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None * 0.763309 72.50358 55.24578 0.0008
At most 1 0.490035 33.59653 35.01090 0.0704
At most 2 0.397719 15.41436 18.39771 0.1246
At most 3 0.061874 1.724532 3.841466 0.1891

Unrestricted Cointegration Rank Test (Maximum Eigenvalue)

Hypothesized Max-Eigen 0.05
No. of CE(s) Eigenvalue Statistic Critical Value Prob.**

None * 0.763309 38.90705 30.81507 0.0042
At most 1 0.490035 18.18217 24.25202 0.2586
At most 2 0.397719 13.68983 17.14769 0.1488
At most 3 0.061874 1.724532 3.841466 0.1891

Source: Research results from Eview 10
The results of Johansen's integrated copper analysis in Table 4 show that there
exists at least one long-term integrated copper equation between the independent and
dependent variables. Table 5 shows the long-term relationship between independent and
dependent variables
Table 5. Relationship results in long run
LGDP LFDI*** LLB*** LINN
1.000000 -0.105669 0.811797 -0.019933
(0.01334) (0.20172) (0.01593)
[ 7.9212] [ 4.0243] [ 1.2513]
Source: Research results from Eview 10
In the long term, the relationship between the variables is expressed in the
following equation:
LGDP = -0.105669* LFDI + 0.811797* LLB -0.019933* LINN + ε
With the long-run adjustment coefficient: D(LGDP) = 0.028971
The results show that in the long term, FDI and LF are statistically significant for EG.
Specifically, in the long term, FDI will have a negative impact on EG in Vietnam. This
conclusion is consistent with the research of Ang, J. B. (2009), Bouchoucha, N., Ali, W.
(2019). Estimates from the VECM show that in the long term, FDI (FDI) has a negative
impact on Vietnam's EG. In fact, the process of attracting FDI into Vietnam shows that,
although the total registered FDI tends to increase, the contribution of FDI to Vietnam's
GDP is very low. Data from Vietnam's 2024 Statistical Yearbook shows that the FDI sector
contributes about 20% of GDP and only creates 10% of domestic jobs while accounting for
over 71% of export turnover. That shows that the value that Vietnam "retains" is very
small. In addition, the structure of FDI in recent years shows that it is mainly focusing on
processing and manufacturing industries. These are labor-intensive and low-value-added
industries, with a high potential risk of environmental pollution. In addition, increasing

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