fsa research project 2015 vietnam · 2018-12-13 · to offer. this brochure is intended to inform...

FSA ReSeARch PRoject 2015

www.fsaresearchproject.nl

VIetNAM

research project 2015 | 2

The FSA Research Project is one of several recurring projects organized by the Financial Study association Amsterdam (FSA). The FSA is the largest financial study association in the Netherlands with over 4200 members and a project portfolio consisting of fifteen yearly events in the areas Banking, Investments, Consultancy and Accountancy. The board of the FSA consists of students from both the UvA and the VU, allowing it to maintain a wide range of stakeholders. The FSA aspires to perform a “magnet” function; enabling financially orientated students to come in contact with the largest parties in the financial sector and vice versa. Moreover, by participating in one of our projects, whether national or international, we hope to instil a sense of the practical importance of the theoretical concepts learned during a university course in our members and help them identify future employers. The FSA is part of the Financial Association Netherlands (FAN), which aims to improve integration of the financial association and realize the organization of nationwide events.

All activities of the FSA are organized by students from both universities of Amsterdam with an interest in finance. The FSA cooperates with a multitude of companies as well as other financial study associations in Groningen, Maastricht, Rotterdam and Tilburg within the Financial Association Netherlands (FAN).

Our slogan is “The urge to improve is what makes the difference” and we would like to characterize our members as being professional, ambitious and enthusiastic. The combination of motivated students and a well-defined goal has made us what we are today and continues to stimulate us in being innovative in every aspect of our association.

About FSA

HiSToRiestartjaar: 1996 sprekers2013: Jan Peter Balkenende (Partner Ernst & Young), Roderick Munsters (CEO Robeco), Pierre Sarrau (Managing Director Blackrock), Koos Timmermans (Vice-Chairman ING), Jaqueline Cramer (ex-minister van VRM),

2012: Klaas Knot (DNB), Sarah Carlson (Hoofdanalyst Moody’s), Stijn Claessens (IMF), Maarten Verwey (Europese Commissie)

2011: Jan Kees de Jager (ex-minister van Financiën), Ad Scheepbouwer (CEO KPN), Doug Shaw (COO EMEA BlackRock), Lex Hoogduin (Directeur DNB), Jan Maarten Slagter (Voorzitter VEB), Wim Boonstra (Chefeconoom Rabobank Nederland), Jan Marten de Vries (Partner De Brauw Blackstone Westbroek)

2010: Mark Rutte (fractievoorzitter VVD), Hans Hoogervorst (voorzitter AFM), Coen Teulings (directeur CPB), Dirk Scheringa (ex-directeur DSB), Koos Timmermans (CRO ING), Klaas Knot (Plv. TG en dir. financiële markten Ministerie van Financiën)

2009: Nout Wellink (president DNB), Jan Kalff (oud-bestuursvoorzitter ABN Amro), Hans Hoogervorst (voorzitter AFM), Dick Sluimers (CEO APG), Onno Ruding (ex minister van Financiën) en Andrew Haldane (director Bank of Engeland) aantal inschrijvingen van studenten2013: ong. 320 2012: ong. 3502011: ong. 3502010: ong. 4002009: ong. 390 aantal deelnemende studentenZie aantal inschrijvingen

DOELGROEPStudenten met een financiële achtergrond van de UvA, VU, DSF

LOCATIEHet Concertgebouw

PERIODEApril

MOGELIJKHEDEN TOT DEELNAMEBedrijvenDeelname is mogelijk door het afnemen van verschillende sponsorpakketten. Het leveren van een gastspreker (presentatie van ong. 30 min.) is eveneens mogelijk, hier is een hoofdsponsorschap aan gekoppeld. In overleg kan gekeken worden naar de specifieke wensen van de bedrijven. Daarnaast is het mogelijk om voor vooraf geselecteerde studenten een lunch of diner te organiseren. studentenStudenten melden zich aan via www.fsa.nl. Voor deelname aan lunch of diner zenden de studenten ook hun CV in.

FSA Informatiebrochure | 3research project 2015 | 3

INTRODUCTION 4

PREFACE 5

ADVISORY BOARD 6

COMMITTEE OF RECOMMENDATION 8

TESTIMONIALS 9

CLIENT BENEFITS 10

WHAT WE OFFER 11

CLIENT BENEFITS 12

RESEARCH EXPERIENCE 13

ABOUT VIETNAM 14

COMITTEE 16

PARTICIPANTS 17

colophon

Financial Study association Amsterdam (FSA) FSA Research Project Committee 2014-2015Plantage Muidergracht 24 Room P 2.02A/2.03A Matthijs Bernelot Moens (Head acquisition)1018 TV Amsterdam Martijn Bouw (Treasurer)The Netherlands Claudia van Galen (Chairman)T: +31 (0)20 525 65 12 Claire Groskamp (Coordinator)F: +31 (0)20 525 59 16 Marius van Rouveroy van Nieuwaal (Coordinator)E: [email protected] Rafaela Wiertz (Internal relations)i: www.fsaresearchproject.nl

This brochure was compiled by Brandijzers to promote the FSA Research Project Vietnam project. For more information, please visit www.fsa.nl or www.fsaresearchproject.nl. All rights reserved.

coNteNt


The FSA Research Project is proud to present its destination for 2015: Vietnam. In July and August, a team of eighteen highly talented and motivated students will conduct international research for companies with aspirations towards emerging markets. Extensive training and supervision by knowledgeable experts in the preparatory phase will have the team fully prepared for departure. Over the last years Vietnam showed steady GDP growth. Currently the country’s nominal GDP sits around 170 billion dollars, and the population of approximately 91 million is expending. Disposable income is growing each year and the market is becoming more export-driven. In 2007 Vietnam joined the World Trade Organization and in 2010 the Trans-Pacific Partnership. The most promising sectors in Vietnam are agriculture, water, shipbuilding, energy and transport and logistics. The FSA Research project is an excellent opportunity to provide answers to your business questions. We deliver tailor made professional consultancy services and research reports for companies with international aspirations. As the FSA operates on a non-profit basis, company specific research can be conducted at a competitive price. The quality is guaranteed by years of experience, the careful selection of the researchers, seminars and language courses from knowledgeable experts, and guidance by the best professors the city of Amsterdam has to offer.

This brochure is intended to inform you about the structure of the FSA Research Project and how we can add value to your business. If you have any further questions, please do not hesitate to contact us. We are more than happy to provide additional information.

Kind regards,

Committee FSA Research Project 2015 Vietnam

INtRoductIoN


PReFAce

One of the most compelling metaphors in development economics is the comparison between a group of emerging economies and a flight of geese. One of them takes the lead, the others follow. And when for some reason the leader has to be replaced, he continues to be part of the group, but no longer sets the pace.

For many years, China was the obvious leading Asian economy, in its hugely successful attempt to bring prosperity to an increasing part of its population. Its monetary policy kept its labour costs low, and it managed to force major Western companies to share their productivity secrets in local joint ventures. But as China’s middle class grew and developed an appetite for bourgeois luxuries, it became an increasing challenge to maintain a competitive cost level for China’s industry. It was then that Vietnam was increasingly mentioned as China’s most likely successor as the ideal outsourcing opportunity for industry looking for the right mix of low cost and high efficiency.

Has Vietnam delivered on that promise? To some extent. Certainly, its economy has done very well. It now delivers steady growth after inflation of around 6 percent, an enviable track record. Its nominal GDP sits around 170 billion dollars, against a slowly expanding population of around 91 million people. It still has to cope with its legacy of centralized planning, and its leadership continues to be recruited from one party alone. It is not an easy country to do business in, but a spirit of entrepreneurship is increasingly visible among the hard working Vietnamese. Its industrial partners appear to be happy. It has left the global economic crisis behind it. It is, in short, well positioned for substantial progress.

The economic relationship with The Netherlands has improved enormously in recent years. Twenty years ago, when I was part of the first broad Dutch business delegation to visit the country, Wim Kok (our Prime Minister at the time) was greeted by street wide banners extolling his virtues as a true socialist. That did not stop the delegation from entering into a number of successful arrangements, and trade started to grow rapidly. it now sits around 3 billion euro. With its huge delta, Vietnam can obviously benefit from the Dutch expertise in water management, but logistics, agriculture and transport offer equally good opportunities. Prime Minister Rutte revisited the country in 2014, and signed a treaty for strategic cooperation. This is a good time for the serious study visit planned by the Amsterdam students.

They will be pleased to visit a country that is not just a blossoming economy, but also an increasingly popular tourist destination (around 4 million each year), with some spectacular scenery and a delicious local cuisine. The one thing to remember is that in Vietnam the picture of a dog may refer to a form of canine enjoyment that Dutch dog lovers do not immediately recognize.

The best years for Vietnam are still to come. It defines an opportunity well worth investigating in full detail.

By prof. a.h.G. rinnooy Kanformer chairman of the ser


Prof. dr. A. Lucas FinanceAndré Lucas is an expert in Financial Risk Management, Asset Pricing, and Financial Econometrics. His research focuses on empirical modelling issues for market and credit risk, in particular at the portfolio level. He has published on this topic in journals such as Journal of Econometrics, Journal of Business and Economic Statistics, Applied Mathematical Finance, and Journal of Banking and Finance.

Prof. dr. A.W.A. bootcorporate FinanceArnoud Boot is professor of Corporate Finance and Financial Markets at the University of Amsterdam and co-director of the Amsterdam Center for Law & Economics (ACLE). He also directs the Amsterdam Center for Corporate Finance (ACCF), a think tank that seeks to stimulate the dialoque between academics and

practitioners. He is chairman and member of various public bodies and comittees that help shape policy and holds a number of non-executive directorships. Arnoud Boot is chairman of the Bank of Council of the Dutch Central Bank (DNB), member of the Scientific for Government Policy (WRR) and the Advisory Scientific Committee of the European Systemic Risk Board (ESRB) in Frankfurt. He is Research Fellow at the Centre for Economic Policy Research (CEPR) in London and at the Davidson Institute of the University of Michigan.

AdVISoRY boARd


Prof. dr. S.j.G. van WijnbergeneconomicsSweder van Wijnbergen is professor of economics at the Faculty of Economics and Business at the University of Amsterdam. In 1997 Hans Wijers brought him in to the Ministry of Economic Affairs, where he worked as Secretary General

until 1999.Van Wijnbergen studied physics at Utrecht University and Econometrics at the Erasmus University. He obtained his doctorate on economics at MIT in the US. Between 1980 and 1992 van Wijnbergen was attached to the World Bank, in the second half of this period as Chief Economist. His research area is focused on international economics, finance, balance of payments- and financial crises.

Prof. dr. Ir. h. Rijken corporate FinanceHerbert Rijken is attached to the VU University as professor of corporate finance at the Faculty of Economic Sciences and Business Administration. He studied Applied Physics at the TU Delft and Business Administration at the University Nyenrode. He

has obtained his doctorate at the faculty Applied Physics of the TU Eindhoven. Education- and research activities are mainly focused on corporate finance, in particular credit risk and corporate governance.

Prof. dr. t.L.c.M. Groot Management AccountingTom Groot is professor Management Accounting at the Faculty Economic Sciences and Business Administration at the VU University. He is also head of the department Accounting and director of the research institute Amsterdam Research Center in Accounting (ARCA) and honorary

member of the Association of Financial Controllers. He regularly publishes in national and international magazines about the performance measurement and -judgment, management control and financial management in commercial firms as well as non-profit organizations.

drs. L.A. van eerdenFinancial Business AdministrationLeo van Eerden is attached to the VU University as a professor at the finance department of the Faculty of Economic Sciences and Business Administration. He studied International Economics at the University of Tilburg and at the moment he is working on

his PhD at the VU University. His current research area is mainly focused on financial crises, regulation, supervision on banks and system risk management.


prof. dr. D.c. van den BoomRector magnificus University of Amsterdam

prof. dr. f.a. van der Duyn schoutenRector magnificus VU University Amsterdam

Mr. D.R. Hooft Graafland RAMember Executive Board / CFO at HEINEKEN N.V.

Dr. a.h.G. rinnooy KanEx-chairman Social Economic Counsil (SER) and professor at the University of Amsterdam

Dr. M. van straalenChairman MKB-Nederland

Mr. G.T. VinigAssociate professor for entrepreneurship at the University of Amsterdam

Drs. f.w. weisglasEx-chairman of “de Tweede Kamer der Staten-Generaal”

coMMIttee oF RecoMMeNdAtIoN


Schouten Europe B.V. (India, 2012)

By Hans Schouten, Chief Executive Officer

The research conducted elaborated on market potential for ready-to-eat soy based meals in the Indian retail- and quick service restaurant sectors. The vast majority of the Indian population consists of strict vegetarians. Bearing this in mind the students discovered opportunities and bottlenecks for our my products. Moreover they paved a way for a entrance strategy by gaining fruitful contacts in the top-segment of these sectors. I am pleased with the result that the FSA students have achieved. Their end conclusions and advice were very helpful, they lowered the entrance barrier for me and helped me to start first negotiations with indian partners.

Cryo-Save Group N.V. (South Africa, 2011 and India, 2012)

By Arnoud van Tulder, Chief Executive Officer

Cryo-Save Group N.V., Europe’s leading family stem cell bank, and listed on NYSE Euronext, participated in the FSA project in 2011 and 2012. i was directly involved in the decision to participate and the selection of the students. In 2011 two students went to South Africa where we, at that time, just started a joint venture with a local stem cell bank. in 2012 two students went to india where we are in business since 2008, but with a performance behind expectations. The South African project focused more on external factors impacting our performance (awareness, reaching potential customers, marketing activities), the Indian project put more emphasis on internal elements like recruitment, training and communication. In both countries the students interviewed customers and doctors.The main reasons for me to participate in this project was to give students the opportunity to experience how it is to work abroad in non-western countries, at the same time expecting a useful contribution how to improve our performance from intelligent, ambitious youngsters with a fresh, open minded view. Also the fact that the students have to invest financially in this project themselves was an important condition for me to say yes to this project.I was very satisfied with the outcome of these projects. The students prepared themselves very well in the Netherlands (the desk research phase), and showed that they were mature and professional enough to do their field work

locally, not always under easy circumstances in India and South Africa as you will understand. Also confidentiality was fully understood by them. I managed these projects from my office in the Netherlands, but they frequently informed me on progress. They presented their findings to local management and me verbally and in writing.This FSA project is set up in such a professional way, run by very motivated and capable students, I really recommend everybody to give these students the chance to do research for any other company.

2009 Argentia Fusion Electronics, Packo Inox, Fullwood ltd.

In 2009 a research team of the FSA research project explored our opportunities regarding the market for: milking machines, electronics for milking machines and cooling equipment in Argentina.“We were very impressed by the degree professionalism of both the researchers and the end-report. In addition, the researchers picked up the specifics of our products and our industry very rapidly. Furthermore, it was also appreciated that the researchers maintained good contact during this period and sent regular updates of their progress. This was especially important in this case, due to the fact that besides our own company (Fusion Electronics) there were also parties involved in Belgium (Packo Inox) as well as England (Fullwood Ltd.). “

2009 Argentinië Rabobank International

As a global bank that values sustainability very strongly, Rabobank emphases on financing renewable energy projects worldwide. The departments of Clean Tech Research and Renewable energy and infrastructure Finance Americas (New York) commissioned for the FSA researchers to explore the Chilean renewable energy market and map out the potential opportunities of this market and come with an advise.“Rabobank was very pleased with the extensive research that was done and the well-founded advice the students came up with. We have experienced the collaboration with these students as very positive and approached the students at a later stage for a similar project in another country.” (Quote: Marcel Veltrop, Vice President REIF, New York)

teStIMoNIALS


2009 Argentinië REDOX Water Technology

REDOX is a manufacturer of virtually all wastewater treatment equipment and systems. In 2009, REDOX asked students of the FSA Research Project to make stocktaking of the Argentine water market. Besides this, the students identified several potential partners for REDOX. Of which finally one was chosen, who still today functions as our agent for the Argentine water market. “The FSA approached the market research very thorough, in addition they made use of all the relevant resources. Through regular consultations the research was done efficiently and in a relatively short timespan. We experienced this collaboration as very pleasant and we would like to participate in a follow-up study and/or consider conveying research in another country for our Solid Waste Recycling business unit. “(Quote:. John Luppens, Area Manager, REDOX Water & recycling Technology)


We conduct high quality, company-specific research in emerging markets on a non-profit base for companies with international aspirations.

what? The main objective of the project is to conduct research in Vietnam, which can be fully customized to the wishes of the company. Research can be conducted in several areas. Examples of such areas include: • Market Analysis • Competitor Analysis • Industry entrance analyses• Sector Analysis • Growth strategy analyses• Feasibility Analysis• Identification of possible business partners• Background research and competitive market analyses• Distribution and Logistics Research • Finance or Investment Opportunities • Outsourcing and Off Shoring • Import and Export Analysis • Market Expanding Opportunities

How? Before going abroad, thorough desk research will be performed to ensure maximum preparation. Researchers are offered intensive training about conducting research, Vietnam, and relations with clients. The acquisition period starts in January and as soon the client has given the final assignment desk research will start. During the entire process we will be supported by our advisory board. They can be contacted by the committee in case of questions and will act as our consultants.

The field research will take place in Vietnam and will last for five weeks. Once the participants have returned to the Netherlands, the gathered data will be processed and the final report will be written. The company will constantly be kept well-informed and updated about the project’s progress. The research results will be presented to the contracted company and, upon request, the report will be published.

Student Selection Each year around 70 students apply for the FSA Research Project. These students are active in the field of Finance,

Accountancy, Management Accounting (Controlling), International Financial Economics, Marketing, Fiscal Economics and other related disciplines such as Law and Social Science. We have selected twelve of the most promising students.

• Final stage of study (120 ECTS prerequisite)• Highly motivated and ambitious• Internationally oriented • Organizational experience• Good academic results• Team playing skills

Note: Participating companies are able to express their preference for participating students.

Desk research Desk research covers a period of approximately six months. The first half of this period will be used to learn about the local economy, politics, culture and language. The students acquire this knowledge through lectures given by guest speakers, i.e. people from business practice. During the second half of the desk research students will start the research for their individual business assignments.

field research During the Research Project, approximately five weeks of field research will be carried out in Vietnam. The information needed for these assignments will be obtained by means of interviews and visits to companies and institutions. The way the field research is conducted can be adjusted according to the specific preferences of the participating companies.

Reporting After our visit to Vietnam each participating student will analyze and process the information gathered during the previous phases of the Research Project. The individual contributions of the participating students to the general survey will then be compiled to a customized report covering the research question proposed by the client. The students will present their individual research reports to the participating companies.

WhAt We oFFeR


For over 21 years, the FSA Research Project has conducted research in a variety of emerging markets.This has resulted in an extensive network and the accumulation of valuable knowledge concerning this field of research. This enables us to continue delivering the required work and to end up with satisfied clients of the FSA Research Project year after year. Each individual research project will be customized to the needs of the participating organization with the objective to completely satisfy the client. This way, we can offer:

high QualityStudents conducting the research are selected based on both personal and professional performance. Primarily, these students are in the final stage of their study. Prior to departure, the students carry out extensive desk research and study the sector and industry specific characteristics of the particular research subject. Because of this, the time spent in Vietnam can be fully dedicated to field research. The field research in Vietnam will last five weeks. In order to guarantee quality of the research, it will be conducted under supervision of university professors of both the VU University Amsterdam and the University of Amsterdam.

ConfidentialityIt is possible to manage discrete research. This means the company name and/or the results of the research will not be published or discussed publicly. Clients named in the subsequent section have given their explicit authorization.

Clarification• Expenses are based on the participation of eighteen students for a stay of five weeks in Vietnam.• Travel and accommodation expenses include airline tickets, insurance costs and transportation in Vietnam.• The organizational expenses consist of correspondence, telephone bills and brochures.• The academic supervision and the final report, which will be presented, are part of the research expenses.• Each participating student will contribute 750 EUR.

cLIeNt beNeFItS


This list shows a number of companies active in different industries. Due to confidentiality issues, we can only mention a limited number of companies, which have given their explicit permission. Some examples of research assignments are provided below. Noteworthy is that only large companies are named here, numerous researches have been done for several small and medium enterprises.

FMCG Supply Chain (South Africa, 2011)The goal of this research was to find out who the most important players were in the FMCG Supply Chain from producer through packager to retailers. The mission was to find out how technologically advanced each industry link was, where decision power and autonomy lies, how the market is evolving and which industry and consumer trends in South Africa are noticeable. Shortly put, the interviews, that took the researchers from Johannesburg through Durban to wonderful Cape Town, were designed to help a Dutch player gain foothold if they were to start conducting any type of operations in the country.

Green Technology (China, 2010)This research was to identify the opportunities in the Chinese market. The focus was on Shanghai, Beijing and the province of Shandong. The research consisted of two parts. On one hand, the aim was to find out possibilities for doing business in China (including the legal aspects). On the other hand, it was focused on sustainability and agriculture in particular. To highlight the reciprocal investment possibilities, also a blueprint was made of both these sectors in the Dutch market.

Synclair Packaging B.V. (Argentina, 2009) The research included a market-scan of the flexible food packaging industry in Argentina, specifying the meat industry, and the identification of possible distributors. This was done in order to give recommendations about entering the Argentinean food packaging market.

Strawberindo Lestari (Indonesia, 2008) This research represents a study on the logistical process of PT Strawberindo Lestari’s export activities to Singapore and Malaysia. The goal of this project was

to find a more cost efficient method of transportation, while preserving the quality of the products.

NEC Philips (South Africa, 2007) This particular research was about finding appropriate business partners for the joint-venture NEC Philips in Mozambique, Tanzania, and Kenya to distribute one of their products. in order to realize this they had to plan and arrange a large variety of business meetings with potential distributors in each of these countries. The outcome of this research assignment was an advisory report concerning which distributors were best suited for the job. NEC Philips actually used their advice to select one of the potential partners.

Dutch Trade Board (India, 2006) The research in india was performed for the Dutch Trade Board (DTB), which is an agency related to the Dutch ministry of foreign affairs. This research was focused on the trade relations between Dutch and Indian SME’s in the biotech, medical, automotive, ICT and agricultural sector. The final report is now used by the EVD in providing information about India to Dutch companies.

DHL (Brazil, 2005) The scope of this research assignment was the Brazilian express-market and the interaction with the Benelux express-market in particular. Furthermore they explored the possibility of expanding their business.

Rabobank (Russia, 2004) The FSA conducted research within the agricultural business and provided Rabobank with a qualitative industry entrance analysis of the Russian agricultural market.

ING group (India, 2003) The FSA provided ING Vysya Life Insurance with a quantitative analysis of their investment portfolio in India. A decreasing interest rate was the reason to assess whether, next to bonds, investments should be expanded to stocks. ING used the report to rebalance its investment portfolio.

Dialight corporation (Mexico, 2002) Dialight Corporation is an American lighting firm that produces and develops the LED Technology. LED (Light Emitting Diode) is a new technology based on semi-conductors. The FSA Research Project was asked to extensively research the Mexican led Traffic Light market. In the three largest cities of the country (Mexico City, Guadalajara and Monterrey) three students interviewed government officials, the competition representatives, as well as other related third parties.

ReSeARch eXPeRIeNce


In 1954 Vietnam was divided into the communist North and the anti-communist South. The South received economic and military aid of the US in an attempt to support the government. After a cease-fire agreement in 1973 the US armed forces were withdrawn from Vietnam. Two years later North Vietnamese forces conquered the South and the two parts were reunited and ruled by the communists. For a decade there was very little economic growth because of the conservative policy, the persecution, isolation and the hare away of inhabitants. In 1986 the “doi moi” enactment of Vietnam came into force. The goal of this renovation policy was to create a “socialist-orientated market economy”. The Vietnamese authorities promised increased economic liberalization and structural reforms to modernize the economy with the aim to increase the countries competitiveness in export-driven markets.

economySince 1986 Vietnam is transitioning from a centrally planned economy to a market economy. In the ten years before the crisis Vietnam was one of the most rapidly growing economies in the world. The average GDP growth at that time was 7.2 per cent. In 2007 Vietnam joined the World Trade Organization. This was a big step in developing a competitive export-driven market. In 2010 Vietnam joined the Trans-Pacific Partnership (TPP), which has the goal to create a platform for economic integration across the Asia Pacific region. However, the worldwide financial crisis also caused trouble in Vietnam. The economic downturn caused volatility at the gold- and stock market and high inflation combined with high interest rates lead to the fact that many companies went bankrupt. Even though these problems occurred GDP growth stayed above five per cent (Worldbank). Vietnam shows strong signs of improvement and there are good prospects for the future. Macro indicators strongly improved again and the circumstances within the country and the inflation are stabilised. A seven per cent growth rate in 2016 because of the reducing deficit and the lower inflation that brings down borrowing costs.After the shift from a centrally planned economy to a market economy, Vietnam has transformed to one of the most dynamic emerging countries in East Asia. The percentage of the population living in poverty has dropped from 60 per cent in the nineties to less than ten per cent today, with an average annual income growth around nine per cent. This growth is mainly caused by exports. The Vietnamese Dong is very stable. It only depreciated 1,5 per cent compared to the dollar which makes it the third most stable currency, after the Chinese Yuan and the Hong Kong dollar.

About VIetNAM


Foreign Trade and Foreign Direct InvestmentsThe export of goods and services constitute for approximately 80 per cent of Vietnam’s GDP. The major export products of Vietnam are crude petroleum, telecommunications equipment, footwear, rubber, rice, coffee, fish, jewellery equipment and furniture. The largest export market of Vietnam is the market of the European Union and the market of the United States. The major imports are refined petroleum, telecommunications equipment, steel and iron, gold, electronic circuits, medicaments, chemicals, plastics and textile inputs. The biggest exporter to Vietnam was China. The country accounted for approximately one fourth of Vietnam’s imports. Vietnam’s total trade with the world has a value of €228,131 million, of which 23.1 per cent is with China. Foreign Direct Investments (FDI) is 5.2 per cent of GDP and has been declining the last couple of years. However, a strong rebound in FDI commitments is expected, which will underpin the financing of the external deficit. The FDI will shift away from textiles and agriculture.

promising sectorsThe Netherlands belongs to one of Vietnam’s largest EU investors and trading partners. This is not only because of the attractiveness because of it’s growing domestic market, young and hardworking population and geographic position, but as well because of the good reputation of Dutch products and services in the areas in which Vietnam has a lot of interest. We are both world players if we look at the field of export of agricultural products. We both have a strategic coastal location in regional markets, which is important for maritime affairs, transport and logistics. Furthermore we are both delta countries that must deal with the water and climate change.

• Agriculture Agriculture is one of Vietnam’s most important sectors. The market is growing because of the growth in their own population and because of growing demand from other countries.

• Water The climate change is a big risk for Vietnam’s industry and agriculture. The cooperation between Vietnam and the Netherlands at the field of water already exists for a long time. They signed a contract called the Strategic Partnership Arrangement (SPA) in 2010. Under this contract the long-term Mekong Delta Plan was developed and the countries are as well working on a development plan that is called

‘Ho Chi Minh City moving towards the sea with climate change adaption’. Both projects offer interesting business opportunities for Dutch companies in the field of delta technology, food security, urban water management, water technology, governance, capacity building and other related sectors.

• ShipbuildingVietnam is also very attractive for shipbuilding because of its low labour costs, long coastline and strategic location. This is especially interesting for Dutch shipbuilding companies that produce ships for third markets.

• EnergyFor Dutch companies that are active in the oil and gas sector and related areas, Vietnam is very interesting as well. Vietnam has many different energy resources. Maintenance and expansion of energy structure is necessary because of the economic growth and the growth in domestic energy demand.

• Transport and logisticsOne of the fastest growing industries in Vietnam is the logistics industry. The problem however is the poor infrastructure that increases the costs significantly. However, the infrastructure is developing fast which makes the supply of equipment, engineering, dredging and consulting services very interesting for foreign investors.


coMMIttee

Marius van Rouveroy van NieuwaalCoordinatorMSc Finance

Martijn BouwTreasurerBSc Economie & Bedrijfseconomie

claire GroskampCoordinatorBSc Economics and Business

Rafaëla WiertzInternal RelationsMSc Business Administration, specialization Marketing

Matthijs Bernelot MoensHead AcquisitionMSc Financial Economics

claudia van GalenChairmanBSc Economics and Business


Merel joostenMSc. Econometrics

philip akkermanMSc. Finance

Kor nooitgedagtBSc. Business Administration

nadine huuskes BSc. Business Administration

Mark stevensMSc. Finance & Investments

hanneke Kamphuis MSc. Business Administration:Strategy & Organization

Justian Driessen MSc. Financial Economics

floor pennings BSc. Business Economics: Finance

Xandra KoelemeijerMSc. Business Administration: International Management

Martijn TeunissenBSc. Economics and Business

Michiel VisserBSc. Business Administration

simone van der steegMSc. Business Administration:Marketing

PARtIcIPANtS


NoteS

MAIN SPONSORS OF THE FSA

Financial Study association Amsterdam (FSA)

Plantage Muidergracht 24 Room P2.02A/2.03A 1018 TV Amsterdam The Netherlands

T: +31 (0)20 525 65 12 F: +31 (0)20 525 59 16 e: [email protected] i: www.fsaresearchproject.nl

fsa research project 2015 vietnam · 2018-12-13 · to offer. this brochure is intended to inform...

Documents