This study examines the role of economic governance in the relationship between public spending, private investment, and economic growth in Vietnam at the provincial level. The study data consist of sixty-two Vietnamese provinces for the period 2006–2015. Some notable results are attained by applying a sequential (two-stage) estimation. First, the marginal benefits to economic growth of increased Vietnamese provincial government expenditures may be constrained because of the inefficiency of expenditures on education, business services, and public administration. Second, public spending and private investment are found to be substitutes at the provincial level. Third, based on the Provincial Competitiveness Index (PCI) ranking, used as a proxy for provincial public governance in Vietnam, the significance of public governance can be observed. The study concludes that good governance, characterized by different attributes, such as lower informal charges, greater transparency, and unbiased policy, plays a critical role in improving the impact of government expenditure on economic growth in Vietnamese provinces, particularly through its interactions with private sector investment.

这项研究考察了经济治理在越南省级公共支出，私人投资和越南经济增长之间的关系中的作用。研究数据包括2006-2015年越南的62个省。通过应用顺序（两阶段）估计可以获得一些显着的结果。首先，由于教育，商业服务和公共管理方面的支出效率低下，越南省级政府支出增加对经济增长的边际利益可能受到限制。第二，公共支出和私人投资在省一级可以替代。第三，基于省竞争力指数（PCI）的排名（作为越南省公共治理的代名词），可以观察到公共治理的重要性。