Mergers and acquisitions in vietnam s em

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Mergers and acquisitions in vietnam s em

Centre Emile BernheimResearch Institute in Management SciencesSolvavBrusseisocnooi* of Eronoinio and Managctnont /Mergers and Acquisitions in Vietnam'

Mergers and acquisitions in vietnam s em 's Emerging Market Economy, 1990-2009VUONG Quan-Hoang, TRAN Tri Dung and NGUYEN Thi Chau HaThis 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 Mergers and acquisitions in vietnam s em

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-cultura

Mergers and acquisitions in vietnam s em

l traits that could help explain economic happenings, with anomalies and transitional characteristics, far better than even the most complete set of e

Centre Emile BernheimResearch Institute in Management SciencesSolvavBrusseisocnooi* of Eronoinio and Managctnont /Mergers and Acquisitions in Vietnam'

Mergers and acquisitions in vietnam s em bank financials, portfolio investments and real estates. The impacts of M&A on Vietnam's long-term prosperity are, thus, highly questionable. An obser

vable high degree of volatility in the M&A processes would likely blow out the high ex ante expectations by many speculators, when ex post realization Mergers and acquisitions in vietnam s em

s finally arrive. The effect of the past M&A evolution in Vietnam has been indecisively positive or negative, with significant presence of rentseeking

Mergers and acquisitions in vietnam s em

and likelihood of causing destructive entrepreneurship. From a socioeconomic and cultural view, the degree of positive impacts it may result in for d

Centre Emile BernheimResearch Institute in Management SciencesSolvavBrusseisocnooi* of Eronoinio and Managctnont /Mergers and Acquisitions in Vietnam'

Mergers and acquisitions in vietnam s em et, Entrepreneurship, Mergers and Acquisitions, Transition Economy, Vietnam.CEB Working Paper N° 09/0452009Université Libre de Bruxelles - Solvay Brus

sels School of Economics and Management Centre Emile BernheimULB CPỈ45/0Ỉ 50. avenue F.D. Roosevelt 1050 Brussels BELGIUM e-mail: ceb@admin.ulb.ac.be Mergers and acquisitions in vietnam s em

Tel. : +32 (0)2/650.48.64 Fax : -32 (0)2/650.41.88ULBMergers and Acquisitions in Vietnam’s Emerging Market Economy, 1990-2009VUONG. Quan-Hoang' Centre

Mergers and acquisitions in vietnam s em

Emile Bernheim, ưniversité Libre de Bruxelles CP 145 01. 50 Ave. F.D. Roosevelt. B-Ỉ050. Belgium TRAN, Tri DungDan Houtte, Vuong & Partners, Economic

Centre Emile BernheimResearch Institute in Management SciencesSolvavBrusseisocnooi* of Eronoinio and Managctnont /Mergers and Acquisitions in Vietnam'

Mergers and acquisitions in vietnam s em Emile Bernheim’s Working PaperWP-CEB N° 09-045Abstract:This paper is the first major and thorough study on the M&Aactivities in Vietnam’s emerging ma

rket 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 incident Mergers and acquisitions in vietnam s em

ally 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 eco

Mergers and acquisitions in vietnam s em

nomic happenings, with anomalies and transitional characteristics, far better than even the most complete set of empirical data. Proceeds from sales o

Centre Emile BernheimResearch Institute in Management SciencesSolvavBrusseisocnooi* of Eronoinio and Managctnont /Mergers and Acquisitions in Vietnam'

Mergers and acquisitions in vietnam s em ts 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 t

he 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 Mergers and acquisitions in vietnam s em

past M&A evolution in Vietnam has been indecisively positive or negative, with significant presence of rent-seeking and likelihood of causing destruc

Mergers and acquisitions in vietnam s em

tive entrepreneurship. From a socio-economic and cultural view, the degree of positive impacts it may result in for domestic entrepreneurship will per

Centre Emile BernheimResearch Institute in Management SciencesSolvavBrusseisocnooi* of Eronoinio and Managctnont /Mergers and Acquisitions in Vietnam'

Mergers and acquisitions in vietnam s em etnam.JEL Classification: G34, G38, 016’ Contact author. Email: qvuong£u.lb.a.c is or gsvuongiiginail com. Phone: +84-90-6060-888.Ễ 2009-Ộ.H. Vuong, T

king paper may be reproduced without written permission from the Authors Data, analysis and discussion of this paper could be reused, in part, provide

Mergers and acquisitions in vietnam s em

d that proper Citation IS made as credit to the Authors. This working paper IS preliminary work in progress that is posted to stimulate discussion and

Centre Emile BernheimResearch Institute in Management SciencesSolvavBrusseisocnooi* of Eronoinio and Managctnont /Mergers and Acquisitions in Vietnam'

Mergers and acquisitions in vietnam s em ersion tracking: Current. November 10. 2009. Previous. September 22. 2009. This working paper first appears electronically on the Repository System of

the Centre Emile Bernheim. Solvay Brussels School of Economics and Management. University Libre de Bruxelles Address: CP 145/01 UL8, 19-21 Avenue Fra Mergers and acquisitions in vietnam s em

nklin Delano Roosevelt. Bruxelles B-1050. BelgiumỀ-2Ờ09-Ộ.H. Vuong. T.D. Tran. T.C.H.. Nguyen1. Background

Centre Emile BernheimResearch Institute in Management SciencesSolvavBrusseisocnooi* of Eronoinio and Managctnont /Mergers and Acquisitions in Vietnam'