베트남 철강산업의 변화 및 전망: 경제개방에 따른 영향을 중심으로 = The Change and Prospect of Vietnamese Steel Industry: The Effect of the Open Door Policy

다국어 초록 (Multilingual Abstract)

The purpose of this study is to examine the change in Vietnamese steel industry using the economic theories-theories of comparative advantage and infant industry protection. Each theory asserts the free and protective trade policy respectively. It is believed that the Vietnamese steel industry changes the path from protective trade policy to free trade policy. The change seems to be consistent with the economic reform and open door policy of Vietnamese government, so called Doi Moi policy. This study discusses both theoretical and practical issues concerning the development of steel industry of Vietnam. For the study, first we see the current Vietnamese steel industry and its characteristics. Then we look into the policy for steel industry and trade theories to apply them to Vietnamese steel industry. In general, for latecomer developing countries like Vietnam, international economic integration is both an opportunity and a challenge. Strong foreign influence acts as great pressure and incentive to change, and if this influence is properly guided and utilized, the country can enter a new age of dynamism and prosperity. However, facing this powerful force without adequate preparations is risky and may lead to macroeconomic instability, social strain and nation wide crisis. The government policy to develop the steel industry follows infant industry protection oriented policy before 1995. However, the feasibility of import protection for latecomers is constrained by accelerated international integration. Then, Vietnamese government gradually adopts comparative advantage oriented open door policy after mid of 1990s. Finally, after around 2007, more large-scale projects funded by foreign capital have been proposed which means the open door policy is matured. The new phase demands that the government takes new approaches such as promoting competition and controlling the trade liberalization process, evaluating proposed projects with foreign investment, and expanding the role of business associations. The development of Vietnamese steel industry through open door policy seems to be inevitable. However, its manner and timing must be carefully designed in order to maximize the benefits and minimize the costs for the development of steel industry.