MINISTRY OF EDUCATION AND TRAINING HO CHI MINH CITY OPEN UNIVERSITY PHAM DINH CUONG RESTRUCTURING AND CORPORATE PRODUCTIVITY – RESEARCH ON THE VIETNAMESE TEXTILE AND GARMENT INDUSTRY
Speciality: Business Administration
Code: 62 34 01 02
SUMMARY OF DOCTORAL THESIS IN BUSINESS ADMINISTRATION HO CHI MINH CITY – 2021
The publication completed at Ho Chi Minh City Open University.
Science instructor:
1. Assoc Prof. Dr. Vo Phuoc Tan 2. Assoc Prof. Dr. Pham Dinh Long
Reviewer 1:
Reviewer 2:
The thesis will be defended in front of the Judging Council at Ho Chi Minh City Open
University
At: …….date ……month…..…year……..
The thesis can be found at:
National Library Ho Chi Minh City Open University’s Library
CHAPTER 1. AN OVERVIEW OF RESEARCH
1.1 Research context and reasons for choosing the topic
1.1.1 Research context
1.1.1.1 Current situation of Restructuring and Corporate Productivity in Vietnam
Vietnamese enterprises are facing the difficulties or the challenges of globalization and
international economic integration, the labor costs of enterprises tend to increase, while the
corporate productivity levels off. That requires enterprises to quickly adapt to fierce competition
and changing business environment. Therefore, corporate restructuring in Vietnam is currently a
must for enterprises.
Currently, Vietnam is implementing restructuring policies to ensure that enterprises quickly
adapt to the changes of the global economy. In fact, many enterprises have adjusted themselves and
quickly came up with ways to actively integrate into the global market. However, there are also
enterprises that have not caught up with market trends and met customers’ needs and are not aware
of pressure from competitors.
According to the General Statistics Office, as of December 31, 2018, Vietnam had about
758,510 enterprises, but only 610,608 were operating, the rest 147,902 suspended their operations
or had been dissolved.
Facing the challenges and instability in terms of the economy in recent years, the
Government has prioritized the implementation of economic restructuring to stabilize the macro-
economy, focusing on three areas: Investment Restructuring, focusing on public investment;
Financial Restructuring, focusing on the commercial banking system; restructuring State
enterprises, focusing on big Groups and Corporations. In addition, the Government has also actively
studied and issued a series of policies to deal with the difficulties, creating a driving force to speed
up the process of corporate restructuring in Vietnam, including textile and garment enterprises.
Considering the current state of Vietnamese enterprises, it can be seen that the corporate
productivity is a very important factor creating a competitive advantage for enterprises and helping
them grasp opportunities in the market and promote their internal capabilities to achieve high
efficiency in business activities in the context of economic integration and globalization, especially
the crisis caused by the global pandemic Covid-19 has a negative impact on the world economy.
However, the current corporate productivity of Vietnamese garment and textile enterprises is still a
concern. According to Vitas 2019, the corporate productivity of Vietnamese garment and textile
enterprises compared to compared to that of competitors in the region is very low. For example, the
corporate productivity of Vietnamese garment and textile enterprises is only 13% of China, 58% of
Indonesia, 65% of India, 66% of Pakistan and only 60% higher than Cambodia’s.
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1.1.1.2 Overview research
Regarding restructuring, ,according to Harmer and Champy (1993) who pioneered in the
concept of corporate restructuring, restructuring is a fundamental rethinking and radical redesign of
business operations, to achieve a tremendous improvement in critical and transient indicators such
as price, quality, service and rapidly. Bowman and Singh (1993) said that corporate restructuring is
the restructuring of all three factors at the same time: investment portfolio, finance and organization
in order to change the orientation of business activities of enterprises, rearranging and optimizing
resources in the enterprise. In addition, Xiaoyang Li (2011) analyzed the impact factors of mergers,
acquisitions and takeovers in the process of corporate restructuring; Higuchi (2004) analyzed
factors in organizational restructuring; Menghistu (2017) went on to analyze restructuring costs;
Pham Quoc Trung and Yoshinori (2011) did research on knowledge management to improve
efficiency of corporate restructuring.
Restructuring was a hot topic that appeared in Vietnam in 2005 when there was an economic
recession related to real property and security bubbles.
Nguyen Huu Long (2008) said that restructuring is the process of organizing and rearranging
enterprises in order to create a better state for enterprises achieve their objectives the set objectives.
Dinh Phi Ho and Pham Ngoc Duong (2011) analyzed and assessed the impact of restructuring
on corporate productivity in the agricultural sector in Vietnam. Do Tien Long (2013) approaches
corporate restructuring in the direction of consulting and implementing restructuring, based on the
7S-McKinsey Model.
Huynh Thanh Dien (2014) mentioned and discussed the concept of restructuring as designing
new products, establishing a relationship with target customers, investing in technology, coming up
with business methods, organizational structure and improving human resources, etc… to take
advantage of opportunities and overcome challenges from the business environment.
Le Van Hung (2016) built a channel to assess the impact of management factors on the
restructuring of textile enterprises. Su Dinh Thanh et al (2017) studied restructuring through
assessing finance and corporate assets.
Regarding corporate productivity, Ross and Khawaldeh (2002) claim that corporate
productivity is created through products or services by using all the minimum resources, both
human and material, to achieve customer satisfaction, improve people's quality of life and avoid
causing harm to the environment.
Mai Quoc Chanh and Pham Duc Thanh (2001) said that the corporate productivity is an
indicator reflecting the efficiency of production and business activities of the entire individual labor
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productivity of an enterprise. The corporate productivity is often measured through the profit per
average number of employees of the enterprise.
1.1.2 Reasons for choosing the topic
In theory, there are many studies dealing with this issues. However, the previous studies only
focus on the structuring of a few factors such as finance or capital ownership.
In addition, most of the previous studies concentrate on social labor productivity from the point of
view of econometric model only. Furthermore, previous studies on restructuring often refer to the
impact of restructuring on performance or efficiency of enterprises only. It can be said that there has
not been that has not been any research on the restructuring and corporate productivity like this
thesis. Therefore, the study of restructuring and corporate productivity is necessary to contribute to
supplementing the previous theoretical gaps.
In practice, Vietnam is facing the challenges or the problems or the difficulties of integration
and globalization. That requires enterprises to be flexible and competent enough to respond
promptly and effectively to market changes. Therefore, enterprises must conduct a comprehensive
corporate restructuring.
On the other hand, one of the competitive advantages of these businesses is the corporate
productivity. However, the current corporate productivity of Vietnam shows many shortcomings
and weaknesses. The reason is that most Vietnamese enterprises are small and medium, even micro,
so there are many limitations in production and management capacity; high rate of labor intensity in
production and business activities; not yet to participate in the global value chain... Therefore,
improving the corporate productivity is a main task of enterprises in general and textile and garment
enterprises in particular in the current situation.
Based on the above research context, the topic "Restructuring and corporate productivity –
Research on the Vietnamese Textile and Garment Industry" is essential in both theory and practice.
The thesis will study the theoretical basis of restructuring and corporate productivity in order to
supplement the theoretical gaps. At the same time, the thesis will clarify the relationship between
restructuring and corporate productivity and evaluate its impact comprehensively, to find out
suitable governance implications to contribute to improving the corporate productivity in
Vietnamese companies.
1.2 Research Problem
The thesis will study the theory of restructuring based on the comprehensive restructuring
theory of Bowman and Singh (1993) through the development and simultaneous analysis of 3
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factors: portfolio, finance and organization. Then the thesis studies in-depth the relationship
between restructuring and corporate productivity; and the impact of restructuring on the corporate
productivity of Vietnamese garment and textile industry.
The thesis will use the quantitative research method mainly, through the analysis and study of
a large data set with 7,640 textile and garment enterprises nationwide in the period 2009 - 2018, in
order to increase validity and reliability of research results.
The research results of the thesis will contribute to supplementing theoretical gaps on
restructuring and corporate productivity. The thesis will also give out governance implications to
contribute to improving the corporate productivity in general and Vietnamese garment and textile
industry in particular.
1.3 Research objectives
1.3.1 General objectives
- To study restructuring and corporate productivity.
1.3.2 Specific objectives
- To study the theory of restructuring and corporate productivity.
- Analyze the relationship between restructuring and corporate productivity and evaluate
the influence of restructuring on the corporate productivity (based on the data on the
Vietnamese textile and garment industry, period 2009-2018).
- To give suggestions for improving the corporate productivity of Vietnamese textile and
garment industry, based on the findings Based on research results, giving suggestions to
improve the corporate productivity of Vietnamese textile and garment industry.
1.4 Research Questions
To clarify the above problems, the thesis will answer the following research questions:
- What factors make the restructuring comprehensive ?
- What is the relationship between restructuring and corporate productivity?
- How does the comprehensive restructuring affect the corporate productivity of
Vietnamese textile and garment enterprises?
- What are the recommendations for improving the corporate productivity of Vietnamese
garment and textile enterprises through comprehensive restructuring?
1.5 Research subject and research scope
1.5.1 Research subject
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- Restructuring and corporate productivity; Relationship and impact between restructuring
and corporate productivity.
- The survey object of the thesis: Vietnamese textile and garment enterprises.
1.5.2 Research scope:
- Regarding content: Labor productivity is a very wide economic category with many
different levels such as individual labor productivity, corporate productivity and social
labor productivity. However, the research scope of the thesis will be limited to the
corporate productivity which shows workers’ efficiency in the process of making
products.
In other words, the corporate productivity is the entire individual labor productivity in an
enterprise. The corporate productivity is the total output profit created by all workers in
a certain period of time.
- Regarding space: Vietnamese textile and garment enterprises nationwide.
- Regarding time: From 2009 to 2018.
1.6 Research method
1.6.1 Research models
The proposed research model of the thesis is built and proposed based on the research
direction of approach to comprehensive restructuring theory by Bowman and Singh (1993). At the
same time, this research also features the reference, inherits and develops the theories and relevant
research models on the restructuring and corporate productivity carried out by John, Lang and
Netter (1992); Kang and Shivdasani (1997); Denis and Kruse (2000); Perry and Shivdasani (2005),
Morrison (2007); Su Dinh Thanh et al (2017). The content of the proposed research model of the
thesis will be presented in detail in Chapter 3.
1.6.2 Research data
The thesis uses secondary data, analyzes data of 7,640 textile and garment enterprises
nationwide during a ten-year period from 2009 to 2018. The dissertation takes data on financial
indicators such as revenue, profit after tax, total assets, total debt, FDI, business capital ... and non-
financial indicators such as number of years since the establishment of the enterprise, total average
number of employees business ... through the Vietnam Textile and Apparel Association (VITAS).
In addition, the thesis also refers to the data of the General Statistics Office .
1.6.3 Data analysis method
The thesis mainly uses the quantitative research method to answer the research questions and
to achieve the research objectives.
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The author uses panel data regression methods and tests the regression model to meet the
requirements reliability by using STATA software. The regression of panel data usually has the
following two methods: Fixed Effects Model (FEM) and Random Effects Model (REM).
In addition, the thesis will test, select the FEM model and the REM model (by Hausman
Test), using the Driscoll-Kraay standard deviation model to study the impact of the restructuring on
the corporate productivity.
1.7 New contributions of the thesis
1.7.1 In terms of theory:
Firstly, most of the previous studies on restructuring mentioned only a few factors such as
finance or capital ownership. However, in the current context of integration and globalization, it is
required that enterprises should be flexible and capable of responding promptly and effectively to
market fluctuations. Previous theories of restructuring have become outdated, creating theoretical
gaps. Therefore, the thesis has selected, inherited and developed the comprehensive restructuring
theory approach of Bowman and Singh (1993). The thesis builds a comprehensive restructuring
variable. Which has been diversified and changed includes three factors: portfolio, finance and
organization. The three factors have been collected in the research model of the thesis in order to
reflect the restructuring more perfectly in the context of integration and globalization, as well as
contribute to supplementing the theoretical gaps on restructuring.
Secondly, according to the theoretical review, the author realizes that most of the previous
studies only mentioned the impact of restructuring on the performance or the efficiency of
enterprises. It can be said that there has been no research mentioning the relationship between
restructuring and corporate productivity up till now. Therefore, the research of the thesis is
considered as the pioneer. It has studied and clarified the relationship between restructuring and
corporate productivity.
Thirdly, the thesis has provided empirical evidence for the impact of restructuring on
corporate productivity.
1.7.2 In terms of practice:
Firstly, previous empirical studies mainly used a small sample size and data collected from a
province or a locality or the financial statements of companies on the stock exchange, so research
results are often limited. On the contrary, the sample size of this thesis is much bigger. The data was
collected from 7,640 textile and garment enterprises operating nationwide during a 10 year period
and analyzed quantitatively by STATA tools. This data can be considered as the representative for
all Vietnamese textile and garment enterprises and is a scientific basis for the thesis to analyze and
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research on restructuring and corporate productivity of Vietnamese textile and garment enterprises
in more detail and reliable.
Secondly, through the results of empirical research with the regression coefficients of the
restructuring variable and other independent variables, which are statistically significant, the author
can offer some implications for governance with a view to contributing to providing businesses and
policy-makers with more data so that they can decide in what areas they should to give priority to
restructuring accurately and effectively, in order to improve corporate productivity in the context
integration and globalization.
1.8 The structure of the thesis
Chapter 1: An overview of research
Chapter 2: Literature review
Chapter 3: Research method
Chapter 4: Analysis and Discussion Research Results
Chapter 5: Conclusion and Recommendations.
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CHAPTER 2. LITERATURE REVIEW
2.1 Literature review of Restructuring
2.1.1 International Literature review:
Since the concept of restructuring first appeared in the world in the 80s, up to now, there
have been many different views on the concept and definition of corporate restructuring. Michael
(1990) argues that restructuring is about re-establishing resources, rearranging the core business
processes of businesses, analyzing and re-evaluating the value-added chain of products, services
to improve competitiveness for businesses.
The study of Hammer and Champy (1993) introduces the concept that re-engineering is a
fundamental redesign, and radical redesign of business processes, in order to achieve tremendous
improvement in key and temporary criteria such as price, quality, service and promptness.
Staniforth (1994) introduces the concept of restructuring as an opportunity to change and
improve organizations.
Barry, Antonio and Shari (2010) agree that corporate restructuring requires a long time to
plan before making a restructuring decision. Christa et al. (2012) confirmed that restructuring
carried out in many industries resulted in increased revenue and reduced operating costs.
Sulaiman (2012) states that Corporate restructuring includes a change in portfolio mix, ownership
structure, assets and liabilities.
In addition, there are a number of experimental studies of Michael, Karl and Sascha (2006);
Susan and Gory (1998); Tsung and Hoshino (2002).
In short, the overview of previous foreign theoretical and empirical studies on restructuring
mostly mentioned a few single factors such as finance, capital ownership or M&A ... only.
2.1.2 Vietnam Literature review:
The research of Hoang Van Hoan (2008) states that corporate restructuring comes from
internal pressures such as pressure to match the growth and development scale of the business.
Nguyen Bach Khoa (2010) said that restructuring is understood as managing changing
internal elements of an enterprise in order to improve enterprise performance in the constantly
changing business environment.
Do Tien Long (2013) gives an overview of current business restructuring and offers a model
of restructuring in the direction of advice. However, the author just stops at that emphasis on the
role of the leader has a decisive influence on the success of restructuring activities.
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Tran Hoang Ngan and Pham Quoc Viet (2015) believe that restructuring is the process of
organizing and reorganizing businesses to create a better state for businesses to realize the set
goals. However, research only stops at the macroeconomic perspective of the economy.
In addition, there is also an empirical study of Phan Thi Cuc (2013) on capital restructuring
for textile and garment enterprises in Ho Chi Minh City.
In general, domestic and foreign research overview on restructuring shows that there are
many researches on restructuring. However, the studies just stop in terms of mentioning a few
single factors only. That means that there are research gaps that need to be supplemented and
clarified.
2.1.3 Choosing the background theory of restructuring for the research model of the
thesis.
The reason for choosing the comprehensive reconstruction theory of Bowman and Singh
(1993) for the research model is:
Vietnam is facing the context of economic integration and globalization, which requires
enterprises to be flexible to meet the needs of customers; internal resources of enterprises need to
be supplemented, extended and supported by many sides; Organizational structure needs to be
changed to meet the development of scale and business model. More specifically, enterprises
must invest in a portfolio of assets to meet the needs of promoting the quantity and quality of
products and goods to satisfy customers' needs; Enterprises need to attract and flexibly use capital
sources to increase internal strength, financial capacity for business and production activities of
enterprises; Organizational structure also needs to be strengthened and developed in terms of
scale as well as high quality human resources ...
On the other hand, Vietnam's textile and garment industry is the traditional industry and has
many strengths of our country. This is one of the key industries, with the top import-export
turnover in the country. The characteristic of Vietnamese textile and garment enterprises is that
mainly outsourcing to foreign countries (more than 85%); The rate of labor intensity is always
high and fluctuates continuously according to production seasons; There are still many
weaknesses in investment in machinery and equipment and using capital sources ...
In the context of the changing and volatile market, the theories of restructuring previously
became obsolete, giving rise to theoretical gaps. Therefore, the choice and development of the
comprehensive restructuring theory of Bowman and Singh (1993) satisfies the requirements of
the current market relatively comprehensively. This theory suggests that restructuring is a
significant change in all three factors simultaneously: portfolio, finance and organization.
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2.2 Literature review of Corporate Productivity
2.2.1 Concept
2.2.1.1 Labor Productivity
According to Bain and Elsheikh (1982), labor productivity is the ratio between the output of
goods and services with the labor input to produce that output.
According to Mai Quoc Chanh and Pham Duc Thanh (2001), labor productivity is defined as
the real economic output per hour of labor. Labor productivity measures the hourly output of a
country's economy. Specifically, it represents the amount of gross domestic product (GDP)
actually produced per hour of labor.
Labor productivity is calculated by thing, value or labor time.
In terms of scope, labor productivity is often divided into two main categories are individual
labor productivity and social labor productivity.
2.2.1.2 Individual Labor Productivity:
According to Mai Quoc Chanh and Pham Duc Thanh (2001), individual labor productivity is
the productivity of individual workers, measured by the number of finished products per labor unit
wasted on production.
2.2.1.3 Social Labor Productivity:
Social labor productivity is the productivity calculated for all resources of an individual, an
enterprise or the whole society. It is measured by the number of output of enterprise or society
generated per unit of living labor and past labor have been wasted in producing that number of that
output. Previous studies on social labor productivity often used the econometric model.
2.2.1.4 Corporate Productivity:
Mai Quoc Chanh and Pham Duc Thanh (2001) believe that corporate productivity is an
economic category that shows the efficiency of workers in the production process. In other words,
the corporate productivity is the entire individual labor productivity of an enterprise. The corporate
productivity is the total profit output of all employees in an enterprise created in a certain time
period.
Specifically,
Corporate Productivity = Total Output / Total Input used
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Including:
Total Output: are the goods or services. It can be presented as the quantity of the product or a
monetary value as profit. Moreover, due to the current situation of Vietnamese textile and garment
enterprise’s activities with a high rate of labor intensive, mainly outsourcing to foreign countries,
the profit ratio is very low (often below 5% of revenue). Therefore, in order to avoid virtual data
and accurately assess the content of the corporate productivity, the thesis uses the target of Total
profit to measure the output of the enterprise.
Total Inputs: are the resources used to create goods, products and services. Input factors
include labor, capital, raw materials, energy .... Usually labor input is calculated by the number of
employees (people) or the number of working hours (hours). Capital, raw materials, and energy
inputs are measured in monetary terms. However, at present, the human resources of Vietnamese
garment and textile enterprises have a very high labor-intensive rate. Moreover, the seasonal labor
fluctuations in peak and low season in activities during the year is also very large. Therefore, in
order to avoid virtual data and accurately assess the content of the corporate productivity, the
thesis uses the average of the labor force to measure the Input of the enterprise.
Therefore, based on the above concepts and explanations, the thesis chooses the research
scope which is the corporate productivity. In the research model, the corporate productivity is
measured by the average profit per employee of the enterprise.
2.2.2 International Literature review:
Freeman (2008) said that the corporate productivity is a measure used to measure the
efficiency of using inputs, usually the total profit of production and business activities of goods or
services divided by the output factor, usually the total number of work, number of hours of work
or the average number of employees in an enterprise.
2.2.3 Vietnam Literature review
According to Mai Quoc Chanh and Pham Duc Thanh (2001), the corporate productivity is an
indicator reflecting the efficiency of production and business activities of an enterprise. The
corporate productivity is often measured through the target of profit calculated on the average
number of employees of the enterprise.
2.3 Theoretical basis related to the relationship between restructuring and corporate
productivity
2.3.1 International Literature review:
Research by Brumagim and Klavans (1994) shows that some multidisciplinary corporations
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have improved efficiency from restructuring. However, this study only focuses on analyzing the
efficiency of business activities of enterprises.
In addition, there are a few other studies that have focused on restructuring from the
perspective of mergers and acquisitions (M&A); Restructuring a few single elements; as well as
other empirical studies.
In summary, the review of studies related to the relationship between restructuring and
corporate productivity at present can be said that there has been no research mentioning the
research content such as the thesis. Most studies only focus on restructuring of a few single factors,
or the impact of restructuring on the performance of businesses mainly. Therefore, this is a
theoretical gap needs the thesis to add by clarifying the relationship between comprehensive
restructuring and corporate productivity.
2.3.2 Vietnam Literature review:
Research by Pham Quoc Trung and Yoshinori (2011) shows that knowledge management
has a positive impact on corporate productivity. However, this theory only focuses on the factor of
knowledge management only.
Le Van Hung (2016) has built a channel to assess the impact of management factors on the
corporate productivity. However, this study still has many limitations because it only stops in
terms of management factors.
Su Dinh Thanh et al (2017) also only mentioned the relationship between asset restructuring
and corporate performance.
In short word, Vietnam literature review studies the relationship between restructuring and
corporate productivity only mentioned a few single factors such as management, knowledge
management, finance, performance or social labor productivity only. There has not been any
research mentioning the corporate productivity as the way to raise the problem of the thesis.
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CHAPTER 3. RESEARCH METHODS
3.1 Research Model
3.1.1 The basis of the research model:
On the basis of the review and inheritance theories of restructuring and corporate
productivity, especially the theories of John, Lang and Netter (1992); Kang and Shivdasani (1997);
Denis and Kruse (2000); Perry and Shivdasani (2005), Morrison (2007); Su Dinh Thanh et al
(2017), the thesis found that research models on restructuring and corporate productivity often
have the general form as follows:
CPit = α0 + α 1 Rit + α 2 Zit + εit (1)
Include:
Dependent variable:
Corporate Productivity Variable (CP). The variable CP will be measured by the rate of return
on the average total labor used of the enterprises.
The independent variables, include:
Restructuring variable (R). The variable R is measured by the indicator of total assets.
Enterprise characteristic variable (Z). The variable Z includes component variables such as:
Equity ratio; The ratio of debt to total assets; Years since the company was founded ...
Coefficients:
𝛂 is the coefficients that reflect the impact of the explanatory variable in the model on firm
performance;
ε: is the residual error;
i: Number of enterprises;
t: Number of years
3.1.2 Proposed research model:
After studying the theoretical overview of restructuring and corporate productivity as well as
the relationship between restructuring and the corporate productivity; Combined with the reference
and inheritance of previous research models, the thesis realizes that it is necessary to develop and
supplement some of the content for the research model to solve the research problems and
objectives of the thesis. These are also new points of the thesis to supplement the previous research
gaps on restructuring and corporate productivity. In which, the independent variables in the
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proposed research model of the thesis are associated with the labor factor. Specifically,
Restructuring variable (R) will be replaced by Comprehensive restructuring Variable
(RES):
According to the comprehensive restructuring theory of Bowman and Singh (1993), a
comprehensive restructuring will include 3 elements, namely: portfolio, finance and organization.
On the other hand, practically in the context of integration and globalization today, businesses
must always be flexible and change to meet the needs of the market and the pressure of
competitors. Therefore, the restructuring variable (R) will be replaced by a new restructuring
variable which is the comprehensive restructuring variable (RES) in the proposed research model
of the thesis. Comprehensive restructuring variable (RES) will be improved and measured in a
more appropriate and comprehensive way, through all three impact factors at the same time as
follows:
- POR: Portfolio factor
POR is measured by the target of the percentage change of total assets.
According to Tod and Shivdasani (2005), investment in assets, especially
technology and machinery and equipment is extremely important, making an
important contribution to the increase in corporate productivity.
- FIR: Financial factor
FIR is measured in terms of the percentage change in total debt.
Total debt is an indicator reflecting the financial capacity of the business. (Lai
and Sudarsanam, 1997; William, 2001)
- ORR: Organizational factor
ORR is measured through the target of the percentage change of the total revenue
on the average total employee.
Organizational factor plays an important role in shaping the size of the
organizational apparatus and the business operation process of the enterprise and
the labor productivity of the enterprise. That means employment changes the
revenue for businesses. (Zajac and Kraatz, 1993; Brush et al., 2000; Fukui and
Ushijima, 2007).
At the same time, in the proposed research model, the comprehensive restructuring variable
RES is used as a dummy variable 1.0 and is determined as follows:
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- RES = 1, If the percentage change of all 3 independent variables POR, FIR and ORR ≥
5%, that firm is considered restructuring.
- RES = 0, If the percentage change of all 3 independent variables POR, FIR and ORR
<5%, that enterprise is considered as non-restructuring.
- Inheriting and based on the results stated in the scientific studies of John, Lang and
Netter (1992); Perry and Shivdasani (2005); Using Dinh Thanh et al (2017), the thesis
applies the rate of 5% as the benchmark for the comprehensive restructuring variable
(RES) in the research model.
- Comprehensive restructuring variable (RES) may be valid to change every year. This
means that the variable of comprehensive restructuring is the result of measuring and
comparing 3 indexes of POR, FIR, ORR compared to the previous year of the
enterprise.
Enterprise characterization variable (Z) will be replaced and supplemented with the
following variables: Turnover per employee (REL), FDI per employee (FDL) variable and
Business capital per employee (BCL) to be more consistent with the theory and approach to the
average labor factor in corporate productivity. As follows:
The variable Z in previous studies is usually defined as the number of years of establishment
of a business, or type of business ownership…. The thesis will replace the above variable Z with a
number of other important independent variables, that is: REL, FDL and BCL to be more
consistent with the theory and approach to the factor of corporate productivity. In which, the
corporate productivity is the result of the total of individual labor productivity in the enterprise and
the efficiency of the business production process of the enterprise is measured and expressed
through the annual average profit per employee. This change is necessary and also a new point of
the thesis in the research model. Because the independent variables in the proposed research model
of the thesis are essential factors related to the corporate productivity, they reflect issues that have
a direct impact on the corporate productivity. Moreover, the contents of these independent
variables REL, FDL and BCL are all associated with the characteristic factor of the textile and
garment industry, which is a high rate of labor intensity, fluctuations of labor each year is very big.
Specifically,
Revenue per average employee variable (REL)
The REL variable is measured through the turnover target calculated on the average number
of employees used by the enterprise annually.
The inclusion of the REL variable in the research model is necessary because the REL is
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unlike the normal revenue target. The REL variable is an indicator reflecting the size of the
enterprise, the efficiency of production and business activities, labor factor and employment
situation in enterprises. Especially the Vietnamese textile and garment industry is particularly
labor intensive and the average number of employees changes annually is very large.
This is also one of the important factors to evaluate the corporate productivity.
FDI per average employee variable (FDL)
The FDL variable is measured by the index of total FDI capital calculated on the average
number of employees employed by the enterprise annually.
The inclusion of the variable FDL in the research model is necessary because The FDL is
unlike the normal FDI ratio. The FDL is an indicator that reflects the efficiency of the use of FDI
capital with foreign elements investment in assets, machinery, equipment and technology is more
clearly linked to the labor factor and the employment situation in textile and garment enterprises.
This is also one of the important factors to evaluate the corporate productivity.
The business capital per average employee variable (BCL)
The BCL variable is measured by the target of the total capital for production and business
activities based on the average number of employees used by the enterprise annually.
The inclusion of the BCL variable in the research model is necessary because the BCL is
unlike the normal business capital indicator. The BCL variable is an indicator that reflects the
efficiency of using financial resources, associated with the change of the labor factor and the
employment situation in the textile and garment enterprise.
This is also one of the important factors to evaluate the corporate productivity.
From the above analysis, the author proposes a research model to evaluate the impact of
restructuring on corporate productivity with the following form:
CPit = 𝛃0 + 𝛃1 RESit + 𝛃2 RELit + 𝛃3 FDLit + 𝛃4 BCLit + εit (2)
Inside:
Dependent variable:
- Corporate Productivity Variable (CP). The CP variable is measured by the rate of
return on the average total labor used by the enterprise.
The independent variables, include:
- Comprehensive restructuring variable (RES): The RES variable is a dummy variable,
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determined by measuring results and comparing all 3 indicators POR, FIR, ORR
compared to the previous year of the enterprise. If the percentage change of all 3
independent variables POR, FIR and ORR is ≥ 5% then the firm is considered
restructuring. On the contrary, if the percentage change of all 3 independent variables
POR, FIR and ORR is <5%, the firm is considered non-restructuring. More details,
inheritance and results are stated in the scientific studies of John, Lang and Netter
(1992); Perry and Shivdasani (2005); Su Dinh Thanh et al (2017), the thesis applies
the rate of 5% as the benchmark for the comprehensive restructuring variable (RES)
in the research model.
- Revenue per average employee Variable (REL); The REL variable is measured
through the revenue target calculated on the average number of employees used by
the enterprise annually.
- FDI capital per average employee Variable (FDL): The FDL variable is measured by
the index of total FDI calculated on the average number of employees employed by
the enterprise annually.
- Business capital on average employee Variable (BCL): The BCL variable is
measured by the target of the total capital for production and business activities based
on the average number of employees used by the enterprise annually.
Coefficients:
- 𝛂 is the coefficients that reflect the impact of the explanatory variable in the model
on firm performance;
- ε: is the residual error;
- i: Number of enterprises;
- t: Number of years
3.2 Research data
3.2.1 Panel data:
According to Baltagi (2008), panel data have time and space scale. The panel data structure
is combined from two components: cross-section and time series data. The combination of two
types of data has many advantages in analysis, especially when it comes to observing and
analyzing the variation of study subjects after events or over time as well as analyzing differences
between groups of study subjects.
17
3.2.2 Source data:
Data used for analysis are taken from secondary data sources provided by VITAS with 8,026
textile and garment enterprises nationwide in the most recent 10-year period, from 2009 to year
2018.
However, after the data set is cleaned, the author eliminated 386 cases of errors (about
4.8%), including:
305 newly established businesses in 2018 (operation time <1 year)
12 enterprises with REL <10 million / year (because the turnover of the enterprise is
too small compared to the average reality of the textile and garment industry)
16 enterprises with BCL <3 million / year (because the scale is too small compared to
the average reality of the textile and garment industry)
53 enterprises missing data.
Therefore, the total sample size of the study is 7,640 satisfactory. In which, data samples are
collected on financial indicators such as revenue, profit after tax, total assets, total debt, FDI,
business capital ... and non-financial indicators such as : Number of years since the establishment
of the enterprise, the average total number of employees employed by the enterprise.
In general, the majority of Vietnamese textile and apparel enterprises are small, medium and
micro (over 80%). In which, garment enterprises are the main ones (with 69.05%). Enterprises
with FDI is low rate (with 17.38%).
3.3 Data analysis method
Overview of previous studies on restructuring shows that most of the researches often use
qualitative research methods (except financial and banking restructuring). Therefore, it can be said
that the dissertation using quantitative research methods to solve the research objectives is a new
approach to restructuring.
The thesis uses the panel data regression methods and tests the regression model to meet the
requirements strictly and with high reliability by using STATA software. Specifically, the
variables in the thesis model are performed regression analysis through the following research
steps:
3.3.1 Descriptive statistics
3.3.2 Multicollinearity test
3.3.2.1 Correlation matrix test
18
3.3.2.2 VIF test
3.3.3 Regression analysis
Usually, there are 3 regression models for table data, they are: Pooled OLS regression
model, Fixed Effects Model (FEM) or Random Effects Model (REM). (Hoang Trong and Chu
Nguyen Mong Ngoc, 2005)
3.3.3.1 Pooled OLS regression model
3.3.3.2 Fixed Effects Model (FEM)
3.3.3.3 Random Effects Model (REM)
3.3.4 Hausman Test
3.3.5 Heteroskedasticity test
3.3.6 Autocorrelation test
3.3.7 Regression with Driscoll-Kraay standard errors
19
CHAPTER 4. DATA ANALYSIS AND RESEARCH RESULTS
4.1 Descriptive statistics
Number of observed variables:
Sample size is 7,640 Vietnamese textile and garment enterprises studied in the period from
2009 to 2018. However, the year of establishment of enterprises is different so data is unbalanced
panel data.
Missing Data is objective, because businesses do not have enough data over time. However,
the observed total is 37,764 (nearly 40,000), this is a reliable data set for analysis.
Independent variables:
The RES variable runs from 0 to 1 with an average sample size of 0.6392539 corresponding
to a standard deviation of the sample of 0.4802201.
The REL variable f runs from 10 to 175,905,21 with the average value of the sample size
7,737,39 corresponding to the standard deviation of the sample of 45,148.88.
The FDL variable runs from 0 to 27,99611 with the mean of the sample size 0.1508826
corresponding to the standard deviation of the sample of 1.087018.
The BCL variable ranged from 3 to 41,421.33 with the average sample size 2,805.68
corresponding to the standard deviation of the sample of 5,486.12.
According to VITAS (2018), Vietnam currently has 12.61% of large and super large
enterprises; 23.74% are medium enterprises; 45.18% are small businesses and 18.47% are micro
enterprises. In general, with the current situation that nearly 90% of Vietnam's textile and garment
enterprises are small and medium enterprises (SME), the statistical results described above are
completely consistent and reflect the accuracy and reliability of data sources.
In summary, the data set of the article has a sample size that is large enough and suitable, so
it is possible to perform regression in statistics.
4.2 Multicollinearity test
4.2.1 Correlation matrix test
4.2.2 VIF test
4.3 Regression analysis
4.3.1 Regression Pooled OLS model
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4.3.2 The fixed effects model FEM
4.3.3 The random effects model REM
4.3.4 Hausman Test
4.3.5 Heteroskedasticity test
4.3.6 Autocorrelation test
4.3.7 Regression with Driscoll-Kraay standard errors
4.4 Analyze and discuss the research results of the thesis
4.4.1 Analyze the research results of the thesis
Table 4.13 The results of regression FEM model_firm estimation.
Corporate Productivity (CP) FEM
(Firm estimation)
Comprehensive restructuring (RES) 0,7838**
Revenue per average labor (REL) 0,0412***
FDI per average labor (FDL) 4,0309***
Business capital per average labor (BCL) -0,0012**
Constant (_cons) -12,7750***
Total number of observations (N) 37,764
Note: *, **, *** corresponds to the significance level 10%, 5% and 1%.
(Source: Authors' results from STATA software)
Table 4.13 presents the results of the FEM model_firm estimation with Corporate
productivity (CP) under independent variables. The number of observations used was 37,764 from
7,640 textile enterprises nationwide for the 10-year period from 2009 to 2018.
We have R2 within = 0.9457 which means that the independent variables explain 94.57% of
the variation of the dependent variable of corporate productivity (CP), the remaining rate of 5.43%
is due to the impact of other factors.
21
The F = 140.292.26 statistic is very big value, proving that the regression function has a high
relevance level. The coefficients of the variables RES, REL, FDL, BCL are statistically significant.
Include,
The RES and BCL variables are 5% significance level.
The REL and FDL variables are 1% significance level.
Specifically:
Interaction coefficient β1 = 0.7838 shows that the comprehensive restructuring
variable (RES) has a positive impact with the corporate productivity (CP).
Specifically, when the RES variable increases to 1%, the CP variable will increase to 0.78%.
Comprehensive restructuring variable (RES) will be measured through three factors: portfolio
variable (POR), financial variable (FIR) and organizational variable (ORR).
The interaction coefficient β1 = 0.7838 is relatively big, reflecting the impact of
comprehensive restructuring on the corporate productivity is on the same way. This shows that the
restructuring of the investment portfolio, financial restructuring and organizational restructuring
have a positive impact on the corporate productivity. Based on research results, the dissertation
contributes to supplementing the previous theoretical gaps on restructuring and corporate
productivity, as well as the impact of restructuring on corporate productivity.
At the same time, facing on volatile globalization and integration, the research results will be
the scientific basis to help orient the comprehensive restructuring more appropriately and
effectively.
Interaction coefficient β2 = 0.0412 shows that the REL variable has a positive
impact with the CP variable.
Specifically, when the REL variable increases to 1%, the CP variable will increase to 0.04%.
The interaction coefficient β2 = 0.0412 is relatively significant, reflecting the impact of the
REL on the CP is in the same direction. The above research results contribute to supplementing the
previous theoretical gaps on corporate productivity. At the same time, in practice it contribute to
orienting businesses in determining to focus on increasing revenue, associated with improving the
corporate productivity in the context of increasingly fierce competition in the market now.
Interaction coefficient β3 = 4,0309 shows that the FDL has a positive impact
with the CP variable.
Specifically, when the FDL variable increases to 1%, the CP variable will increase to 4.03%.
22
The interaction coefficient β3 = 4,0309 is very large, reflecting the impact level of the FDL
on the CP is in the same direction and is very positive. Based on the research results, the
dissertation contributes to supplementing the previous theoretical gaps on the impact of FDL on
the CP. At the same time, in practical terms, it contributes to the orientation for businesses to focus
on attracting and using FDI capital effectively, associated with improving the labor productivity of
enterprises in the context of international economic integration.
Interaction coefficient β4 = -0.0012 shows that the BCL variable has an opposite
impact with the CP variable.
Specifically, when the BCL variable increases by 1%, the CP variable will decrease by
0.0012%. Although the impact level is very low (β4 = -0.0012), this result partly reflects the fact
that the use of business capital of Vietnamese textile and garment enterprises is still ineffective.
This is explained, as follows:
According to Bui Trinh (2019), the efficiency in using business capital of domestic
enterprises in general and textile and garment enterprises in particular still has many shortcomings
and limitations that need to be addressed such as capital structure low turnover, large waiting
capital, low capital for core business ... leads to ineffective use of business capital. The reason is
the result of widespread investment, investment in non-industry sectors such as real estate,
hospitality, and securities; many businesses use short-term capital to invest in long-term fields;
embezzlement in the procurement of old and outdated technology machinery and equipment, as a
result, the impact of business capital on the efficiency of production and business activities in
general and the labor productivity in particular is very low, even the polar, negative opposite
effect. That explains the negative results of the coefficient β4 = -0.0012 in the thesis is relatively
appropriate.
Therefore, the problem of businesses that are interested in their business capital today is not
that they can attract more or less, but depend entirely on the use of this business capital effectively
or not.
4.4.2 Discuss the research results of the thesis
The research results show that the coefficient R2 within = 0.9457 means that the independent
variables explain 94.57% of the variation of the dependent variable of the corporate productivity.
At the same time, the statistic of F = 140,292,26 is of great value, so the regression function has a
high degree of relevance. In addition, the coefficients of the variables RES, REL, FDL, BCL are
statistically significant. Specifically, the RES variable and the BCL variable are statistically
significant with the significance level of 5% and the REL variable and the FDL variable are
23
statistically significant with the significance level of 1%. At the same time, on the basis of the
research results, the dissertation has discussed, explored and clarified more issues related to
comprehensive restructuring and corporate productivity of Vietnam's garment and textile
enterprise. Moreover, the thesis also studies and explains the impact of comprehensive
restructuring on corporate productivity, identifies the influencing factors, the necessary conditions
to apply in practice in enterprises. Finally, the results of the discussion will be the premise and
basis for the consistent solutions for businesses (will be presented in Chapter 5).
4.4.2.1 For comprehensive restructuring
(i) The comprehensive restructuring Roadmap (see Chart 4.1)
(ii) Portfolio Restructuring
(iii) Financial Restructuring
(iv) Organizational Restructuring
4.4.2.2 For restructuring in order to increase revenue per average employee (REL)
Raising revenue is considered to be a very important key for Vietnam's textile and
garment enterprises that are currently in a shortage of capital, low production and business
capacity... Therefore, enterprises has to build, develop business orientation strategy for
businesses.
4.4.2.3 For restructuring to attract FDI capital per average labor (FDL)
In general, the attraction of FDI into Vietnam's textile and garment industry is still very
limited. Therefore, the orientation to attract FDI for Vietnamese garment enterprises should
clearly indicate what the focus is and how to attract the current FDI investment.
4.4.2.4 For Business capital restructuring
This is an important task, an inseparable step in financial restructuring. Business
capital restructuring is the process of organizing, rearranging the structure and size of capital
for business purposes and corporate loans.
In summary, through the analysis and discussion of the above research results will
create a basis for the thesis to propose specific and corresponding groups of solutions in
Chapter 5.
24
Market demand and business purposes
Architecture Enterprise
Improved operation
Operate Enterprise Perfect Restructuring
Control Enterprise
Improved operation
Enterprise Change Requirements
Source: Authors' work
Chart 4.1 - Comprehensive restructuring roadmap of textile and garment enterprises
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CHAPTER 5. CONCLUSION AND RECOMMENDATION
5.1 Conclusion
The general objective of the thesis is research on restructuring and corporate productivity. In
which, three specific objectives have been identified, that is: Research on the theoretical basis of
restructuring and corporate productivity; analyzing and clarifying the relationship between
restructuring and corporate productivity, assessing the impact of restructuring on corporate
productivity of Vietnamese garment and textile enterprises; Based on the research results,
proposing solutions to improve the corporate productivity of Vietnam's garment and textile
industry.
For the first research issue, the theoretical basis of restructuring and the corporate
productivity shows that most of the previous restructuring studies focused on a few single factors
only. Therefore, the new point of the thesis is to identify and choose the comprehensive
restructuring theory of Bowman and Singh (1993) as the basis theory for building the proposed
research model of the thesis. In particular, the comprehensive restructuring variable (RES) is
analyzed and measured by quantitative methods, through all three criteria simultaneously:
portfolio factors, financial factors and organizational factors. Since then, the dissertation analyzes
and clarifies the relationship between restructuring and corporate productivity, assessing the
impact of restructuring on vocational labor productivity in a more comprehensive way in the
context of globalization and integration.
For the second research issue, the thesis has identified the impact of restructuring on
corporate productivity in a specific way through regression analysis and testing consistent with a
large data set of 7,640 enterprises nationwide in the period 2009-2018.
For the third research issue, the thesis has proposed the corresponding governance
implications to help business managers, as well as policy recommendations to help policy makers
on restructuring in order to improve labor productivity of Vietnamese garment and textile
enterprises.
5.2 Governance implications and policy recommendations
5.2.1 The group recommends improving corporate productivity through comprehensive
restructuring
5.2.1.1 Portfolio Restructuring.
Firstly, because of the labor-intensive rate of the textile and garment enterprises is very
higher than 80% at present, the focus on investment in advanced machinery and production lines
26
for production and business activities will be the effective solutions to improve corporate
productivity.
Second, portfolio restructuring also means restructuring assets in order to use assets in the
most effective way, creating good conditions for production and business activities, meeting the
requirements of improving the corporate productivity.
Third, participate in mergers and acquisitions (M&A) activities effectively and flexibly to
improve the competitiveness of businesses in the market.
Fourth, it is necessary to review the entire portfolio, filter and eliminate the portfolios that
no longer fit with the new conditions, circumstances and criteria.
Fifth, build a feasible and effective portfolio restructuring program through indicators to
evaluate investment efficiency such as: break-even time, ratio of return on equity (ROE), net
present value of project (NPV), internal break of return (IRR)...
Sixth, it is necessary to be transparent in investment, strengthen the inspection and
supervision of the investment portfolio restructuring.
5.2.1.2 Financial restructuring.
Firstly, to shift the proportion of capital sources:
Increase the proportion of long-term assets in capital structure from 30% to over
60%.
Adjusting the proportion of short-term assets in a reasonable and effective manner
through the re-determination of cash balance, reasonable inventory.
Shifting the current debt / equity ratio (70/30) according to the trend of increasing
equity, reducing debt (50/50) in the future.
Second, attracting domestic and foreign capital:
Increase FDI capital.
Attracting domestic capital through stock market and equalization of textile and
garment enterprises.
Issuing corporate bonds.
Take foreign debt.
Third, enterprises need to actively use equity capital effectively, because this is the best
financial source to help flexibly in balancing, expanding or reducing the scale of production and
business activities in flexible way for enterprises.
Fourthly, to pay attention to improve professional and managerial capabilities for business
management leaders, because these play a huge impact on the financial structure of the business.
5.2.1.3 Organizational Restructuring.
27
First, restructuring the business production mode according to the global value chain of the
textile and garment industry;
Second, restructuring the business size;
Third, restructuring through changing mindsets and perceptions of leaders and employees in
the business.
5.2.2 The group recommends increasing the revenue associated with a reasonable average
labor.
Focus on expanding the textile and garment market, especially after the recent signing of
new agreements such as Free Trade Agreements (FTA), New generation FTA such as Full
Partnership Agreements. and Trans-Pacific Progress (CPTPP), Vietnam - Europe Free Trade
Agreement (EUFTA), with countries identified as important export markets such as the US, EU,
Japan, Korea...
Develop a trade promotion strategy suitable for countries, global retailers and international
buyers. Facilitate and encourage maximum FDI investors from the US, EU, Japan, Taiwan, Korea,
China ... to invest in Vietnam. To produce new products, and expand export markets;
On the part of policy makers, it is necessary to develop policies to encourage export
production within the framework of the WTO; Focus assistance on market access capacity,
support to participate in fairs and exhibitions. Assisting in connecting with investors, buyers and
training of human resources in marketing, sales, and purchase services.
5.2.3 Group Increasing the attraction of FDI capital;
Take advantage of foreign loans;
Encouraging and calling for foreign investment;
Calling for investment capital from overseas Vietnamese in other countries to build their
homeland;
Facilitating and maximally encouraging investors and businesses of the US, EU, Japan,
Taiwan, Korea, China, ... to invest in Vietnam;
To produce new products, expand export markets.
As for policy makers, it is necessary to flexibly implement financial measures to attract FDI
such as:
Firstly, review the overall financial policies, especially the tax policy to attract FDI capital;
Second, review the overall list of industries, trades and areas for investment incentives.
Thirdly, perfecting the legal system on anti-transfer pricing
28
Fourthly, reviewing and completing preferential policies on land to ensure consistency
between the land law, the law on investment and other policies of the State;
5.2.4 The group recommends enhancing the efficiency of business capital:
Shifting the proportion of business capital sources:
Increase the proportion of long-term assets in capital structure from 30% to over
60%.
Appropriately and effectively adjust the proportion of short-term assets through the
re-determination of the reasonable cash fund and inventory.
Shifting the debt-to-equity ratio at the current rate of 70/30 in the direction of
increasing equity, reducing debt by the ratio of 50/50 in the future.
As for policy makers, it is necessary to flexibly implement financial measures to support
businesses such as:
To step up the process of ownership diversification and create capital links among economic
sectors through equalization, assignment, sale, business contracting, and leasing of textile and
garment enterprises;
Promote financial leasing activities: this is an attractive solution for businesses lacking
capital.
Build a loan investment support fund with soft interest rates, a certain grace period to
encourage textile businesses.
Strengthening market inspection and control, combating smuggling and tax evasion,
affecting the investment environment and healthy competition.
5.3 Limitations and the next research directions in future.
Facing the trend of the fourth industrial revolution (Industry 4.0), corporate productivity will
certainly be strongly affected by this wave. However, the background theories and basic concepts
of Industry 4.0 are still in the formative stage and have not been tested in practice. At the same
time, the current internal strength of Vietnamese textile and garment enterprises is not ready for
Industry 4.0, as well as the limitations of available information and data sources that need to be
collected related, so the research direction for the factor " Industry 4.0 ” affecting corporate
productivity on the topic of the thesis is not eligible for implementation.
However, that does not mean that Industry 4.0 is not important to corporate productivity.
The factor of Industry 4.0 will become feasible and important for the corporate productivity of the
Vietnamese textile and garment enterprises in the future when conditions permit such as: They
29
have achieved a level of perfection in management and effective operation; A correspondingly
high-quality trained human resource available; Vietnam is ready to move from a middle-income
country to a high-income country in the world; Especially the great advances in science and
technology such as artificial intelligence (AI), internet connecting things (IoT), intelligent
automation (robot), big data, public 3D printing technology ... has become popular.
In summary, the topic "The impact of Industry 4.0 on corporate productivity of Vietnamese
Textile and Garment enterprises" will definitely be one of the necessary and interesting research
directions in the future.
30
LIST OF PUBLISHED THESIS RELATED ARTICLES
International Magazine
1. Restructuring and corporate productivity: Empirical evidence from Vietnam Textile and
garment Industry. Journal of Management Information and Decision Sciences, Volume 23,
Issue 3, 2020.
2. Human Resource Development Solutions for the Vietnamese Textile and garment Industry in
International Economic Integration. Academy of Strategic Management Journal, Volume 18,
Issue 5, 2019.
3. Factors Affecting on the Restructuring of Vietnamese Textile and Garment Enterprises.
International Journal of Economics and Financial, Issues, 2017, 7(5), p440 - p453.
Vietnam magazine
1. Restructuring and Corporate Productivity - Vietnamese Textile and Garment Industry
Research. Journal of International Economics and Management - Foreign Trade University -
ISSN 1859-4050, No. 126/2020, pages 44-59.
2. Research model of Restructuring and Corporate Productivity in Vietnam. Journal of External
Economics - Foreign Trade University - ISSN 1859-4050, No. 117/2019, pages 59-73.
Proceedings International Conference
1. Factors affecting the restructuring of Vietnamese Textile and Garment Industry. Proceedings
of the EIEB International Scientific Conference, held by the National Economics University
12-2017. ISBN 978-604-946-330-3.
2. Human resource development solutions for Vietnamese textile and garment industry in the
context of international economic integration. Proceedings of the EIEB International
Scientific Conference, held by the National Economics University 12-2017. ISBN 978-604-
946-330-3.
31
LIST OF PUBLISHED SCIENTIFIC RESEARCH BY THE AUTHOR
1. Project Manager of Ministry level scientific research project (Ministry of Industry and Trade)
with the topic "Research and propose solutions to build and develop brands of agricultural
products for export in the Southeast" (Certificate, signed on 25 / January 2019).
2. Project Manager of Ministry level scientific research project (Ministry of Industry and Trade)
with the topic "Research to propose solutions to overcome technical barriers for some
agricultural products of the Southeast to the Japanese market" (Certificate, signed on
12/12/2017).
3. Secretary of Ministry level scientific research project (Ministry of Industry and Trade) with
the topic "Research and propose solutions to promote consumption of agricultural products in
the Southeast" (Certificate, signed on March 9, 2017).
4. Member of the Scientific Research Project at the Ministry level (Ministry of Industry and
Trade) with the topic "Research and assessment of the impact of high standard FTA
agreements on the development of value chain of agricultural products for export in the key
economic region Southeast " (Certificate, signed on June 28, 2016)
5. Secretary of Ministry level scientific research project (Ministry of Industry and Trade) with
the topic "Improve management capacity for petroleum retail in Ho Chi Minh City"
(Certificate, signed on January 6, 2015).
