waterway, road and air transport 9. For example, investing in the MRT expressway (considered the backbone of the whole country), after the road is built, up to 40% of businesses and industrial parks will be located near this route.
2.5. Salary and human resource policies in attracting investment
Wage policy is one of the important solutions to attract FDI, create a favorable investment environment for foreign investors and ensure a favorable wage and labor regime for the host country. In 1968, the Singapore Government promulgated the Labor Law and the Industrial Relations Supplement. According to this law: Workers do not have the right to collective bargaining for wage increases, strikes are prohibited, and employers have the right to arbitrarily move their workers' classifications and reduce the number of workers.
In addition, the Singaporean Government also advocated maintaining the minimum wage for a long time (in 1975, Singapore's wage was only 1/3 of Japan's) to create a competitive advantage with other countries in attracting FDI. 10
Minister Goh-Keng-Swee said in a 1973 conference on social and labor issues: “We depend too much on foreign investment for economic development, Singapore workers are in indirect competition with workers from other ASEAN countries. For a long time, the development of
Industrial development in Singapore has been very slow because wages in Singapore are higher than wages in Korea, Taiwan and Hong Kong…” 11
This low wage policy was applied by the Government during the years 1965-1978 to increase FDI attraction and solve the problem of unemployment.
9 Singapore's merchant fleet consists of 3,500 ships with a total tonnage of 22.5 million GT, has 26 container berths, a covered port warehouse of 700,000 m2, and 1.5 million m2 of open-air container yard.
10 Lin.TJ Main policy measures of Southeast Asian countries to attract FDI , World Publishing House 1995
11 Wei Jie - Ha Dau. The secret to the take-off of the four little dragons . National Political Publishing House - Hanoi
domestic industry. As a result, foreign direct investment increased rapidly and unemployment in Singapore fell to 4.5% in 1973.
However, maintaining a low wage policy is only meaningful in the early stages of attracting FDI. If this solution is overused, it will lead to political instability and economic crisis. Therefore, Singapore has gradually shifted to a solution to rebalance wage policy based on in-depth investment in improving the qualifications and skills of workers.
Especially when the use of many modern technologies, the technical skills of human hands and brains are increasingly valued, adjusting salary policies to change the value of labor so that enterprises can recruit highly skilled workers and attract many good experts at home and abroad is extremely necessary.
Currently, according to Singapore's regulations, low-skilled workers have a salary below 2,500 SGD/month (the recruitment of this type of worker is subject to some restrictions), while the average salary of skilled technical workers is: 2,300 - 2,700 SGD/month, the salary of managers is: 5,700 - 6,000 SGD/month, the salary for engineers is: 3,200 - 3,500 SGD/month. This not only motivates the skilled and highly qualified workforce but also contributes to improving the quality of labor to attract FDI.
Regarding the issue of labor recruitment and training to solve the labor supply for the FDI sector, the Singaporean Government has built a system of professional schools, cooperated with foreign countries to organize training centers, selected employees to go abroad for professional training, and at the same time, domestic enterprises have proactively conducted training for workers and civil servants to train a talented workforce, ensuring to meet the labor demand for attracting FDI.
In particular, Singapore pays great attention to the issue of labor training and retraining. The Government established the Skills Development Fund (in 1979) managed by EDB.
(in 1996 transferred to the Productivity and Standards Board - PSB) to provide preferential subsidies for training workers and retraining of laid-off workers through the training subsidy program. This fund, contributed by employers at 4% of the monthly salary of the bosses (who pay workers below the prescribed level), is an effective way for companies to enhance and upgrade the skills of their workers. After the 1985 crisis, this tax rate was reduced to 1% but still plays an important role in improving the skills of workers. 12
This fund is used to subsidize training and retraining of workers, specifically the subsidy rate is as follows:
Domestic training (including technology and practical training) 2SGD/person/hour.
Overseas training: 80 SGD/person/day, maximum one course is 12 weeks.
General training (with foreign experts): 30, 50, 70% of the maximum of 10 SGD/person/hour. 13
In addition to the issue of training domestic human resources, Singapore also has a policy of attracting talents from other countries to work in this country. As a country with a small population, to meet the labor demand for FDI projects, the Singaporean Government's permission to immigrate labor, especially highly skilled labor, is an appropriate policy and has contributed to meeting the demand for high-quality labor of FDI projects.
The Singapore government also allows students who are able to study at the National University of Singapore (NUS) to borrow money to continue their studies, with the condition that after graduation, they are obliged to work for a Singaporean company for a minimum period of three years to repay the loan. With this method,
12 Singapore's foreign investment policy http://www.nciec.gov.vn/index.nciec?378
13 Ministry of Commerce. Things to know about the Singapore market (2000), Labor Publishing House, Hanoi.
Singapore always has a high quality labor force added every year to work for companies in Singapore.
It can be said that the competition to attract talent has never been as fierce as it is today, in which Singapore is considered the country with the most systematic strategy to attract foreign talent. The chairmen of 4,000 foreign companies in Singapore interviewed by the consulting firm Gallup in 2003 all acknowledged that Singapore is a leading destination for foreign workers among 29 economies with a population of less than 20 million.
In short, the flexible and appropriate salary policy as well as the focus on human resource training and talent attraction are outstanding advantages that make Singapore an extremely attractive investment environment for foreign investors.
2.6. Focus on investment promotion
As early as 1961, EDB was established with a budget of 25 million USD, accounting for 4% of GDP. EDB is organized into 4 departments: Investment Promotion, Finance, Project Advisory and Technical Advisory Services, and Industrial Facilitation.
Due to the increasing complexity of its operations, from 1968, EDB specialized only in promoting foreign direct investment and transferred its financial work to the Development Bank of Singapore, its technical and project advisory services to the Productivity and Standards Council, and its Industrial Facilitation to the Jurong Town Corporation (JTC).
The specialization of EDB in investment promotion shows that the Government pays special attention to attracting foreign investment, enhancing promotion and always providing the best consulting and support for foreign investment projects. This attention is also specifically demonstrated through the Government's increased investment in this activity. For example, in 1999, Singapore spent 45 million SGD (accounting for 14.06% of the State budget) on promotion activities.
investment, while this figure is in countries such as Thailand (1.49% of the budget), Malaysia (0.66% of the budget), and the Philippines (0.04% of the budget). On the other hand, EDB has also maintained very close relationships with these agencies and still operates as a one-stop agency. This creates very favorable conditions for foreign investors because of its smooth administrative mechanism and coordinated operations.
In addition, many local investment promotion agencies have been established to attract and support foreign investors, and the promotion of Singapore's land, people and investment environment has also received great attention. The Economic Management Board and the Trade Development Board have offices around the world to provide information and assistance to foreign partners who want to do business or invest in Singapore.
Specific information and assistance on business formation, taxation, markets and other activities can be obtained from the Singapore Price Waterhouse. In addition to information on the economy, industries and regulatory regime in general, there are publications and websites that provide assistance with licensing procedures for investors. For example, the Registry of Companies website provides comprehensive information and the necessary forms can be easily downloaded from the Internet.
II. SINGAPORE'S CURRENT STATUS OF FDI ATTRACTION
1. General situation of FDI attraction in Singapore
As early as the 1960s, Singapore's FDI flow accounted for 37% of the country's total investment capital (at that time, Singapore was still a state of Malaysia). Specifically, from 1961 to 1964, Singapore attracted 157 million Singapore dollars (SGD).
- This is the highest level compared to other states. However, at that time, Singapore's economy was still in the state of a small manufacturing economy, the unemployment rate was still high, accounting for 10% of the workforce, people's lives had hardly improved, and people's income was still low.
In order to continue to exist and develop, the Singaporean Government, immediately after separating from the Malaysian Federation, adjusted its economic policy, including its investment policy. That is, Singapore prioritized industrial production for export (instead of the previous import substitution strategy) and closely participated in the international division of labor. Singapore also continued to encourage labor-intensive industries such as garment, wood processing, food processing, etc. In addition, the Singaporean Government, with its active policies to attract foreign investment in these industries, helped solve unemployment, create many products for export and increase investment accumulation. Since 1967, investment capital in export-oriented industries, especially foreign direct investment, has increased rapidly. From 157 million Singapore dollars in the years 1961-1965 to 2.3 billion SGD in 1973. 14
From 1979 onwards, Singapore entered a new phase of its Export-Oriented Industrialization Strategy by using many modern technologies and the technical capabilities of human hands and minds, which is often called the Second Industrial Revolution in Singapore. With this shift, the Singapore economy in general and foreign investment in particular have achieved encouraging results. Specifically, foreign investment increased from 6.35 billion SGD (1979) to 11.1 billion SGD (1984), and in 1985 it was 13 billion SGD. This direct investment capital mainly went into key industries with modern technology such as computer manufacturing, semiconductor electronics, machine manufacturing, oil refining and chemicals, etc.
The crisis in 1985 and 1986 pushed Singapore's economy into stagnation. Faced with this situation, Singapore shifted its priority to "Diversifying industrial and service activities" (1986 - 1997).
14 According to “Singapore Brief” http://www.pakboi.gov/pk/country_Brief/Singapore.pdf .
This timely adjustment brought new vitality to the Singapore economy. Along with that, foreign direct investment increased rapidly from SGD 13 billion in 1985 to SGD 19 billion in 1989.
In July 1997, the regional financial crisis broke out, affecting most Asian economies, including Singapore. Although Singapore's economic and financial foundations were largely unaffected, the sharp decline in the international business environment also affected Singapore. As a result, in addition to the decline in economic growth, FDI flows into Singapore also continuously decreased. Along with that, the strong rise of new markets such as China, India, etc., as well as the attractiveness of the FDI environment in these countries, also posed more challenges for Singapore in attracting FDI. Specifically, the leading attractiveness of Singapore's FDI environment was replaced by the attractiveness of China, India, Brazil, Mexico, and many other competitors. In addition, the September 11, 2001 terrorist attack in the US also contributed to worsening the economic situation in general and attracting FDI in particular. Faced with this situation, not only in Singapore but also in many other countries, foreign investors are afraid to switch to safer forms of investment. Especially when the financial and monetary crisis occurred in Asia, foreign investors massively withdrew capital from the region and Singapore was no exception. The reality of attracting FDI in Singapore has never been in such a deadlock as it is now.
This situation has raised new issues in attracting foreign investment. The Singapore government has made new plans for the economy and further strengthened measures to improve the investment environment to attract foreign investors. After the crisis, thanks to that effort, Singapore has regained the confidence of investors, and the flow of FDI into Singapore has also been restored and continuously increased.
2. FDI capital in Singapore
In recent years, the FDI inflow into Singapore has generally increased significantly, Singapore has always been one of the countries attracting the largest FDI in the Asian region. Since it was a state of Malaysia, Singapore has been leading in attracting FDI compared to other states. After separating from Malaysia, Singapore had more opportunities to develop, the FDI inflow into Singapore increased steadily until 1997. By 2003 - 2004, Singapore was only behind China and Japan in attracting this source of investment capital.
The table below shows specific data on FDI inflows into Singapore from 1985 to present.
Table 1: FDI capital into Singapore in the period 1985 - 2006
Unit: billion USD
Year
1985 – 1995 | 1998 | 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | |
Total capital | 4.5 | 7.5 | 13.2 | 12.4 | 10.9 | 7.6 | 11.4 | 20.1 | 14.8 | 24.2 |
Maybe you are interested!
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Identify Rating Levels and Rating Scales
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of the islanders. Therefore, this indicator will be divided into two sub-indicators:
a1. Natural tourism attractiveness a2. Cultural tourism attractiveness
b. Tourist capacity
The two island communes in Quan Lan have different capacities to receive tourists. Minh Chau Commune is home to many standard hotels and resorts, attracting high-income domestic and international tourists. Meanwhile, Quan Lan Commune has many motels mainly built and operated by local people, so the scale and quality are not high, and will be suitable for ordinary tourists such as students.
c. Time of exploitation of Quan Lan Island Commune:
Quan Lan tourism is seasonal due to weather and climate conditions and festivals only take place on certain days of the year, specifically in spring. In Quan Lan commune, the period from April to June and from September to November is considered the best time to visit Quan Lan because the cultural tourism activities are mainly associated with festivals taking place during this time.
Minh Chau island commune:
Tourism exploitation time is all year round, because this is a place with a number of tourist attractions with diverse ecosystems such as Bai Tu Long National Park Research Center, Tram forest, Turtle Laying Beach, so besides coming to the beach for tourism and vacation in the summer, Minh Chau will attract research groups to come for tourism combined with research at other times of the year.
d. Sustainability
The sustainability of ecotourism sites in Quan Lan and Minh Chau communes depends on the sensitivity of the ecosystems to climate changes.
landscape. In general, these tourist destinations have a fairly high level of sustainability, because they are natural ecosystems, planned and protected. However, if a large number of tourists gather at certain times, it can exceed the carrying capacity and affect the sustainability of the environment (polluted beaches, damaged trees, animals moving away from their habitats, etc.), then the sustainability of the above ecosystems (natural ecosystems, human ecosystems) will also be affected and become less sustainable.
e. Location and accessibility
Both island communes have ports to take tourists to visit from Van Don wharf:
- Quan Lan – Van Don traffic route:
Phuc Thinh – Viet Anh high-speed boat and Quang Minh high-speed boat, depart at 8am and 2pm from Van Don to Quan Lan, and at 7am and 1pm from Quan Lan to Van Don. There are also wooden boats departing at 7am and 1pm.
- Van Don - Minh Chau traffic route:
Chung Huong high-speed train, Minh Chau train, morning 7:30 and afternoon 13:30 from Van Don to Minh Chau, morning 6:30 and afternoon 13:00 from Minh Chau to Van Don.
f. Infrastructure
Despite receiving investment attention, the issue of infrastructure and technical facilities for tourism on Quan Lan Island is still an issue that needs to be resolved because it has a direct impact on the implementation of ecotourism activities. The minimum conditions for serving tourists such as accommodation, electricity, water, communication, especially medical services, and security work need to be given top priority. Ecotourism spots in Minh Chau commune are assessed to have better infrastructure and technical facilities for tourism because there are quite complete and synchronous conditions for serving tourists, meeting many needs of domestic and foreign tourists.
3.2.1.4. Determine assessment levels and assessment scales
Corresponding to the levels of each criterion, the index is the score of those levels in the order of 4, 3, 2, 1 decreasing according to the standard of each level: very attractive (4), attractive (3), average (2), less attractive (1).
3.2.1.5. Determining the coefficients of the criteria
For the assessment of DLST in the two communes of Quan Lan and Minh Chau islands, the students added evaluation coefficients to show the importance of the criteria and indicators as follows:
Coefficient 3 with criteria: Attractiveness, Exploitation time. These are the 2 most important criteria for attracting tourists to tourism in general and eco-tourism in particular, so they have the highest coefficient.
Coefficient 2 with criteria: Capacity, Infrastructure, Location and accessibility . Because the assessment area is an island commune of Van Don district, the above criteria are selected by the author with appropriate coefficients at the average level.
Coefficient 1 with criteria: Sustainability. Quan Lan has natural and human-made ecotourism sites, with high biodiversity and little impact from local human factors. Most of the ecotourism sites are still wild, so they are highly sustainable.
3.2.1.6. Results of DLST assessment on Quan Lan island
a. Assessment of the potential for natural tourism development
For Minh Chau commune:
+ Natural tourism attractiveness is determined to be very attractive (4 points) and the most important coefficient (coefficient 3), so the score of the Attractiveness criterion is 4 x 3 = 12.
+ Capacity is determined as average (2 points) and the coefficient is quite important (coefficient 2), then the score of Capacity criterion is 2 x 2 = 4.
+ Exploitation time is long (4 points), the most important coefficient (coefficient 3) so the score of the Exploitation time criterion is 4 x 3 = 12.
+ Sustainability is determined as sustainable (4 points), the important coefficient is the average coefficient (coefficient 1), so the score of the Sustainability criterion is 4 x 1 = 4 points
+ Location and accessibility are determined to be quite favorable (2 points), the coefficient is quite important (coefficient 2), the criterion score is 2 x 2 = 4 points.
+ Infrastructure is assessed as good (3 points), the coefficient is quite important (coefficient 2), then the score of the Infrastructure criterion is 3 x 2 = 6 points.
The total score for evaluating DLST in Minh Chau commune according to 6 evaluation criteria is determined as: 12 + 4 + 12 + 4 + 4 + 6 = 42 points
Similar assessment for Quan Lan commune, we have the following table:
Table 3.3: Assessment of the potential for natural ecotourism development in Quan Lan and Minh Chau communes
Attractiveness of self-tourismof course
Capacity
Mining time
Sustainability
Location and accessibility
Infrastructure
Result
Point
DarkMulti
Point
DarkMulti
Point
DarkMulti
Point
DarkMulti
Point
DarkMulti
Point
DarkMulti
CommuneMinh Chau
12
12
4
8
12
12
4
4
4
8
6
8
42/52
Quan CommuneLan
6
12
6
8
9
12
4
4
4
8
4
8
33/52
b. Assessment of the potential for humanistic tourism development
For Quan Lan commune:
+ The attractiveness of human tourism is determined to be very attractive (4 points) and the most important coefficient (coefficient 3), so the score of the Attractiveness criterion is 4 x 3 = 12.
+ Capacity is determined to be large (3 points) and the coefficient is quite important (coefficient 2), then the score of the Capacity criterion is 3 x 2 = 6.
+ Mining time is average (3 points), the most important coefficient (coefficient 3) so the score of the Mining time criterion is 3 x 3 = 9.
+ Sustainability is determined as sustainable (4 points), the important coefficient is the average coefficient (coefficient 1), so the score of the Sustainability criterion is 4 x 1 = 4 points.
+ Location and accessibility are determined to be quite favorable (2 points), the coefficient is quite important (coefficient 2), the criterion score is 2 x 2 = 4 points.
+ Infrastructure is rated as average (2 points), the coefficient is quite important (coefficient 2), then the score of the Infrastructure criterion is 2 x 2 = 4 points.
The total score for evaluating DLST in Quan Lan commune according to 6 evaluation criteria is determined as: 12 + 6 + 6 + 4 + 4 + 4 = 36 points.
Similar assessment with Minh Chau commune we have the following table:
Table 3.4: Assessment of the potential for developing humanistic eco-tourism in Quan Lan and Minh Chau communes
Attractiveness of human tourismliterature
Capacity
Mining time
Sustainability
Location and accessibility
Infrastructure
Result
Point
DarkMulti
Point
DarkMulti
Point
DarkMulti
Point
DarkMulti
Point
DarkMulti
Point
DarkMulti
Quan CommuneLan
12
12
6
8
9
12
4
4
4
8
4
8
39/52
Minh CommuneChau
6
12
4
8
12
12
4
4
4
8
6
8
36/52
Basically, both Minh Chau and Quan Lan localities have quite favorable conditions for developing ecotourism. However, Quan Lan commune has more advantages to develop ecotourism in a humanistic direction, because this is an area with many famous historical relics such as Quan Lan Communal House, Quan Lan Pagoda, Temple worshiping the hero Tran Khanh Du, ... along with local festivals held annually such as the wind praying ceremony (March 15), Quan Lan festival (June 10-19); due to its location near the port and long exploitation time, the beaches in Quan Lan commune (especially Quan Lan beach) are no longer hygienic and clean to ensure the needs of tourists coming to relax and swim; this is also an area with many beautiful landscapes such as Got Beo wind pass, Ong Phong head, Voi Voi cave, but the ability to access these places is still very limited (dirt hill road, lots of gravel and rocks), especially during rainy and windy times; In addition, other natural resources such as mangrove forests and sea worms have not been really exploited for tourism purposes and ecotourism development. On the contrary, Minh Chau commune has more advantages in developing ecotourism in the direction of natural tourism, this is an area with diverse ecosystems such as at Rua De Beach, Bai Tu Long National Park Conservation Center...; Minh Chau beach is highly appreciated for its natural beauty and cleanliness, ranked in the top ten most beautiful beaches in Vietnam; Minh Chau commune is also home to Tram forest with a large area and a purity of up to 90%, suitable for building bridges through the forest (a very effective type of natural ecotourism currently applied by many countries) for tourists to sightsee, as well as for the purpose of studying and researching.
Figure 3.1: Thenmala Forest Bridge (India) Source: https://www.thenmalaecotourism.com/(August 21, 2019)
3.2.2. Using SWOT matrix to evaluate Quan Lan island tourism
General assessment of current tourism activities of Quan Lan island is shown through the following SWOT matrix:
Table 3.5: SWOT matrix evaluating tourism activities on Quan Lan island
Internal agent
Strengths- There is a lot of potential for tourism development, especially natural ecotourism and humanistic ecotourism.- The unskilled labor force is relatively abundant.- resource environmentunpolluted, still
Weaknesses- Poorly developed infrastructure, especially traffic routes to tourist destinations on the island.- The team of professional staff is still weak.- Tourism products in general
quite wild, originalintact
general and DLST in particularalone is monotonous.
External agents
Opportunity- Tourism is a key industry in the socio-economic development strategy of the province and Van Don economic zone.- Quan Lan was selected as a pilot area for eco-tourism development within the framework of the green growth project between Quang Ninh province and the Japanese organization JICA.- The flow of tourists and especially ecotourism in the world tends toincreasing
Challenge- Weather and climate change abnormally.- Competition in tourism products is increasingly fierce, especially with other localities in the province such as Ha Long, Mong Cai...- Awareness of tourists, especially domestic tourists, about ecotourism and nature conservation is not high.
Through summary analysis using SWOT matrix we see that:
To exploit strengths and take advantage of opportunities, it is necessary to:
- Diversify products and service types (build more tourism routes aimed at specific needs of tourists: experiential tourism immersed in nature, spiritual cultural tourism...)
- Effective exploitation of resources and differentiated products (natural resources and human resources)
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Malaysia's policy of attracting foreign direct investment in the process of international economic integration - current situation, experience and possibility of application in Vietnam - 3 -
Malaysia's policy of attracting foreign direct investment in the process of international economic integration - current situation, experience and possibility of application in Vietnam - 1 -
Attracting foreign direct investment in the Lao People's Democratic Republic - 1 -
Solutions to Mobilize Investment Resources for Tourism Human Resource Development
Source: World Investment Report 2003-2007 - UNCTAD
Looking at the above statistics, it is easy to see that after the 1997 financial and monetary crisis, FDI into Singapore increased significantly but fluctuated erratically and was unstable.
FDI inflows into the country have declined from US$13.2 billion in 1999 to US$7.65 billion in 2002. In 2002, direct investment in Singapore reached US$7.6 billion, down 29% from 2001 but still enough to rank Singapore third in the "top 10" countries receiving foreign direct investment in Southeast Asia . The decline in investment flows into Singapore was due to the decrease in world demand for electronics at the end of 2002 (this is a strong export item and attracts many foreign investors to invest in production), which not only reduced Singapore's total export value