Marine Life Disaster by Taiwanese Formosa Steel in Vietnam - Lessons for Social Responsibility of FDI -
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Vietnam emerged as a hot region for Foreign Direct Investment (FDI) in Southeast Asia since the accession to WTO in 2007. The FDI has been a key growth engine of Vietnamese manufacturing & processing industries. So it is difficult to discuss the Vietnamese economy without considering the FDI’s contribution. However the rapid industrialization and economic growth by FDI cause many side effects in Vietnam, and they lead to the social expense growing. This study accessed the side effects of the FDI by looking into the marine life disaster by Formosa Steel in 2016. The marine life disaster made the environment conservation a critical issue of corporate social responsibility (CSR), and it gave a real chance to think about the pros & cons of FDI for the sustainable development of Vietnam. This study analyzed what lessons can be taken from Formosa Steel’s wrongdoings from FDI’s social responsibility perspective. As a result it is more and more difficult for the FDI to maintain the cost leadership strategy only through cheap labor or ignoring the environmental expense. Both local NGOs and global NGOs began to demand the global standards for local OEM partners’ working condition and environment issue. In addition a more strict monitoring system by government and the ‘Rule of Law’ for all activities of FDIs are also strongly required in Vietnam.
Abstract
Vietnam emerged as a hot region for Foreign Direct Investment (FDI) in Southeast Asia since the accession to WTO in 2007. The FDI has been a key growth engine of Vietnamese manufacturing & processing industries. So it is difficult to discuss the Vietnamese economy without considering the FDI’s contribution. However the rapid industrialization and economic growth by FDI cause many side effects in Vietnam, and they lead to the social expense growing. This study accessed the side effects of the FDI by looking into the marine life disaster by Formosa Steel in 2016. The marine life disaster made the environment conservation a critical issue of corporate social responsibility (CSR), and it gave a real chance to think about the pros & cons of FDI for the sustainable development of Vietnam. This study analyzed what lessons can be taken from Formosa Steel’s wrongdoings from FDI’s social responsibility perspective. As a result it is more and more difficult for the FDI to maintain the cost leadership strategy only through cheap labor or ignoring the environmental expense. Both local NGOs and global NGOs began to demand the global standards for local OEM partners’ working condition and environment issue. In addition a more strict monitoring system by government and the ‘Rule of Law’ for all activities of FDIs are also strongly required in Vietnam.
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