Building a Venture Capital Market in Vietnam: Diffusion of a Neoliberal Market Strategy to a Socialist State

Asian Studies Review

Volumn 38, Issue 4, 2014, Pages 582-600

  Klingler Vidra, Robyn ^a  

^a LONDON SCHOOL OF ECONOMICS   (United Kingdom)

Author keywords

financialisation; industrial policy; international organisations; official development assistance; venture capital markets; Vietnam

Indexed keywords

EID: 84919869451     PISSN: 10357823     EISSN: 14678403     Source Type: Journal    
DOI: 10.1080/10357823.2014.958054     Document Type: Article

References (77)

1. ABNR Law (2012) New regulation on venture capital companies. ABNR Counsellors at Law News. Available at http://www.abnrlaw.com/news_detail.php?send_news_id=170&year=2012&month=4, accessed 18 December 2012.
2. Acuña-Alfaro, Jairo (2009) Reforming public administration in Vietnam: Current situation and recommendations (Hanoi: The National Political Publishing House and the United Nations Development Programme in Vietnam).
3. Aid Effectiveness (2012) Vietnam country profile. Aid Effectiveness Portal. Available at http://www.aideffectiveness.org/Country-Vietnam.html, accessed 29 October 2012.
4. AltAssets (2011) Vietnamese private equity industry exits total $150m in 2010. AltAssets, 17 January. Available at http://www.altassets.net/private-equity-news/vietnamese-private-equity-industry-exits-total-150m-in-2010.html, accessed 9 October 2012.
5. AVCJ (Asian Venture Capital Journal) (2005) Asian Private Equity 300 Guide. AVCJ.
6. AVCJ (2011) Asia Pacific Private Equity 2011–2012. AVCJ.
7. rd quarter 2012. BarclayHedge. Available at http://www.barclayhedge.com/research/indices/ghs/mum/HF_Money_Under_Management.html, accessed 5 December 2012.
8. Berry, William D. and Brady Baybeck (2005) Using geographic information systems to study interstate competition. American Political Science Review 99(4), pp. 505–19.
9. Bruton, G.D., D. Ahlstrom and K. Kingh (2002) The impact of the institutional environment on the venture capital industry in Singapore. Venture Capital: An International Journal of Entrepreneurial Finance 4(3), pp. 197–218.
10. Busch, Per-olof and Helge Jörgens (2005) The international sources of policy convergence: Explaining the spread of environmental policy innovations. Journal of European Public Policy 12(5), pp. 860–84.
11. Business Review (2010) Financing institutions other than banks. All About Business Review and Management. Available at http://businessreview-article.blogspot.co.uk/2010/12/financing-institutions-other-than-banks.html, accessed 18 December 2012.
12. Canadian Trade Commissioner (2011) An investment guide to Vietnam, December. Available at http://www.tradecommissioner.gc.ca/eng/pdf.jsp?did=91398&fn=91398-eng.pdf, accessed 18 December 2012.
13. Carroll, Toby (2012) Working on, through and around the state: The deep marketisation of development in the Asia-Pacific. Journal of Contemporary Asia 42(3), pp. 378–404.
14. Chen, Ian (2010) Vietnam seeking investment capital from venture funds. APEC Digital Opportunity Center, 1 November. Available at http://www.apecdoc.org/site/vietnam/2010/11/01/vietnam-seeking-investment-capital-from-venture-funds/, accessed 9 October 2012.
15. DiMaggio, P.J. and W.W. Powell (1983) The iron cage revisited: Institutional isomorphism and collective rationality in organizational fields. American Sociological Review 48(2), pp. 147–60.
16. Do, Khoa D. (2008) Vietnam offers big opportunity for savvy, patient investors. Venture Capital Journal, November. Available at http://www.dlapiper.com/files/upload/vcj_nov08.pdf, accessed 9 October 2012.
17. Dolowitz, D. and D. Marsh (2000) Learning from abroad: The role of policy transfer in contemporary policy-making. Governance 13(1), pp. 5–24.
18. Falkner, Robert and Aarti Gupta (2009) The limits of regulatory convergence: Globalization and GMO politics in the South. International Environmental Agreements 9(2), pp. 113–33.
19. Fannin, Rebecca A. (2011) Startup Asia: Top strategies for cashing in on Asia’s innovation boom (Singapore: John Wiley and Sons).
20. Forsberg, Le Thanh and Ari Kokko (2007) The role of donors in Vietnamese development planning. EIJS Working Paper No. 238. Stockholm School of Economics, Stockholm, Sweden. Available at http://swopec.hhs.se/eijswp/papers/eijswp0238.pdf, accessed 9 October 2012.
21. Freeman, Nick (2004) Expanding horizons: Equity finance in Vietnam. IFC Mekong Private Sector Development Facility Private Sector Discussions No. 16. Available at http://www.ifc.org/ifcext/mekongpsdf.nsf/AttachmentsByTitle/PSDP+16/$FILE/PSDP-No-16-EN.pdf, accessed 9 October 2012.
22. Freeman, Nick and Le Bich Ngoc (2007) SME finance in Vietnam: Reviewing past progress and scoping future developments. UNIDO Assistance to Establish the National and Provincial SME Support Infrastructure Working Draft of Technical Report, 12th May. UNIDO_TF/VIE/04/001/11-5X_v3_NJF & LBN.
23. Gainsborough, Martin (2002) Beneath the veneer of reform: The politics of economic liberalisation in Vietnam. Communist and Post-Communist Studies 35, pp. 353–68.
24. Gainsborough, Martin (2003) Corruption and the politics of economic decentralisation in Vietnam. Journal of Contemporary Asia 33(1), pp. 69–84.
25. Gainsborough, Martin (2009) Privatisation as state advance: Private indirect government in Vietnam. New Political Economy 14(2), pp. 257–74.
26. Gompers, Paul and Josh Lerner (1999) The venture capital cycle (Cambridge: MIT Press).
27. Goodman, John B. and Louis Pauly (1993) The obsolescence of capital controls? World Politics 46(1), pp. 50–82.
28. Groh, Alexzander, Heinrich Liechtenstein and Karsten Lieser (2011) The global venture capital and private equity country attractiveness index: 2011 annual. Available at http://www.wall-street.ro/files/102434-82.pdf, accessed 23 September 2014.
29. Hung Quoc (2011) Foreign money pouring into hi-tech industries. The Saigon Times, 13 April. Available at http://english.thesaigontimes.vn/Home/features/general/16331/, accessed 9 October 2012.
30. IDG Ventures Vietnam (2007) IDG hosts Vietnam Prime Minister, signs technology agreements. IDG Ventures Vietnam, 30 March. Available at http://idgvv.com.vn/en/press/media/idg-hosts-vietnam-prime-minister-signs-technology-agreements, accessed 20 December 2012.
31. IntellAsia (2006) Government-backed hi-tech venture capital fund planned. IntellAsia, 9 August. Available at http://www.intellasia.net/government-backed-hi-tech-venture-capital-fund-planned-25294, accessed 20 December 2012.
32. JICA (Japan International Cooperation Agency)/NEU (National Economic University) (2003) Vietnam’s industrialization strategy in the age of globalization, 26 May. Available at http://www.grips.ac.jp/forum/module/vietnam/main_en.pdf, accessed 21 August 2014.
33. Kenney, Martin, Kyonghee Han and Shoko Tanaka (2002) Scattering geese: The venture capital industries of East Asia. A report to the World Bank. BRIE Working Paper 146. Berkeley Roundtable on the International Economy. University of California, Berkeley. Available at http://brie.berkeley.edu/publications/wp146.pdf, accessed 9 October 2012.
34. Klingler-Vidra Robyn (2014) All politics is local: Sources of variance in the diffusion of venture capital policies. Doctoral thesis, Department of International Relations, London School of Economics and Political Science.
35. Le, Long S. (2010) Vietnam’s endless corruption campaign. East Asia Forum, 16 April.
36. Lenschow, Andrea, Duncan Liefferink and Sietske Veenman (2005) When the birds sing. A framework for analysing domestic factors behind policy convergence. Journal of European Public Policy(12)5, pp. 797–816.
37. Malaysia Venture Capital Management Berhad (2012) Outsource partners: Outsource partners programme. Available at http://www.mavcap.com/Venture-Capital/Outsource-Partners/Outsource-Partners-Programme/, accessed 18 December 2012.
38. Ministry of Finance (2010) Focusing on economic restructuring and inclusive growth. Available at http://www.mof.gov.vn/portal/page/portal/mof_en/fintegration/gn?pers_id=2420328&item_id=11912133&p_details=1, accessed 9 October 2012.
39. Ministry of Industry and Trade (2007) Accession of Vietnam to the World Trade Organization. Explanation of Accession Conditions. Available at http://www.mutrap.org.vn/en/library/MUTRAPII/Communicatingpercent20thepercent20Packagepercent20ofpercent20WTOpercent20Committmentspercent20andpercent20Impilcationpercent20topercent20Relevantpercent20Stakeholders.pdf, accessed 9 October 2012.
40. NVCA (National Venture Capital Association) (2011) Venture impact: The economic importance of venture backed companies to the US economy. IHS Global Insight. Available at http://www.nvca.org/index.php?option=com_content&view=article&id=255&Itemid=103, accessed 9 October 2012.
41. Nguyen, T.H., Q. Alam, M. Perry and D. Prajogo (2009) The entrepreneurial role of the state and SME growth in Vietnam. JOAAG 4(1), pp. 60–71.
42. Nguyen, Henry (2007) Venture capital and technology industries in Vietnam. IDG Ventures Southeast Asia –Stanford University Events. Available at http://asia.stanford.edu/events/spring07/slides402T/nguyen_slides.pdf, accessed 4 September 2012.
43. OECD (1996) Venture capital and innovation (Paris: OECD) OCDE/GD(96)168.
44. OECD (2003) Venture capital: Trends and policy recommendations (Paris: OECD Secretariat Science Technology Industry).
45. OECD (2011) OECD review of innovation in Southeast Asia: Country profile of innovation: Vietnam.
46. Ohno, Kenichi (2009) Avoiding the middle income trap: Renovating industrial policy formulation in Vietnam. ASEAN Economic Bulletin 26(1), pp. 25–43.
47. Painter, Martin (2005) The politics of state sector reforms in Vietnam: Contested agendas and uncertain trajectories. The Journal of Development Studies 41(2), pp. 261–83.
48. Perkins, Dwight H. and Vu Thanh Tu Anh (2009) Vietnam’s industrial policy: Designing policies for sustainable development. Harvard Kennedy School ASH Institute for Democratic Governance and Innovation. Prepared under UNDP-Harvard Policy Dialogue Papers Series on Vietnam’s WTO Accession and International Competitiveness Research. Policy Dialogue Paper Number 1.
49. Phan, Doan Nam (2003) Institutions and processes in Vietnamese foreign policymaking: Implications for policy towards the United States, in Jonathan R. Stromseth (ed.), Dialogue on US–Vietnam relations: Domestic dimensions, pp. 24–29 (San Francisco: The Asia Foundation).
50. rd edition (New York: The Free Press).
51. Sack, Adam and John McKenzie (1998) Establishing a venture capital firm in Vietnam. Private Sector Discussions No. 4. IFC: The Mekong Project Development Facility, Hanoi, Vietnam. Available at http://www.ifc.org/ifcext/mekongpsdf.nsf/AttachmentsByTitle/PSDP+4/$FILE/PSDP-No-4-EN.pdf, accessed 9 October 2012.
52. Shipan, Charles R. and Craig Volden (2008) The mechanisms of policy diffusion. American Journal of Political Science 52(4), pp. 840–57.
53. Simmons, Beth and Zachary Elkins (2004) The globalization of liberalization: Policy diffusion in the international political economy. American Political Science Review 98(1), pp. 171–89.
54. Simmons, Beth A., Frank Dobbin and Geoffrey Garret (2008) Introduction: The diffusion of liberalization, in Beth A. Simmons, Frank Dobbin and Geoffrey Garret (eds), The global diffusion of markets and democracy, pp. 104–40 (Cambridge: Cambridge University Press).
55. Socialist Republic of Vietnam (2010) Resolution No. 22/NQ-CP of 5 May 2010, on implementation of the Government’s Decree No. 56/2009/ ND-CP of June 30, 2009, on support for the development of small- and medium-sized enterprises.
56. SWF Institute (2012) Recent sovereign wealth fund market size by quarter. SWF Institute. Available at http://www.swfinstitute.org/fund-rankings, accessed 5 December 2012.
57. Talk Vietnam (2012) Realising SME support policies. VCCI News, 14 May. Available at http://talkvietnam.com/2012/05/realising-sme-support-policies/#.UNLkJeQrWSo, accessed 20 December 2012.
58. Thoburn, John (2009) Vietnam as a role model for development. UNU-WIDER Research Paper 2009/30. United Nations University. Available at http://www.wider.unu.edu/publications/working-papers/research-papers/2009/en_GB/rp2009-30/, accessed 9 October 2012.
59. Tran, Tuan Phong (2012) Vietnam’s WTO commitments to shape the legal framework for FDI. Vietnam International Law Firm. Available at http://vilaf.com.vn/en/news-a-legal-updates/news/189-vietnams-wto-commitments-to-shape-the-legal-framework-for-fdi-.html, accessed 18 December 2012.
60. Turley, William S. and Mark Selden (1993) Reinventing Vietnamese socialism: Doi moi in comparative perspective (Boulder: Westview Press).
61. Vu, Xuan Truong (2003) Vietnamese foreign policy and economic renovation, in Jonathan R. Stromseth (ed.), Dialogue on US-Vietnam relations: Domestic dimensions, pp. 46–50 (San Francisco: The Asia Foundation).
62. Whitley, Richard (1992) Business systems in East Asia (London: Sage).
63. World Bank (2006) Overview of the capital markets in Vietnam and directions for development banking finance and investment. Available at http://siteresources.worldbank.org/INTVIETNAM/Resources/Overview_of_the_Capital_Markets_in_Vietnam.pdf, accessed 9 October 2012.
64. World Bank (2012) Vietnam-World Bank: Long-term companions in development. Report No. 66928. Available at http://documents.worldbank.org/curated/en/2012/01/15823121/vietnam-world-bank-long-term-companions-development, accessed 11 October 2012.
65. World Trade Organization (2006) Working Party on the Accession of Vietnam Schedule CLX – Viet Nam: Part II – Schedule of Specific Commitments in Services, List of Article II MFN Exemptions. World Trade Organization Working Party on the Accession of Vietnam WT/ACC/VNM/48/Add.2, 27 October. Available at http://www.wto.org/english/news_e/pres06_e/pr455_e.htm, accessed 20 December 2012.
66. Yeo, Yukyung and Martin Painter (2011) Diffusion, transmutation, and regulatory regime in socialist market economies: Telecoms reform in China and Vietnam. The Pacific Review 24(4), pp. 375–95.
67. Zavatta, Robert (2008) Financing technology entrepreneurs and SMEs in developing countries: Challenges and opportunities: Vietnam country study. InfoDev (World Bank Information for Development Program).
68. 20 December 2011, Manager in a Vietnam-focused VC fund, Hong Kong.
69. 21 August 2012, International Coordination Division Manager in ASMED, Hanoi.
70. 21 August 2012, ASMED Finance Programs Manager, Hanoi.
71. 22 August 2012, Managing Partner and Founder of Mekong Capital, a Vietnam-based PE/VC management firm, Ho Chi Minh City.
72. 23 August 2012, SME Accelerator Founder and World Bank partner, Ho Chi Minh City.
73. 23 August 2012, Director of Vietnamese fund management firm, Ho Chi Minh City.
74. 24 August 2012, Managing Director of Vietnamese VC management firm and former ICT MNC country manager for Vietnam, Ho Chi Minh City.
75. 24 August 2012, Managing Director of business angel investment firm, Ho Chi Minh City.
76. 24 September 2012, Director of SME Working Group, International Organisation, Singapore.
77. 20 May 2013, ASMED Manager, email exchange.