Privatization of State-Owned Enterprises in Transition Economies: The Case of Vietnam
This dissertation addresses two research gaps in the existing literature on privatization. Firstly, compared to other countries that are transitioning from a centrally planned to a market-oriented economy, such as China and Russia, Vietnam's privatization has received much less scholarly attent...
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| Tipo de recurso: | tesis doctoral |
| Fecha de publicación: | 2025 |
| País: | España |
| Institución: | Universitat de València |
| Repositorio: | RODERIC. Repositorio Institucional de la Universitat de València |
| OAI Identifier: | oai:dnet:roderic_____::77ddc4bc355b71e13ec20b20e9b3fa5b |
| Acceso en línea: | https://hdl.handle.net/10550/110831 |
| Access Level: | acceso abierto |
| Palabra clave: | privatization transition state-owned enterprises Vietnam UNESCO::CIENCIAS ECONÓMICAS::Economía general |
| Sumario: | This dissertation addresses two research gaps in the existing literature on privatization. Firstly, compared to other countries that are transitioning from a centrally planned to a market-oriented economy, such as China and Russia, Vietnam's privatization has received much less scholarly attention. When studied, the focus is often on 'equitization', the process of transforming state-owned enterprises (SOEs) into joint-stock companies, rather than on privatization itself, which involves the transfer of control from the public to the private sector. Secondly, while previous research has extensively examined the microeconomic effects of privatization on firm performance and its broader macroeconomic implications, its relationship with industry-level market structures remains an underexplored topic. To partially bridge these gaps in the literature, my dissertation investigates the privatization process in Vietnam and examines its implications for firm performance and industrial concentration. It adopts a quantitative, data-driven approach, drawing on the General Statistical Office's Enterprise Surveys, the largest longitudinal census of firms in Vietnam. My main empirical results can be summarized as follows. First, by tracing Vietnam's transition from a centrally planned economy to a more market-oriented system, my analysis shows that the privatization process in Vietnam has progressed slowly and without distinct phases, remaining largely unaffected by exogenous shocks and internal shifts in domestic structures. Second, my findings demonstrate that privatization significantly improved firm performance; however, little changes in post-privatization efficiency were observed for large SOEs, strategic SOEs, and SOEs in the services sectors. Third, my empirical results suggest that greater privatization was associated with a statistically significant decrease in market concentration, measured by the Herfindahl-Hirschman Index and the Concentration Ratio of the top four firms. Finally, I find that the speed of privatization moderates this effect: a faster privatization process led to a stronger reduction in industrial concentration, whereas a slower process reversed this effect. |
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