台商企業在越南的融資市場研究

Abstract

台商，特別是勞力密集產業的台商，在1987年承受新台幣大幅升值的巨大壓力下，為因應不斷上漲的勞工成本與逐漸抬頭的環保意識，不得不開始注視周遭的鄰近國家，尋找降低成本的廉價解決方案，以渴求繼續生存的機會。從1990年開始，中國已成為最受歡迎的去處，在過去將近二十年裡，吸引了絕大多數的台灣資金。然而，越來越多的台商已開始思考其全球佈局的戰略，希望建立除在中國的生產基地外的其他基地。越南就逐漸成為多數台商的選擇，以減輕過度倚賴中國，避免資源集中在單一國家的情況，遑論中國在2008年1月頒行的新勞動合同法已清楚顯示，未來幾年在中國做生意的成本將會大幅增加。 越南為了效法中國成功的改革與所達的成就，從1988年就開始對外開放的政策，至今已成功吸引大量外國直接投資，帶來數百億美元的資金流入。在過去十年裡，越南已逐漸朝向市場導向的經濟發展，並已獲每年超過7%的經濟成長。在大量外國直接投資的資金挹注下，越南得以快速成長，但是伴隨而來的，卻是幾乎無限量供應的越南盾，導致經濟過熱，而越南政府直到2007年底方察覺問題嚴重，才開始一連串的對抗通膨因應，不再繼續貨幣寬鬆的政策，包括降低政府支出、物價管控、升息、信用收縮等。銀行體系受到流動性變差的影響，營運變得困難；企業、個人、及家戶極度渴望的資金，都因為銀行極度嚴格的授信條件而無法得到滿足。 在越南緊縮的貨幣政策下，台商面對高漲的利率，欲取得銀行貸款時，究竟遭遇何種障礙?台商需要何種協助來渡過金融動盪?本研究嘗試去理解台商在越南融資市場的現況，希望能為新到越南的投資者，甚至台資金融機構指引出可能的準則。 本研究針對『越南台商協會』會員，透過發行包括超過50個問題的問卷調查的方式進行，涵蓋了『選擇當地金融機構的原因』、『與當地金融機構往來遭遇的困難』、『實收資本的組成』、『銀行貸款的障礙』、『對當地金融機構的期待』、『緊縮貨幣政策的影響』、『緊縮貨幣政策的影響』等等。此外，本研究希望可以了解『不同融資方式的重要性及其排序』，以及『最希望越南政府開放的項目的重要性及其排序』。 最後依據問卷調查分析所得，建議越南台商面對瞬息萬變、反覆無常的市場狀況，包括公司營運及財務調度等方面，可行的因應方法，同時，台資金融機構未來可能的商機及可行的發展重點，也一併在結論與建議中提出。

In view of increasing labor costs and emerging environmental concerns, Taiwanese businessmen in labor intensive indusrties had to look to neightboring countries, triggered by the 1987 strong appreciation of Taiwan dollars, for cheaper solution to survive in 1990. China became the most popular destination, attracting most of the investment capitals from Taiwan in nearly two decades. But a growing number of Taiwanese corporations are pursuing a strategy to establish or expand their bases outside China, particularly in Vietnam to mitigate the risks of overdependence on factories in one country, let alone the promulgation of China’s New Labor Law in January 2008 that indicates doing business in China is likely to get much more expensive in the coming years. In order to emulate China’s success on the economic reform and achievement, Vietnam has opened up its door to foreign investment since 1988 attracting tens of billions of US dollars cash inflow. The country has been shifting toward a more market-oriented economy which continues to expand at an annual rate in excess of 7 percent in the past 10 years. In the wake of rapid economy growth, fueled by the enormous inflow of foreign investment combined with relatively free local money supply, led to an overheating of the economy and the government was too slow to respond in late 2007. Government policy is moving to curb inflation from loose monetary policy by applying a series of measures including public spending cuts, price controls, interest rate increases and credit control. The banking system ran into difficulty in terms of liquidity. Enterprises, individuals and households were in desperate need for capital but banks were very restrictive to grant loans. In the face of Vietnam’s tightening monetary policy, what obstacles have Taiwanese businessmen faced to access to bank loans at the soaring interest rate? What assistance they need to get over the financial turmoil? This study is tried to figure out financial market status quo for the Taiwanese businessmen in Vietnam, and hopes to indicate possible roadmap for newcomers and even the Taiwanese Financial Institutes（FI）. In accordance with the purpose of this study, an intensive survey with more than 50 questions was conducted to the members of『Taiwan Businessman Association in Vietnam』covering reasons to select local FIs, difficulties when dealing with local FIs, formation of chartered capitals, obstacles to obtain bank loans, anticipation on services from local FIs , impacts from tightened monetary policy etc. In addition, this study hopes to learn the prioritized importance of different types of loan, and anticipated items to be freed by Vietnam government. This study proposes possible measures by the Taiwanese businessmen encountering volatile market situations, business wise and finance wise. Meanwhile, possible business opportunites and feasible future focus for the Taiwan FIs are advised as well.