Abstract
This study applies investment development path theory to a recent successful FDI attraction case of Vietnam. The fixed effect panal data estimations for a total of 20 sample countries including Vietnam were applied initially and further for a subset of 11 Asian countries. In the regression of net outward investment(NOI) for the sample period of 2000 to 2018 on the level of economic development as proxied b y GDP per capita and t he s quared G DP p er c apita, t he i nvestment development path t heory was generally confirmed. Significant country specific effects were found especially in the analysis for the subset of 11 Asian countries in the panel regression analysis.
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