BOOK REVIEW: Economic Development and Prospects in the ASEAN: Foreign Investment and Growth in Vietnam, Thailand, Indonesia and Malaysia

Abstract

Economic Development and Prospects in the ASEAN: Foreign Investment and Growth in Vietnam, Thailand, Indonesia and Malaysia. Edited by Tran Van Hoa. Basingstoke and London: Macmillan, 1997. 264 pp. In the wake of the recent financial turmoil in East Asia, it is perhaps only natural that most new books on the region appear rather outdated at first sight. Such a judgment is, of course, premature in many instances. Much, if not most, research remains valid despite the present short term disturbance. It is now obvious, however, that there have been weaknesses in the institutional systems of many Asian countries that have passed undetected even by seasoned economic analysts. Hence, the contributors to the present volume can hardly be blamed for not seeing what nobody else saw. Reading this book was a puzzling experience for a number of other reasons, though. First, despite its title, the volume is not really about ASEAN at all - even if several ASEAN countries are touched on in one way or another but primarily about Vietnam. I cannot help but conclude that the consumer is deliberately misled here, although most countries dealt with are members of ASEAN. Second, the contents of the book are so diverse that it is very hard to find any common denominator. Thinking about an alternative title is actually difficult due to the lack of a coherent theme or methodological approach of the chapters. Some of them are rather straightforward surveys of widely different topics, such as tourism in Vietnam and foreign investment law in Vietnam, while some of the chapters apply or develop advanced econometric methodology. One chapter contains results of a business survey in Vietnam, focusing on co-operation with foreign firms, and another deals with health care problems in Thailand, etc. This heterogeneity makes it difficult to review the book, as it is not possible to comment separately on each chapter. Third, the quality and readability of the chapters vary a great deal. Language problems seem to play a role here and should have been addressed. Adding to the reader's confusion, there is some emphasis on trade and investment contacts with Australia, but no specific other countries. This probably can be explained by the fact that the project has been partly funded by the Australian Government but otherwise this emphasis seems difficult to justify. Out of nine chapters altogether, the editor, Tran Van Hoa, authored or co-authored five. Apart from the introductory essay, which is informative but does not seem to contain much new material, and a chapter on tourism that is rather shallow as well, there are the chapters on a recent business survey in Vietnam and two econometrically oriented chapters. As to the former, it is of some interest since very little work of this type seems to have been done in Vietnam. …