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Abstrak (Bhs. Indonesia)

Sejak pelaksanaan reformasi Doi Moi pada 1986, Pemerintah Vietnam secara bertahap membangun sistem administrasi yang mampu mendukung pertumbuhan ekonomi sekaligus mempertahankan arah pembangunan nasional. Pada periode 2020–2024, pemerintah Vietnam mengesahkan Law on Investment 2020 (LOI 2020) sebagai bentuk reformasi administratif yang diarahkan untuk mendukung visi industrialisasi Vietnam hingga 2045. Kebijakan ini bertujuan untuk menciptakan iklim investasi yang lebih efisien, transparan, dan kompetitif guna meningkatkan arus Foreign Direct Investment (FDI), terutama pada sektor-sektor strategis. Penelitian ini bertujuan menganalisis peran LOI 2020, dalam mendorong pertumbuhan arus FDI di Vietnam selama periode 2020–2024. Penelitian ini menggunakan pendekatan Ekonomi Politik Internasional dengan Developmental State Approach yang dikemukakan Chalmers Johnson, ditinjau melalui tiga fitur kunci, yaitu peran intervensi pemerintah, penggunaan instrumen kebijakan strategis, dan kapasitas kelembagaan. 
Hasil penelitian menunjukkan bahwa LOI 2020 tidak hanya merepresentasikan liberalisasi investasi, tetapi juga menjadi instrumen strategis pemerintah untuk mengarahkan investasi asing melalui penerapan negative list, pemberian insentif pada sektor prioritas, penyederhanaan prosedur investasi, dan penguatan kapasitas kelembagaan. Namun, kontribusi LOI 2020 terhadap peningkatan volume FDI tidak dapat dipandang sebagai faktor tunggal karena tren pertumbuhan FDI telah terbentuk sejak era LOI 2014 dan selama periode penelitian turut dipengaruhi oleh pemulihan pascapandemi Covid-19, ketegangan dagang Amerika Serikat–Tiongkok, strategi China Plus One, serta partisipasi Vietnam dalam perjanjian perdagangan internasional. Kontribusi LOI 2020 lebih nyata terlihat dalam mempertahankan kualitas iklim investasi domestik yang tercermin dari perbaikan skor Provincial Competitiveness Index (PCI) selama 2020–2024. Dengan demikian, penelitian ini menyimpulkan bahwa LOI 2020 berperan memperkuat daya saing dan kesiapan Vietnam dalam memanfaatkan peluang investasi global, sehingga pertumbuhan FDI di Vietnam merupakan hasil interaksi antara reformasi administratif domestik dan dinamika ekonomi politik global.

Kata kunci: Law on Investment 2020, Foreign Direct Investment (FDI), Reformasi Administratif, Vietnam, Developmental State.

Abtrak (Bhs. Inggris)

Since the implementation of the Doi Moi reforms in 1986, the Vietnamese government has gradually developed an administrative system capable of supporting economic growth while maintaining its national development agenda. During the 2020–2024 period, the government enacted the Law on Investment 2020 (LOI 2020) as part of its administrative reform to support Vietnam's industrialization vision toward 2045. The regulation aims to establish a more efficient, transparent, and competitive investment climate to attract greater Foreign Direct Investment (FDI), particularly in strategic sectors. This study examines the role of LOI 2020 in promoting FDI inflows into Vietnam during the 2020–2024 period. The research adopts an International Political Economy perspective using Chalmers Johnson's Developmental State Approach, which is analyzed through three key dimensions: government intervention, the use of strategic policy instruments, and institutional capacity. 
The findings indicate that LOI 2020 represents not only investment liberalization but also a strategic policy instrument through which the Vietnamese government directs foreign investment by implementing the negative list, providing incentives for priority sectors, simplifying investment procedures, and strengthening institutional capacity. However, the study finds that LOI 2020 should not be regarded as the sole driver of increased FDI inflows, as the upward trend in FDI had already emerged under the Law on Investment 2014 (LOI 2014). Moreover, FDI performance during the study period was also influenced by the post-COVID-19 economic recovery, the United States–China trade tensions, the China Plus One strategy, and Vietnam's participation in international trade agreements. The more significant contribution of LOI 2020 lies in maintaining the quality of Vietnam's domestic investment climate, as reflected in the continuous improvement of the Provincial Competitiveness Index (PCI) scores between 2020 and 2024. Therefore, this study concludes that LOI 2020 strengthened Vietnam's competitiveness and readiness to capitalize on global investment opportunities. Accordingly, FDI growth in Vietnam is best understood as the result of the interaction between domestic administrative reforms and the dynamics of the global political economy.

Keywords: Law on Investment 2020, Foreign Direct Investment (FDI), Administrative Reform, Vietnam, Developmental State

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