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Provides an overview of the recent development of various types of economic entities in Vietnam.



Introduction: The Changing Status of Economic Entities in Vietnam

Since the beginning of the new century, Vietnam has enjoyed rapid economic growth. Its economic performance, which had declined in the late 1990s because of the effects of the Asian economic crisis, began to recover in 2000, with Vietnam continuing to enjoy a high growth rate until 2008. The average GDP growth rate between 2001 and 2005 was 7.5%. In three consecutive years — from 2005 to 2008 — the growth rate exceeded 8%. Between 1997 and 2007, the value of GDP increased 3.6 times in nominal terms and twofold in real terms (GSO various years).
Shozo Sakata

1. State Enterprise Groups in Vietnam Following Accession to the WTO

The state enterprise group (hereafter, SOE group) in Vietnam is classified into two broad types of groups. One is the vertically organized general corporation 91(GC91) which was established on the basis of the Prime Minister’s Decision No. 91 relating to the reorganization of state-owned enterprise (hereafter, SOE) to an experimental SOE group involving key industrial areas, and the other is the horizontally organized General Corporation 90(GC90) which was established on the basis of the Prime Minister’s Decision No. 90, which is the SOE group for all of those industries not included in the key areas of Decision No. 90. Following the enacting of the Company Law of 2005 (which was the integrated common company law for both domestic and foreign-invested companies), the “Business Group” (“tap doan kinh te” in Vietnamese) was added to SOE groups as a new type of SOE group. A part of GC91 and the state insurance enterprise group have now changed their group organization into a business group. It appears that the reorganization of the SOE group led by state policies since 1994 has been affected by the East Asian-style business groups such as the “Keiretsu” of Japan, “Chaebol” of Korea, and the business groups in China, organized following the experience of Japan and Korea (Keister 2000).
Akie Ishida

2. Vietnamese Local State-owned Enterprises (SOEs) at the Crossroads: The Implications of SOE Restructuring at the Local Level

It is widely acknowledged that Vietnam’s SOE sector underwent a largescale restructuring in the early 1990s. At that time, the main targets of the restructuring drive were the numerous small local SOEs that suffered from chronic deficits. In recent years, SOE restructuring is again gathering momentum. Assuming that the major features of this stage of SOE restructuring can be described as “keeping the big and releasing the small,”1 it seems almost inevitable that local SOEs that are generally of a smaller scale relative to their central counterparts will once again be the main focus of the renewed restructuring efforts.
Futaba Ishizuka

3. The Business Strategy of Vietnamese Enterprises Listed on the Stock Exchange: Change in the Business Strategy of REE after Listing

Changes in the business environment of Vietnamese stated-owned enterprises (SOEs) after 1999, and especially after 2000, arise from the equitization of SOEs and the establishment of a securities market. In the late 1990s, it was said that “Equitization brings in new capital sources for SOEs. However, the establishment and development of the securities market is a necessary requirement for equitization” (Ishikawa 1999: 315). The equitization of SOEs began in 1993, and by the end of 2007, 3,752 SOEs had been converted into joint stock companies. The number of listed or registered enterprises on the Vietnamese securities market were 156 enterprises listed on the Ho Chi Minh Stock Exchange1 and 145 enterprises registrated at the Ha Noi Securities Trade Center2 (as of the end of July 2008). The stock of about 3,400 non-listed and registered companies on the two markets had been circulating in over-the-counter (OTC) trading.3 However, in fact only the stocks of about 200 enterprises4 were being transacted on a daily basis. According to a report published by the State Securities Commission of Vietnam in January 2009, about 600 SOEs5 had met the listing requirements by the end of 2007.6
Yuko Hayashi

4. Globalization and Development Strategies of Vietnamese Garment Suppliers: Production-Distribution Networks and Enterprise Performance

This chapter investigates how Vietnamese export-oriented garment suppliers are coping with challenges from international integration. Garments are the largest manufactured export item of Vietnam, and the abolition of the Multi Fibre Arrangement (MFA) has resulted in increased international competition.
Kenta Goto

5. The Rise of Local Assemblers in the Vietnamese Motorcycle Industry: The Dynamics and Diversity of Industrial Organization

In the late 1990s, the Vietnamese motorcycle industry faced the typical problems of an import-substituting industry. A limited number of foreign manufacturers producing high-priced, sophisticated products virtually monopolized a small market behind high tariff walls. In less than a decade, however, the industry emerged as the fourth largest in the world only after China, India, and Indonesia (Fujita 2011). The industry has been known as the only import-substituting industry in Vietnam that has successfully achieved high levels of product quality and international competitiveness (Ohno 2005: 47). It is also a success in the sense that some motorcycle manufacturers achieved local content ratios as high as 90% (The Motorbike Joint Working Group 2007: 49–50).
Mai Fujita

6. Development and Prospects for the Vietnamese Banking Sector: Before and After Accession to the WTO

Vietnamese banks are an interesting topic for research, as they are among the economic entities that have experienced significant changes following Vietnam’s WTO accession. In addition, in order to gain a perspective about whether or not the Vietnamese economy can maintain growth, it is critical to monitor whether the Vietnamese banking sector is developing, since the banking sector as a whole constitutes the “financial system,” and functions as an important infrastructure supporting economic activities, especially during the period of economic growth.
Yoko Ogimoto

7. Rural Industries in Northern Vietnam: Strategies of Small-scale Business Establishments in the Formation of Craft Villages

In Vietnam, the permeation of non-agricultural economic activities into rural areas is a phenomenon that reflects recent rapid economic growth. A significant area of rice fields, especially along major national highways, have been converted to large factories and industrial parks, while small-scale businesses in the industrial and service sectors can be observed everywhere in rural Vietnam. Since the liberalization of the economic activities of farmers and rural residents as a result of the Doi Moi reform in the late 1980s, the “industrialization” of the rural economy has been evolving rapidly.
Shozo Sakata


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