Prompt: Countries should restrict foreign companies from opening offices and factories in order to protect local businesses. Do you agree or disagree? Give reasons and specific examples to explain your answer

It is argued that to protect domestic businesses, countries should limit the number of multinational companies. However, I completely disagree with this point of view. Ċ On the one hand, there are some reasons why foreign companies should be encouraged to open their branches in other nations. The first reason is the technological advantage. To put it another way, foreign companies will bring high technology to the host countries which saves time for local companies to own it and leads to increased productivity. As an illustration, some Japanese firms which have a reputation for state-of-the-art technological innovations in the world are regularly invited to Viet Nam to build their new branches, which improve the quality of production. The second reason is having more opportunities to deal with international partners. In other words, developing countries have a chance to export their local productions to a wide range of industrialized corporations. As a result, local manufactures might enjoy supercharged economic growth. Ċ On the other hand, the local economy might benefit from receiving foreign investment in many ways. Firstly, when foreign companies open their branches and offices in a country, they help generate several jobs. This gives a boost to the local economy. For example, the Samsung corporation provides jobs for 10000 people in Vietnam in 2017, reported by a VNexpress. Secondly, the competition in the local market will be increased by the arrival of new companies. This will lead to the fact that the local companies have to price their products competitively. Furthermore, the tough competition will make the quality of products and services improved. Thus, foreign investment will bring benefits for not only the country but also the consumers. Ċ In conclusion, for the reasons I have mentioned above, I strongly believe that encouraging foreign companies will bring many benefits to the host countries such as receiving modern technologies, having potential dealers, creating more jobs, and improving the quality of products and services as well.