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Mergers and Acquisitions in Vietnam’s Emerging Market Economy, 1990-2009

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  • Quan Hoang Vuong
  • Tran Tri Dung
  • Thi Chau Ha NguyenN

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 outthe 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 it may result in for domestic entrepreneurship will perhaps be the single most important indicator.

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Bibliographic Info

Paper provided by ULB -- Universite Libre de Bruxelles in its series Working Papers CEB with number 09-045.RS.

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Length: 44 p.
Date of creation: 2009
Date of revision:
Publication status: Published by:
Handle: RePEc:sol:wpaper:09-045

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

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References

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  1. Rossi, Stefano & Volpin, Paolo, 2003. "Cross-Country Determinants of Mergers and Acquisitions," CEPR Discussion Papers 3889, C.E.P.R. Discussion Papers.
  2. Stähler, Frank & Ryan, Michael & Raff, Horst, 2007. "The Choice of Market Entry Mode: Greenfield Investment, M&A and Joint Venture," Economics Working Papers 2007,19, Christian-Albrechts-University of Kiel, Department of Economics.
  3. Ijiri, Yuji & Simon, Herbert A, 1971. "Effects of Mergers and Acquisitions on Business Firm Concentration," Journal of Political Economy, University of Chicago Press, vol. 79(2), pages 314-22, March-Apr.
  4. Yuanzhi Luo, 2005. "Do Insiders Learn from Outsiders? Evidence from Mergers and Acquisitions," Journal of Finance, American Finance Association, vol. 60(4), pages 1951-1982, 08.
  5. André Farber & Van Nam Nguyen & Quan Hoang Vuong, 2006. "Policy impacts on Vietnam stock markets: a case of anomalies and disequilibria 2000-2006," Working Papers CEB 06-005.RS, ULB -- Universite Libre de Bruxelles.
  6. Katz, Jeffrey P. & Katz, Jeffey P. & Simanek, Astrid & Townsend, James B., 1997. "Corporate mergers and acquisitions: One more wave to consider," Business Horizons, Elsevier, vol. 40(1), pages 32-40.
  7. Sanjaya Lall, . "Implications Of Cross-Border Mergers and Acquisitions By TNCs in Developing Countries: A Beginner's Guide," QEH Working Papers qehwps88, Queen Elizabeth House, University of Oxford.
  8. Deng, Ping, 2009. "Why do Chinese firms tend to acquire strategic assets in international expansion?," Journal of World Business, Elsevier, vol. 44(1), pages 74-84, January.
  9. Miao Wang & M. C. Sunny Wong, 2009. "What Drives Economic Growth? The Case of Cross-Border M&A and Greenfield FDI Activities," Kyklos, Wiley Blackwell, vol. 62(2), pages 316-330, 04.
  10. Shick, Richard A, 1972. "The Analysis of Mergers and Acquisitions," Journal of Finance, American Finance Association, vol. 27(2), pages 495-502, May.
  11. Holger Breinlich, 2006. "Trade liberalization and industrial restructuring through mergers and acquisitions," LSE Research Online Documents on Economics 19868, London School of Economics and Political Science, LSE Library.
  12. Paul André & Maher Kooli & Jean-François L’Her, 2004. "The Long-Run Performance of Mergers and Acquisitions: Evidence from the Canadian Stock Market," Financial Management, Financial Management Association, vol. 33(4), Winter.
  13. Quan Hoang Vuong, 2004. "Analyses on Gold and US Dollar in Vietnam's Transitional Economy," Working Papers CEB 04-033.RS, ULB -- Universite Libre de Bruxelles.
  14. Quan Hoang Vuong, 2003. "Essays on Vietnam’s Financial Reforms: Foreign Exchange Statistics and Evidence of Long-Run Equilibrium," Working Papers CEB 03-013.RS, ULB -- Universite Libre de Bruxelles.
  15. Linda Allen & Julapa Jagtiani & Stavros Peristiani & Anthony Saunders, 2002. "The role of bank advisors in mergers and acquisitions," Staff Reports 143, Federal Reserve Bank of New York.
  16. Quan Hoang Vuong, 2004. "The Vietnam's Transition Economy and Its Fledgling Financial Markets: 1986-2003," Working Papers CEB 04-032.RS, ULB -- Universite Libre de Bruxelles.
  17. Oberg, Christina & Holtstrom, Johan, 2006. "Are mergers and acquisitions contagious?," Journal of Business Research, Elsevier, vol. 59(12), pages 1267-1275, November.
  18. Mara Faccio & Ronald W. Masulis, 2005. "The Choice of Payment Method in European Mergers and Acquisitions," Journal of Finance, American Finance Association, vol. 60(3), pages 1345-1388, 06.
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