Moving Ahead: How to Accelerate the SOE Equitization Process in Vietnam

The project had three (3) main components: - Qualitative Research: In-depth, one-on-one interviews with a total of 20 market participants who have solid experience and knowledge in SOE equitization. These included representatives from brokerage firms, investment firms, law firms, auditing firms, government, and SOEs themselves. - SOE Case Analysis: In-depth analysis of two "successful" SOE equitizations - Vietnam Airlines ("VNA") and Binh Son Refining and Petrochemical (BSR) and two "unsuccessful" equitizations - Becamex ("BCM") and Vietnam Rubber Group ("GVR"). - Data Analysis of SOE Equitizations and Divestment Trends: Using data from several government websites including from the Ministry of Finance, the Enterprise Development Agency (Ministry of Planning and Investment), VietnamFinance, and doimoidoanhnghiep.chinhphu.vn, trends in SOE equitization and divestment from 2011 to March 2018 (included planned and actual) were analysed.