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Nhan đề: M&A Market in Vietnam's Transition Economy
Tác giả: Hoang, Vuong Quan
Tri, Tran Dung
Ha, Nguyen Thi Chau
Từ khoá: Capital Market
Emerging Market
Mergers and Acquisitions
Transition Economy
Việt Nam
Năm xuất bản: Oct-2009
Tùng thư/Số báo cáo: Journal of Economic Policy and Research;Vol 5, No 1, page 1-54
Tóm tắt: This paper is the first major and thorough study on the Merger & Acquisition (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 the 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 impact of M&A on Vietnam’s long-term prosperity is 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 rent-seeking and likelihood of causing destructive entrepreneurship. From a socio-economic and cultural view, the degree of positive impacts may result in domestic entrepreneurship which will perhaps be the single most important indicator
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ISSN: 0975 - 8577
Appears in Collections:Economic development

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