Determinants of intangible capital investment in Vietnam: A firm-level analysis

Qing Li, Long Hai Vo

Research output: Contribution to journalArticlepeer-review


Intangible capital is an important growth driver in the modern knowledge-based and innovation-driven economy. While there seems to be sufficient support for the role of intangible capital from developed economies, evidence from fast-growing developing countries is much more limited. This paper explores the heterogeneous pattern and potential determinants of firm-level intangible capital investment in Vietnam. We found that firm size, human capital, and information and communication technology increase the likelihood to invest in intangible capital. Additionally, an inverted-U shaped relation is identified between market competition and intangible capital investment: Moderate levels of market competition induce firms in Vietnam to invest more in innovative activities, but the effect of stronger competition diminishes.
Original languageEnglish
Pages (from-to)1055-1088
Number of pages34
JournalWorld Economy
Issue number3
Early online date9 Aug 2023
Publication statusPublished - Mar 2024


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