze of the impact of specific factors that have an impact on financial resource
mobilization of the border gate cities in general and Mong Cai international border gate city in
particular. Analyze and evaluate the current status of investment in socio-economic
infrastructure and current status of mobilizing financial resource in Mong Cai city.
- Forecast demand for capital to invest in socio-economic infrastructure in Mong Cai
from 2015 to 2020.
- Recommend and propose effective measures to mobilize financial resources for socioeconomic infrastructure investment in Mong Cai city.
3. The research scope:
- Content: The scope of the study is defined as the mobilizing financial resources for
socio-economic infrastructureinvestment. However, the main content of the thesis will focus on
financial resource mobilization undertaken by local governments for investment in socioeconomic infrastructure projects associated with particularities border gate cities.
1. The necessity of the thesis
Mong Cai is an important geopolitical and geoeconomic place with a strategic position
in the development of economy, politics, national defense, security and foreign affairs. With 72
kilometer long border and international border gates on land and sea, Mong Cai is a intersection
converging two corridors one economic development belt Gulf coast - one of the economic
exchange gate between Vietnam - ASEAN with China, which has the largest and the most
dynamic economy in the world. China also has a large market with rapid growth and
After more than 25 years of normalized relations with China, thanks to taking the
absolute advantage of the geographical location and the particular concern of the Central
Government and Quang Ninh province through the implementation of several pilot mechanisms
and specific financial policy at gate areas to create investment resources for developing
economic and social infrastructure, Mong Cai has achieved rapid development from an
agricultural district to outdated marketing town and now a city borders, with the rapid pace of
development in comparison with other towns and cities in Quang Ninh and Chinese localities
which has the border with Mong Cai.
However, the specific mechanisms and financial policies of Mong Cai is only performed
over a period of 8 years (from 1995 to 2003). Investment resources for socio - economic
infrastructure are not commensurate with the potential advantages and it is decreasing sharply
due to changes in the border trade policy, immigration, exports and imports at the border area of
Vietnam with China. After China put down the drilling platform in the South China Sea in
2014, the activities of socio-economic development in Mong Cai are unstable and this reveals
many difficulties and challenges, such as: weak competitiveness ,bad production capacity
because of the lack of development conditions, small population size; transportation
infrastructure, parking and gate, commercial centers, tourism, services, financial deficit, weak;
high quality human resources have not met the requirements of development. The policy
mechanisms and institutions, the current management has not attracted the resources to make a
breakthrough development, especially infrastructure and manpower.
Meanwhile, Dongxing, Guangxi Zhuang Autonomous Region of Guangxi Province in
China, which have lower starting point than Mong Cai, are growing rapidly thank to the pilot
implementation of key development Dongxing" done by the state of The people Republic of
China. It is the pedal and breakthrough for China's development, entering the ASEAN market;
It also gives Dongxing mechanisms, special preferential policies, such as investment, tax
incentives, priority investment resources from the central budget. The development policy of
China Dongxing has created opportunities for Mong Cai city to develope rapidly, especially in
the field has many advantages such as trade services, transport, tourism; Mong Cai has put back
into the world facing new challenges and the level of competition more fierce, demanding
Mong Cai must quickly develop to become a city partner status on par with cities in China.
In the situation, recognizing that, in order to avoid left behind by cities in the coastal
economic corridor Tonkin Gulf and the cities on the other side of the border, Mong Cai should
- Space: The research is done in Mong Cai city.
- Time: The data and the status of mobilizing financial resources from 2000 to 2015 in
Mong Cai city, Quang Ninh Province. Using data from 1996 to analyze, compare and compare.
4. The research objects and methodology
4.1. The research objects
The research obiects of the thesis are defined as financial resources and other forms of
mobilizing financial resources for socio-economic infrastructure investmentin border cities
4.2. The research methodology
Based on the theoretical basis of the history of economic theories and related theories
such as theory of economic growth, public finance theory and based on the methodology of
dialectics and historical materialism, this thesis is done by using following methods:
- The combined analysis, combining the results of the analysis to the qualitative and
quantitative interpretation and conclusions to research issues.
- Statistics descriptive and qualitative analysis: collecting and comparing time series
data for the mobilization, trade, tourism, GRDP, ... to see the changes between the moment.
- Quantitative analysis: approach by VAR econometric model (Model vector
autoregression). Quantitative models are made by the accreditation necessary to assess the
impact, the ability of the factors affecting the characteristics of the city gate, the border to
mobilize financial resources.
Secondly, this thesis analyses the impact of multiple factors affecting the specific
characteristic of the border in general and, in particular, the city of Mong Cai international
border gate. The factors affecting financial resource mobilization are mainly trade activities
with other world sea ports; export and tourism; cross-border payments; economic policy and
external border-country relations.
6.2. New practical contributions
- The results of the research can be applied immediately on the mobilization of
resources in the city of Mong Cai.
- The thesis proposes a number of measures to help local authorities and stakeholders to
consider and make decisions on cooperation and implementation of methods to mobilize
financial resources for investment in economic infrastructure socio city Mong Cai international
- Works will be useful reference for anyone interested in the mobilization of financial
resources at the local particularities of the border, the border gates; and more research on border
trade activities and payments between Vietnam dong and the yuan at the border.
7. Structure of the thesis
Apart from the introduction, the conclusion, the list of references and 17 appendices, the thesis
consists of 4 chapters.
5. The research questions
- How will specific factors affect mobilizing financial resources for socio-economic
infrastructure investment of the border gate city?
- What are the relationship between investing in socio-economic infrastructure and
import and export, tourism, cross-border payment activities?
- What are the limitations in mobilizing financial resources for socio- economic
infrastructure investmentin Mong Cai city?
- Which solutions and channel of financial resource mobilization will fit Mong Cai city
which has specific characteristics and depend on the economic policies of China?
6. New contributions of the thesis
6.1. New contributions on academics and theory
Firstly, based on the findings of specific characteristics that are present at the border
gate city, this thesis approaches the issue of mobilizing financial resources towards investment
in social and economic infrastructures that are in favour of local particularities. In addition to
traditional public sector resources, this thesis argues and analyses in detail the mobilization of
financial resources from the private sector and abroad. The comments that are being raised
regarding the duality of this resource mobilization is the basis for the thesis analysis, which is
made explicit through the local case of Mong Cai international border gate city.
OVERVIEW OF THE RESEARCH SITUATION
1.1. Generalresearches on mobilizing financial resources
Most researchers focused on mobilizing the State financial resources that can be used to
raise funds for the economy, such as capital mobilization channels through the state budget, the
issuance of bonds, ODA mobilization and rearrangement of state enterprises, attracting deposits
through the banking system,... much of this research study to mobilize financial resources from
multiple channels in general, different sources. The advantage of this approach allows us to
have a general view of mobilizing investment capital for social development. However, due to
the general mentioned, it does not have the conditions going into the analysis of the problem,
the different perspectives of each mobilization channel, each different financial resources...
1.2. Reseaches on channelsof financial resources mobilization
So far, there is plenty of researches on the mobilizing financial resources that focus on
some channels to mobilize financial resources such as: channel to attract savings in the bank,
through the stock market, bond issuance votes, mobilization of financial resources in the form
of public-private partnership,... The advantage of those researches is that they focused on a
channel to mobilize financial resources so they can have a deep analysis some specific aspects
of that channel.
Apart from the reseaches on mobilizing financial resources from the public sector,
public-private partnership PPP, some researches focused on mobilizing financial resources from
the private sector. These studies have investigated overal different channels to raise funds,
focusing on: (1) study on mobilizing private financial resources for a specific goal, such as the
development of education, health, etc...; (2) study overall channels of mobilizing financial
resources from the private financial sectors for the economic development goals of the society.
With local provincial and especially in specific areas anonymous pilot, there is not a
plenty of researches on test solutions, mobilizing mechanisms.
1.3. Experience of some countries and cities in Vietnam in the field of mobilizing financial
resources for socio-economic infrastructure investment and the lessons drawn from it
1.3.1. The experience of some countries in mobilizing financial resources infrastructure
Japan: diversified investment resources, efficient exploitation of domestic financial
resources; develop policies to encourage private sector participation in the project.
- Loans and financial investment through bond issues at all levels; Established corporations
user charging, release the bonds that link; Establish separate accounts for projects invested by
central revenues from users and through its own taxes.
Korea: identified the key role of government investment in infrastructure; developed
mechanisms and policies to encourage all economic sectors to invest in social and economic
infrastructure; bond market development.
Indonesia: improved policy, legal and institutional order to attract investment in
Singapore: promoted privatization in building socio-economic infrastructure; enhanced the
development plan zones economic export experience, knowledge, planning and building sustainable
infrastructure to become a successful business areas and profitability.
Shanghai (in China): developed stock market and bond market, through the tool;
borrowing from the international financial institutions; lease and land swap; Contract mining right
transfer activities; development of capital markets; Cooperation between the public and private
The experience of the city of Dongxing (China) applied a special mechanism on finance,
tax and special support from the central budget and Guangxi; Priority attract private resources;
established national company specializing in infrastructure investments in pilot areas.
United Arab Emirates, the difference in attracting resources through the successful
application of these mechanisms, specific policies such as modern institutions, is a large
decentralized; tax incentives, Imex, freely convertible foreign currency, assets, ...
1.3.2. The experience of some provinces and citiesin Vietnamin mobilizing financial resources
for investing in socio-economic infrastructure
Da Nang: exploit and efficient use of financial resources of land for economic development
- society, including measures such as removing bottlenecks in compensation, clearance; planning
the overall mobilization of resources for development investment; improve the efficiency of
planning, urban management, administrative reform.
Ho Chi Minh City, succeeded in attracting FDI through measures such as innovation in the
selection of investors; innovative ways of investment promotion; Create land bank is ready to attract
investment; good management plans; Investment socialized public service sectors and economic
1.3.3. The lessons drawn from other countries and localities in Vietnamin mobilizing
financial resources for socio-economic infrastructureinvestment
- Formulation and planning management must take one step forward.
- Efficient use of land funds to create financial resources from the earth.
- Use good mobilization channel from private capital, promote market government
bonds and corporate bonds.
- To carry out specific financial mechanism, focusing on a number of economic areas, a
group of infrastructure projects to encourage motivation to invest in infrastructure projects.
- There are administrative institution - the modern economy with streamlined
bureaucracy, effective; simple administrative procedures, fast and transparent.
1.4. Research gap of the thesis
Research on mobilizing financial resources for socio-economic infrastructure investment
done by local government under province with the specific features on border, border trade and
tourism of a city which has the border with China.
THEORETICAL BASIS OF MOBILIZING FINANCIAL RESOURCES
FOR SOCIO-ECONOMIC INFRASTRUCTURE INVESTMENT
2.1. Financial resources for socio-economic infrastructure investmentin localities
2.1.1. An overview of the socio-economic infrastructure and socio-economic infrastructure
investment in localities
18.104.22.168. The concept of socio-economic infrastructure
Socio-economic infrastructure is understood as the whole material conditions,
technique, operation mechanism, social institutions equipped with the physical elements and the
environment to serve the production activity and human life.
22.214.171.124. The concept of socio-economic infrastructure investment
ofdevelopmentinvestment. It is the process of using the existing resources in order to carry out
activities to maintain, upgrade, expansion or creation of infrastructure facilities to meet the
social and economic objectives of growth and development social economy of each country or
126.96.36.199. Classification of socio-economic infrastructure
Classification of infrastructure: based on specific characters; socio-economic sector and
and economic sector.
The infrastructurehas many features such as high systematics, forwardness and
modernity. Amount of money invested in infrastructure projects is often very big and the time is
188.8.131.52. The role of socio-economic infrastructure for the socio-economic development
Socio-economic infrastructure plays an important role for the socio-economic
development of a country, created the impetus for the development. If the infrastructure
develops in a synchronous and modern way, it will promote sustainable economic growth,
improving the efficiency of the economy and make a contribution on solving social problems.
2.1.2. Financial resources for socio-economic infrastructure investmentin localities
184.108.40.206. The concept and characteristics
Financial resources for socio-economic development is understood as the source of
currency (or assets can be quickly converted to cash) in the economy that can be mobilized to
form the monetary funds for socio-economic development goals of the country.
Financial resources is the financial ability that one can exploit and use to fulfill certain
Characteristics of financial resources: always associated with ownership relations;
diversity in terms of size, the form of existence; dispersive; sensitive to interest rates and return
220.127.116.11. Classification of financial resources
18.104.22.168.1. Domestic financial resources
Domestic financial resources consists of financial resources from the public sector and
financial resources from the private sector.
22.214.171.124.2. Oversea financial resources.
Official Development Assistance (ODA); Foreign Direct Investment (FDI); Funds from
non-governmental organizations (NGOs); Personal funds from foreigners.
126.96.36.199. The role of financial resources for investing in socio-economic infrastructure
Formation of capital for investment, production capacity of enterprises and the
economy, stimulate investment and promote the process of economic restructuring, improve the
quality of growth; paving the capacity and level of science and technology.
2.2. Mobilizing financial resources for socio-economic infrastructure investment in
2.2.1. The concept of financial resources mobilization
Mobilization of financial resources is a process done through policies and measures and
the form in which the state, socio-economic organizations and economic actors make and apply
to transfer financial resources from potential form of monetary funds used for targeted socioeconomic development.
2.2.2. Forms of mobilization
188.8.131.52. State financial resources mobilization
The state uses its power to focus a part of the total national income on cash funds of
state focus. Also, as the demand of the state capital increase, the budget revenues can not meet
the demand, the state also uses the tools of investment capital mobilization such as: issuance of
government bonds, local government bonds, construction bonds the country, state treasury
bonds, Official Development Assistance(ODA).
184.108.40.206. Mobilizing financial resources from a combination of resources from the public
sector and resources from the private sector (public-private partnership - PPP)
220.127.116.11. Mobilizing financial resources from the private sector
2.3. Factors that affect financial resources mobilization for investing in socio-economic
infrastructure in locality
Economic factors; resources; social and economic infrastructure; Political factors,
guidelines, policies and laws.
Diagram 2.1: Factors affecting mobilization of financial resources
2.4. Quantitative analysis using econometric model to forecast the factors affecting
financial resources mobilization
Time series analysis was conducted to see whether past observation value (delay
variation) affect the present value of the variable or not? And which variable is influenced by
that variable, an analysis of two-way relation.
VAR model (Vector autoregressive model) is applied to the string statistics over time to
find out the relationship between these factors interact economy's macro economy fact, the
influence spread between these elements together. Var model is general for Xt and Yt with the
ܺ௧ =∝ + ߚ ܺ௧ି + ߛ ܻ௧ି + ݑଵ௧
ܻ௧ = ߲ + ߜ ܻ௧ି + ߠ ܺ௧ି + ݑଶ௧
p is the latency of each variable Xt and Yt, u1tand u2t is interference vector which means zero in
average and variance σ ^ 2 unchanged (white noise).
THE REALITY OF MOBILIZING FINANCIAL RESOURCES FOR
SOCIO-ECONOMIC INFRASTRUCTURE INVESTMENT IN
MONG CAI CITY
Investment in the infrastructure of commune, ward boundaries and islands and other
agricultural communes was unconcerned due to the lack of resources for investment, the
majority of which were inter-village roads and local villages.
Investment funds for socio-economic infrastructure has been still limited.
3.3. The reality of mobilizing financial resources for the investment in socio-economic
infrastructure in Mong Cai City from 1996 to 2014
3.3.1 Mobilization of resources from the State budget for infrastructure investment
a. Mobilizing financial resources from the budget through taxes, fees and charges
Being able to balance its local budgets, besides the collection of land use fees, Mong
Cai City also seeks for other sources of increasing budget revenues and revenues from the
closing balance of the domestic budget for infrastructure investment. However, revenues from
real estate in Mong Cai City is a negligible number which is unsustainable due to its
dependence on the borders, not to mention that the specific characteristics do not exist any
longer; therefore these revenues meet only a small part of the needs of developing the socioeconomic infrastructure in Mong Cai City.
b. Mobilizing financial resources from real estate and contributed revenues
c. Mobilizing financial resources from the State budget (budget from the central,
provinces and cities) to invest in infrastructure construction: additional financial
resources available from the central and provincial budget for the infrastructure works are
calculated according to the grading criteria whose additional levels are merely low and do not
commensurate with the potential and advantages of the city. Therefore, none of motivation
to attract other resources is created.
d. Credit mobilization of Mong Cai City’s authorities
Loans through the issuance of local authority’s bonds
Loans from the existing budget of the State Treasury and from the commercial bank.
Mobilization and use of Official Development Assistance loans (ODA) in Mong
Cai.3.3.2. Mobilization of financial resources through the Public Private Partnership model
A number of pilot projects, successfully implemented in the area, opened up new
channels for raising capital for the investment in the city’s socio-economic infrastructure
projects. It is necessary that Mong Cai City should continue to apply the PPP model in several
fields and projects that might be carried out by private investors such as commercial
infrastructure, tourism and education.
3.3.3. Mobilization of financial resources from the private sector
18.104.22.168. Mobilization of financial resources through the system of credit institutions
Financial resources from the local people in fact prove itself to be a comparatively good
source; a large amount of capital resources (residential savings and deposits of enterprises) has
not been used efficiently, causing surplus capital.
Due to the poor and inefficient management of the State on business households who
exchange money and cross border payment, loss of revenues to the budget happened
3.1. Socio-economic characteristics and some specific policies and mechanisms facilitating
the development of Mong Cai City
3.1.1. Some basic information about the socio-economic characteristics of Mong Cai City
Geographic condition: Mong Cai - an international border gate city which is located in
northeastern of Quang Ninh province, on the border with Dongxing City of China, sharing both
land borders and maritime boundaries with China. It has a population of about 105,000 people.
Economic condition: (1) the average growth rate of Gross Regional Domestic Product
(GRDP) from 2000 to 2014 was over 17.5%; (2) the continuous growth of budget income has
increased by an average of 15% per year; (3) the value of imported and exported goods at the
Mong Cai border gates during the period from 2010 to 2014 reached $4 billion/year in
average; GRDP Per capital income in 2014 reached $3,051.
3.1.2. Some specific Vietnam’s policies and mechanisms facilitating the development of
Mong Cai City
From 1996 to 2001, Mong Cai piloted a special mechanism under decision No. 666/TTg
dated 14/9/1996 of the Government (the central budget invested in Mong Cai border gate every
year is not below 50% of the yearly total budget revenues spent in infrastructure).
From 2001 to 2008, Mong Cai piloted some specific policies under decision
No. 53/2001/QD-TTg dated 19/4/2001 and received Government's investment in the
infrastructure, preferential loans, incentives on trade, tourism, real estate, and tax.
From 2008 to date, investment resources are applied according to the Budget Law
enacted in 2003.
3.1.3. Some impacts of the change on the border and tourism trade policies of Dongxing City
3.2. The reality of the socio-economic investment in infrastructure in Mong Cai City
3.2.1. Current infrastructure situation of some major sectors
Infrastructure at the border gate area; Transportation infrastructure, road and inland
waterway; Post and telecommunication infrastructure, and communications, etc.
3.2.2. Limitations of socio-economic infrastructure in Mong Cai City
The quality of construction planning in general and of urban development planning is
not good enough, resulting to poor forecasting, and unsynchronized planning coordination.
Investment in the development of transport infrastructure does not keep up with the pace
Urban infrastructure and infrastructure at the border gate investment gate have not been
synchronized, but regularly overloaded and not yet met the requirements of development.
Investment in the social infrastructure is not integrated, its efficiency is not high and still
does not meet the requirements of attracting quality human resources from other localities.
22.214.171.124. Mobilization of financial resources from the sectors which get funds from
ForeignDirect Investment (FDI) to invest in the socio-economic infrastructure
There are 23 active FDI projects with the amount of invested FDI capital reached
almost 500 million USD, one of which invested in infrastructure sector. The number of
successfully implemented FDI projects at Mong Cai City was scattered, showing the need to
study more feasible mechanisms to attract more financial resources of FDI into Mong Cai City.
3.3.4. Analysis of the relationship between financial resource mobilization and some
specific factors (geography, export-import, and tourism, etc.)
a. The contribution of Total Factor Productivity (TFP) to the socio-economic
According to the results of regression analysis by SPSS software using Ordinary least
square (OLS), the relationship between GRDP with capital (V) and labor (L) of the city
of Mong Cai is shown as follows:
Gj = 0,268*Vj + 0,016*Lj + uj (*)
From 2000 to 2015, GRDP rises in Mong Cai City is mainly due to the increase in
capital (89.53%), increase in labour contributed to 5.78%; Total Factor Productivity (TFP)
contributing to the economic growth constituted 4.69%. In another way, Mong Cai City has not
yet exploited its good comparative advantage in terms of geographical position so as to
mobilize financial resources for investment in development of Mong Cai in general and for its
socio-economic infrastructure investment in particular, especially in the areas
of prioritized infrastructure which are considered the driving forces of the infrastructure
development such as trade, import and export, and tourism infrastructure.
b. Analysis of the relationship between import and export, tourism, cross border
payments and investment
According to the author, strengthening the investment activities could benefit
enormously the tourism, trade and cross border payment and import and export of Mong Cai
City. In order to test the above hypotheses, the author used VAR model for the time
series from 2000 to 2014 in a bid to analyze the relationship between the mobilization
of resources for socio-economic infrastructure investment and activities in trade, import and
export of local tourism of Mong Cai City. The results showed that the import and
export, cross border payment and tourism activities increased 1.049% 1.76% and% 0.7016
respectively, whereas the total capital investment in the whole society of the previous
year increased 1%.
Hence, it can be affirmed that the relationship between the socio-economic
infrastructure investment and activities of import-export, cross border payment and tourism at
Mong Cai City is comparatively close. The development in import-export activities and tourism
attracts private capital in infrastructure. This is the primary basis for the motivation and goal of
mobilizing private capital for socio-economic infrastructure to support the economic growth of
Mong Cai City in the coming time.
c. Analysis of mobilizing social resources for the development of Mong Cai City
The structure and tendency to attract financial resources at Mong Cai City have been
witnessing a big change in recent years. Financial resources from the public sector tends
to decrease, whereas the financial resources from the private sector and FDI tends to increase in
the total investment of the whole Wsociety. Stepping into the shoes of the State regulators, it is
necessary for Mong Cai City to implement specific policies, mechanism and appropriate
solutions solutions to widen the external investment capital for investment and development.
3.4. General evaluation on the mobilization of financial resources to investment in socioeconomic infrastructure in Mong Cai City
Financial resources mobilized have been growing continuously, the next year’s is higher
than the previous year’s; the proportion of financial resources investment from the public
sector tends to decline.
Mong Cai City authority mobilized financial resources from different sources.
A source of experienced officers is formed and trained to approach the new mobilization
Initial success in mobilizing financial resources for private investment in infrastructure.
Socialized education, health and other public services initially obtained good results,
helping to alleviate the burden of budget and to meet the diverse needs of society.
The state budget resources still occupy the dominant role in infrastructure investment,
meanwhile the financial resources from the private sector have not been effectively deployed;
an imbalance still exists between the mobilized financial resource and the mediumterm investment plan; the growth rate of investment resources is still low, the mobilized
resources have not yet met the needs of investing and developing the socioeconomic infrastructure.
Financial resources from real estate has not yet been mobilized and completely used for
The attraction of financial resources from the private sector to invest in socioeconomic infrastructure has been still limited, good resources in the society has not yet been
Methods of financial resources mobilization have not really been varied; tools to
mobilize financial resources have not been used and promoted effectively.
The effectiveness of investor selection, appraisal, and attraction has not yet been
practical, and investment environment is still unfavorable.
3.4.3. The causes of those limitations
The work of establishment, management and implementation of the master plan for
socio-economic development, construction planning, and urban development planning is
Mong Cai City authority has not yet built up its budget plan, mobilization plan and
medium-term resource utilization plan.
There is no leading agency responsible for attracting financial resources for investment
and investment promotion therefore both internal and external investment projects are
Lack of specific incentives to motivate the development, particularly incentives of
finance, immovables and human resources.
The system of local credit institutions has not varied; financial markets have not
Mong Cai City’s development remained dependent on its economy due to China’s
frequent changes at policies on cross-border management, trade and immigration. That is why
Mong Cai City still has not gained the confidence and trust from investors.
Synchronizing the investment in urban infrastructure system: Transportation
infrastructure; Electricity and Water supply infrastructure; Trade infrastructure; Information
infrastructure; Education and training infrastructure; Health and Medical infrastructure; Culture,
sport and tourism development infrastructure.
4.2.4. Mong Cai City’s SWOT analysis on the financial resources mobilization to invest in
the socio-economic infrastructure
Strengths of geographical location: Mong Cai City enjoys a strategic location for the
development of commercial activities, near Guangxi City with the potential market with over
75 million inhabitants and the GDP reaches nearly 470 billion US dollars.
Mong Cai City is a favoured area where natural, tourism and human factors combine.
Mong Cai city is also getting a special attention from the Politburo and the Government
as it is becoming a piloted economic and administrative unit with special preferential policies
for creating favourable conditions to attract more investors.
Mong Cai City’s growth is quite slower comparing to other economic areas; The
transportation infrastructure is still limited; Lack of human resources in terms of both quantity
Mong Cai City is affected and dependent on China.
The administrative procedures reform still
of preferential investment have not really attractive; the competitiveness is still limited.
To exploit the Chinese potential market.
Important plans need to be approved by the Government to attract investors, especially
FDI investors and private investors in infrastructure projects.
Joining TPP, AEC and RCEP helps to create markets for production, distribution,
consumption; and the opportunity to raise capital from other countries in the group.
Has opportunities to attract resources for investment outside the budget for projects of
The instability on the border trade policy of China and the pressure from them on
the internationalization of Chinese yuan renminbi (CNY) in payments between Vietnam and
China will impact the border trade activities, banking and service investment in Mong Cai City,
causing difficulties in controlling the flow of capital investment and the cash
flow denominated in CNY.
Policies and mechanisms are inconsistent and not strong enough.
Difficulties in attracting FDI (apart from Chinese enterprises);
The underdevelopment and lack of ability to compete with the city of Dongxing
Staffs and employees are not qualified enough to keep up with the development.
4.2.5. The need for investment capital of Mong Cai City by 2020
SOLUTIONS FOR MOBILIZING FINANCIAL RESOURCES TO
INVEST IN SOCIO-ECONOMIC INFRASTRUCTURE IN
MONG CAI INTERNATIONAL BORDER GATE
4.1. Forecasts about the global, regional and local economic context
4.1.1. Global context
- The Chinese economy's rapid and continuous growth may affect the economy
of Vietnam in general and of Mong Cai City in particular.
- Vietnam joined the free trade agreement (RCEP, TPP, AEC).
- Sustainable development and clean energy are receiving a lot of critical attention from
- The need for public-private partnership (PPP) cooperation is becoming overwhelming.
- The political relationship between Vietnam and China.
4.1.2. Local context
Vietnam’s macro-economic outlook: Vietnam is one of the fastest growing economies
Red River Delta and Northern economic focal region outlook: these areas are enjoying a
potential growth with synchronous infrastructure system, creating favorable conditions for
4.2. The orientation of socio-economic development of Mong Cai City
4.2.1 Perspectives and objectives development of Mong Cai City
The 2020 targets: The GRDP growth rate from 2015 to 2020 will be about 17.7 to 20%
per year on average; GRDP per Capital income by 2020 will be about 10,000 USD per person.
4.2.2. Orientation of the functional area development
Attracting investment resources for development of Tariff-free zone, Tariff zone, Mong
Cai border economic cooperation zone, and Industrial Center.
4.2.3. The development of socio-economic infrastructure by 2030
The author has made predictions and estimates of capital investment need for the city of
Mong Cai from 2016 to 2020.
Based on the prediction model: G * b * J = VJ + c * LJ + uj
- The base platforms
In order to create forecasts results with high reliability, the author gave out some
scenarios to illustrate the situation of Mong Cai City’s as follows:
Scenario 1: The forecast based on the (past) growth model over the years.
Scenario 2: The forecast based on the model of target growth
Scenario 3: The forecast based on the model of expected growth
Scenario 4: The forecast based on the economic depression scenario (2013)
Scenario 5: Forecast based on the economic depression scenario (revised in 2014)
- Forecast results based on each scenario
Table 4.3. Summary of the need for capital investment from 2015 to 2020 according
to 5 mentioned scenarios
4.2.6. Different points of view on mobilizing financial resources for investment in the socioeconomic infrastructure in Mong Cai City
- Diversify channels of financial resource mobilization to attract all domestic and
overseas economic sectors to invest in the socio-economic infrastructure development.
- Mobilizing financial resources from the private sector is the top priority in comparison
with other economic sectors; the private investment will be prioritized through public-private
partnership model (PPP).
- Make a good use of Mong Cai City’s advantages from commercial activities, export,
tourism, cross-border trade, etc. to mobilize financial resources.
- Do research and propose special mechanisms for a number of areas related to taxation,
trade, import and export, etc. and mechanisms for some fundamental infrastructure projects.
- Improve the efficiency of financial resource mobilization which is associated with to
improve the efficiency of using these resources, at the same time to minimize losses and waste
- Strengthen activities to support the development of local tourism, trade, export and
import in order to attract private investment resources for socio-economic infrastructure.
4.3. SolutionS formobilization offinancial resources for investment in socio-economic
infrastructure in Mong Cai City, Quang Ninh Province
4.3.1. Solutions for plan management and implementation
- Develop implementation plans to administer the plans approved by the Prime Minister
which are associated with the medium-term socio-economic development project and the
medium-term public investment project within 5 years.
- Present detailed plans, dividing functional areas and resettlement areas for land
- Check and adjust the planning sectors, industries and main products; and resettlement
areas for land clearance.
- Develop investment programs and prioritized projects in accordance with each kind of
- Develop plans and mechanisms to mobilize medium-term investment.
4.3.2. Solutions for financial resources mobilization from the public sector to invest in the
126.96.36.199. Mobilization of financial resources from the state budget which focuses on allocating
capital investment in socio-economic infrastructure projects
Solution 1: Improving mechanisms of budget allocation towards decentralization and
expansion of autonomy for budget levels
- To adjust the decentralized local budgets to increase the autonomy and creativity in
exploiting revenues and operating expenditures at the city level.
- It is suggested by Quang Ninh Province that Mong Cai should apply a special
mechanism towards the direction of decentralization, and to adjust the ratio of revenues to
regulate 100% of which for local budgets or for targeted investment in Mong Cai City
Total actual investment (billion)
Average (of Scenario
This poses the task for managers with the goal of mobilizing financial resources to
ensure the socio-economic objectives which are:
(1) To limit the pressure on resources from the State budget, keeping it below 10% of
the total annual investment capital.
(2) To create favorable conditions for credit policies to boost the investment in the nonstate sector (keeping it at about 40% of the total capital).
(3) To continue expanding policies to attract FDI in an effort to ensure the majority of
demand for capital from 2015 to 2020 (approaching over 50% of the total capital).
With an ideal capital structure for the period from 2015 to 2020 is 10%; 40% and 50%
(respectively of the State budget, non-state budget and FDI), administrators can completely
accurately identify each specific fund in each stage and each economic context according to 5
above scenarios. Expectations of the city is to mobilize sufficient resources for the investment
development, focusing on resource investments in the field of socio-economic infrastructure. In
order to achieve that, the city must determine the views, goals and measures to mobilize
financial resources, especially the extra-budgetary resources and FDI, in a practical and
(including domestic revenues and import-export revenues) during 10 years so that the city’s
financial resources can invested in key infrastructure of the border gate areas.
Solution 2: Implementing solutions to increase the timely correct type of revenue, grow
revenue and avoid revenue loss.
- To control tightly the budget revenues.
- To strengthen the inspection and supervision of tax declaration and payment.
- To fight against smuggling, commercial fraud and transfer pricing; to enhance debt
treatment and recovery of outstanding loans.
- To eliminate the way of thinking which is to save the revenue budget for the following
- To arrange the business units; to sell state-owned assets which are for leased to focus
financial resources on the State budget.
Solution 3: Exploiting effectively the value real estate bank to focus the financial
resources from the immovables to the local budget.
- To control the land prices better; to promote planned land acquisition, create a land
bank for auction; to encourage investors to apply the form of paying once for all.
- To organize the bidding of mining rights of land use projects.
- To suggest mechanisms to encourage the accumulation and concentration of land in
some areas suitable for large production to set the stage for large production, commodity
production and the formation of concentrated production areas.
- To narrow down the number of people allocated who do not collect land fees, to
gradually shift the public service units with financial autonomy into leasing land.
- To exploit financial resources from state-owned land; creating conditions to attract
projects according to PPP model.
- To exploit financial resources from transportation infrastructure and customs clearance
points at the border gates.
Solution 4: Promoting the work of planning to utilize the advantages of geographical
location from which to attract projects investing in socio-economic development so as to
increase revenues for local budgets.
Solution 5: Equitizing and divesting the state budget in state-owned enterprises
managed by the City; to establish the State-owned financial investment company at Mong Cai
economic border gate zone; to hold auction for mining rights.
188.8.131.52. Creating investment resources through developing projects of issuing local authority’s
bonds and loans from the existing budget of the State Treasury.
To build up the project of issuing local authority’s bonds for the period from 2016 to
2020 which is associated with the Public investment plan of Mong Cai City.
Proposals are sent to the Government and the Ministry of Finance to allow Quang Ninh
Provincial People's Committee to freely issue its to local bonds with the duration from 3 to 5
years with certain credit limit, including the debt limit of Mong Cai City.
184.108.40.206. ODA mobilization on effective saving perspectives
To develop and propose realistic and sound plans to potential ODA funding
To develop projects asking for investment for each project plan which is associated with
the medium-term public investment, including the size of the projects which need support,
project objectives, outcomes and socio-economic benefits of the projects.
To request the support from Quang Ninh province in order to get access to national and
international ODA funding organizations in the order of priority.
220.127.116.11. Enhancing the efficiency of State management of infrastructure investment
It is necessary to well manage the preparation, adjustment and implementation of the
It is necessary to improve the mechanism of investment decentralization.
It is necessary to well implement the advocacy, building consensus in today’s
18.104.22.168. Solutions to improve the management and efficiency of use of financial resources
To streamline the staffing resource of the local units; to restructure the business units
with appropriate autonomy, to enhance their capacity management and operational efficiency.
To save regularly the expenditure and to spare financial resources for investment: to
predict accurately the impacts on budget revenues; to develop the budget estimation in
accordance with the priorities which links to the outputs; to be flexible in the budget
management; to ensure the financial security and the balance of revenues and expenditures; to
reduce the number of public assets sellers and buyers.
Investment should focus on its main purposes.
4.3.3. Solutions for financial resources mobilization from the private sector, focusing
on resource mobilization in the model of public private partnership (PPP)
22.214.171.124. Improving the investment and business environment.
To improve the quality of public services.
To reform administrative procedures, making them more transparent and simpler
to reduce the cost and time of business; to boost up the convenience at the border gate; to
use "once stopped, once checked” method at Mong Cai international border gate.
To publicize the business processes and the work processing time in each department;
to shorten the evaluation and licensing time in each unit; handle all of the administrative
procedures at the Public Administrative Center.
To review the taxes, fees and other unofficial expenses, the cost of joining the market
to create the confidence for investors.
To enhance public service discipline among civil servants and public employees.
To renovate communication at work and dialogues to support the business.
126.96.36.199. Raising capital from credit institutions; maximizing the role of commercial banks in
addressing difficulties with business enterprises.
To implement quarterly programs between banks and business associations to help
enterprises get access to the capital.
To ask the State Bank of Vietnam to invite the foreign commercial banks to
open branches at Mong Cai City.
To promote the propaganda and information programs about investment projects of
highly effective which strategic investors have invested in Quang Ninh province, Mong
Cai City to attract investors.
To work out with the real estate bank and or financial streets to invite domestic and
foreign banks to open branches or offices.
To work with leaders of some prestigious commercial banks which are of a
large scale to support the implementation of the development policy of Mong Cai and to attract
To request the State Bank of Vietnam to increase the quota of annual credit
growth of the commercial banks and the Vietnam Development Bank across the area of Quang
Ninh province to overcome the problem of local capital surplus.
To request Vietnam Social Policy Bank and the Vietnam Development Bank to increase
the sources of capital and total loan limit for households in the areas of agriculture, forestry, and
To effectively manage the cross-border trade payment operation in Mong Cai
City: Strongly recommend that the State Bank of Vietnam should improve the crossborder payment regulations, and the payment of trade between the Vietnam-China border.
188.8.131.52. Attracting resources from overseas Vietnamese community
To issue incentives mechanism, creating ideal conditions to ttract investment and source
of remittances from overseas Vietnamese.
To broadcast propaganda on the means of mass media about raising awareness of the
role overseas Vietnamese; leading focal agencies will be in charge of the propaganda; to
combine plans among sectors to propagandize on the preferential policy and guidelines of
attracting investment in Mong Cai City.
To build up plans: to mobilize sources of remittances; to mobilize investment capital; to
act as brokers, introducing about projects.
To develop formal remittance channels through the financial and banking systems
to replace the illegal remittance transferring channels and informal cross-border channels.
184.108.40.206. Wide spreading the private-public partnership model (PPP); socializing the investment
in social, health, education infrastructure
- To review, categorize and evaluate project portfolios, the approved works among plans
and projects invested and managed by the State to transfer them to the involved private
- To complete legal procedures: the leading focal agency will take care of implementing
the PPP projects in Mong Cai City; to decentralize authority to give decision on
the implementation of PPP projects between industries and local departments.
- To build up information and propaganda programs about investing in PPP to give
explanation on the selection process for investors, the effects of the projects, the interests
of the parties involved in PPP projects, such as: (i) the interests of the State, (ii) employees,
(iii) people who use the service, (iv) the investors (v) the affected person from the project.
- To equitize a number of business units; a number of the State’s properties are for rent
to supply the services business and to serve the implementation mechanism of the business
units operating as public enterprises.
A number of areas and prioritized projects are in need of private investors: healthcare,
education, consulting, design, Logistics, environmental services, in particular:
The infrastructure: PPP projects need to invest in roads, ports, warehouses, border gate,
commodities exporting point, etc. To encourage the private-public cooperation projects, to
modernize the traffic management systems and network traffic.
Healthcare: To equitize some hospitals or to apply the model of PPP in the management
and exploitation of the Medical Center, General Hospital; to attract private investors to
build the International Hospital of Mong Cai City.
Education: To change the method of business units management which are schools,
centers of cultures and information for the private sector.
Environment: the public utility services such as waste collection, transportation and
Water supply: To attract private investors to upgrade, expand domestic water
supply plants and waste water treatment systems.
Social housing: To construct and develop housing, especially social houses, relocated
houses, houses for workers in industrial zones and staff dorms.
Urban lighting: it is private investors who are in charge of the management, operation
and maintenance of the public lighting systems.
220.127.116.11. Promoting the socialized resources from organizations and residents joining the
program of new rural and urban embellishment.
To use the mass media to publicly advocate on supporting policies and mechanisms on
the new rural development.
To promote the role of the people involved in the new rural embellishment.
To issue supporting mechanisms to mobilize sources of socialization from the people
involved in the new rural embellishment.
To organize training programs and courses for civil officials to improve their expertise
on managing infrastructure investment projects, and production development projects.
To publicize the process of using contributed capital and the supported resources from
the State; to publicize the list investment projects.
To classify areas potential for economic development to build various social
contributions rate accordingly.
4.3.4. Renovation of investment promotion activities; attraction of foreign investments FDI
to build socio-economic infrastructure
To create an overall industry system which is ready to go into action as: infrastructure
systems to serve potential investors; information and communication capacity; to ensure
adequate and stable water and electricity supplies.
To establish some focal agencies to attract investment and development to ensure that
the quality of the investments will be in accordance with what is committed and deployed.
To select foreign investors on the basis of effective implementation of a number of
solutions as follows: creating a friendly environment for business and a civilized and modern
society; adjusting the selection criteria for FDI investors in the infrastructure sectors; innovating
the investment promotion; creating a clean land fund; closely combining the planning of socioeconomic development with urban development.
4.3.5. Solutions to the institutional reform and administration
To recommend the Government should allow Mong Cai City to implement a pilot new
management model with the economic administrative institution applied for a specific
special administration level such as the free economic border gate zone and a number
of specific pilot policies and mechanisms which are capable of competing in the field of
investment, currency, banking, tax, customs, immigration, and commerce, etc. Commercial
investment areas have some of the following principles:
• The opening level is higher than other provinces’ and inland cities’
• The economic institutions are closer to the economic institutions of the international
urban and special economic zones.
• The economic management is simpler and has less interference on running the
• Being able to enjoy a certain incentives comparing to some inlands.
• Being given the greater rights in deciding a number of tasks on management.
4.3.6. Solutions for limiting the risks in mobilizing financial resources whenever there is any
change in policy from China
To strengthen the diplomacy relationship with Dongxin City.
To build up plans to diversify trading portfolios.
To build up image and pledge to ensure the trust and confidence from investors.
To speed up the construction of infrastructure projects whose vital connections.
To the National Assembly: to allow Mong Cai city to become a pilot
economic administrative units especially in the direction of becoming a free economic border
gate zone and at the same time apply some specific policy mechanisms in the field of
investment, monetary, tax, customs, import-export, and trade.
To the Government: to supplement an additional capital from the central budget to the
city budget at the rate equivalent to 100% of revenues from annual immigration fees and export
taxes at Mong Cai City to invest in fundamental infrastructure projects; this .mechanism will be
taking into effect in 10-year period (from 2016 to 2025)
Recommendations which the Government submits to the National Assembly:
supplement additional content on the budget revenues and expenditures for the special
economic administrative unit; Mong Cai City are empowered to apply some pilot mechanisms
of tax incentives, budget revenues and expenditures, finance, investment (authority equivalent
to the authority of the President of the People’s Committee of Quang Ninh province).
To Quang Ninh province: to consider and submit to the Government the plan of
establishing the financial investment State company of Mong Cai Economic Zone – so as to
raise funds for building significant socio-economic infrastructure of the city.
To Quang Ninh province and the Ministry of Finance: to allow Mong Cai local authority
to issue bonds for the period from 2016 to 2020 in association with its investment plans of
Mong Cai City and Quang Ninh province.
To Quang Ninh province and the Government: to consider and allow Mong Cai City to
give foreign investors the right to transfer and lease real estate and receive capital contributions
directly from households and individuals as domestic investors as well as to ensure the use of
land for the right purpose, the right planning and investment projects must be approved.
Mobilization of financial resources and investment in infrastructure are vast areas which
has particularly important implications to the socio-economic development of each country and
of each locality. Investment in socio-economic development is the basis for ensuring the social
and economic development, as they are fundamental elements of any production and business
processes, apart from workers. However, in most countries, financial resources for investment
and development are always scarce and hardly to fully meet the demand for investment. In
particular, if based solely on the limited State budget sources, it is hard to ensure the financial
resources for investment and development.
Vietnam is implementing the economic restructuring, including the restructuring of
public investment, the public debt accounts for a large proportion of GDP. Funds from the
central budget are allocated to localities for investment in socio-economic infrastructure
projects under the target program and according to the descending order of priorities. Financial
resources from the budget is a priority for key infrastructure projects and the areas of special
difficulties. Therefore, the remaining localities including Mong Cai city had better actively seek
and mobilize resources to accomplish the goals and tasks of socio-economic development.
Financial resources from the public sector as well as financial resources outside the budget need
to be mobilized, managed and used effectively.
In the context of limited State financial resources, financial resources from outside
have many limitations and consequences, the mobilization of financial resources from the
private sector is the best solution to all countries pursuing the multi-sector economy. This is an
important and relatively abundant financial resources which needs to be exploited in the future
for additional resources for the public sector.
For the analysis and interpretation of the content related to the mobilization of financial
resources; thereby setting out some solutions to improve the financial resource mobilization, the
thesis has used a combination of qualitative and quantitative analysis with the content of four
chapters. In Chapter 1, the thesis has focused on researching and reviewing the situation related
to the subject of the thesis, drawing lessons from what had been mentioned thoroughly in
previous studies, both the advantages and disadvantages and at the same time, addressing
constraints which those studies had encountered. Chapter 2 refers to the theoretical issues of
financial resources and investment in socio-economic infrastructure. In Chapter 3, the thesis
focuses on analyzing the current situation of financial resource mobilization for investment in
socio-economic infrastructure in Mong Cai City relying on mobilization channels. Based on the
analysis of the achievements, problems and its cause, in Chapter 4, the thesis propose several
viewpoints, orientations and measures to mobilize financial resources from investment socioeconomic infrastructure in Mong Cai city, a province sensitive to fluctuations related to the
economic and political mechanisms and policies between Vietnam and China (the change in the
trade policy in 2012 and the South China Sea 2014 event are outstanding examples).
Several solutions have been launched on the viewpoints of state management agencies,
including: (1) Group of solutions for planning and institutional reform; (2) Group of measures
to mobilize financial resources from the public sector; mobilize financial resources from the
private sector and the mobilization solutions from FDI to invest in social and economic
The solutions involve setting up and managing the implementation of the planned group
of solutions to mobilize resources from the public sector (real estate, taxes, etc.), the private
sector, and FDI. Reasons for these solutions are: good planning makes a good project, then
attract potential and better investors. Solutions on institutional reform towards enforcing Mong
Cai City to become an economic administrative unit in particular, whose streamlined and
decentralized management system with greater competence; thereby enhancing its
competitiveness in attracting resources.
For solutions to mobilize financial resources from the state sector, the author suggested
that Mong Cai City shall retain all revenues from import and export activities in the locality
during 10 years (or the revenue invested by the Government in the period of 10 years is not less
than the revenue from import and export operations in the province) to generate resources for
investment in socio-economic infrastructure; this is not new, however, some solutions had been
piloted and successfully applied in Mong Cai from 1996 to 2002. The 2003 budget law was
enacted, these mechanisms are no longer effective; solution to the issuance of local government
bonds and the establishment of the State financial economic border gate zone at Mong Cai.
For solutions to mobilize resources from the private sector and FDI including solutions
to improve the investment environment to promote the private sector development,
macroeconomic stability, finance and banking system development, creating equality between
the public sector and the non-state sector to attract the participation of private investment in
infrastructure projects such as socioeconomic transportation sector, water supply, education,
and health care, etc.
Ensuring abundant resources for investment is a prerequisite for success in the socioeconomic and development. The sufficient condition would be to use these funds effectively.
Improving the efficiency of financial resource mobilization will contribute to ensure the capital
for growth and development, contributing to improve people's living standards, jobs and social
Besides the mentioned issues related to the mobilization of financial resources, the
thesis has not analyzed the issues which are related to the financial resource mobilization
channel through cross-border payments operations of commercial banks, households business
between Vietnam dong exchange and Chinese yuan renminbi (CNY), as well as the impact of
the exchange rate between CNY and VND for attracting investment resources in the Mong Cai
City and other provinces bordering China (a particular financial product born in Mong Cai
province, has now been replicated in other areas in the country).
This issue is beyond the scope of the thesis, but also a very important role in the
mobilization and management of resources. Due to the limited scope, the thesis has not focused
on analyzing this matter. The thesis can also be improved if more data and more quantitative
surveys are implement. Due to the limited research condition, the author has not reached these
objectives which are expected to be implemented in the future studies.
LIST OF PHD CANDIDATE’S PAPERS
Nguyen Viet Dung (2014),Financial solutions for building
infrastructure in Mong Cai City, Economy and Forecast Review,
No21,Nov 2014 ISBN 08667120.
Nguyen Viet Dung (2014),Public Private Partnership - Financial
solution for the of infrastructure construction in Mongcai
economic zone, The summary record of National Scientific
Conference "Providing capital for economic development in
Vietnam in the current period", KX01/11-15, ISBN: 978-604-927876-1, Dec 2014.
Nguyen Viet Dung (2015), Exploitation financial resources for
frastructure development, Research on Finance and Accounting,
No 11 (148)/2015, Dec 2015.