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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Detalhes bibliográficos
Autor: Nguyen, Quang Minh
Formato: tesis doctoral
Fecha de publicación:2025
País:España
Recursos:Universitat de València
Repositorio:RODERIC. Repositorio Institucional de la Universitat de València
OAI Identifier:oai:dnet:roderic_____::77ddc4bc355b71e13ec20b20e9b3fa5b
Acesso em linha:https://hdl.handle.net/10550/110831
Access Level:acceso abierto
Palavra-chave:privatization
transition
state-owned enterprises
Vietnam
UNESCO::CIENCIAS ECONÓMICAS::Economía general
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spelling Privatization of State-Owned Enterprises in Transition Economies: The Case of VietnamNguyen, Quang Minhprivatizationtransitionstate-owned enterprisesVietnamUNESCO::CIENCIAS ECONÓMICAS::Economía generalThis 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.Ángeles Pons Brias, MaríaBeneito López, PilarDepartament d'Anàlisi Econòmica2025202520252025doctoral thesisinfo:eu-repo/semantics/doctoralThesis341 p.application/pdfhttps://hdl.handle.net/10550/110831reponame:RODERIC. Repositorio Institucional de la Universitat de Valènciainstname:Universitat de ValènciaInglésAttribution-NonCommercial-NoDerivatives 4.0 Internationalhttp://creativecommons.org/licenses/by-nc-nd/4.0/open accessinfo:eu-repo/semantics/openAccessoai:dnet:roderic_____::77ddc4bc355b71e13ec20b20e9b3fa5b2025-07-15T12:44:01Z
dc.title.none.fl_str_mv Privatization of State-Owned Enterprises in Transition Economies: The Case of Vietnam
title Privatization of State-Owned Enterprises in Transition Economies: The Case of Vietnam
spellingShingle Privatization of State-Owned Enterprises in Transition Economies: The Case of Vietnam
Nguyen, Quang Minh
privatization
transition
state-owned enterprises
Vietnam
UNESCO::CIENCIAS ECONÓMICAS::Economía general
title_short Privatization of State-Owned Enterprises in Transition Economies: The Case of Vietnam
title_full Privatization of State-Owned Enterprises in Transition Economies: The Case of Vietnam
title_fullStr Privatization of State-Owned Enterprises in Transition Economies: The Case of Vietnam
title_full_unstemmed Privatization of State-Owned Enterprises in Transition Economies: The Case of Vietnam
title_sort Privatization of State-Owned Enterprises in Transition Economies: The Case of Vietnam
dc.creator.none.fl_str_mv Nguyen, Quang Minh
author Nguyen, Quang Minh
author_facet Nguyen, Quang Minh
author_role author
dc.contributor.none.fl_str_mv Ángeles Pons Brias, María
Beneito López, Pilar
Departament d'Anàlisi Econòmica
dc.subject.none.fl_str_mv privatization
transition
state-owned enterprises
Vietnam
UNESCO::CIENCIAS ECONÓMICAS::Economía general
topic privatization
transition
state-owned enterprises
Vietnam
UNESCO::CIENCIAS ECONÓMICAS::Economía general
description 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.
publishDate 2025
dc.date.none.fl_str_mv 2025
2025
2025
2025
dc.type.none.fl_str_mv doctoral thesis
info:eu-repo/semantics/doctoralThesis
format doctoralThesis
dc.identifier.none.fl_str_mv https://hdl.handle.net/10550/110831
url https://hdl.handle.net/10550/110831
dc.language.none.fl_str_mv Inglés
language_invalid_str_mv Inglés
dc.rights.none.fl_str_mv Attribution-NonCommercial-NoDerivatives 4.0 International
http://creativecommons.org/licenses/by-nc-nd/4.0/
open access
info:eu-repo/semantics/openAccess
rights_invalid_str_mv Attribution-NonCommercial-NoDerivatives 4.0 International
http://creativecommons.org/licenses/by-nc-nd/4.0/
open access
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv 341 p.
application/pdf
dc.source.none.fl_str_mv reponame:RODERIC. Repositorio Institucional de la Universitat de València
instname:Universitat de València
instname_str Universitat de València
reponame_str RODERIC. Repositorio Institucional de la Universitat de València
collection RODERIC. Repositorio Institucional de la Universitat de València
repository.name.fl_str_mv
repository.mail.fl_str_mv
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score 15,638193

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