외국기업의 정치적 위험관리 전략으로서 현지 CSR의 효과 분석: 베트남 도시개발 진출 한국기업의 비시장 전략 비교 = The Effects of Local CSR as a Political Risk Management Strategy of Foreign Companies: Comparison of Non-Market Strategies of Two Korean Companies Invested in an Urban Development Project in Vietnam

다국어 초록 (Multilingual Abstract)

This study explains the success and failure of political risk management of two Korean companies that have invested in the development project of the Susum district (pseudonym) in Ho Chi Minh City, Vietnam with different non-market strategies. The Susum development project with its rosy prospects attracted a large number of domestic and foreign investments, but suffered from unexpected difficulties as it became the target of anti-corruption campaign in 2018 by the 12th Communist Party leadership. However, the difficulties faced by the two Korean companies were different. Company A failed to formulate a non-market strategy that would help hedging the institutional weaknesses of Vietnam, and a result, suffered a substantial loss due to the project’s disruptions by the anti-corruption campaign. By contrast, company B was able to overcome the political risks thanks to its well-crafted political-corporate social responsibility (political CSR) strategy in which it supplied local public goods with its own capital, thereby successfully securing leverage to the authorities. This study suggests that in emerging and transition countries such as Vietnam, political CSR, which aims to build legitimacy in the eyes of key local stakeholders―local authorities and the public in particular―can be a highly effective strategy in dealing with political risks.