• Journal of the Economic Geographical Society of Korea
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• v.18 no.4
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• pp.415-430
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• 2015

Since the late 1990s Vinacafe has gone through strategic changes in corporate governance and managements due to an increase in the introduction of coffee MNCs, a growth of global demands in sustainable coffee, aging coffee tree, and the deterioration of coffee production with climate changes in Vietnam. Vinacafe has attempted to cope with these kinds of changes through strategies for equitization. Therefore, the main aim of this paper is to identify strategies for enhancing the competitiveness of the Vietnamese coffee industry by investigating changes in corporate governance and processes of coffee production and distribution. The equitization of Vinacafe has led to the enhancement of coffee competitiveness in two perspectives. Firstly, as it has decentralized decision-making from headquarter, subsidiaries have become able to strength their competitiveness themselves by introducing new technologies, improving coffee quality, and encouraging the introduction of eco-friendly production methods through cooperative relationships with stakeholders involved in coffee production and distributions in Vietnam. Secondly, it has also enhanced competitiveness through the diversification and effectiveness of coffee managements by intensifying the flexibility of contract with coffee farmers and diversifying coffee sales and supply chains in Vietnam.

• SUVANNABHUMI
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• v.6 no.2
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• pp.37-63
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• 2014

The economic renovation in Vietnam has shown promising achievements. The process of reforming and equitizing state-owned enterprises, and reducing subsidies from the government have made significant progress since 1986. However, this policy has not received the adequate valuation from leaders. Big companies have not been equitized, and are still managed and subsidized by the government, resulted in budget losses. Corporations have been dominated by political interests. This has led to arguments for better and more feasible measures which could save national budget. Corruption in Vietnam mostly originates from state-owned enterprises, for the monopoly was given by government to those enterprises as foreign partners continue to compete under market-oriented mechanism and transparent supervision. Therefore, renovation of the business mechanism, as well as speeding up equitization and minimizing people's properties, have become crucial in the regional integration trend. This is entirely a vital factor in the renovation process. This study explores plans, as well as the merits of the renovation process in Vietnam, ultimately envisioning to overcome current consequences and motivate Vietnam's economy.

• The Journal of Asian Finance, Economics and Business
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• v.9 no.5
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• pp.409-419
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• 2022

This paper examines the post-IPO price volatility in the first trading days after the IPO of SOEs that carry out equitization, on a sample of 76 IPOs on the Hanoi Stock Exchange (Vietnam) in the period 2013-2018. Oversubscription rate, firm size, issuance size, internal equity ownership, and listing delay are all factors that influence IPO price volatility in a primitive stock market. The results showed that the average initial market-adjusted return for the first three trading days was -11.95%; -9.58% and -7.29% and the level of price volatility is related to the rate of oversubscription and company size. Issuance price, issuance size, internal equity holdings, and listing delay do not seem to contribute significantly to post-IPO share prices. Individual investors based their valuation on information released during and after the IPO. In general, the number of IPOs that yield positive and negative returns in the first trading days is about the same, indicating that the two phenomena of undervaluation and overvaluation still occur in the process of valuing shares of Vietnamese SOEs for IPOs.