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• The Supported Policies in the Afforestation and Perennial Crops Project and its Effects on the Local Peoples’ Livelihoods in Dien Bien Province of Vietnam

  Tran Trong Phuong, Do Thi Thanh Duong, Ngo Thanh Son

  Received: Feb 04, 2021 / Published: Dec 31, 2021

   Abstract PDF

  The Afforestation and Perennial Tree Plantation Project were implemented in several mountainous areas in Dien Bien province, Vietnam, for many purposes such as providing agricultural products, increasing incomes for the people in the projected areas, and reducing shifting cultivation. Based on these reasons, the central and local governments implemented several policies and subsidies for the growers, including rice subsidies for ethnic minorities who planted forests to replace shifting cultivation; investment support for planting protective forests and special-use forests; and providing seedlings. This article aimed to provide a clear view of the supporting policies in the Afforestation and Perennial Crops Project and its effects on the local people’s livelihoods in Dien Bien province of Vietnam. By analyzing the types of the capital of the livelihood assets (human capital, natural capital, financial capital, physical capital, and social capital), indicators of each capital type were chosen and scored in the context of achieving sustainable livelihoods. The results identified that the government has issued several policies to help the investors and farmers involved in this project. However, there were some concerns about the policies in practice, for example, the low percentage of dividend sharing for farmers, unclear land use rights, and inadequate applications of the policies in reality. In evaluating the livelihood assets, significant differences were found in the sustainable livelihood index gained between the rubber-based and non-rubber-based groups.

• The Impact of Capital Investments on Firm Financial Performance – Empirical Evidence from the Listed Food and Agriculture Companies in Vietnam

  Dang Thi Hai Yen, Nguyen Thi Huong, Dao Thi Hoang Anh

  Received: May 11, 2022 / Published: Mar 29, 2023

   Abstract PDF

  Capital investment is one of the most important financial decisions of a firm, which effects the business survival. This paper investigates the impact of capital investments on firm performance to provide an insight for future capital investment decisions of companies. The study uses unbalance panel data gathered from 62 companies which covered 688 observations of listed food and agriculture sector in Vietnam stock exchange during the period 2009 – 2020. To control for unobserved individual effects, the random effect estimator was employed. Profit margin (PM) is used as a proxy for firm performance, while independent variables are capital investment rate in both short-term and long-term effect, equity to total assets ratio, firm size and tangible to fixed assets ratio. The results indicate that capital investments have statistically significant positive impact on long-term performance of the analyzed enterprises. This outcome is in accordant with many previous studies. Especially in the context of Vietnam listed food and agriculture companies have high level of capital investment, a portion increase in capital investment rate will increase the company profit margin. Other variables also have statistically significant relationship with profit margin, in details, equity ratio and size have positive effect while tangible assets ratio has negative effect on firm performance. Therefore, the research suggest firm managers should choose the appropriate capital investment strategies in long-term perspective, within the consideration of equity ratio, economics of scale and tangible assets investment ratio to get the most efficient performance.