The Politics of Business Group Diversification in Vietnam Pubblico
Le, Ly Ngoc (2013)
Abstract
One of the most salient features of the Vietnamese economy is
the state-owned business
groups that unsuccessfully expand into unrelated business
activities but are allowed to dominate the
economy at the expense of the private sector. I argue that the
persistent dominance of business groups
in Vietnam stems from two main factors: political fragmentation and
natural resource abundance. These
two factors independently lead to the persistence of
diversification strategies that underscore
economies of scale rather than economies of scope. Moreover,
natural resources also act as an
intervening factor between political factions and unrelated
diversification. In other words, natural
resource abundance fuels fragmentation in the government which in
turn prompts firms to expand into
non-core markets. The study goes on to illustrate the theory by
examining the Vietnam Electricity
Corporation (EVN), one of the thirteen general corporations in
Vietnam in 2011.
Table of Contents
Abstract 1
I. Introduction 1
II. The significance of the puzzle 3
III. Literature review 6
IV. Theory 11
V. Research design 13
VI. Typology of business groups 16
VII. Empirical evidence: Implications for Vietnam 22
VIII. Conclusion 47
Works Cited 48
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