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Venture capital in a transition economy: The case of Vietnam

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  • William Scheela
  • Nguyen Van Dinh

Abstract

This paper presents exploratory case studies of five venture capital firms operating in the emerging and transition economy of Vietnam. Institutional theory is used as the theoretical framework to analyse the development of the venture capital industry in Vietnam. The authors explore the relationship between the lack of fully-developed institutions in Vietnam and the challenges facing venture capitalists in a transition economy. Similarities and differences between US and Vietnamese-based venture capitalist are also identified. Unlike US venture capitalists, it was found that venture capitalists operating in Vietnam must closely monitor their portfolio companies because of undeveloped institutions. The importance of networking with government officials was found to be a significant and unique value-added activity for venture capitalists operating in Vietnam. Differences between venture capitalists operating in transition and developed economies are clearly identified.

Suggested Citation

  • William Scheela & Nguyen Van Dinh, 2004. "Venture capital in a transition economy: The case of Vietnam," Venture Capital, Taylor & Francis Journals, vol. 6(4), pages 333-350, October.
    • Handle: RePEc:taf:veecee:v:6:y:2004:i:4:p:333-350
    DOI: 10.1080/1369106042000258508
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    Cited by:

    1. Motavaseli Mahmood & Shojaei Saeed & Bitaab Ali & Hasti Chitsazan & Ghanbar Mohammadi Elyasi, 2018. "Institutional Barriers to Financing Technology-based Small Firms through Venture Capital Mechanism: A Study to Explore the Incentives for Investment in Iran," International Journal of Economics and Financial Issues, Econjournals, vol. 8(1), pages 184-195.
    2. William Scheela & Edmundo Isidro & Thawatchai Jittrapanun & Nguyen Trang, 2015. "Formal and informal venture capital investing in emerging economies in Southeast Asia," Asia Pacific Journal of Management, Springer, vol. 32(3), pages 597-617, September.
    3. Yasuhiro Yamakawa & Mike W. Peng & David L. Deeds, 2008. "What Drives New Ventures to Internationalize from Emerging to Developed Economies?," Entrepreneurship Theory and Practice, , vol. 32(1), pages 59-82, January.
    4. Jiani Wang & Su Chen & William Scheela, 2023. "Foreign venture capital investing strategies in transition economies: The case of China," Asia Pacific Journal of Management, Springer, vol. 40(4), pages 1481-1524, December.
    5. Richard Harrison & William Scheela & P. C. Lai & Sivapalan Vivekarajah, 2018. "Beyond institutional voids and the middle-income trap: The emerging business angel market in Malaysia," Asia Pacific Journal of Management, Springer, vol. 35(4), pages 965-991, December.
    6. Shouchao He, 2011. "The Influential Factors on Internationalization of the SMEs in China: on Wenzhou¡¯s Shoe Industry and Policy Implications," Research in World Economy, Research in World Economy, Sciedu Press, vol. 2(1), pages 48-57, April.
    7. Dang Duc Son & Neil Marriott & Pru Marriott, 2006. "Users' perceptions and uses of financial reports of small and medium companies (SMCs) in transitional economies: Qualitative evidence from Vietnam," Qualitative Research in Accounting & Management, Emerald Group Publishing, vol. 3(3), pages 218-235, September.
    8. Kamran Ahmed Siddiqui & Mohammad Emad Al-Shaikh & Ishtiaq Ahmed Bajwa & Omar Alenzi, 2021. "Venture capital challenges in Saudi Arabia," Entrepreneurship and Sustainability Issues, VsI Entrepreneurship and Sustainability Center, vol. 8(3), pages 291-302, March.

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