FOREIGN TRADE UNIVERSITY

HCMC CAMPUS
====== 🕮 ======

MIDTERM REPORT

SUBJECT: INTERNATIONAL ECONOMIC RELATIONS

TOPIC: EFFECTS OF ECONOMIC GLOBALIZATION

Class code: KTEE306 – ML169

Lecture: Ms. Trần Thị Phương Thuỷ
Member list:
1. Ngô Lan Chi – 2212155048
2. Nguyễn Ngọc Huyền Trang – 2213155239 6. Đinh Hồng Ngọc – 2212155142
3. Lê Thị Thanh Tâm – 2213155236 7. Vũ Quỳnh Khánh Ngọc – 2212155148
4. Võ Hồng Ngọc – 2213155233 8. Nguyễn Ngọc Diệu Linh – 2212155114
5. Võ Thị Minh Thư – 2212155195 9. Nguyễn Gia Thùy – 2212155197

Ho Chi Minh city, 2024

 TABLE OF CONTENT
INTRODUCTION.....................................................................................................4
1. Rationale............................................................................................................4
2. Objectives.......................................................................................................... 4
2.1. Research aims........................................................................................... 4
2.2. Research objectives...................................................................................5
3. Structure.............................................................................................................6
4. Contribution and Acknowledgements............................................................... 6
MAIN CONTENT.....................................................................................................8
CHAPTER 1: Literature Review....................................................................... 8
1.1. Definition of economic globalization and related concepts or theories....8
1.2. Historical context and evolution............................................................. 10
1.2.1. Brief History of Economic Globalization.......................................10
1.2.2. Milestones in the Development of Global Economic Policies....... 12
1.3. Characteristics of globalization...............................................................16
1.3.1. An increase in the international trade............................................. 16
1.3.2. An increase in international institutions......................................... 18
1.3.3. Expansion of financial capital flows across international borders. 18
1.3.4. From global value chains to global supply chains..........................21
1.3.5. Deeper specialization and migration of labor.................................22
1.4. Classification...........................................................................................23
1.4.1. Characteristics of each factor......................................................... 24
1.4.2. Understanding the interdependence of such factors....................... 31
CHAPTER 2: Analysis......................................................................................35
2.1. Current situation of globalization on economic growth..........................35
2.1.1. In the context of the world..............................................................35
2.1.2. In the context of Vietnam............................................................... 37
2.2. Effects of economic globalization...........................................................41
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2.2.1. Positive impacts..............................................................................41

2.2.2. Negative impacts............................................................................ 45
2.3. General comment.................................................................................... 50
2.4. The Future of Economic Globalization...................................................51
2.4.1. Scenario 1: “Globalization 5.0: Reconnection”..............................51
2.4.2. Scenario 2: “Analogue Networks: Virtual Nationalism”................52
2.4.3. Scenario 3: “Digital Dominance: Agile Platforms”....................... 52
2.4.4. Scenario 4: “Autarkic World: Systemic Fragmentation”............... 53
CHAPTER 3: Recommendations.....................................................................54
3.1. Social Protection for Workers................................................................. 54
3.1.1. Unemployment insurance (UI)....................................................... 54
3.1.2. Employment protection (EP)..........................................................54
3.1.3. Public employment programs (PEPs).............................................54
3.2. Cultural Identity Preservation................................................................. 54
3.2.1. Cultural Preservation Policies........................................................ 55
3.2.2. Cultural-related Education Programs............................................. 55
3.2.3. Cultural Preservation through Digital Platform............................. 55
3.3. Reducing the gap in unequal growth among nations in globalization.... 55
3.3.1. Promote Inclusive Economic Policies............................................ 55
3.3.2. Pursue the Sustainable Development Goals (SDGs)......................55
3.4. Maintaining sovereignty amid globalization...........................................56
3.5. Enhancing environmental protection...................................................... 56
3.5.1. Adopting Sustainable Practices...................................................... 56
3.5.2. Invest in Renewable Energy........................................................... 56
3.5.3. Protect Biodiversity........................................................................ 57
3.5.4. Promote Sustainable Consumption.................................................57
CONCLUSION........................................................................................................58
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1. Re-emphasize the importance of research....................................................... 58

2. Summarize the main results.............................................................................59
2.1. Current situation of globalization........................................................... 59
2.2. Positive impacts...................................................................................... 60
2.3. Negative impacts.....................................................................................61
3. Limitations and future studies......................................................................... 61
REFERENCE.......................................................................................................... 63
APPENDIX.............................................................................................................. 72
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INTRODUCTION
1. Rationale
All around the world, there is an intricate web of connectivity thanks to the
economic globalization trend. Its entrails spread far and wide, transforming
economies, communities, and daily activities of citizens all around the world.
With an influence on billions of lives, economic globalization is more than
just a passive force-rather, it is a powerful force for change. To navigate the present
and influence the future, it is essential to comprehend its impacts, both positive and
negative. From one perspective, there is great promise such as enhanced commerce,
entry into untapped markets, and the advancement of technology that may promote
economic expansion and development, enabling millions to escape impoverishment.
However, there is a chance that it will lead to inequity, damage to the environment,
and loss of cultural identity. Failing to address these issues runs the danger of
undermining the fundamental principles of sustainable development, aggravating
already-existing disparities, and abandoning vulnerable communities.
Through understanding the complicated effects of economic globalization,
we may push for laws that maximize the benefits of this trend, protect the
environment, and foster cultural diversity, as well as suggest opportunities for
making adjustments by researching the consequences of economic globalization for
improvement. The effects of economic globalization should not be undervalued or
taken for granted, as this will only lead to instability and conflict, especially in a
world where the benefits of this trend are concentrated in the hands of a few people.
Therefore, it is reasonable to conclude that the effects of economic globalization is a
pressing and remarkable trend to discuss and delve into.
2. Objectives
2.1. Research aims
This research aims to shed light on the complex and multidimensional nature
of economic globalization by exploring the social, environmental, and cultural
implications and consequences that stem from this phenomena, besides the
frequently mentioned economic impacts on growth and trade.
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Our main goal is to comprehensively recognize the benefits as well as the

associated obstacles of economic globalization. We want to comprehend how
globalization has affected many people and industries, from strengthening emerging
countries to underprivileged labor all around the world and so on. Moreover, this
research aspires to contribute to the ongoing debate on the many possible
consequences in an economically globalized world. We aim to provide a balanced
perspective on the potential benefits of this matter, while also acknowledging the
potential risks. Finally, it is also crucial to conclude the key findings to provide
some informed and appropriate suggestions while also giving projections for the
future of economic globalization.
2.2. Research objectives
Our report on the consequences of economic globalization sets out to
comprehensively indicate the characteristics of this phenomenon. To achieve this, it
is important to create specific objectives to follow.
When building a theoretical basis, it is of the utmost importance to define the
scope of the report. Establishing a precise definition of "economic globalization,"
encompassing its key drivers, dimensions, and manifestations is all necessary. This
ensures clear communication and avoids ambiguity throughout the research.
Secondly, choosing a suitable framework or model is also essential to better
visualize the research process. From then, we will identify several key concepts
relevant to our chosen theoretical framework, ensuring consistent interpretation and
analysis throughout the research.
Furthermore, by conducting a literature review, we aim to delve into existing
research on the effects of economic globalization. This involves identifying
academic papers, reports, and policy documents that explore the topic from various
perspectives. We will then critically analyze the reviewed literature, assessing the
methodology, evidence base, and conclusions presented. This allows us to identify
strengths and weaknesses in existing research, paving the way for our unique
contribution. From there, it is possible to pinpoint gaps in existing research, and
areas where our report can offer new insights or deeper analysis.
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After that, we can better conduct our analysis with a clear direction, aim, and
objective in mind with less ambiguity. Through data finding and analysis, our report
will give out some key findings essential for a holistic understanding of such a
complex topic about economic globalization, while also offering well-prepared and
informed suggestions for individuals, firms, and governments to take
3. Structure
The report starts with the introduction, including the rationale to briefly
explain the importance of studying the effects of economic globalization and its
potential for both positive and negative consequences. Then we will include the
aims and objectives of the report for a clearer direction of research. Contribution to
the research field is also included to explain how the report contributes to existing
knowledge on economic globalization.
Next, a literature review plays a substantial role in the process of research,
helping readers to have a holistic understanding from the point of view of the
writers, highlighting strengths and weaknesses of existing research, and identifying
gaps for further investigation
Analyzing the accumulated information will be in the Analysis part, in which
the report meticulously describes the current state of economic globalization,
including key trends, drivers. It also includes challenges and potential effects on
various sectors and populations, as well as projections for the future based on the
analysis while considering technological advancements, political developments, and
environmental concerns.
Finally, in the Conclusion and Recommendations section, we will summarize
the key findings of the report, and propose potential solutions and policy
recommendations to address the detrimental consequences of economic
globalization while harnessing the benefits of this global phenomenon. We will also
include the limitations of the research and give out some suggestions for future
research on this complicated topic
4. Contribution and Acknowledgements
Through this report, we hope to bridge existing gaps in research, particularly
by delving into the myriad aspects of economic globalization. shedding light on not
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only the apparent impacts on commerce, trading, and economic development, but
also on the global citizens' lives in terms of culture, lifestyle, and the need for policy
proactive solutions.
We acknowledge that this exploration would not be possible without the
invaluable guidance and support of our teacher, Mrs. Mizu. Her insightful feedback,
encouragement, and support fueled our research journey to a great extent. We are
deeply thankful for the opportunity that she’s given us through International
Economic Relations, allowing us to delve into the matter of economic globalization
for a comprehensive understanding and application into practical daily matters.
We hope this analysis can spark and inspire further investigation,
contributing to a better understanding, usage, and applications of not only economic
globalization in particular but also the diverse and relevant aspects of other
economic branches in general as well.
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MAIN CONTENT
CHAPTER 1: Literature Review
1.1. Definition of economic globalization and related concepts or theories
There are various definitions for economic globalization, suggested by
scholars, economists, and researchers all around the world. According to Carbaugh,
“globalization is the process of greater interdependence among countries and their
citizens. It consists of the increased interaction of product and resource markets
across nations via trade, immigration, and foreign investment - that is, via
international flows of goods and services, people, and investments in equipment,
factories, stocks, and bonds. It also includes noneconomic elements such as culture
and the environment. Simply put, globalization is political, technological, and
cultural, as well as economic.
Another definition suggests “Economic globalization is a historical process,
the result of human innovation and technological progress. It refers to the increasing
integration of economies around the world, particularly through the movement of
goods, services, and capital across borders. The term sometimes also refers to the
movement of people (labor) and knowledge (technology) across international
borders. There are also broader cultural, political, and environmental dimensions of
globalization”
Simply put, economic globalization is the shift from self-contained, isolated
national economies to interdependent, integrated world economies. At its core, it
refers to the intensification of international trade and financial integration. Countries
become more interdependent, relying on each other for resources, production, and
consumption.
Several related concepts and theories are necessary for a comprehensive
understanding of economic globalization. Firstly, free trade is an economic policy
aiming for the unrestricted exchange of goods and services across borders. It
advocates for minimal interference from governments, like tariffs or quotas,
allowing market forces to dictate prices and resource allocation. This philosophy
envisions a world where countries specialize in their most efficient productions,
leading to increased competition, lower consumer prices, and overall economic
 9

growth. However, the debate around free trade is multifaceted, with concerns about
potential job losses, environmental harm, and unequal power dynamics within the
global economic system.
Secondly, an international trade agreement (ITA) is a formal pact between
two or more countries outlining the terms under which they will conduct trade and
investment activities. These agreements aim to facilitate smoother trade flows,
reduce barriers, and establish clear rules for both parties.
Some common types of ITAs include:
● Free Trade Agreements (FTA): The most well-known type, FTAs, eliminate or
significantly reduce tariffs (taxes on imports) and other trade barriers between
signatory countries. Examples include NAFTA (North American Free Trade
Agreement) and the European Union.
● Preferential Trade Agreement (PTA): Similar to FTAs, but with smaller
concessions and often covering specific sectors or regions. This allows for more
flexibility and caters to countries with different economic development levels.
● Customs Union: Members agree to eliminate internal tariffs among themselves
while maintaining a common external tariff for goods coming from non-member
countries. This promotes regional integration and eliminates trade diversion
within the union. An example is the East African Community (EAC).
● Economic Union: Goes beyond a customs union by also coordinating monetary
and fiscal policies, aiming for complete economic integration. The European
Union is the most prominent example.
● Regional Trade Agreement (RTA): Agreements between countries within a
specific region, facilitating intra-regional trade and promoting economic
cooperation, such as ASEAN (Association of Southeast Asian Nations) and
Mercosur (Southern Common Market).
● Multilateral Agreements: Larger agreements involving numerous countries, like
those under the World Trade Organization (WTO), which establishes a
framework for global trade rules and dispute settlement.
Finally, foreign direct investment (FDI) refers to the establishment of a
lasting interest and significant control over a business in a foreign country by an
 10

investor from another nation. This goes beyond simply buying shares in a company
and involves actively investing in physical assets, personnel, and operations. FDI
facilitates the international transfer of capital, technology, and expertise, potentially
fostering economic growth and development in both the host and home countries.
However, concerns exist about potential drawbacks like job losses in the home
country, exploitation of cheap labor in the host country, and the influence of
multinational corporations on national economies.
However, the three mentioned above are only some basic definitions and
concepts. There are also other concepts and theories critical for understanding
economic globalization and international trade as well, such as some foundational
theories of mercantilism, absolute advantage, comparative advantage, and so on.
Therefore, to holistically understand the intricacies and complexities of an
interconnected and globalized world economy, it is crucial that we delve into this
research field with more effort and time invested.
1.2. Historical context and evolution
1.2.1. Brief History of Economic Globalization
Along with population growth and people's need to exchange goods,
Economic Globalization is an extremely important definition not only in the past
but also in the present. Beginning to appear in ancient times, Economic
Globalization has gone through many unstable periods including periods of great
development in Europe in the high Middle Ages when Italy and England became
spearheads as they were the most highly developed part of Europe (Baten, 2019,
pp12).
Besides that, the development of the economy in Europe, the expansion of
the Atlantic economy, and the growth of trade with Asia also took place and also
many slow development periods which even “led journalists to ask whether we
were witnessing the end of globalization”(O’Rourke, 2019).Economic globalization
still keeps its essential role in supporting the world’s economic system along with
the complex progress of technological advancements, political upheavals, and
human ingenuity.
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The next important milestone is said to be the Industrial Revolution which

took place from 1760 to [Link] process began in Britain when the inventions of
machinery and technology were applied to production as well as geographical and
astronomical discoveries, leading to a major change in the workforce and product
productivity along with the change in the field of scientific research. (Ziska and
Huesig, 2019). Nowadays it has become a historical concept as it changed the whole
industrial [Link] it is defined to be indispensable to stress the sustained
nature of economic growth (Hudson, 2009).It is also reported to “mark 'the great
divide' between a world of slow economic growth, in which population and real
incomes were increasing slowly or not at all”(Hartwell, 2017). That makes sense as
“the Industrial Revolution saw the growing efficiency of factor and commodity
markets and, more importantly, a gradual acceptance by the bulk of the population
that markets and competition were immutable facts of life”(Sonenscher and Reddy,
1985).
Another important milestone was the effect of Adam Smith's theory on
global [Link] part of this idea of the invisible hand, his ideas provided the
theoretical foundation for developing beliefs about the allocation of economic
resources based on increasing economic efficiency and health of each individual.
It wasn't until World Wars happened that the first fluctuations began to
appear. The 20th century shows periods of both globalization and deglobalization as
World Wars I and II improved trade and economic activity, exchange began to be
centralized and the Great Depression led to protectionist policies.
Until now, economic globalization is still considered one of the most
important factors in economic development. However, this is also a big challenge to
the previous economic globalization situation when many markets began to expand
and become secondary in the market. Along with fluctuations in electronic
technology, economic globalization still has many uncertain stages that need to be
prepared to face in the future.
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1.2.2. Milestones in the Development of Global Economic Policies

Since the prosperous development of global trade in Europe and especially in
the UK, the foundations of common agreements have brought economic
globalization into the first policies.
❖ The first framework
a. Bretton Woods Agreements (1944)
After the World War and the economic crisis, the first financial system -
Bretton Woods was born as a need for a stable and predictable international
monetary system with the participation of many countries around the world. The
system includes the International Monetary Fund (IMF), the World Bank (WB), and
the exchange rate regime. This system supported economic globalization and
sustained economic growth for a short period. Eventually, with financial crises and
the inflexibility of this system, some countries began to abolish it. and the system is
already showing signs of starting to fall apart. This is also the basis for introducing
a fixed exchange rate system for the US dollar - one of the fixed levels is believed
to reduce market volatility. This is also the foundation for global economic
cooperation. (Dooley et al., 2003).
b. General Agreement on Tariffs and Trade (GATT) (1947)
In the context of the ongoing economic recession in the world market,
countries have had inward-looking policies, focusing on protecting key domestic
industries and increasing import tariffs for goods from other countries. to encourage
domestic production. These policies were created to protect final products, aiming
to reduce tariffs and other trade barriers through multilateral negotiations. Besides
that, importing lower-priced intermediate products into large countries capable of
producing products at high productivity while increasing tariffs on final products
Encourage countries to produce their products domestically (Nicita et al., 2013).
c. The European Economic Community (EEC) (1957)
To strengthen economic promotion capacity as well as increase the import
and export of essential goods to diversify consumer markets, European countries
established the EEC - which later became the European Union (EU) to seek
 13

economic integration and create a common market in the territories of countries in

the bloc, diversifying exploitation potential and consumer markets.
❖ The prosperous development of Global Economic Policies
a. Establishment of the World Trade Organization (WTO) (1944)
WTO is an international organization that requires member countries to
commit to implementing several provisions that favor the expansion of goods and
services between countries. The WTO aims to eliminate trade barriers and
restrictions to promote economic growth thanks to global trade (Narlikar, 2005).
This has made an extremely important contribution to promoting the growth of
economic [Link]'s mission is to inherit the valid values of GATT along
with developing to suit contemporary economic trends, with the authority to enforce
trade rules signed between countries. and at the same time act as a bridge for
friendly relations between countries. It plays an extremely important role in
promoting trade liberalization and strengthening the rigor of the trade system
worldwide. Today, there are more than 160 members in a total of 195 countries
around the world. This organization's agreements are not only aimed at profits.
interests of large countries but also developing countries.
b. Regional Trade Agreements (RTAs)
In addition to the WTO, developing countries have also established RTA - an
organization that ensures the implementation of preferential trade agreements with
small countries. The agreement covers many areas and the most important is
economics to ensure international integration and promote trade liberalization for
small countries. However, the establishment of an organization for smaller countries
with a mission similar to the WTO also contributes to making the trading system in
the world separate. On the contrary, for the countries that sign this agreement, it will
be easier and fairer for them when their position can always be affirmed and their
powers are not much limited.
❖ Challenges
Global Financial Crisis: Leads to increased regulation of financial
institutions and a renewed focus on financial stability(2008).
 14

Country 1990-94 1995-99 2000-04 2005 2006 2007 2008

China 1.4 1.9 2.4 7.2 9.5 11.0 9.8

France 0.0 2.2 1.2 -0.4 -0.5 -1.0 -2.3

Germany -0.4 -0.8 1,4 5.2 6.1 7.5 6.4

India -1.3 -1.3 0.5 -1.3 -1.1 -1.0 -2.2

Japan 2.4 2.3 2.9 3.6 3.9 4.8 3.2

Korea -1.0 1.9 2.1 1.8 0.6 0.6 -0.7

Malaysia -5.2 1.8 9.8 15.0 16.0 15.4 17.9

Philippines -4.0 -2.8 -0.7 2.0 4.5 4.9 2.5

Russia 0.9 3.5 11.2 11.0 9.5 6.0 6.1

Saudi
-11.7 -2.4 10.6 28.5 27.8 24.3 28.6
Arabia

South
1.2 -1.3 -0.7 -4.0 -6.3 -7.3 -7.4
Africa

Switzerlan
5.7 8.8 10.8 13.6 14.4 9.9 2.4
d

Thailand -6.4 1.0 4.2 -4.3 1.1 5.7 -0.1

Turkey -0.9 -0.8 -1.6 -4.6 -6.0 -5.8 -5.7

United
Arab 8.3 4.6 9.9 18.0 22.6 16.1 15.7
Emirates

United -2.1 -1.0 -2.0 -2.6 -3.3 -2.7 -1.7

 15

Kingdom

United
-1.0 -2.1 -4.5 -5.9 -6.0 -5.2 -4.9
States

Euro area n.a 0.9 0.4 0.5 0.4 0.3 -0.7

Middle
-5.1 1.0 8.3 19.3 20.9 18.2 18.3
East

Feature [Link]: Current account balance (1997 - 1999)

Source: World Economic Outlook Database
During the period starting from 2007, the old economy began to tend to
decline. The initial cause was said to be due to the centralized and lack of strict
monetary policies along with the backwardness of the economy. the economy leads
to global imbalance (Mohan, 2009). Economic development shows signs of slowing
down, the first changes were recorded in the US when low nominal and real interest
rates created many opportunities for young investors, stimulating them to participate
in the market. market with more opportunities for the mortgage finance industry.
❖ New trends
a. Sustainable Development Goals (SDGs) (2015)
In the modern context, the United Nations has officially adopted the SDGs - the
Global Goals as a universal call to action to end poverty, protect the planet, and
ensure that by 2030 all people enjoy peace and prosperity. These goals are aimed at
raising issues and are also a development standard for participating countries. The
SDGs have also placed sustainable development at the heart of international
cooperation and other fields. This is also a move that has a great impact on the
global economy when building a connection between the development goals of
countries as a common premise.
b. Digitalization and technological advancements: New technologies raise
questions about the future of work, trade, and global economic
governance. (late 20th)
 16

The 21st century witnessed a strong technological change. Technology has

transformed the way businesses operate, transport, and exchange goods with more
modern methods. Along with that comes the commercial revolution. E-commerce,
the exchange of goods is increasingly expanding when domestic products are
allowed to access online sales platforms, along with ways to reach global customers
that have made economic changes. globalization is being promoted.
1.3. Characteristics of globalization
We live in a multi-polar world where geopolitical dynamics continually
evolve, and the traditional notions of hegemony are giving way to a more fluid and
complex international order. In this context, the influence of nations extends beyond
the economic and political realms; cultural, technological, and environmental
factors also play pivotal roles in shaping globalization.
1.3.1. An increase in the international trade
When the world economy emerged globally in the mid-20th century, the
world imported and exported $63 billion of goods on average, while 72 years later,
this number multiplied by approximately 393 times, reaching $24,715 billion in
2022. As the world trade increases in volume, consumers have more choices and the
prices are reduced more significantly.

Figure [Link]. World trade from 1950 - 2022

Source: WTO
According to Figure [Link] below, in 2019:
 17

● Europe 30 imported more than 50% of minerals and energy for domestic use,
while minerals and energy were the most common categories that Sub-Saharan
Africa exported.
● While the majority of Central Asia, Latin America, the Caribbean, and
Sub-Saharan Africa used imported manufactured goods, such as electronics,
pharmaceuticals, basic metals, and chemicals, the rest of the world including
North America, Europe 30, China, and Asia-Pacific had fine self-production
capacity and could export approximately more than 5% of their manufactured
goods worldwide.
● Regarding the service sector, some specific areas that imported most of the
manufactured goods needed more international financial services, while Europe
30 was the only region that exported up to 25% of its professional services.
● China, Eastern Europe, Central Asia, and Sub-Saharan Africa purchased more
than 50% of intellectual properties from other nations. In comparison, North
America was the only region to register for up to 50% of the world's intellectual
properties.
 18

Figure [Link]. Net trade as a proportion of domestic consumption, 2019

Source: McKinsey
As can be witnessed, through time, international trade is upgraded in terms
of scale, velocity, and range of these flows across borders thanks to
interconnectedness. Though there are numerous tariffs, quotas, and other restrictions
on imports and exports between nations due to different standards in each country,
governments around the world have gradually adopted trade liberalization policies
thanks to interconnectedness, which means trade barriers have been reduced
significantly to promote international trade. This has led to more opportunities than
ever, from new markets in an open economy to an increase in competition, and free
flow of goods and services across borders.
1.3.2. An increase in international institutions
Along with the enhancement of international trade, globalization gives rise to
the establishment of global economic organizations and blocs, such as the
Asia-Pacific Economic Cooperation (APEC), Organization for Economic
Co-operation and Development (OECD), World Trade Organization (WTO), World
Health Organization (WHO), and United Nations International Children's
Emergency Fund (UNICEF). According to National Geographic (2023), there are
approximately 68,000 international organizations (both active and inactive), of
which there are 300 intergovernmental organizations. These institutions are founded
to enhance global governance, foster multilateralism, resolve conflicts, and develop
several common standards. They also facilitate economic cooperation, address
global challenges, and promote human rights together. Even though these
institutions play a vital role in crisis response, their effectiveness is still attributed to
power dynamics and geopolitical complexities.
1.3.3. Expansion of financial capital flows across international borders
This surge in financial capital movement not only reflects the interconnected
nature of economies but also highlights how FDI and portfolio investments, as key
components, significantly facilitate greater opportunities for cross-border
investments and foster stronger connections among trading partners.
 19

Over the last 30 years, the world inflow and outflow of FDI have made
volatile changes thanks to globalization. While the world FDI’s inflow and outflow
in 1990 were approximately $205,000 and $245,000 respectively, the numbers have
multiplied by 6 times in 2022. It implies that businesses and investors are more
willing and confident to ​engage in cross-border activities, reflecting a global
economy where national boundaries are less restrictive in terms of investment. It
also heightened the importance of investors and multinational corporations
diversifying their portfolios, which helps manage risk and allows investors to tap
into different markets and industries, leading to an accelerated growth of FDI.
Moreover, the substantial growth in FDI suggests a growing trend of transfer of
technology, skills, and knowledge from the developed world to the host country
(Borensztein et al., 1998).

Figure [Link]: World inflow of FDI from 1990 to 2022

Source: UNCTAD
 20

Figure [Link]: World outflow of FDI from 1990 to 2022

Source: UNCTAD
Exploring the data in Figure [Link], it can be inferred that investors and
businesses are gradually shifting their investment to developing countries as
developing economies witnessed a slight upsurge in FDI by 4% to $916 billion,
suggesting that investors sense robust growth prospects and favorable business
environment in such countries. Meanwhile, developed economies observed a
decrease of 37% to $378 billion, causing the world FDI to decline by 12% in total in
2022.

Figure [Link]: Global FDI by subregion in 2021 and 2022 (billions of US dollars)
Source: UNCTAD
Specifically, East and North-East Asian and South-West Asian subregions
have remained a top destination for inward FDI since 2020, thanks to China and
 21

Hongkong in East and North-East Asia and India in South and South-West Asia
(ESCAP, 2021).

Figure [Link]: Ranking top foreign investment destinations

Source: World Bank and Visual Capitalist
1.3.4. From global value chains to global supply chains
According to McKinsey’s finding in 2017, up to 80% of global trade was
part of the global value chain (GVC), which indicates that different stages of the
production process, including preproduction (design), production, and
postproduction (marketing and distribution), tend to be distributed across different
countries. This trend allows firms to tap into labor specialization, cost advantages,
and access to resources in various regions. Besides, firms often outsource some
specific production processes to countries with a comparative advantage, leading to
an increase in the trade of intermediate goods. The fragmentation of production has
not only boosted efficiency, helping firms optimize their production costs but also
fostered more economic interdependence among nations.
Take Apple’s iPhone as an example: Apple designs the iPhone in its
headquarters in California but purchases components from suppliers in 43 countries
across six continents. For instance, parts of the iPhone camera and glass screen are
built in Japan, elements of the battery are built in China, and the
 22

accelerometer—which tracks the phone’s acceleration and enables geographic

orientation – is built in Germany. All of these parts are sent to factories to be
assembled and then completed iPhones are shipped to warehouses and retailers
around the world.
The shift from the GVCs to global supply chains represents a strategic
evolution in supply chain management that goes beyond mere global integration.
While the GVCs focus on optimizing efficiency, cost reduction, and international
coordination by distributing production stages across countries based on
specialization and comparative advantages, global supply chains focus on
seamlessly integrating production, logistics, and distribution processes across
borders, prioritizing end-to-end visibility, adaptability, and customer-centric
strategies.
As a result, GVCs and global supply chains bring in more global brand
names, especially those from emerging countries, namely Huawei, Alibaba, and
Toyota besides Apple, Amazon, and Mercedes-Benz. These brands not only
showcase the capabilities of emerging economies but also contribute to the
diversification of the global marketplace, lessening the market possession of
long-lasting prominent brands. Their success also highlights the potential for
innovation, quality, and market appeal emanating from emerging markets,
challenging traditional perceptions and enriching the global business environment.
1.3.5. Deeper specialization and migration of labor
The global movement of goods and services across borders, enabled by trade
liberalization and reduced barriers, encourages the specialization of labor in
different regions based on comparative advantages. This leads to the concentration
of specific industries in areas where they can be most efficiently produced. For
example, as South Vietnamese businesses have strength in plastic injection and
large detail molding, Samsung set up a factory in Ho Chi Minh City to produce TVs
and home appliances.
Besides, the ease of information exchange and communication technologies
allows corporations to utilize specialized tasks globally. Companies can leverage
 23

technology to collaborate with skilled workers in different locations, enhancing the

efficiency of production processes, similar to the case of Apple.
Furthermore, globalization contributes to the mobility of labor through
international migration. There were estimated to be around 169 million migrant
workers in the world in 2019 (ILO, 2021). As can be seen in Figure [Link], the
United States was the most favorite destination for more than 50 million
international migrant workers in 2020, followed by Germany with nearly 16
million, and Saudi Arabia with approximately 13,5 million while the remaining
nations attracted 3 to 9 million migrant workers worldwide. These statistics indicate
that workers tend to concentrate in high-income countries due to the pull of better
economic opportunities, higher wages, and improved living standards.

Figure [Link]: Top 25 countries of destination for international migrant workers in

2020
Source: Migration Policy Institute
1.4. Classification
The integration of national economies into a global economic bloc has been
the most crucial developing indicator of the last century. The process of integration,
often called globalization, could impact economic growth through four main
 24

determinants including international trade, financial integration, international labor

flows, and technical change (Hossain et al, 2018).
1.4.1. Characteristics of each factor

Figure [Link]: Factor of globalization to economic growth

Source: Husain (2000, pp.2)
a. International trade
The link between economic globalization and economic growth could be
explained by the central driving force of international trade. Since medieval times,
there had been dependably a requirement for trade, which was known as “trade by
barter” and later was innovated into the monetary system. International trade is
often regarded as foreign trade (Li, Chen & San, 2010). It involves the inflow and
outflow of goods and services within many countries and its system is a
combination of rules, regulations, agreements, and cooperations among countries.
Theoretically, neoclassical growth - a framework for understanding economic
growth based on the interaction of labor, capital, and technology, when applied to
international trade, argues that international trade allows countries to specialize in
the production of goods and services in which they have a comparative advantage
(Ricardo, 1817; Smith, 1776). This specialization promotes the efficient allocation
of resources and enables countries to accumulate capital and labor in sectors where
they are most productive. This implies that countries can generate revenue by
 25

trading, exchanging goods and services, and increasing investment flows across
country borders.
In the past couple of centuries, the global economy has seen consistent
positive economic expansion and simultaneously, this pattern of economic growth
has been accompanied by even more rapid growth in international trade. Similarly,
when examining the country-level data from the last fifty years, it becomes evident
that there is a strong correlation between economic growth and international trade:
nations with higher rates of GDP growth also tend to experience higher rates of
trade growth. This fundamental connection is illustrated by a chart that displays the
average yearly change in real GDP per capita versus trade growth.

Figure [Link]: Annual average growth of trade vs. GDP per capita, 1945 to 2014
Source: OurWorldinData
A scholarly research of Frankel and Romer (1999) evaluated the influence of
international trade on the whole economic growth, utilizing the geographical factor
as a substitute for trade to assess the impact of growth trade. This illustrates a
classic example of the instrumental variable approach. The concept behind this
approach is that a country’s geography is constant and primarily influences national
 26

income through trading activities. Therefore, if it is observed that a country’s

distance from other nations is a significant predictor of economic growth (after
factoring in other characteristics).
b. Financial Integration
Financial integration refers to the process of linking financial markets in each
country into several united financial blocs, allowing for the free flow of capital,
investment, and financial services across borders. The integration of the national
financial system into a global economic system has been one of the most
highlighted milestones and linkage between globalization and economic growth,
leading to increased access to capital and investment opportunities for enterprises
and individuals. In turn, stimulates overall economic growth by providing the
necessary funds for business expansion and innovation, while also enhancing
risk-sharing and diversification and facilitating technological and knowledge
transfer.
Through the mechanism of financial integration, globalization encourages
foreign direct investment, which brings in new capital, technology, and expertise.
This influx of FDI can stimulate growth by creating new business opportunities,
generating employment, and fostering innovation. The results from the research of
Borensztein et al. (1998) support the statement that FDI is growth-enhancing,
creating positive impacts on the economic system by controlling income, human
capital development, foreign exchange as well as government expenditure.
However, the impact of financial inflows on productivity is indeed influenced by
the recipient nation's human capital development. Research has shown that
economic freedom and human capital can affect FDI and that FDI has the potential
to improve total factor productivity growth in emerging economies. Additionally,
remittances to emerging countries have been found to have profound effects on the
economies of recipient nations, indicating that these inflows are not solely for
subsistence needs but can also contribute significantly to the economy.
Theoretically, there are several direct and indirect methods by which
embracing financial globalization can potentially improve economic growth in
 27

developing nations. A diagram of the following offers a condensed overview of

these potential methods.

Figure [Link]: Channels through which financial integration can raise economic
growth
Source: IMF e-library
Direct financial channels varied in four principal methods. The flow of
capital from developed countries to developing countries can lead to increased
investment and a reduction of the risk-free rate in developing countries, ultimately
increasing the domestic savings and benefits of both groups (Henry, 2000 & Stulz,
1999). Stock market liberalization and increased risk-sharing opportunities between
host and foreign investors can encourage firms to take on more investment to
enhance growth and reduce the cost of capital for investment. Financially integrated
economies attract a substantial share of FDI inflows, leading to technology
spillovers and the adoption of better management practices ((Borensztein, De
Gregorio, and Lee, 1998 & MacDougall, 1960); Grossman and Helpman, 1991).
International financial integration indirectly influences a government’s
commitment to credible economic policies, potentially leading to increased
productivity and a reallocation of capital toward more productive activities in
response to changes in macroeconomic policies (Gourinchas and Jeanne, 2003)
c. International Labor Flows
 28

International labor migration has been observed to have a positive impact on

economic growth in different countries. Studies indicate that migration generally
improves economic growth and productivity in host countries. Immigrants in
advanced economies have been found to increase output and productivity in the
short and medium term. Moreover, a 10% increase in the migrant population share
contributes to regional economic convergence within and across countries.
However, the impact of migration on economic growth can vary depending on
factors such as the skill level of the migrants and the integration of refugees into
local labor markets
Globalization fuels international labor migration, with the number of
migrants reaching 281 million in 2020, according to the United Nations.
South-to-North flows dominate, with 68% of migrants originating from developing
countries, seeking better wages and opportunities in developed nations. However,
regional variations exist, with intra-regional migration prevalent in the European
Union (37%). The composition is shifting towards skilled migration, driven by the
globalized economy's need for expertise. In 2020, 23% of migrants had tertiary
education, compared to 16% in 2010 (OECD). Temporary work arrangements are
on the rise, particularly in agriculture (23% of temporary workers globally) and
construction (17%). Labor migration can alleviate labor shortages in receiving
countries, like Germany, where foreign workers account for 13% of the workforce.
It can also boost economic activity by sending countries through remittances, which
reached $722 billion in 2022 (World Bank). However, concerns about wage
depression and brain drain remain, highlighting the need for balanced policies and
ethical considerations for the fair treatment of migrant workers.
The International Labour Organization (ILO) has played a significant role in
developing specific international standards for the governance of labor migration
and the protection of migrant workers. These standards aim to facilitate
international migration for employment, protect migrant workers, and ensure
equality of opportunity and treatment. Additionally, the impact of migration on
global economic growth is addressed in a study from the International Monetary
 29

Fund (IMF), which emphasizes the importance of international policy coordination

to tackle the challenges of refugee migration.
d. Technical change
In the context of globalization and economic growth, technical change refers
to the innovation that leads to advancements in efficiency, productivity, and the
reduction of production costs. It plays a paramount role in shaping trading patterns,
employment, and relations among nations.
Technical change is frequently propelled by technological innovation, which
enhances productivity and economic growth. This change is characterized by rapid
advancements in various sectors, including information technology, biotechnology,
and manufacturing. For example, the proliferation of digital technologies has
significantly reduced communication costs, enabling real-time interaction across the
globe. Data showcasing this characteristic may include trends in global patent
applications, which according to the World Intellectual Property Organization
(WIPO), have seen a sustained increase over the years, highlighting the global push
for innovation. Another indicator is research and development (R&D) expenditure
rates, which have expanded, particularly in emerging economies, indicating a
broader distribution of technological innovation spurred by globalization.
The role of human capital in technical change is crucial, as a well-educated
and skilled workforce is essential for the creation, adoption, and adaptation of new
technologies. As economies globalize, they often prioritize education and skill
development to stay competitive, leading to a better-prepared workforce that can
drive and sustain technical change. This has led to observable structural shifts in
economies as data from the International Labour Organization (ILO) suggests, with
countries moving from labor-intensive to more knowledge-based industries. The
increased flow of skilled labor across borders exemplifies how globalization
facilitates the spread of human capital, which in turn, catalyzes economic growth
through technical advancements.
Globalization has led to heightened economic integration, which provides a
fertile ground for technical change by creating larger, more connected markets.
Regulatory changes, such as trade liberalization and intellectual property rights
 30

treaties, have further facilitated this integration. Data that underlie these
characteristics include the growth of global trade as a percentage of global GDP,
reported by the World Trade Organization (WTO), which showcases the increased
interconnectedness of global markets. Additionally, cross-border FDI statistics from
the United Nations Conference on Trade and Development (UNCTAD) reflect how
capital flows to technology-rich sectors, asserting the integral role of technical
change in magnetizing global investment and redefining economic growth patterns.

Figure [Link]: Projected gross volume of the Gig Economy (Billions USD)
Source: Statista
The graph shows the projected gross volume of the gig economy by year-end
2023 in gross volume transactions. The graph shows that the gross volume of the
gig economy is projected to grow to $2,455 billion by the end of 2023. This
represents a growth of 121% from $1,110 billion in 2018. The gig economy is a
growing sector of the economy that is made up of temporary, freelance, and
on-demand work. The growth of the gig economy is being driven by several factors,
including the increasing availability of online platforms that connect workers with
businesses, the growing demand for flexible work arrangements, and the rising cost
of living.
While technical change creates new opportunities, it also presents challenges.
Automation can displace workers in traditional industries, potentially leading to
unemployment and income inequality. The OECD estimates up to 14% of jobs in
advanced economies could be automated by 2030. To navigate this transformation,
 31

continuous skill development and education are crucial to ensure a workforce is

prepared for the future.
Furthermore, some technologies can have negative environmental
consequences. Sustainable innovation and green technologies are essential for
long-term growth that protects our planet. By harnessing the power of technical
change responsibly and inclusively, we can ensure that globalization continues to
drive economic growth for all while safeguarding our shared environment.
1.4.2. Understanding the interdependence of such factors
● Model Specification:

Economic Growth = β₀ + β₁*International Trade + β₂*Financial Integration +

β₃*International Labor Flows + β₄*Technological Change + ε

Where:
○ Economic Growth: Dependent variable, measured by GDP per capita growth
rate or other relevant indicators.
○ International Trade: Independent variable, measured by trade openness ratio,
trade volume, or specific trade flows.
○ Financial Integration: Independent variable, measured by capital account
openness, foreign direct investment, or financial risk sharing indices.
○ International Labor Flows: Independent variable, measured by migration
inflows/outflows, remittances, or skilled labor mobility indicators.
○ Technological Change: Independent variable, measured by R&D expenditure,
patent registrations, or technology diffusion indices.
○ β₀: Intercept term.
○ β₁ to β₄: Regression coefficients, estimate the individual impact of each
independent variable on economic growth.
○ ε: Error term, captures unobserved factors influencing economic growth.

● Timeframe: 2010-2020 (11 years)

● Countries: Global sample of 50 countries
● Variables:
 32

● Economic Growth: Average annual GDP per capita growth rate (%)
● International Trade: Trade openness ratio (%)
● Financial Integration: Foreign direct investment (FDI) as a share of GDP (%)
● International Labor Flows: Net migration inflows per 1000 population
● Technological Change: R&D expenditure as a share of GDP (%)

Variable Mean Standard Deviation

Economic Growth 2.5 1.2

Trade Openness Ratio 40 15

FDI/GDP (%) 5 3

Net Migration (per 1000) 0.5 0.2

R&D/GDP (%) 1.5 0.5

● Regression results:

Variable Coefficient p-value

Intercept 1.0 0.01

Trade Openness
0.03 0.02
Ratio

FDI/GDP (%) 0.02 0.05

Net Migration 0.05 0.01

 33

R&D/GDP (%) 0.10 0.001

● Interpretation:
○ All variables except FDI/GDP have statistically significant coefficients
(p-value < 0.05), suggesting a relationship with economic growth.
○ Higher trade openness and net migration are associated with higher economic
growth.
○ Increased R&D expenditure has the strongest positive impact on economic
growth.
○ The relationship between FDI and economic growth is less clear, with a
positive but statistically weaker coefficient.
Based on the provided regression results and the variable information, one
can interpret the relationship between various forms of economic integration and
technological change with economic growth for a global sample of 50 countries
over the timeframe of 2010-2020.
Economic Growth: With an average annual GDP per capita growth rate of
2.5% and a standard deviation of 1.2%, this suggests there is some variability in the
economic growth rates of the countries in the study, but not excessively so.
International Trade (Trade Openness Ratio): With a mean of 40% and a
standard deviation of 15%, countries on average have moderately high trade
openness. The coefficient for the trade openness ratio is 0.03 with a p-value of 0.02,
indicating that for every percentage point increase in trade openness, there's a 0.03
percentage point increase in the economic growth rate. This relationship is
statistically significant, reflecting that countries with more open trade policies tend
to experience higher rates of economic growth.
Financial Integration (FDI/GDP): The average level of foreign direct
investment as a share of GDP is 5%, with a variation (standard deviation) of 3%.
The positive coefficient of 0.02 for FDI/GDP % suggests a positive relationship
with economic growth, although the relationship is not as statistically strong
(p-value of 0.05) as other variables in the model. It implies that an increase in FDI
 34

as a percentage of GDP correlates with marginal growth in economic output, but

less confidently so compared to other factors due to the p-value being on the
threshold of significance.
International Labor Flows (Net Migration): Net migration inflows are
relatively small in this sample of countries, with an average of 0.5 per 1000
population and a standard deviation of 0.2, which indicates that the movement of
people across borders is not very high. Nonetheless, the coefficient for net migration
is 0.05 with a statistically significant p-value of 0.01, signaling that net migration
inflows are positively associated with economic growth, and a higher rate of net
migration inflow per 1000 people can significantly increase the rate of economic
growth.
Technological Change (R&D/GDP): This is the most impactful variable in
the regression model with a mean of R&D expenditure as 1.5% of GDP and a
standard deviation of 0.5%. A coefficient of 0.10 and a highly significant p-value of
0.001 indicate that increases in R&D expenditure as a share of GDP have the
strongest positive relation to economic growth among the variables examined. This
infers that higher R&D investments are critically associated with enhancing
economic growth.
This model suggests that international trade, migration, and technological
change are all positively and significantly related to economic growth within the
sample of countries studied over the given period. The strong effect of technological
change, in particular, underscores the importance of investments in R&D for a
country's economic growth trajectory. The relationship with FDI/GDP, while
positive, requires a cautious interpretation due to its p-value being at the threshold
level of statistical significance.
These findings could serve as supportive evidence for policymakers to
consider reforms with an aim to promote further trade openness, ease of
international labor movability, and significantly, enhancement of investments in
research and development to foster sustainable economic growth.
 35

CHAPTER 2: Analysis
2.1. Current situation of globalization on economic growth
2.1.1. In the context of the world
In recent years, the merchandise integration process and financial market in
international trade have increased at a rapid speed, resulting in interdependent
relationships from the establishment of networks among nations. Whether to
continue or terminate globalization has generated dissenting opinions. However,
economic globalization has generally brought about significant opportunities for the
world’s economy, besides several challenges.
a. International trade
The growing popularity of economic globalization is presented by the
ever-increasing number of Free Trade Agreements (FTA) and trade organizations,
namely the World Trade Organization (WTO), World Bank (WB), International
Monetary Fund (IMF), Organization for Economic Co-operation and Development
(OECD), and other organizations. Additionally, many governments are making
efforts to negotiate and establish cooperative relationships with other participating
countries, allowing them to attain rapid economic growth. According to the
comparative advantage introduced by Ricardo, many countries have been able to
attract capital from foreign investors by focusing on exports and resources where
they have a strong comparative advantage, leading to more job opportunities for
local workers (Investopedia, 2023). Besides FTA agreements, participating in
international economic organizations and encouraging trade openness over goods
and services has been offering considerable opportunities for global logistics,
improving the movement of goods and services, capital and human resources,
transforming science and technology among countries, and reaching their mutual
goal - economic development.
However, the global economy has been facing significant challenges in the
era of globalization, specifically since 2022. In particular, Russia’s invasion of
Ukraine and the “Zero COVID” policy from China have generated some predictions
that the end of globalization is nigh (Steven A. Altman et al., 2023). Moreover, in
2023, conflict in the Red Sea is hitting one of the world's most important trade
 36

routes, which has led to increases in logistic costs and shipping time, affecting more
than 40% of Asia-Europe trade (Euronews, 2024). Notwithstanding the high
inflation rate, global international trade has rebounded strongly in recent years,
suggesting that this tension will not lead to a collapse of international trade all over
the world. As Xi Jinping - President of the People's Republic of China mentioned in
his speech at APEC CEO Summit 2017 about globalization: “We are seeing a
profound change in economic globalization. Over the last few decades, economic
globalization has contributed greatly to global growth. Indeed, it has become an
irreversible historical trend.”
b. Capital flows
In 2020, foreign direct investment (FDI) flows, which represents companies
purchasing, or reinvesting in foreign operations, fell below $1 trillion for the first
time since 2005 but recovered swiftly from declines above pre-pandemic levels in
2021. Similar to FDI, international trade was also weakened after the start of the
war in Ukraine. (Steven A. Altman et al., 2022)

Figure [Link]: Global foreign direct investment inflows

Source: Harvard Business Review
c. Labor flows
In the era of deep integration, the production scale expands at an
ever-increasing pace as a result of the huge consumption market, moving labor
takes place strongly. “There is a very strong value added for society in having the
possibility to move freely from one country to another. Having the possibility to
 37

work abroad increases the possibility of finding a job or a better or more suitable
job”, according to Cinzia Alcidi (Senior Research Fellow at the Centre for European
Policy Studies (CEPS)). However, this liberalization policy, which facilitates the
free movement of labor in terms of travel, can be exploited, causing undesirable
problems regarding security, terrorism, or pandemic, typically the COVID-19
pandemic. Therefore, governments should take viable measures to prevent these
issues from happening.
d. Information and technology flows
Developing science and technology is at the top of many countries’ agendas
in the era of economic globalization, enabling the spread of technology and
knowledge across borders to take place much more easily. In recent years, countries
have gained better access to foreign knowledge and are more motivated to innovate
and adopt foreign technologies because of the rise of emerging market firms.
Economic globalization also facilitates the foreign investment of developing
countries in terms of science and technology from those having comparative
advantages in such industries, namely Japan, Korea, Singapore, or the US.
The number of Internet users in 1/2021 reached 4,46 billion users, growing at
7.3% compared to that in 2020 (Market Report, 2021). However, this figure is
projected to increase because of COVID-19, making it easier for international trade
to grow as information access is no longer limited across borders.
2.1.2. In the context of Vietnam
a. International trade
After 30 years of economic reform (1986 - 2016), Vietnam has developed
steadily from a country heavily suffering from poverty to become one of the leading
exporters of agriculture and fishery products. Thus, globalization, an outstanding
and crucial development trend, is at the top of the Vietnamese government’s agenda,
continuing to pursue market-oriented policies based on the country’s current
situation.
Vietnam has been establishing diplomatic relations with about 180 countries
around the world and exporting goods and services to over 230 markets.
Impressively, Vietnam has signed nearly 100 bilateral agreements (Bo Tai Chinh,
 38

2023). Regarding multilateral cooperation, Vietnam has established positive

relations with international financial organizations, in particular: Vietnam became
an official member of the International Monetary Fund (IMF) on 15/9/1976, World
Bank (WB) on 21/9/1976, The Association of Southeast Asian Nations (ASEAN)
on 7/1995, and ASEAN Free Trade Area (AFTA) on 1/1/1996, which is an
important landmark in the economic integration process of Vietnam. Until 1998,
Vietnam was recognized as a member of the Asia-Pacific Economic Cooperation
(APEC). In 2007, Vietnam became a full member of the World Trade Organization
(WTO) and signed 16 FTAs up to 7/2023.
Export turnover reached high growth despite many challenges (Bo Cong
Thuong, 2023). According to Government News, Vietnam’s export turnover in 2022
achieved $371.3 billion, up 17.3% compared to the previous year (exceeding the
government's target of 8%). The trade balance maintained a trade surplus for 7
consecutive years. Also, Vietnam’s economy has been developing diversified export
markets, maintaining growth in traditional markets and expanding to new ones.
Noticeably, exports to FTA partners increased sustainably, such as exports to
ASEAN reached $34 billion, up 17.8% compared to the previous year; exports to
Japan reached $24.2 billion, up 2.4%; and exports to Australia reached $5.6 billion,
up 26.2% compared to 2022 (MoIT, 2023)
In 1986 when Vietnam embarked on a market-openness strategy, imports
reached $2.15 billion, accounting for 173% of total export turnover. However, as
demonstrated in the “Exports and Imports Report 2022” from Bo Cong Thuong Viet
Nam, imports reached $385.9 billion, up 7.8% compared to 2021. Vietnam’s major
importing products are raw materials, fuel, equipment components for production,
and consumption goods, accounting for 88.2% of total import turnover.
b. Financial flows
FDI capital has been one of the incentives for Vietnam’s economic
development, especially after Vietnam joined the WTO. After 30 years of reform
and open-door policy, Vietnam has become one of the most successful countries
attracting FDI in the region (Vietnamplus, 2018). Based on estimation, as of
September 20, 2023, disbursement of FDI projects will be at over 15.9 billion USD,
 39

up 2.2% year-on-year and up 0.9% compared to the figure for the first eight months
of 2023 (Ministry of Planning and Investment, MPI, 2023)
Foreign investors poured funds into numerous sectors in Vietnam, chief of
which is the processing and manufacturing industry, making it the leading sector
with over $14 billion (accounting for 69.3% of the total foreign capital). In terms of
counterparts, Vietnam attracted investment capital from 102 countries and territories
in the first nine months of 2023. Impressively, Singapore remained Vietnam’s
leading investor with over $3.98 billion (making up 19.7% of the total), followed by
China (over 2.92 billion USD - 14.5%) and Japan (nearly 2.9 billion USD - 14.3%)
(MPI, 2023).

Table [Link]: FDI brief report in the first nine months of 2023
Source: MPI
c. Labor flows
In Vietnam, the number of foreign workers entering the labor force has
witnessed an upward trend as a result of globalization, with the number reaching
around 80.000 people. There are two main reasons for this: an increase in foreign
investment and a growing demand for skillful workers in some specific industries:
logistics, finance, aviation, etc. For example, according to the survey results, the
number of Vietnamese workers who are properly trained in logistics services only
 40

accounts for 5-7% of the current employees working in this field (VnEconomy,
2023). It can not be denied that Vietnam is still a developing country and is in
shortage of qualified workers, especially managers at high levels. According to the
Ministry of Labour, Invalids and Social Affairs (2022), only approximately 11% of
the domestic labor force is highly skilled whereas 26% are vocational workers
(VNA, 2022). However, as a member of WTO, Vietnam can attract more FDI,
which can compensate for this limitation and enhance the competitiveness with
foreign labor, consequently improving the quality of domestic personnel.
Additionally, the number of Vietnamese working overseas under contract and
the number of foreign markets receiving their labor is increasing significantly (ILO,
2015). Due to the complexity of COVID-19, the issue of sending workers to foreign
markets faced many challenges, with the number of Vietnamese employees working
abroad dropping to 78,000 (2020) and 45,000 (2021) (Vietnamnet, 2023). However,
this figure rose to 111,507 from January to September (2023), up 8% year-on-year,
exceeding the target of 110,000 for the whole year, which was compiled by the
Ministry of Labor, Invalids and Social Affairs (MoLISA).
As of 7/2023, Japan was the leading market with 20,571 Vietnamese
workers, which was followed by Taiwan (China) and the Republic of Korea (RoK),
with 8,196 and 617 workers respectively by the end of May 2023 (Nhan Dan
Newspaper, 2023). Other potential markets receiving guest workers from Vietnam
include Singapore, China, Hungary, the EU, Australia, Poland, etc.
d. Information and Technology flows
Professor Leslie Gabriel Valiant (2023) said it is hard to discuss science and
technology without mentioning globalization (Bao Thanh Nien, 2023).
Globalization indeed offers Vietnam opportunities to integrate and interact with the
world’s science and technology, facilitating Vietnam’s adoption of scientific and
technological achievements to serve the socio-economic development of the
country. Vu Van Ha (2023), CEO of VinBigdata, also gave examples of scientists’
achievements in helping humans overcome the COVID-19 pandemic as a visible
demonstration of globalization’s benefits in science and technology.
 41

Globalization also facilitates Vietnam to attract foreign investment in the

field of science and technology, especially from the most advanced countries in
science and technology, namely Japan, the US, South Korea and Singapore, etc
(Tạp chí Điện tử Công nghiệp môi trường, 2023). Another visible example of
globalization in science and technology is FPT, a leading ITC group in Asia, which
has reached $1 billion in revenue from foreign markets (Bao Thanh Nien, 2023).
2.2. Effects of economic globalization
2.2.1. Positive impacts
Recently, experts stated that the growth benefits of globalization are
dependent on the economic structures of the nations involved in the globalization
process. A set of complementary policies, such as improvements in human capital
and financial systems might also influence the impact of globalization on national
economic growth. Globalization, on its own, does not boost or decrease economic
growth. Complementary policies have a significant impact on countries'
performance in the globalization process (Samimi, 2014). And if the globalization
process is completed properly, it will provide several benefits to society, the
economy, politics, and the environment.
❖ Globalization on society
Globalization appears to be inescapable for many nations, thus several
projects and attempts have been undertaken to adapt to it and capitalize on the
possibilities it creates to grow their society and people. Globalization facilitates the
exchange of knowledge, technology, social values, and behavioral norms, as well as
the promotion of development at many levels, including people, companies,
communities, and societies across nations and cultures (Bakhtiari, 2006).
Regarding education, countries that are more open to the world provide possibilities
for their citizens to broaden their knowledge and study abroad. People from other
nations can exchange information, culture, skills, and intellectual assets required for
numerous growth stages. According to the Global Perspectives Inventory (GPI),
individuals who studied abroad seven years ago had better cognitive knowledge, or
a greater comprehension and awareness of different cultures and their effect on
global society, as well as a higher level of competency in several languages. They
 42

also preserve a greater level of cognitive knowing, or the complexity of one's

perspective on the role of cultural context in determining what is essential to know
and value, as well as skill in more than one language. Furthermore, living in diverse
contexts increases participants' interpersonal social contacts, or level of involvement
with individuals who are different from them, as well as their cultural sensitivity.
This quantitative evidence, acquired via delivering the GPI, reveals that students
who have previously studied abroad had an overall higher intercultural effectiveness
compared to those who did not (Buckley, 2015).
In terms of living standards, globalization creates more work possibilities for
individuals and lowers the market pricing for exported goods, allowing consumers
to increase their spending power. Johan Norberg, the award-winning author of In
Defence of Globalization, verifies that globalization raises living standards
worldwide. These companies invest in disadvantaged nations to provide new
machinery, improved technology, new managerial skills and manufacturing
concepts, a broader market, and worker education. For example, when Nike
established a shoe manufacturing plant in Vietnam ten years ago, workers had to
trek for hours to reach the factory. Three years later, they could purchase bicycles,
and three years after that, they were all riding scooters. Today, they can afford to
purchase an automobile. The data reveals that globalization lowers trade barriers
and boosts global economic activity, resulting in higher productivity and earnings
(O’Brien, 2003). Besides, globalization gives most consumers chances to approach
more diverse, affordable, and higher-quality imported products, which contributes
to raising citizens’ living standards.
❖ Globalization on the economy
Economic development is one of the advantages of globalization since it has
a cumulative effect on numerous aspects such as labor, productivity, technology, and
markets. Firstly, countries that employ open-door policies generate possibilities to
boost productivity, and productivity grows faster when countries produce
commodities and services in which they have a comparative advantage. Based on its
distinct traits, each country has various strengths in the manufacturing of specific
items. Specialization enables countries to export their dominating goods at high
 43

prices, boosting economic growth. Regarding imported items, customers may have
access to higher-quality and more variety products, hence increasing other countries'
exports. This demonstrates how globalization has helped countries flourish
economically through import and export. And, an open economy encourages
technical progress and innovation, bringing new ideas from elsewhere, which
develops a country’s quality of equipment and pushes its productivity as well.
Nebozhenko and colleagues revealed the intricate interrelationships between
globalization, economic growth, and international business relations. These
interconnections are influenced by the exchange of technologies, knowledge,
investments, and the rapid advancement of Information and Communication
Technologies (ICTs). The complexity of these factors influences economic growth
and shapes policies for nations to enhance cooperation and seek new partnerships.
In 2021 and 2022, there has been a dynamic growth in exports and imports. The
pandemic has impacted trade-to-GDP ratios and the Globalization Index, but a
slowdown in globalization has led to a significant deceleration in economic growth.
The study also highlights the importance of technological factors in globalization,
with the rapid development of ICT playing a crucial role in facilitating
globalization. Hence, globalization opens chances to advance technology in a
country then, it helps to push productivity as well as develop foreign trade.
Moreover, a decline in monopolistic pricing power perforce results in lower
actual prices while maintaining monetary policy constantly. Monetary authorities
can, of course, alter monetary policy to mitigate such nominal price level
consequences. However, they will often opt to allow some of the impacts to filter
through to decrease inflation (Rogoff, 2003). Globalization, in conjunction with
deregulation and privatization, puts downward pressure on real prices and lowers
the incentives that central banks may have to manufacture surprise inflation,
resulting in reduced nominal price inflation in the long run. Therefore, global
competition and inexpensive imports keep prices in check, making inflation less
likely to derail economic progress (Bernstein, 2000).
❖ Globalization on politics
 44

In an interconnected globe, nations become increasingly cognizant of their

common interests and weaknesses. Globalization has led to increased
interdependence among countries. Economic interdependence occurs when
countries rely on one another for products or services. Economic interdependence
occurs as a result of country specialization since they rely on others to acquire
things that are not made on a national level. The European Union exemplifies
interdependence, with countries specializing in labor, money, and culture. EU
nations rely on each other for things such as electricity, food, and clothes (Surugiu,
2015). This might lead to more collaboration on global concerns such as climate
change, pandemics, and human rights. The emergence of international institutions
such as the United Nations and regional blocs such as the European Union
illustrates this tendency of international cooperation.
In addition, interdependence can dissuade war between nations with strong
economic links. Increased commerce and investment may form a web of shared
interests, making conflict less enticing. While hardly a guarantee of peace,
globalized economies have seen far lower levels of interstate violence than prior
eras.
❖ Globalization on environment
Globalization supports the transmission of clean technology and best
practices for environmental conservation from industrialized to poor nations. This
may include advances in renewable energy, pollution control, waste management,
and sustainable agriculture. For example, the UN Framework Convention on
Climate Change (UNFCCC) established the Climate Technology Centre and
Network (CTCN) to assist poor nations in accessing clean technology and
knowledge. Global interconnection promotes the exchange of knowledge and
opinions concerning environmental challenges. This can improve public knowledge
of environmental issues such as climate change, deforestation, and biodiversity loss,
putting more pressure on governments and companies to adopt sustainable
practices. Social media and worldwide environmental movements play an important
role in raising environmental awareness. Globalization needs concerted efforts to
solve global environmental issues such as climate change and ozone depletion.
 45

International treaties and accords, such as the Paris Agreement on Climate Change,
can set enforceable objectives and frameworks for cooperation, promoting
concerted efforts to address environmental concerns. While globalization-driven
economic expansion does not directly improve the environment, it can help to
safeguard it indirectly. Increased income in developing nations can lead to more
investment in environmental infrastructure, education, and regulatory enforcement.
The influence of economic globalization, such as foreign investment and industrial
transfer to developing nations, as well as the role of local governments in opening
cities to the public and establishing friendly cities, is becoming increasingly visible.
The study found that rising foreign firms, exports, and integration with the global
economy have a significant influence on China's environment. Additionally,
efficient environmental rules in Guangdong Province help prevent the establishment
of pollution havens (Yang, 2019). Furthermore, poverty reduction can reduce the
pressure on local groups to exploit natural resources for survival, supporting
sustainable resource management.
2.2.2. Negative impacts
While globalization has brought numerous benefits, it has also been
associated with certain negative impacts on several aspects of a specific context,
notably society, economy, politics, and environment.
❖ Globalization on society
Under such circumstances, globalization may pose difficult challenges in
increasing unemployment and underemployment in certain sectors through multiple
mechanisms.
Firstly, as the economy grows and elevates efficiency, firms can face intense
pressure to improve their product’s quality while still keeping a low price to
maintain competitive advantages. Many businesses then tend to seek low labor
costs, leading to companies relocating their factories to nations where labor hiring
prices are low to minimize expenses, thus creating job losses in their home country.
Secondly, domestic enterprises deal with the risk of reducing market share because
of import expansion, which means competitors from outside may compete for
customers with several benefits such as a wide range variety of designed goods at
 46

low prices, and reputation with a lot of impressive marketing campaigns. Thirdly,
according to the International Labor Organization (ILO), automation and
technological advances may also contribute to job replacement in some industries,
specifically factory workers, cashiers,... in general, people with limited educations
and lower-wage positions (Chang & Huynh, 2016). As a result, it would drive a
shift in economic structure, where some sectors are being important than others, for
instance, Information Technology (IT), software developers, and computer
engineers,... may take advantage and lead the growth of the economy in an era of
robots substitutes human labor.
Furthermore, globalization not only results in employment problems but also
causes the erosion of national cultural identity, where the emergence of some
economically powerful nations and the dominance of their cultures. In general, the
trade between global cultures is a valuable thing, however, when a culture's
uniqueness is overly influenced by others and no longer retains traditional ethnic
values, this is eventually an awful situation.
Recently, “Westernization” has been one of the most famous spreading forms
of globalization in adopting new norms such as lifestyles, cuisine, and
entertainment,... The influence may lead to the dilution of indigenous cultural
practices and beliefs. According to (Muzaffar, 2002), global consumerism gradually
generates a homogeneous multinational culture, in which indigenous traditional
values of the South are slowly being eliminated and changed to Western cultures
(Kaul, 2012). Additionally, the exchange of traditional values around the world can
sometimes cause cultural appropriation. Precisely, the phenomenon takes place
when “members of a majority group adopt cultural elements of a minority group in
an exploitative, disrespectful, or stereotypical way”, which can be easily understood
that one culture is adopted by another without a proper understanding or respect for
their original meaning (Encyclopaedia Britannica, 2023).
❖ Globalization on the economy
On the aspect of economics, globalization is one of the potentials to foster
disproportionate growth between nations, specifically between developed and
developing countries. Access to global markets may open up more for developed
 47

economies because of their strength, growth, and stability, particularly, in

technology and innovation disparities, intellectual property rights, and education
gaps.
It is said that developing nations may be constrained in growth by the
expensive cost of researching and developing (R&D) their technology, thereby
creating dependence on the advanced technologies of other developed countries
(International Monetary Fund, 2007). This generally creates a gap, where developed
nations gain a competitive edge in industries that rely on advanced technologies,
while others lag behind. In addition, the benefits of owning intellectual property can
also contribute to the advanced nations’ expansion. In particular, developing
countries, those who rely on the advanced technologies of developed nations,
periodically have to pay an expensive price to acquire such advent machinery and
equipment, however, if the expenses exceed the profit, it may lead to a deficit of
capital and cause many financial obstacles.
Moreover, in an era of the digital economy, skills and knowledge are the two
crucial parts of growing and benefiting an economy (International Monetary Fund,
2007). To be precise, nowadays, globalization requires employees to have a solid
knowledge base not only to work efficiently but also to fulfill difficult tasks in their
field of specialization. Under this context, developed countries have long led the
way with highly effective education and training systems. In which, specific
evidence is that prestigious universities around the world are located in developed
countries, such as Harvard University in the US, the University of Cambridge, and
Oxford in the UK,...
❖ Globalization on politics
On the political side, globalization has weakened the power of nation-states
by forcing governments to comply with certain international decisions. In other
words, the influence of globalization felt on politics is mostly a nation’s decisions
and policies must obligate the provisions of the agreements that they participate in.
According to (Nnamdi Azikiwe University Journal of International Law and
Jurisprudence, 2011), it is not that governments are no longer able to operate the
 48

countries, yet, to remain in power, they have got to progressively "manage" national
politics in order to conform to the pressures of global market forces.
Moreover, globalization is said to be one of the factors that not only reduce
states' involvement segment related to trading activities but also compel the
government to adopt various fiscal policies that even may not be advantageous as a
way to keep competitiveness and capital investment (for example FDI and FPI,...).
In specific, nations participate in several kinds of trade agreements (FTAs),
organizations, or partnership economic relations (for example WTO, ASEAN,
EU,...) to encourage growth and lower trade barriers. However, commitment to
these agreements will force governments to reconcile their national legislation with
international trade regulations, thus controlling their ability to make independent
decisions (Effects of Globalisation: Positive & Negative | StudySmarter, n.d.).
❖ Globalization on environment
It can be said that, of all the positive and negative aspects that globalization
brings, the process has not been without its environmental costs, in which climate
change and habitat destruction are the primary problems that must be taken into
consideration.
a. Increased greenhouse gases (CO2) could lead to climate change
At the heart of globalization is the expansion of international trade and the
global movement of goods, which is a key driver of expanded greenhouse gas
emissions. The burning of fossil fuels, particularly on transnational shipping roads,
emits relatively large amounts of carbon dioxide (CO2) and other greenhouse gases
into the atmosphere, thus contributing to a significant carbon footprint associated
with transportation activities. According to the International Transport Forum, the
considerable expansion of freight operations could result in an upsurge of 16% CO2
by 2050, assuming that the present objectives for decarbonization are completely
reached (Organisation for Economic Co-operation and Development, 2021). Yet,
the mode of transportation that accounted for major gas emissions is airplanes,
including both passenger travel and air freight (Huwart & Verdier, 2013).
Environmental and Energy Study Institute (2022) has stated that, in 2018, passenger
travel accounted for 81% of worldwide commercial flight emissions, with air freight
 49

accounting for the remaining 19%; however, given predicted growth, by 2050, the
statistics may be tripled (Overton, 2019).
Furthermore, the increased demand for consumption and the development of
industrial activities have indirectly caused a rise in greenhouse gas emissions. As is
the case, fossil fuels are burnt to create electricity or heat (for example, ventilation,
air conditioning,...), and gases are used for large-scale refrigeration and cooling in
big buildings. Based on a report from OCED, the swift growth of developing
countries over the past few years has brought them to be major emitters of
greenhouse gases (Huwart & Verdier, 2013). While such rapid development was
facilitated by globalization, these nations face environmental trade-offs. Precisely,
to quench their thirst for economic growth, these nations are continually expanding
manufacturing plants and factories, thereby resulting in them becoming the major
source of global warming.
b. Habitat destruction
On the other hand, in the era of globalization, habitat destruction is one of
the biggest threats to the world’s living lives. To summarize, the key causes of
habitat destruction are the escalating demand for natural resources, overexploitation
of natural areas including lands, plants, and living creatures,... through several
activities such as increased mining, land clearing for simulating agriculture
processes, and overfishing or blast fishing on the oceans,...
Firstly, as many countries seek to meet the needs of global markets, the
extraction of resources such as lands and fossil fuels intensifies. According to...
Cutting plants for harvesting, mining, and urbanization influences approximately
80% of the world's wildlife animals who inhabit those forests. A research article
presented by (Crowther et al., 2015) stated that based on their estimation, around 15
billion trees are chopped down annually, and forest biomass has dropped roughly
46% since humanity's development emerged. In addition, the larger the expansion
of the world’s activities, the bigger the requirements of infrastructure. Many
logging, and mining operations take place on a large scale, resulting in the
destroyed habitat of several species. To be precise, land reclamation activities such
as road building not solely damage wildlife animals, but also have detrimental
 50

impacts on these species owing to the pollution of noise, and light (van Bohemen,
1998). Moreover, globalized agricultural practices, for example, farming, also
further amplify the threat to habitats, as they contribute to habitat fragmentation,
soil erosion, and biodiversity imbalance due to the overuse of chemicals such as
pesticides, or fertilizers (World Wild Life, 2019).
Secondly, the situation gets even worse when mentioned to shipping goods
on waterways, or by the ocean. Transportation is a means of globalization to meet
the demands of international supply chains, yet, major oil spills or leaks events are
recorded to significantly damage the marine ecosystem. In specific, it can kill most
sea animals because of its chemical poison, which affects organisms both internally
through ingestion or inhalation and externally through skin and eye irritation
(National Oceanic and Atmospheric Administration, 2021). Nonetheless, these oil
spills on the ocean not only damage the animals inside the ocean but also
significantly threaten sea otters or seabirds’ lives. Precisely, when birds' feathers are
coated with oil, they no longer can trap air and resist water, causing them to lose
maintain their body temperatures and freeze to death as well as while they preen
themselves, they eventually swallow oil, which can cause ulcers and diarrhea.
Furthermore, a form of fishing that is strictly prohibited by law, is blast fishing (also
known as explosive fishing or dynamite fishing), which is also a main reason
leading to the destruction of marine life. In other words, this is extremely cruel and
barbaric because it indiscriminately causes death to any creatures in the blast zone,
from eggs and algae to big animals like whales and dolphins, and also kills corals
(United Nations Environment Programme, 2019).
As a result, human-induced activities, namely gas emissions from
transnational shipping, manufacturing operations as well as overexploitation of
nature,... in an era of globalization, have gradually destroyed the earth and threaten
human lives every single day.
2.3. General comment
To sum up, despite providing thousands of new development prospects to
many nations worldwide, Globalization, at the same time, also takes away the lives
and opportunities of others. Globalization after all is just a process, a term, a
 51

development, thus it is a two-sided phenomenon. We can not and should not expect
it to bring about just happiness to the world but instead face reality and accept the
trade-offs. As former U.S. President Bill Clinton has said: “Globalization is not a
choice, it is a reality”. Whether we like it or not, it still happens and inevitably
influences every aspect of our lives. The most important thing is for us to adopt
reasonable solutions so that the downsides of globalization can be mitigated and its
positive impacts can be maximized.
2.4. The Future of Economic Globalization
After going through several impacts of Globalization, it is worth moving to
the projection of possibilities that might take place in the future. A paper from the
World Economic Forum’s Centre for the New Economy and Society released in
2022 has stated 4 possible scenarios for the future of economic globalization. As
can be seen in Picture 1, a 2x2 matrix structured along integration and
fragmentation pathways creates four scenarios for the future of globalization. It
shows the close relationship between separate but interdependent components: the
economy, the impact on the green transition, and human capita.

Figure 2.4.1: Four scenarios for the future of economic globalization by 2027
Source: World Economic Forum
2.4.1. Scenario 1: “Globalization 5.0: Reconnection”
This scenario visualizes a revolutionary stage in the progression of
worldwide interconnectedness. It implies a shift in the paradigm from past
globalization phases, highlighting the necessity for deliberate and inclusive
 52

reconnection among nations, societies, and individuals. It highlights that reinforced

regional and global alliances will result in diversified supply chains, high labor
mobility, greater employment flexibility, and increased innovation. As for the global
climate, there will also be greater adoption of renewable energy and investments in
long-term sustainable growth, shared more equitably across advanced and
developing economies. These trends will be underpinned by strong local economic
and social resilience, including greater investments in social safety nets through
higher taxation.
2.4.2. Scenario 2: “Analogue Networks: Virtual Nationalism”
This approach forecasts a scenario where nations, societies, and individuals
increasingly prioritize virtual connections, fostering a sense of digital nationalism
and identity. Governments recognize the advantages of multilateralism, particularly
concerning accessible fuel, food, and other commodities. However, this positive
perspective does not extend to the digital realm. Intensified political rivalries and
cybersecurity concerns prompt countries to pursue increased control over the digital
domain. This is expected to lead to a fragmentation of technology regulation,
governance, and interoperability. Instead of a unified global internet, multiple
"splinternets" are likely to emerge, impeding digital financial services and
international trade. Consequently, under this globalization scenario, expectations
include a slowdown in technology innovation, reduced mobility of labor, and a
sluggish transition to sustainable energy. Developing economies, lacking advanced
digital capabilities, are anticipated to bear a disproportionate burden in this context.
2.4.3. Scenario 3: “Digital Dominance: Agile Platforms”
"Digital Dominance: Agile Platforms" envisions a scenario where rapid
advancements in digital technologies lead to the emergence of highly agile and
interconnected platforms that dominate various aspects of human life. In this
scenario, Manufacturing is now highly localized, shaped by political alliances and
rivalries in global value chains. Despite a surge in protectionist rhetoric, technology
platforms and online services have grown significantly, gaining economic and
political importance. Major economies have collaborated to establish frameworks
for digital services tax, cybersecurity regulations, privacy laws, and legislation
 53

governing online labor, leading to a surge in global activity in technology-driven

work and research cooperation. The reevaluation of technology assets in the early
part of the decade has resulted in a more measured development of
technology-enabled services and products, emphasizing realized value over
speculative potential. While robust competition exists in some areas, the largest
platforms have attained global dominance, raising concerns about unchecked power
and market concentration, leading to political and societal apprehensions.
2.4.4. Scenario 4: “Autarkic World: Systemic Fragmentation”
This is the worst-case scenario for the development of economic
globalization. This trajectory envisions a scenario where nations increasingly
prioritize self-sufficiency, leading to a world marked by systemic fragmentation and
reduced global interdependence. In this scenario, Collaboration and supply
networks shift towards regional or local models, posing risks to manufacturing and
causing recurrent disruptions in the availability of essential goods, jeopardizing both
food and health security. In the realm of digital governance, increased governmental
influence leads to heightened levels of censorship, surveillance, and the spread of
misinformation. The cumulative effect of these changes manifests as extensive
economic slowdown. With diminishing international collaboration and standards,
the environment is at risk, likely witnessing increased reliance on fossil fuels.
The purpose of these scenarios is not to forecast what will happen in the
future but to offer glimpses into a variety of potential outcomes. These scenarios
should be viewed as a valuable aid for contemplating and addressing trends,
uncertainties, opportunities, and trade-offs. In essence, they serve as a practical tool
for considering what steps can be taken now to enhance decision-making and
achieve more favorable results in the future.
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CHAPTER 3: Recommendations
3.1. Social Protection for Workers
The World Trade Organization recommended the government enhance their
social protections for employees from globalization shock due to the various
benefits they bring. Mitra and Ranjan set out much social protection for different
regions in the world in the report of WTO “Social protection in labor markets
exposed to external shocks”, we list out some important and common measures that
they used for every region:
3.1.1. Unemployment insurance (UI)
This system offers temporary income support to unemployed people. The
stipends are calculated based on the individual's salary before being fired, helping
them to lower the financial pressure of job loss and facilitate a smoother transition
to new employment. ([Link], 2020).
3.1.2. Employment protection (EP)
Employment Protection Legislation: Summary Indicators in the area of
terminating regular contracts (individual dismissals) (2015) determined that
Employment protections are legislations, regulations, and collective bargaining
agreements that protect employees from unreasonable dismissal and hardship after
their job loss. By providing clear principles to support the workers, it provides a
healthy working environment to boost employees’ productivity to contribute
effectively to the economy.
3.1.3. Public employment programs (PEPs)
According to article the (Public Employment Programmes (PEPs) Creating
decent jobs through national investments Employment-Intensive Investment
Programme (EIIP), 2020), PEPs are programs financed and implemented by the
Government to create jobs for unemployed workers through activities involving
high labor intensity.
3.2. Cultural Identity Preservation
Protecting and nurturing the unique identity of national culture is always a
challenge that each country faces in the process of international integration. Without
a clear direction from the Government, integrating into different cultures can easily
 55

lead to loss of national identity. Fortunately, there are efficient ways to solve this
problem that we mention below:
3.2.1. Cultural Preservation Policies
Governments should implement policies to preserve and promote cultural
heritage in other nations. These policies should prioritize the protection of historical
sites, languages, and traditions.
3.2.2. Cultural-related Education Programs
According to Ranka (2020), reinforcing the cultural values within the
educational system is not only strengthening the national identity but also respecting
diversity among cultures.
3.2.3. Cultural Preservation through Digital Platform
Due to the advancement of technology, people are now engaging more in
digital platforms, especially the new generations. Therefore, doing campaigns about
preserving cultural identity on social platforms is a more enthusiastic way to catch
their attention.
3.3. Reducing the gap in unequal growth among nations in globalization
3.3.1. Promote Inclusive Economic Policies
According to research by Stiglitz (2012), Governments can prioritize more policies
on maintaining economic stability, ensuring full employment, supporting education,
increasing income, etc… to provide the citizens with a better quality of life, saving
bottom- and middle-class people from poverty. Once people have more
opportunities to access knowledge, and skills and have better healthcare, they can
devote fully to the economy. Investing in people can boost the growth of each
nation by leaving no one behind in the development.
3.3.2. Pursue the Sustainable Development Goals (SDGs)
SDGs are goals that are set by the United Nations and encourage all
countries around the world to follow these goals to reduce global challenges. 17
goals are addressing the problems related to poverty, inequality, climate change,
environmental degradation, peace, and justice. The sooner the country takes action
to achieve these goals, the lower the gap of inequality around the world (United
Nations, 2023).
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3.4. Maintaining sovereignty amid globalization

Globalization can be opportunities for growth or threats to any nation’s
sovereignty. With an aim to maintain national sovereignty, each country must have
clear and drastic guidelines. We recommended some ways below:
Build strong sovereignty protection and law enforcement: Each country must
build its laws and regulations that aim to protect the sovereignty, sovereignty rights,
jurisdiction, and national interests. In the relations with other nations, each country
can negotiate agreements that are beneficial but maintain a balance between
globalization and protecting their sovereignty. Hence, those agreements must
include safeguarding regulatory autonomy, cultural diversity, and national security.
However, according to Keohane, 2002: “... any emerging pattern of governance will
have to be networked rather than hierarchical and must have minimal rather than
highly ambitious objectives”. The application of “Networked minimalism” can
preserve national sovereignty and liberty but still encourage the country to thrive in
the economic integration process.
3.5. Enhancing environmental protection
Ecosystems are suffering from globalization. Humans, animals, and plants
that reside in globalized areas have been detrimentally impacted by the drastic
changes in landscapes caused by pollution and climate change. There are solutions
that governments and global citizens must strictly follow to save the ecosystem:
3.5.1. Adopting Sustainable Practices
(Ekins et al., 2019) recommended that the Government should encourage
industries to adopt eco-friendly production methods, minimize waste generation,
and prioritize resource efficiency to mitigate environmental harm. To ensure the
outcome, the Government has to enforce strict Environmental Regulations to
control businesses accountable for their ecological impact and ensure compliance
with sustainability standards (World Development Report 2018: Learning to Realize
Education’s Promise, 2018).
3.5.2. Invest in Renewable Energy
The Government should invest more in renewable energy to relieve the
pressure put on fossil fuel and gas which are direct factors to pollution. Firms
 57

should adopt renewable energy sources such as solar and wind power, etc… to
reduce reliance on fossil fuels and contribute to the sustainable development growth
of the World.
3.5.3. Protect Biodiversity
By implementing conservation measures and establishing protected areas to
safeguard biodiversity and ecosystems from the adverse effects of globalization,
nations can preserve vital habitats, protect endangered species, and maintain
ecological balance for the benefit of present and future generations (Hirsch and
Secretariat Of The Convention On Biological Diversity, 2010).
3.5.4. Promote Sustainable Consumption
Consumers’ behaviors in consumption have a huge impact on the production
process. Therefore, nations also have to concentrate on educating consumers about
the importance of sustainable development goals and the emergency of the current
environmental situation to shift the buying behavior from choosing disposable
products to more eco-friendly ones to reduce waste to nature.
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CONCLUSION
1. Re-emphasize the importance of research
Global economic interconnection, or economic globalization, has emerged as
a key characteristic of the contemporary world. Although its effects are evident,
their actual nature and ramifications are still intricate and varied. It is for this reason
that studying the impacts of economic globalization is so crucial.
First of all, there are two sides to globalization. It promotes technological
development, global trade, and economic expansion, all of which could raise living
conditions for a large number of people. It also prompts worries about the loss of
jobs, deterioration of the environment, and rising income disparity. Extensive
investigation aids in comprehending these opposing impacts, navigating the
intricacies, and developing well-informed strategies that optimize the advantages
while minimizing the disadvantages.
Second, research enables us to explore particular settings and go beyond
generalizations. Globalization has quite different effects on different nations, sectors
of the economy, and social classes. Thorough investigation enables us to recognize
these subtleties, comprehend the distinct difficulties encountered by various groups,
and customize solutions appropriately. For instance, studies may show that whereas
globalization helps some developing country regions, it makes other regions poorer.
Designing focused interventions and guaranteeing equal development requires this
understanding.
Thirdly, research promotes educated public opinion and policy formation.
Research contributes to the fight against false information and emotional prejudices
that frequently taint conversations on globalization by offering evidence-based
views. This enables people to hold decision-makers responsible and participate in
productive discourse. Research results can also be used to ensure that labor
standards, trade agreements, and investment rules are just and long-lasting.
Additionally, learning about the effects of economic globalization is essential
for predicting and adjusting to the always-changing globalized scene. The way that
the world is interconnected is always changing due to new economic models,
political trends, and technological breakthroughs. Ongoing research and studies
 59

enable us to recognize new trends and problems, anticipate their possible effects,
and stay ahead of the curve.
In summary, studying the consequences of economic globalization is
important for navigating the complexity of our interconnected society. Research
enables us to harness the potential of globalization while limiting its negative
effects, ultimately creating a more equitable and prosperous future for all, by
offering deeper understanding, influencing public debate, and foreseeing future
obstacles.
2. Summarize the main results
2.1. Current situation of globalization
Globalization, characterized by intensified international trade, financial
flows, labor movements, and technology exchanges, has shaped the contemporary
economic landscape.
In the context of the world, international trade is marked by an upsurge in
FTAs and cooperation among organizations like WTO, WB, IMF, and OECD,...
However, challenges, including geopolitical tensions and disruptions events, raise
concerns about the prospects of globalization. In terms of financial flow, FDI flows
dropped below $1 trillion since 2005, but then swiftly recovered before the
COVID-19 pandemic in 2021. As for the labor market, deep integration and an
expansive consumption market stimulate labor movement, thereby providing
opportunities for job creation. However, trade liberalization could lead to security
and pandemic threats, requiring nations to take precautionary steps. Regarding
science and technology, countries do prioritize them, as they foster the easy spread
of knowledge and innovation across borders. Increased access to foreign knowledge
motivates innovation, with developing countries attracting foreign investment in
science and technology, thus facilitating international trade by eliminating
information access limitations across borders.
In the context of Vietnam, after 30 years of economic reforms (1986-2016),
Vietnam emerged as a major agriculture and fisheries exporter, thanks to
globalization. With diplomatic relations with 180 countries, nearly 100 bilateral
agreements, and participation in significant international organizations, achieved
 60

impressive export and import growth of $371.3 billion and $385.9 billion,
respectively. In terms of financial flow, Vietnam has made a regional success,
particularly on September 20, 2023, when the FDI disbursement is estimated to
exceed $15.9 billion, attracting the most investment, headed by Singapore, China,
and Japan. As for the labor market, an increase in foreign workers was observed,
hitting around 80,000 as a result of rising foreign investment and demand in
specialized industries. However, difficulties during COVID-19 reduced
international employment, yet, from January to September 2023, the statistic rose
back to 111,507. Regarding science and technology, globalization has given
Vietnam opportunities to integrate with global advancements. Specifically, enables
the country to adopt scientific innovations and remarkable successes in fields such
as healthcare during the COVID-19 pandemic.
2.2. Positive impacts
Experts suggest globalization's growth benefits depend on nations' economic
structures. However, it alone doesn't boost or decrease economic growth; the
effectiveness lies in well-executed complementary policies, bringing benefits to
society, the economy, politics, and the environment.
Societally, globalization is inevitable and brings opportunities for knowledge
exchange, cultural understanding, and economic growth. It enriches education,
living standards, and intercultural effectiveness for domestic residents.
Economically, globalization enhances productivity, technological progress, and
trade, by encouraging specialization, boosting exports, and facilitating the exchange
of technologies and knowledge. Additionally, it contributes to lowering prices
through increased competition and inexpensive imports, preventing inflationary
pressures on economic progress. Politically, it fosters increased interdependence
among nations, and reliance on each other for various needs. Precisely,
interconnectedness promotes collaboration on global issues, deters conflicts through
shared interests, and contributes to lower levels of interstate violence in globalized
economies. Environmentally, though globalization doesn't directly improve the
environment, it indirectly safeguards nature by promoting economic growth in
 61

developing nations, encouraging investment in environmental infrastructure, and

reducing pressure on natural resources.
2.3. Negative impacts
Globalization, despite its advantages, has brought significant drawbacks
across society, economy, politics, and the environment aspects.
Societally, globalization fuels unemployment through outsourcing and
technological shifts, eroding cultural identity with a pervasive "Westernization."
Economically, it can create imbalances between nations, favoring developed
countries with advanced technologies and intellectual property rights, leaving
developing nations struggling to acquire costly resources. Politically, it weakens
nation-states by enforcing compliance with international decisions and free trade
agreements, thus limiting independent policymaking. Environmentally,
globalization contributes to increased greenhouse gas emissions, driven by
international trade and transportation, intensifying climate change. Habitat
destruction, fueled by overexploitation and destructive practices like blast fishing,
poses a severe threat to biodiversity.
3. Limitations and future studies
While this report contributes valuable insights into the effects of economic
globalization, it is essential to acknowledge its limitations, which impact the
applicability and depth of the findings. The temporal constraints of the study,
relying on data up to the end of 2023, highlight the challenge of capturing the
dynamic nature of global economic shifts. Despite drawing from reliable sources,
the rapid changes in economic landscapes from 2023 onwards are not reflected in
the analysis.
Furthermore, the focus on a global perspective, without a nuanced
examination of specific countries, restricts the study's ability to offer
context-specific insights. This approach, while providing theoretical frameworks,
may fall short of capturing the diverse impacts of globalization on individual
nations. Additionally, any inaccuracies within the chosen data sources could
introduce biases into the analysis.
 62

To address these limitations and enrich future studies, it is recommended to

delve into specific countries, incorporating primary data collection for a more
granular understanding. Such an approach would enable comparisons between
countries and global trends, allowing for a finer exploration of the patterns and
impacts of economic globalization. Ultimately, this could provide tailored
recommendations to guide individual countries in navigating the complexities
inherent in the process of economic globalization.
 63

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APPENDIX
Contribution table

Name Student ID Contribution Completion

Ngô Lan Chi 2212155048 Chapter 1 - Part 1.2 100%

Nguyễn Ngọc
2213155239 Chapter 3 100%
Huyền Trang

Lê Thị Thanh Tâm 2213155236 Chapter 2 - Part 2.3 & 2.4 100%

Võ Hồng Ngọc 2213155233 Chapter 2 - Part 2.2.1 100%

Introduction
Võ Thị Minh Thư 2212155295 Chapter 1 - Part 1.1 100%
Conclusion - Part 1

Chapter 1 - Part 1.3

Đinh Hồng Ngọc 2212155142 100%
Conclusion - Part 3

Vũ Quỳnh Khánh Chapter 2 - Part 2.2.2

2212155148 100%
Ngọc Conclusion - Part 2

Nguyễn Gia Thùy 2212155197 Chapter 1 - Part 1.4 100%

Nguyễn Ngọc Diệu

2212155114 Chapter 2 - Part 2.1 100%
Linh