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This article examines whether, and to what degree, Vietnam has benefited from foreign direct investment (FDI) since its entry into ASEAN in 1995. The investigation consists of an assessment of ‘halo’ and market creation effects, linkages into the regional and global value chain and the lessons learned from the experience of other ASEAN countries. There is little evidence that the halo or market effects have affected TNC entry into Vietnam. However, foreign subsidiaries in Vietnam are closely integrated into regional and global value chains and ASEAN-based TNCs are a very promising source for further investment into Vietnam, however this value-chain involvement has to be managed very carefully. On the lessons side, the analysis shows that development in most ASEAN economies is largely a scale effect (with nuances) and the Holy Grail of spillover effects has scarcely been glimpsed. Vietnam can learn valuable lessons from ASEAN countries such as Malaysia and Thailand, where direct effects (e.g. employment) and consumption multipliers are high, but value-chain multipliers and spillovers remain low.
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