This paper investigates the dynamic linkages between different types of foreign direct investment (FDI), domestic investment and economic growth in Vietnam. We decompose the aggregated FDI level into its two major components: greenfield investments, and cross-border mergers and acquisitions (M&As). The empirical results reveal that greenfield investments and cross-border M&As exhibit different impacts on economic growth. While greenfield investments appear to complement domestic investment, which subsequently promotes long-run economic growth, cross-border M&As exert a significant crowd-out effect and subsequently impede growth in both the short- and the long-run. These results provide important implications for policies to attract FDI in order to stimulate sustainable growth.

本文研究了越南不同类型的外国直接投资 (FDI)、国内投资和经济增长之间的动态联系。我们将总 FDI 水平分解为两个主要组成部分：绿地投资和跨境并购 (M&A)。实证结果表明，绿地投资和跨国并购对经济增长的影响不同。虽然绿地投资似乎是对国内投资的补充，从而促进了长期经济增长，但跨境并购产生了显着的挤出效应，从而阻碍了短期和长期的增长。这些结果对吸引 FDI 以刺激可持续增长的政策具有重要意义。