REPORT TOPIC “A”

Semester 1, 2019

Student name: Nguyen Nhat Nhan

Student number: s3480570
Course name: Contemporary Issues in
International Management
Course code: BUSM4037

Assignment Title: “Asia is the centre of

consumption and production in the world. MNC’s
must relocate their Headquarters to Asia to take
advantage of this economic activity.”
Executive Summary

Due to the growth of globalization, multinational companies (MNCs) are eager to

expand their business worldwide. Base on the industrial production index and

consumer expenditure in comparison between Asia and European nations, Asia is

considered as the center of production and consumption in the world where

providing number of benefits to MNCs through legal environment, tax environment

and talented labor market. By recognizing that, many MNCs are establishing the

regional headquarters in Asia to enhance their market penetration process, and

achieve simultaneously global integration and local responsiveness. Dyson is the

British technology company that eager to take those benefits by planning to move

their headquarters to Singapore. Moreover, Hong Kong is another attractive country

where Dyson should consider for relocation of their regional headquarters.

Table of Contents

1. Introduction..........................................................................................................4

2. Brief background.................................................................................................4

3. Main arguments................................................................................................... 5

3.1. MNCs should relocate their regional headquarters to Singapore?.......................5

3.1.1.Labor market......................................................................................................5

3.1.2.Legal factors.......................................................................................................6

a. Import and export tariffs..............................................................................6

b. Corporatetax ..............................................................................................6

3.2. MNCs should relocate their regional headquarters to Hong Kong?...............7

3.2.1.Labor market......................................................................................................7

3.2.2.Legal factors.......................................................................................................8

a. Import and export tariffs..............................................................................8

b. Corporate tax..............................................................................................8

4. Conclusion........................................................................................................... 9

5. Reference list....................................................................................................... 9
1. Introduction

This report will address the overview of Asia as the centre of consumption and
production in the globe. To elaborate, this report will identify some key figures about
Asian outlook, including population, production output, regional GDP and
expenditure in 2018. Then, it will demonstrate some key findings about the labor
market and legal factors in comparison between Singapore and Hong Kong, in order
for SMEs to consider in the process of relocating their regional headquarters.

2. Brief background

At the end of 2018, the industrial production index of emerging and developing Asia
and Asia Pacific were estimated at 161.2 and 150.8, whereas the industrial
production index of Western European and Eastern European countries was
estimated at 115.9 and 135.3 (RMIT Euromonitor n.d.). This indicates that Asia is
considered as the center of production in the world. According to RMIT Euromonitor
(n.d.), the total consumer expenditure in Asia Pacific and developing Asia was
roughly 21.9 trillion USD, which nearly doubled the total European consumer
expenditure – 12.1 trillion USD in 2018. This indicates that Asia is considered as the
center of consumption in the world.

Base on the above information, MNCs should move their headquarters to Asia to
take the advantages of the region’s economy. Dyson is the British technology
company which was founded in July 1991, under the name Barleta Ltd. From
September 1991 to January 2001, Barleta Ltd changed its name to Dyson
Appliances Limited. Since then, Dyson Appliances Limited has been renamed as
Dyson Limited (Companies House n.d.).The company is manufacturing and trading
variety of household appliances, including hair care, vacuum cleaners, hand dryers,
fans and purifier fan. Recently, Dyson has its operation in over 65 countries with over
1,000 engineers around the globe (Dyson n.d.). In the first quarter of 2019, Dyson
has moved the majority of its production headquarter to Singapore (Neate 2019). In
addition, Dyson (cited in Pratley 2019) has proposed that the company will move
their head office to Singapore in the future.
3. Main arguments

Forsgren et al (cited in Kane n.d.) claims that relocation of divisional HQ is termed

‘internationalisation of the third degree’. It is clear that regional headquarters are
essential for the internationalisation process of MNCs. According to Perry et al.
(2001), regional headquarters are having full-control and responsibilities for the
operating activities among their subsidiaries located in the same host region. That is
the reason why Dyson should relocate their regional headquarters to Asia for their
internationalization process.

There are two main countries in Asia where responsible for different parts of Asia
that MNCs should take into consideration when relocating their regional
headquarters. The research found by Perry et al. (2001) asserted that while the
regional headquarters in Singapore are responsible to manage subsidiaries in South-
East Asia, the regional headquarters in Hong Kong are responsible to control
subsidiaries in East Asia.

3.1. Dyson should relocate their regional headquarters to Singapore?

European Chamber & RolandBerger (2011) found that Singapore was one of the
most developed and attractive nations in Asia Pacific in several key criteria, such as
legal environment, business environment, tax environment and access to talent.

3.1.1. Labor market

a. Literacy rate

The literacy rate among Singapore’s residents- aged over 15 years old account for
more than 97% of the total population in 2018.Among those literate residents, the
total numbers of Singaporeans who have graduated from university were estimated
at 908,700 people in 2018 – occupied 16.2% of the total literate people (Singapore
Department of Statistics 2019).For those university graduates, more than 80% get
the full-time permanent jobs with monthly salary exceeding $3000 in 2017 (Ministry
of Education 2019). Although there are a small proportion of university graduates in
Singapore, the quality of graduation outcomes is remained high.

b. Employment rate
According to RMIT Euromonitor (n.d.), Singapore employment rate in 2017 was
remained at a higher rate– 81.1%, compared to other countries in the region such as
Japan – 75.3%, China – 75.7%, and Vietnam – 77.2%. Due to the high quality of
university graduation outcomes, the quality of employed persons in Singapore’s
labor market is significantly high. To further explain, among those Singapore
employed persons, 56.1% are working in the top-ranking positions such as
professionals, managers, executives and technicians in 2017 (Cheng 2017).

 Base on the above statistics, Singapore is the country where has a huge
number of educated and skillful workers, where can provide Dyson a lot of
benefits when relocating their head offices to.

3.1.2. Legal factors

a. Import and export tariffs

All of the imported goods that used directly for Singapore’s local consumption must
be levied on Singapore’s current tax rate of 7% (Singapore Customs 2015). In
comparison with other Asian countries, the imported tax of Singapore is lowered than
China - 9.3% (Government of Canada 2018), Japan – 8% (Japan Customs n.d), and
Thailand – 8% (Societe Generale 2019). Nevertheless, due to the Free Trade
Agreement (FTA), Singapore has exempted 99% of imported tax for all imported
goods from the ASEAN country members, excluded wine, tobacco products, motor
vehicles and petroleum products (International Trade Administration 2018).
Secondly, Singapore Customs (2019) has mentioned that ‘goods exported from
Singapore are not subjected to Goods and Services Tax’. Therefore, by moving the
regional headquarters to Singapore, Dyson can take the tax advantages when export
and import goods from other countries in Asia.
 b. Corporate tax

Firstly, the corporate tax of Singapore is setting at 17% in 2019, which rank in the
middle compared to the countries with highest and lowest corporate taxes in the
region. For example, the Asian country with the highest corporate tax in 2019 is India
– 35%, follow by United Arab Emirates with the lowest corporate taxes in 2019 – 0%
(Trading Economics n.d.).

Secondly, the newly established enterprises in Singapore also benefit from corporate
tax incentives. To further explain, there is 75% tax exemption applying for the first
$10,000 of corporate income and 50% tax reduction applying for the next $290,000
of corporate revenue (KPMG 2018).

Finally, there are several tax incentives applying for payments to the enterprise’s
expatriates in Singapore. For example, there is 22% of corporate taxis exempted for
payment of company director’s remuneration, followed by 17% reduction of
corporate tax forpayment of management, technical assistance, and service fees
(KPMG 2018).

 By relocating the regional headquarters to Singapore, Dyson can take number of

benefits by having the productive human resources with highly educated and
skillful workers, paying lower tariffs and corporate tax compared to other
countries in the region.

3.2. Dyson should relocate their regional headquarters to Hong Kong?

European Chamber & RolandBerger (2011) found that Hong Kong was considered
as an attractive country for relocation of regional headquarters through some key
criteria, including business environment, legal environment, and highly competitive
corporate tax rate.
 3.2.1. Labor market

According to RMIT Euromonitor (n.d.), Hong Kong employment rate in 2018 was
remained at a high level – 70.3%, compared to other countries in the region such as
Philippines – 58.1%, Malaysia – 65.9%, and Thailand – 73.3%. Among those Hong
Kong employed persons, 46.6% are working in financial services, tourism, trading
and logistics, and professional services, which are the four key industries of Hong
Kong (Census and Statistics Department 2018). On the other hand, the report from
ManpowerGroup (cited in South China Morning Post n.d.) states that there still be a
shortage in skilled labor supply in Hong Kong’s labor market, especially in sale
department, engineering department, and information technology department. Due to
the skilled labor deficit, the government of Hong Kong has issued the ‘Talent List’
containing 11 in-demand professions that are essential for the economic
development of the country (Hong Kong Business 2018).

 Despite the fact that Hong Kong has high employment rate in 2018 compared to
other Asian countries, there still be a shortage in skilled labor supply in the labor
market.

3.2.2. Legal factors

a. Import/Export tariffs and regulations

Firstly, according to International Trade Administration (2019), there is no import tax

for commodities imported into Hong Kong, excluded hard alcohol, tobacco,
hydrocarbon oil, and methyl alcohol. Moreover, in order to enhance importation, the
governments have allowed the enterprises to import the goods from other countries
without requiring any Certification of Origin (TMF Group 2018). Secondly, due to the
free trade policy, the governments of Hong Kong have eliminated all the export tax
for all goods exporting from Hong Kong (Trade and Industry Department 2018).
Additionally, in order to facilitate goods export from the country, the governments
have empowered the Director – General of Trade and Industry to issue the
Certification of Origin (CO) for all commodities exported originally from Hong
Kong(TMF Group 2018).Thus, Dyson should establish the regional headquarters in
Hong Kong to facilitate the goods movement across Asian markets.

b. Corporate tax
At the end of 2018, the corporate tax of Hong Kong was setting at 16.5%, which
significantly lower than other potential countries in the region. To elaborate, in 2019;
the corporate taxes of Japan are 30.86%, followed by China – 25%, Vietnam – 20%,
and Singapore – 17% (Trading Economics n.d.). In addition, through the government
taxation policies for national economic development, the corporate tax is being
reduced by a half to 8.25% for the first HK$2 million of profit (KPMG 2018). Thus, by
moving the regional headquarters to Hong Kong, Dyson can save a huge amount of
tax expenses for their business activities.

4. Conclusion
In conclusion, Singapore and Hong Kong are the two potential countries that Dyson
should take into consideration when relocating their regional headquarters to Asia.
Both Singapore and Hong Kong are the two countries where providing tax incentives
for import/export and corporate tax payment. In contrast, while Singapore and Hong
Kong are having high employment rate in the region, there still be a shortage in
skilled labor supply in Hong Kong’s labor market. Therefore, Dyson should take that
problem into consideration by using both parent countries nationals and host country
nationals when relocating their headquarters to Hong Kong.

5. Reference list

 Census and Statistics Department 2018, ‘The Four Key Industries and Other
Selected Industries’, Census and Statistics Department, viewed 25 March 2019,
<https://www.censtatd.gov.hk/hkstat/sub/sp80.jsp?
tableID=191&ID=0&productType=8>

 Cheng, K 2017, ‘Locals form about 75% of PMET employment growth over last
3 years: Swee Say’, TODAY, Mediacorp Press Ltd., 06 November, viewed 22
 March 2019, <https://www.todayonline.com/singapore/locals-form-about-75-
pmet-employment-growth-over-last-3-years-swee-say>

 Dyson n.d., homepage, Dyson, Singapore, viewed 31 March 2019,

<https://www.dyson.com.sg/community/about-dyson.aspx>

 European Chamber & RolandBerger 2011, ‘European Business in China: Asia-

Pacific Headquarters Study’, European Chamber, pp. 1 – 40.

 Government of Canada 2018, ‘Import Regulations in China’, The Canadian

Trade Commissioner Service, viewed 23 March 2019,
<https://www.tradecommissioner.gc.ca/china-chine/market-facts-faits-sur-le-
marche/125684.aspx?lang=eng>

 Hong Kong Business 2018, ‘Government unveils ‘wish list’ of in-demand

workers’, Hong Kong Business, 31 August, viewed 22 March 2019,
<https://hongkongbusiness.hk/hr-education/news/government-unveils-
%E2%80%98wish-list-in-demand-workers >

 International Trade Administration 2019, ‘Hong Kong – Macau – Import Tariffs’,

export.gov, viewed 22 March 2019, <https://www.export.gov/article?id=Hong-
Kong-Macau-import-tariffs>

 Japan Customs n.d., ‘Outline of Tariff and Duty Rates System’, Japan Customs,
viewed 24 March 2019,
<http://www.customs.go.jp/english/summary/tariff.htm#c_consumption_tax >

 Kane, V n.d., ‘Corporate Leadership: Relocation of the Business Unit HQ to

Asia’, PowerPoint slides for BUSM4037 Contemporary Issues in International
Management, RMIT University, Melbourne, viewed 31 March 2019,
Blackboard@RMIT.

 KPMG 2018, ‘Hong Kong introduces two tiered profits tax rate marking a push
towards a more competitive tax environment’, Hong Kong Tax Alert, January,
no. 1, pp. 1-5.
 KPMG 2018, ‘Singapore Tax Facts 2018 – Corporate Tax’, Singapore Tax
Facts 2018, July, p. 1.

 Ministry of Education 2019, Graduate Employment Survey, Data.gov.sg,

GOVTECH, Singapore, viewed 22 March 2019,
<https://data.gov.sg/dataset/graduate-employment-survey-ntu-nus-sit-smu-
sutd>

 Neate, R 2019, ‘Dyson to move company HQ to Singapore’, The Guardian,

viewed on 31 March 2019,
<https://www.theguardian.com/technology/2019/jan/22/dyson-to-move-
company-hq-to-singapore>.

 Pratley, N 2019, ‘Come on Sir James, future-proof Dyson against what?’, The
Guardian, viewed on 31 March 2019,
<https://www.theguardian.com/business/nils-pratley-on-finance/2019/jan/22/
come-on-mr-dyson-future-proof-your-company-against-what>

 RMIT Euromonitor n.d., ‘Economies and Consumers Annual Data’, Passport,

viewed 20 March 2019

 RMIT Euromonitor n.d., ‘Economies and Consumers Quarterly Data’, Passport,

viewed 20 March 2019

 Singapore Customs 2015, ‘Goods and Services Tax (GST)’, Singapore

Customs, viewed 23 March 2019,
<https://www.customs.gov.sg/businesses/valuation-duties-taxes--fees/goods-
and-services-tax-gst>.

 Singapore Customs 2019, ‘Export Procedures’, Singapore Customs, viewed 23

March 2019,
<https://www.customs.gov.sg/businesses/exporting-goods/export-procedures>
 Singapore Department of Statistics 2019, ‘Education, Language Spoken and
Literacy’, Singapore Department of Statistics, viewed 21 March 2019,
<https://www.singstat.gov.sg/find-data/search-by-theme/population/education-
language-spoken-and-literacy/latest-data>

 Singapore Department of Statistics 2019, ‘Manufacturing’, Singapore

Department of Statistics, viewed 21 March 2019,
<https://www.singstat.gov.sg/find-data/search-by-theme/industry/manufacturing/
latest-data#Manufacturing_9885a123a44c44deb11f8df6fea21d46_footnote>

 Singapore Department of Statistics 2019, ‘Singapore Residents Aged 25 Years

& Over By Highest Qualification Attained, Sex And Age Group, Annual’,
Singapore Department of Statistics, viewed 21 March 2019,
https://www.tablebuilder.singstat.gov.sg/publicfacing/createDataTable.action?
refId=12078

 Societe Generale 2019, ‘THAILAND: REGULATIONS AND CUSTOMS’,

Societe Generale, viewed 24 March 2019,
<https://import-export.societegenerale.fr/en/country/thailand/regulations-
customs?accepter_cookies=oui >

 South China Morning Post n.d., ‘Hong Kong third-hardest place in the world to
find skilled workers: report’, South China Morning Post, viewed 25 March 2019,
<https://www.scmp.com/news/hong-kong/economy/article/1846149/hong-kong-
third-hardest-place-world-find-skilled-workers>

 The International Trade Administration (ITA) 2018, ‘Singapore – Import Tariffs’,

export.gov, viewed 22 March 2019, <https://www.export.gov/article?
id=Singapore-Import-Tariffs>

 TMF Group 2018, ‘Hong Kong: Importing And Exporting Rules And Regulations
In Hong Kong’, mondaq, viewed 25 March 2019,
<http://www.mondaq.com/hongkong/x/691946/Export+controls+Trade+Investm
ent+Sanctions/
 Importing+and+exporting+rules+and+regulations+in+Hong+Kong>

 Trade and Industry Department 2018, ‘The European Union And Hong Kong
Some Important Facts’, Trade and Industry Department, viewed 23 March
2019,
<https://www.tid.gov.hk/english/aboutus/publications/factsheet/eu.html>

REPORT TOPIC “B”

Semester 1, 2019
 Student name: Nguyen Nhat Nhan
Student number: s3480570
Course name: Contemporary Issues in
International Management
Course code: BUSM4037

Assignment Title: “SME’S are the cornerstone of

business and employment in Asia. International
business and trade are established and grow
because of Asian family and network connections”

Executive Summary

Vandenberg & Trinh’s research (cited in Vandenberg et al. 2016) showed that 97%

of the Asian enterprises are represented by SMEs. This indicates that SMEs are

playing a key role for business and employment in Asia.

Firstly, SMEs contribute significantly to the region’s economic development through

high employment rate and GDP generation. For employment, SMEs accounted 96%

of the total employed person in the region. For region’s GDP, SMEs contributed 30%

- 50% of the total GDP in the region. Secondly, SMEs play a significant role in

international trade through exportation. In 2017, exports among Asian SMEs

accounted from 7.25% to 19.33% of the total GDP in the region.

Base on the above figures, Asian SMEs are considered as the cornerstone of Asia

which enhance international business and trade around the globe.

Table of Contents

1. Introduction........................................................................................................19
2. Brief background...............................................................................................20

3. Main arguments................................................................................................. 20

3.1. SMEs contribute to the Asian economic development.................................20

3.1.1. Employment rate.......................................................................................21

3.1.2. GDP contribution...................................................................................... 21

3.2. Asian SMEs contribute to international trade...............................................22

3.2.1. Direct and indirect share of exports..........................................................22

a) Direct share of exports..............................................................................23

b) Indirect share of exports...........................................................................23
4. Topic Conclusion...............................................................................................23

5. Reference list..................................................................................................... 24

1. Introduction
This report will address the overview of SMEs as the cornerstone of business and
employment in Asia. To elaborate, this report will identify the main contributions of
Asian SMEs to the regional employments and GDP. Then, it will demonstrate the
roles of Asian SMEs in the development of international business and trades.
2. Brief background
In 2018; there was a trade surplus for Asian economy in goods traded between Asia
and United States. According to Census Bureau (n.d.), while Asian enterprises
imported totally 509 billion USD of goods from United States in 2018, there were
over 1.1 trillion USD of goods exported from Asian enterprises to the US market.
Through the high merchandise trade volume between US and Asian nations, Asian
SMEs are playing an important role in enhancing the international business and
trade growth among regions.

Vietnam Container Shipping Joint Stock Company (VICONSHIP) is one of the

leading Freight Forwarders and Shipping Agency Companies in Vietnam (Fact-Link
2018).VICONSHIP was founded on 27th July 1985 under the name Vietnam
Container Shipping Company (VICONSHIP n.d.).In 2013, VICONSHIP was being
chosen by Forbes Asia for the list of 200 best SMEs in Asia - Pacific(Nhan Dan
Online 2013).Since 2015, VICONSHIP has become the Vietnam Container Shipping
Corporationwith many subsidiariesin Ho Chi Minh City, Hai Phong City, and Quang
Ninh Province (VICONSHIP n.d.). The main activities of the corporation including
port operation, warehousing, logistics and shipping agency (APEC Securities 2015).
Overall, the corporation has contributed significantly to the development of
international business and trade through maritime transportation.

3. Main arguments
3.1. SMEs contribute to the Asian economic development

As mentioned in the PowerPoint slides for BUSM4037 Contemporary Issues in

International Management (‘Metadata’ 2018), SMEs are now playing a crucial role in
any economy through the generation of employment, growth and innovation.

3.1.1. Employment rate

To begin with, the employment rate in Asia is estimated at approximately 65% of the
total population in 2018. Specifically, Vietnam’s employment rate occupied 77.4% of
the country’s population, followed by Malaysia – 65.9% and Philippines – 58.1% in
2018 (RMIT Euromonitor n.d.). To elaborate, the survey from Asian Development
Bank (cited in Yoshino &Hesary 2018) has demonstrated that 96% of the employed
persons in the region are employed by SMEs.

Secondly, Asian SMEs also contribute intensively to the future job creation in the
Asia’s labor market. Business & Sustainable Development Commission (cited in HR
In Asia 2017) predicted that230 million jobs in Asia will be created by Asian
enterprises by 2030.

 This indicates that Asian SMEs are playing a key role in contribution not only to
the employment in the region, but also in the global labor market.

3.1.2. GDP contribution

As clearly stated above that 96% of the employees in Asia are employed by SMEs,
which means that SMEs have contributed heavily to Asian’s GDP. According to
Vandenberg & Trinh (cited in Vandenberg et al. 2016), SMEs made up from 30% to
50% of the region’s GDP. Particularly, in Vietnam, SMEs has created 1.2 million jobs
which contribute over 40% of the country’s GDP (Ministry of Finance, cited in Viet
Nam News 2019). The high amount of GDP contribution from SMEs is due to the
reason that there was an increase in worker’s wages among those firms.
International Labour Organization (2017) reports that the full-time permanent
workers who have been provided formal training from SMEs, are having 14% higher
wages.

3.2. Asian SMEs contribute to international trade

According to Reddington (2018), there was a remarkable rise of 254% in number of

SMEs that exporting within and outside Asia, between 2014 and 2018. To illustrate,
53% of the export revenues from Asian SMEs were generated by exporting to other
countries within the region, where Central and South Asia were the two main
destinations that occupied 37%. Besides, the remains of total export earnings from
Asian SMEs were generated through regional trading, where European countries
were the main markets that made up 33%. The high proportion of export earnings
through regional trades are contributed by China SMEs – 83%, followed by Malaysia
SMEs – 82%, and Vietnam SMEs – 80% (Reddington 2018).

3.2.1. Direct and indirect share of exports

As mentioned in the PowerPoint slides for BUSM4037Contemporary Issues in

International Management (‘Metadata’ 2018), SMEs can contribute to the
international trade through direct and indirect share of exports. To illustrate, Asian
SMEs typically account between 15% and 40% of the regional exports – including
direct and indirect share of exports (Vandenberg et al. 2016). Besides, Asia’s total
exports occupied 48.33% of the region’s GDP in 2017 (The World Bank, cited in The
Global Economy n.d.). Base on the above statistics, the export among Asian SMEs
generally shared from 7.25% to 19.33% of the Asia’s GDP in 2017.

a) Direct share of exports

For direct share of exports, SMEsin Developing Asia accounted for 8.7% of the total
manufacturing sales among developing regions (World Trade Report 2016).

b) Indirect share of exports

For indirect share of exports, SMEs in Developing Asia accounted for 3.7% of the
total manufacturing sales exported indirectly among developing regions (World
Trade Report 2016).

 Overall, Asian SMEs are playing a key role in contribution to the development of
international business and trade around the globe.

4. Topic Conclusion
To sum up, SMEs play a significant role for business and employment in Asia. For
regional economy, SMEs account mostly for both employment ad regional GDP
generation. For international trade, SMEs contribute significantly to the regional GDP
through exportation. It is clear that SMEs are playing an important role for the growth
of international business and trade around the globe.

5. Reference list
 APEC Securities 2015, VIETNAM CONTAINER SHIPPING CORPORATION,
APEC Securities, viewed 31 March 2019, APEC database.
 Fact-Link 2018, ‘Company Profile’, VIETNAM CONTAINER SHIPPING
CORPORATION, viewed 31 March 2019,
<https://www.fact-link.com.vn/mem_profile.php?
id=00000292&page=00000366&lang=en>.
 HR In Asia 2017, ‘Businesses in Asia Poised for Growth, To Create 230mn Jobs
by 2030’, HR In Asia, 8 June, viewed 31 March 2019,
<http://www.hrinasia.com/news/businesses-in-asia-poised-for-growth-to-create-
230mn-jobs-by-2030/>.

 International Labour Organization 2017, ‘Sluggish SME development hurts jobs

and the economy’, International Labour Organization, viewed 28 March 2019,
<https://www.ilo.org/global/about-the-ilo/newsroom/news/WCMS_579872/lang--
en/index.htm>

 ‘Metadata’ 2018, PowerPoint slides for BUSM4037 Contemporary Issues in

International Management, RMIT University, Melbourne, viewed 30 March 2019,
Blackboard@RMIT.

 Nhan Dan Online 2013, ‘Ten Vietnamese companies among Asia’s best SMEs’,
Nhan Dan Online, August 5, viewed 29 March 2019,
<http://en.nhandan.org.vn/business/companies/item/1912102-ten-vietnamese-
companies-among-asia%E2%80%99s-best-smes.html>.

 Reddington, K 2018, Global is the new local: How small businesses in Asia are
harnessing technology to drive exports worldwide, FedEx Business Insights, 12
July, viewed 30 March 2019, <http://fedexbusinessinsights.com/en/sme/asias-
 smes-are-harnessing-technology-to-drive-exports-worldwide/>.

 Reddington, K 2018, ‘Global is the new local: How small businesses in Asia are
harnessing technology to drive exports worldwide’, Supply Chain Asia, 6 August,
viewed 28 March 2019, <http://supplychainasia.org/global-new-local-small-
businesses-asia-harnessing-technology-drive-exports-worldwide/>.
 RMIT Euromonitor n.d., ‘Economies and Consumers Annual Data’, Passport,
viewed 27 March 2019

 Vandenberg, P, Chantapacdepong, P, Yoshino, N 2016, ‘Small Firms, Market

Failures, and Government Policy’, SME in Developing Asia: New Approaches To
Overcoming Market Failures, pp. 1-446.

 VICONSHIP n.d., About Us, homepage, VICONSHIP, Hai Phong City, viewed
31 March 2019, <http://www.viconship.com/en/about>.

 Viet Nam News 2019, ‘Ministry proposes lowering CIT for SMEs’, Viet Nam
News, 28 March, viewed 30 March 2019,
<https://vietnamnews.vn/economy/507898/ministry-proposes-lowering-cit-for-
smes.html#0ddT9vMA5d09mOVO.97>

 World Trade Report 2016, ‘SMEs in international trade: stylized facts’, World
Trade Report, pp. 1-28.