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Mergers and Acquisitions in Vietnam's Emerging Market Economy: 1990-2009


Quan Hoang Vuong


Solvay Brussels School of Economics and Management, Centre Emile Bernheim (University of Brussels); DHVP Economics

Tri Dung Tran


DHVP Research & Consultancy

Thi Chau Ha Nguyen


Dan Houtte, Vuong & Partners

November 10, 2009

WP-CEB No. 09/045

Abstract:     
This paper is the first major and thorough study on the M&A activities in Vietnam’s emerging market economy, covering almost entirely the M&A history after the launch of Doi Moi. The surge in these activities since mid-2000s by no means incidentally coincides with the jump in FDI and FPI inflows into the nation.

M&A industry in Vietnam has its socio-cultural traits that could help explain economic happenings, with anomalies and transitional characteristics, far better than even the most complete set of empirical data. Proceeds from sales of existing assets and firms have mainly flowed into the highly speculative industries of securities, banking, non-bank financials, portfolio investments and real estates. The impacts of M&A on Vietnam’s long-term prosperity are, thus, highly questionable. An observable high degree of volatility in the M&A processes would likely blow out the high ex ante expectations by many speculators, when ex post realizations finally arrive.

The effect of the past M&A evolution in Vietnam has been indecisively positive or negative, with significant presence of rentseeking and likelihood of causing destructive entrepreneurship. From a socioeconomic and cultural view, the degree of positive impacts it may result in for domestic entrepreneurship will perhaps be the single most important indicator.

Number of Pages in PDF File: 44

Keywords: Capital Market, Emerging Market, Entrepreneurship, Mergers and Acquisitions, Transition Economy, Vietnam

JEL Classification: G34, G38, O16

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Date posted: November 10, 2009  

Suggested Citation

Vuong, Quan Hoang and Tran, Tri Dung and Nguyen, Thi Chau Ha, Mergers and Acquisitions in Vietnam's Emerging Market Economy: 1990-2009 (November 10, 2009). WP-CEB No. 09/045. Available at SSRN: http://ssrn.com/abstract=1503288 or http://dx.doi.org/10.2139/ssrn.1503288

Contact Information

Quan Hoang Vuong (Contact Author)
Solvay Brussels School of Economics and Management, Centre Emile Bernheim (University of Brussels) ( email )
ULB CP 145/01
21 Ave. F.D. Roosevelt
Brussels 1050
Belgium
+32-2-6504864 (Phone)
+32-2-6504188 (Fax)
HOME PAGE: http://www.solvay.edu/EN/Research/Bernheim/
DHVP Economics ( email )
49 Nguyen Hong
Dong Da District
Hanoi, Hanoi
Vietnam
+84-4-37738654 (Phone)
+84-4-37738653 (Fax)
HOME PAGE: http://www.vietnamica.net
Tri Dung Tran
DHVP Research & Consultancy ( email )
49 Nguyen Hong
Dong Da
Ha Noi
Vietnam
84-4-37738653 (Phone)
84-4-37738654 (Fax)
HOME PAGE: http://www.vietnamica.net
Thi Chau Ha Nguyen
Dan Houtte, Vuong & Partners ( email )
United States
HOME PAGE: http://www.vietnamica.com
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