- According to the management relationship of the investor: indirect investment, direct investment. In which, direct investment has 2 types: transfer investment and development investment.
- According to investment capital sources on a national scale: investment by domestic capital, investment by foreign capital.
- By investment subject: state investment, enterprise investment, individual and household investment.
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- By territory: investment activities are divided into development investment of territories, key economic regions, development investment of urban and rural areas...
1.1.2. Overview of development investment
1.1.2.1. Concept of development investment
Development investment is a basic part of investment, which is the spending of current capital to carry out activities to increase or create new assets for the economy (financial assets, physical assets, intellectual assets), increase production, create more jobs and for development purposes. [ Excerpt from the lecture on Investment Economics, Master Ho Tu Linh ]
Development investment is the investment of capital to create new production and service capacities. This is the type of investment for expanded reproduction, the main measure to provide jobs for workers, the premise for implementing financial investment and transfer investment. Direct investment is made by both domestic and foreign people, carried out in the host country and abroad. Therefore, it is very necessary to balance the two flows of investment capital in and out as well as to attach importance to both of these flows.
1.1.2.2. Characteristics of development investment
Often requires large capital, capital is stagnant throughout the investment process:
- Large capital: because of the large capital requirement, it is necessary to decide which field is most profitable to invest in, which sources to mobilize capital from, and how to use capital during the construction process.
- Stagnant capital: during the investment process, capital does not generate profit, does not create products and profits, in addition to the impacts of the investment environment, so it is necessary to forecast and calculate specifically when making a project.
Long-term investment activities:
- The time from the start of an investment project until the results of that investment project bring about socio-economic benefits is often long.
- The time to operate investment results until capital recovery (or until liquidation of assets from invested capital) often lasts, sometimes forever.
The results and efficiency of investment activities are affected by unstable factors over time and geographical conditions of space:
- Natural conditions (land, climate, weather, water resources,...)
- Socio-economic conditions (market supply and demand changes related to input and output of investment activities, management mechanisms, policies, political regimes...)
- Technical factors (long-term trends in technology: quality, product cost, how to use raw materials...)
→Requires careful market research when investing from the past to the present and the future.
The results of investment activities, if they are construction works, architectural structures such as factories, mines, irrigation works, roads, etc., will operate right where they are created:
- With this characteristic, the terrain, geology and geography conditions at the location of the projects will have a great influence on the investment implementation process as well as the operation and exploitation of the investment project later, that is, it is necessary to analyze the economic nature of the investment location.
Investment development activities often bear high risks:
- Investment and development activities are activities with high risk factors. Investors have no choice but to accept risks when deciding to invest capital by:
Consider what risks may occur and take measures to prevent them. For unavoidable risks, the investor will bear them.
Achieve higher results when there is no risk to compensate in case of risk.
Thus, to ensure that the investment development achieves high economic and social efficiency, it is necessary to do a good job of investment preparation. The investment preparation process is the process of drafting the investment project.
1.1.2.3. Basic content of development investment
Based on the field of effective investment development, including: investment in production development, investment in general infrastructure and technical development of the economy, investment in development of culture, education, health care and other social services, other development investment.
Meaning: this approach is the basis for determining the scale of investment capital, evaluating results and operational efficiency for each industry and sector in the national economy.
Based on the concept of development investment includes: investment in physical assets, investment in intellectual property, investment in intangible assets.
Meaning: this approach is the basis for determining the proportion and role of each part in the total investment of the unit.
Based on the process of investment formation and implementation: investment in investment preparation activities, investment during investment implementation, investment in the operation phase.
Meaning: This approach helps investors and managers determine the proportion of investment capital in each stage, investment capital mobilization plan, capital management and investment capital sources in each investment stage and debt repayment plan.
1.1.2.4. The role of development investment
For the entire economy:
- Development investment affects the total supply and total demand of the economy:
Impact on aggregate demand AD:
P
AS
E 1
P 1
AD 1
E 0
P 0
AD 0
Q 0
Q 1
Q
Chart 1.1: Impact of development investment on aggregate demand
Development investment is a factor that accounts for a large proportion of the total demand of the economy. According to the World Bank, investment usually accounts for about 24% - 28% of the total demand structure of all countries in the world. When the scale of investment changes, it will directly affect the scale of total demand AD. However, the impact of investment on AD is short-term. When the total supply AS has not changed yet, the increase in investment will cause total demand to increase from AD 0 → AD 1, leading to an increase in equilibrium output from Q 0 → Q 1 , the price of investment factors increases from P 0 → P 1 , the equilibrium point shifts from E 0 → E 1 .
Impact on aggregate supply AS:
P
AS 0
P 0
E 0
AS 1
E 1
P 1
AD
Q 1
Q
Q 0
Figure 1.2: Impact of development investment on aggregate supply
In the long run, when the investment results come into effect, new capacities come into operation, the total supply will increase from AS 0 →AS 1, leading to an increase in potential output from Q 0 →Q 1 and a decrease in the price of the product from P 0 →P 1. The equilibrium point shifts from E 0 →E 1 .
- Development investment impacts economic growth:
Investment and capital accumulation for investment are important factors for increasing production capacity, supplying goods and services to the economy. Increasing the scale of investment capital will contribute to increasing national output and average output per worker.
The above is clearly shown in the ICOR coefficient - Coefficient of increase in total social investment capital compared to economic growth.
- Development investment impacts economic restructuring:
Development investment affects economic restructuring by region.
Development investment affects economic restructuring by economic sector.
Development investment affects the economic restructuring according to economic sectors.
- Development investment affects the development of science and technology.
For production and service establishments:
- Investment determines the birth
- Investment determines existence
- Investment determines development
1.2. Overview of tourism and community tourism
1.2.1. Overview of tourism
1.2.1.1.Concept
Tourism is activities related to human trips outside their usual place of residence to meet the needs of sightseeing, learning, entertainment, and relaxation within a certain period of time. [ Excerpt from Community Tourism - Theory and Application by Dr. Vo Que ].
1.2.1.2. Forms of tourism
- Based on territorial scope: international tourism, domestic tourism.
- Based on tourists' travel needs: medical tourism, leisure tourism, entertainment tourism, sports tourism, religious tourism, discovery tourism.
- Based on means of transport: bicycle travel, train travel, cruise travel, car travel, air travel.
- Based on accommodation: hotel travel, motel travel, camping travel.
- Based on geographical characteristics: coastal tourism, mountain tourism, urban tourism, rural tourism.
- Based on the form of tourism organization: group tourism, individual tourism.
- Based on tourist components: high-class tourists, low-class tourists.
- New types of tourism: eco-tourism, community tourism, agricultural tourism, teambuilding tourism, MICE tourism (a type of tourism that combines conferences, seminars, exhibitions, and event organization), meditation tourism.
1.2.2. Overview of community tourism
1.2.2.1. Concept of community tourism
Community tourism is a type of tourism organized, managed and owned by the local community to bring economic benefits and protect the common environment by introducing tourists to local characteristics (landscape, culture, etc.). [Excerpt from Community Tourism - Theory and Application by Dr. Vo Que ].
Community-based tourism is based on the curiosity and desire of tourists to learn more about the daily lives of people from different cultures. Community-based tourism often involves urban people traveling to rural areas to experience life there for a certain period of time.
1.2.2.2. Types of community tourism
Ecotourism: Ecotourism is a form of tourism that takes place in natural areas (especially in areas that need to be protected and their surroundings) and combines the exploration of local cultural and social identity with concern for environmental issues. It promotes a sustainable ecosystem through a participatory environmental management process involving all stakeholders.
Cultural tourism: cultural tourism is one of the most important components of community-based tourism, culture, history, archaeology are the main factors attracting visitors of the local community. Cultural tourism includes exploring archaeological sites, famous religious sites or experiencing local life...
Agritourism: This is a form of tourism in agricultural areas such as orchards, agroforestry farms, herbal farms and animal farms that have been prepared to serve tourists. Tourists watch or participate in agricultural production practices such as working with farm tools or harvesting crops without affecting the ecosystem or the productivity of the family.
A new special is staying at organic farms, where visitors can learn more about nature and study pesticide-free farming methods.
Indigenous tourism: Indigenous/ethnic tourism refers to a type of tourism where ethnic minorities or indigenous people directly participate in tourism activities, their inherent culture is the main factor attracting tourists.
Village tourism: tourists share in the activities of village life, and rural villages gain economic benefits from tourism activities. Villagers provide accommodation and lodging services for overnight guests. Homestays are tourist businesses in which tourists stay overnight in village houses, together with a family. Tourists can choose guesthouses, which are operated by a cooperative, village or individual, providing tourists with more privacy, comfort for both them and sometimes more comfort for the host.
Traditional craft village tourism: Traditional craft village tourism is a form of tourism in which the goal of tourists is to learn about craft villages with a long history. Handicraft products such as bamboo and rattan weaving, pottery, weaving, wood carving, leather goods, jewelry, musical instruments, paper, clothing, etc. create great attraction for tourists. Therefore, tourists come to craft villages with the desire to learn about these products, the process of making them and to make their own products. This reality creates opportunities for community tourism to develop. Tourists will be guided to make products and experience life with the people of the craft villages here. This form helps tourists to access traditional products, typical of the locality. Thereby, learn about the production methods and daily life of those who create those products. Not only that, this form of tourism also promotes the image of traditional local products to tourists. Moreover, it also helps bring more income to the craft village from tourism exploitation activities.
1.2.2.3. Characteristics of community tourism
Community tourism is a type of tourism in which the local community is involved from the beginning and throughout the tourism development process: from research, planning,