Phân tích hoạt động mua bán sát nhập của các nhà đầu tư nước ngoài tại việt nam trong giai đoạn khủng hoảng kinh tế toàn cầu 2008 2012

VIETNAM NATIONAL UNIVERSITY, HANOI University of Languages and international Studies FACULTY OF ENGLISH LANGUAGE TEACHER EDUCATION Graduation paper ANALYSIS OF M&A ACTIVITIES OF FOREIGN INVESTORS IN VIETNAM IN THE GLOBAL ECONOMIC CRISIS (2008-2012) supervisor: Tran thi lan huong student: bui viet nhat year enrolment: qh 2009 Ha Noi, April 2013 of ĐẠI HỌC QUỐC GIA HÀ NỘI TRƯỜNG ĐẠI HỌC NGOẠI NGỮ KHOA SƯ PHẠM TIẾNG ANH KHÓA LUẬN TỐT NGHIỆP PHÂN TÍCH HOẠT ĐỘNG MUA BÁN SÁT NHẬP CỦA CÁC NHÀ ĐẦU TƯ NƯỚC NGOÀI TẠI VIỆT NAM TRONG GIAI ĐOẠN KHỦNG HOẢNG KINH TẾ TOÀN CẦU (2008-2012) Giáo viên hướng dẫn: TRẦN THỊ LAN HƯƠNG Sinh viên: BÙI VIỆT NHẬT THANH Khoá: QH 2009 HÀ NỘI – NĂM 2013 ACCEPTANCE PAGE I hereby state that I: (Bui Viet Nhat Thanh, QH2009.F.1.E20), being a candidate for the degree of Bachelor of Arts (TEFL) accept the requirements of the College relating to the retention and use of Bachelor‟s Graduation Paper deposited in the library In terms of these conditions, I agree that the origin of my paper deposited in the library should be accessible for the purposes of study and research, in accordance with the normal conditions established by the librarian for the care, loan or reproduction of the paper Signature Date i ACKNOWLEDGEMENTS It is my pleasure to thank those who made this thesis possible Firstly, I owe my deepest gratitude to my supervisor, Ms Tran Thi Lan Huong, whose encouragement, guidance and support from the initial to the final level enabled me to develop an understanding of the subject Secondly, I would like to thank Dr Nguyen Viet Khoi, The Deputy of Faculty of International Business and Economics, University of Economics and Business, Vietnam National University who inspired me to conducting the topic ò the thesis Thirdly, I am heartily thankful to my family, friends especially Mr Duong Huy Hoang who always encouraged and supported me throughout the process of doing the thesis and Ms Pham Thi Nhan who kindly helped me to fulfill the format of the thesis Lastly, I offer my regards and blessings to all of those who supported me in any respect during the completion of the study ii ABSTRACT The thesis will make clearer the situation of cross-border merger and acquisition activities in Vietnam in the period of 2008-2012 The term of M&A is defined and the point of regional and international views toward the definition of M&A were also added The trend of the general M&A transaction in Vietnam and inbound ones were analysed and the study on its impacts would be carried out The factors that operated the M&A activities were also introduced in order to release the analysis and recommendations for the government and domestic enterprise when they faced with the dozens of foreign-related M&A iii TABLE OF CONTENTS ACCEPTANCE PAGE i ACKNOWLEDGEMENTS ii ABSTRACT iii INTRODUCTION 1 Statement of the problem Research question(s) or Objectives: Significance of the research Scope of the study Organi zation of the study: DEVELOPMENT CHAPTER LITERATURE REVIEW Key concepts 1.1 Merger and Acquisitions (M&A) 1.2 Motivations for M&A 1.2.1 For the buyer side 1.2.2 For the seller side: Types of M&A deals 2.1 A horizontal merger 2.2 A vertical merger 2.3 A conglomerate merger Legal framework for M&A in Vietnam Related researches 4.1 Researches of the M&A theory 4.2 Researches of Vietnam’s policies for M&A activites in FDI 10 4.3 Researches of the M&A situation in the world and in Vietnam 11 4.4 Reasearches of the M&A’s impacts on Vietnam’s economy 14 CHAPTER 2: METHODOLOG Y 17 Selection of subject 17 1.1 Participants 17 1.2 Materials 17 Data collection instruments 18 Procedures of collecting data 18 Procedures of data analysis 18 CHAPTER 3: RESULTS AND FINDINGS 20 The real situation of M&A activities of foreign investors in Vietnam in the global economic crisis 20 1.1 Real situation of M&A in Vietnam by value and by deal 20 1.2 M&A by sectors 22 1.3 M&A by types 24 1.4 M&A by country 25 The cross-border M&A’s impacts 28 2.1 Good impacts: 28 iv 2.2 The bad impacts 32 The factors impacting on M&A in Vietnam 34 3.1 The internal factors: 35 3.2 The external factors: 36 Policies of Vietnamese government and enterprises respond to M&A transactions 39 4.1 Policies of Vietnamese government respond to M&A transactions 39 4.2 Vietnamese enterprises policies respond to M&A transaction 40 Recommendations or suggestions 41 5.1 The prospect of M&A activities of foreign investors in Vietnam 41 5.2 Risks when accommodating M&A from the foreign investors 41 5.3 Recommendations for government and local firms to make use of the crossborder M&A deals 42 CONCLUSION 46 REFERENCES 48 v LIST OF TABLES, FIGURES, CHARTS, AND ABBREVIATIONS PAGES Figures: Figure 1:M&As continue to help drive the economy 20 Figure 2: Vietnamese M&A deals by number 2011 21 Figure 3: Vietnamese M&A deals by value 2011 22 Figure 4: Transactions numbers by the key sectors 22 Figure 5: Top foreign buyers in 2011 by volume and by value 25 Figure 6: Foreign Direct Investment from Japan 26 Figure 7: Top 10 deals in four months to 30/4/2012 (USD million) and 27 Top 10 M&A deals in 2011 (USD million) Table Table 1: 9M2011 M&A deals by types 24 Abbreviations Dr: Doctor EC: European Countries FDI: Foreign Direct Investment MNC: Multinational Corporation TNC: Transnational Corporation VIR: Vietnam Investment Review WTO: World Trade Organization vi INTRODUCTION Statement of the problem The Vietnamese economy has witnessed the rapid growth since Vietnam government began more opening and integrating the economy to the world If we not mention the short period that the country was suffered from the Asian financial crisis, from the late of 1990s to 2007, Vietnam’s economy proved many good signals of development Along with the good performance of Vietnam’s economy, it was the time when the M&A activities surged in the world In the 2000s, the huge wave of mergers and acquisitions activities experienced variety of types with vast scales The M&As have not only increased in the developed countries but also spreaded all over the world, including the big numbers of emerging markets, and Vietnam was not the exception After entering World Trade Organization (WTO), the prosperity of Vietnam’s economy has created an open entry for the foreign investors and the Foreign Direct Investment (FDI) was regarded as a driving force of externally financing and developing the economy which contributed 18%-20% GDP There were two major forms of FDI in Vietnam, namely, Greenfield Investment (GI) and Mergers and Acquisitions (M&A) Two types of FDI were implemented by Multinational Corporations (MNCs) and Transnational Corporations (TNCs) In the early of the integration to the world economy, GI played an important role in restructuring and fostering the Vietnam’s economy, and for M&A activities, this type of FDI used to be not popular until the recent years when the world economy fell into the hole of crisis Some statistics showed that in 2009, the value of M&A increased up to one billion dollars and in 2011, the number was five billion dollars regulations have built up and the legal framework was changing to be compatible with the demands of growing the cross-border M&A Additionally, the crisis of the economy all over the world drove many companies in Vietnam into the edge of bankruptcy, thus, when the TNCs entered the Vietnam market, they would have no trouble to take over the domestic companies with the low price and the cheap labors who were unemployed and willing to take a job The barriers of prices, working culture and negotiation are much easier As mentioned before, the barriers of prices were lifted for such above reasons For the working culture, we saw the dramatical improvement in how effectively the workers did a job and how well they cooperated Nowadays, the Vietnamese labors have got acquainted with doing in the international environment and adapting themselves in the new working conditions that the foreign employers offered Furthermore, the negotiation between the acquirer and the target company became much easier to implement The national company thoroughly understood the principles and procedures when conducting the M&A deal and they already knew their companies’ real valuation to set a reasonable negotiation… All these positive changes have help Vietnam’s market appealed more the interest of foreign investors 3.2 The external factors: The global economy in EU and the United States were declining at recent time and did not seem to recover rapidly Many developed countries, especially European area, have to find the ways to overcome the circle of declining As projected, even though the euro area’s debt crisis can be prevented from worsening, the economic activities in this area continue to sluggish This situation is better for the United States and Japan but the policies uncertainties make the output growth still be unstable ( United Nations publication, January 2012) 36 Thus, the international investors seeked for the more promising market with more opportunities to meet their demands in the newly emerging economy like Vietnam Their own markets in the mother lands were experiencing many difficulties and challenges As a result, when the favorable conditions were no longer created, the investors tended to expand the scale into the other promising sectors and markets The pressure of aging population and domestic demands on the countries of foreign investors.It is clearly seen that with the large number of the old, the people not have the motivation to invest and go ahead with business, so the deflation can not be avoided For example, Japan ranked in the first position of implementing the M&A activities in Vietnam and this is the country that has the serious problems with the aging population “Latest statistics from the National Institute of Population and Social Security Research show that depopulation in Japan is increasing precipitately Statistics show that Japan's population will fall from 128 million to 116 million by 2030 and to 85 million by 2060 ” quoted in “Aging population could hamper LDP's economic reform agenda” (31 December 2012), Global Times In case the national economy could not develop adequately and satisfy the increasing demands in the domestic market, the companies saw the necessity of finding the ways out and enter the new markets that they could continue to produce and supply the goods and services The investors had the chance of entering the market and enlarge their share of market M&A was believed that it can lead to go up the value generation for the company, after the successful M&A transaction, the shareholder value of the new firm would be greater than the parent firm’s Based in the economy of scale, the merger and acquisitions proved its success in generating cost efficiency Shelton (1988) said that: “value is created when the assets are used more 37 effectively by the combined entity than by the target and the bidder separately.” M&A even helped to the revenue enhancement via the gain in market share Clearly, the joint company had the ability of generating more and more value than the firms that were not in the combined operation The sum of the generated shareholder value would certainly much higher than the value shares of the separate ones, according to Antoniou, A., Arbour,P., Zhao, H., ( 2011) The investors had the chance of buying the existing brand names or patterns in the domestic market Generally, M&A was the means for the investors save their capital which was already cut down in their own market They took advantages of the familiarity of the existing brand names or prestigious models to be easier take a stand in the domestic market The foreign investors did not need to spend time creating a completely new product and advertising it to the customers It was certainly the effective method to save the flow of money when it was unnecessary to launch an advertisement campaign and carry out the promotion for this Local enterprises pay not much attention to the price This will be the chance for foreign ones to take Valuing the reasonable price for the companies themselves was always the big challenge for the domestic firms If the target company could not understand and evaluating their real valuation, they would be the bid holder trap into their strategies For example, in 1998, Colgate -Palmolive bought out Da Lan toothpaste brand name by only billion USD while Da Lan was holding up to 30% market shares in the toothpaste market in the country The thing that should be mentioned was at that time, as being escalated, Colgate – Palmolive should spend at least billion USD for the promotion campaign to gain only 1% market shares In that case, Da Lan had not been priced adequately Obviously, the side who got huge benefits was the acquirer 38 Policies of Vietnamese government and enterprises respond to M&A transactions 4.1 Policies of Vietnamese government respond to M&A transactions Firstly, the government amend the specialized regulations ( as mentioned in the part 3_Legal framework for M&A in Vietnam) in the Competition Law, Enterprises Law, Law on Securities, etc Secondly, they cut the non-core investments of the state-owned entrepreneur In the situation of economic crisis, it is reasonable for the government cut the non-core investments for the SOEs because when a big enterprises goes into the edge of bankruptcy the government could not afford to support by financial devices Furthermore, the non-core enterprises are revealing the inefficiency in the national economy therefore the government should make them limit the investment in their major business Finally, they would consider M&A activities as the measure to cope with economic problems Despite the fact that M&A have never officially considered as the effective solutions for the economic crisis, this type of FDI is constantly proved its vital role in the economy Stox Plus (2012) once again emphasized the importance of M&A by analyzing the following example in baking sector: “The discussion on small banks‟ merger and acquisition existed for some decades but no bold measures have been taken to interfere in this group of interest Now, small banks are to blame for current high interest rates and the message from policy makers on small bank merger and acquisition are pretty clear.” They also quoted two speeches: “Nguyen Van Binh, the State Bank Governor, stressed “ by law, credit institutions wishing to have large capital to develop their businesses and 39 expand services, they usually have to merge and consolidate But it is their own decision The SBV with its stimulating tools, will guide banks to merger but it will not force them to merge or it for them” Vu Viet Ngoan, President of Vietnam Financial Supervisory Commission also said: “ In case that banks are on verge of bankruptcy, the cen tre banks in the world usually take bold measure of acquiring them Vietnam‟s law on credit institutions ,passed in 2010, allows the State Bank of Vietnam to buy stake in the commercial banks to take the control to avoid collapse of banks” 4.2 Vietnamese enterprises policies respond to M&A transaction Consider M&A activities as the strategic expansion Sometimes, M&A is the only way for companies to survive and thrive when the economy globally went down Nature of M&A is known as synergy, which means the combination of both companies will make them more viable and stronger As a result, the prestige in market foothold and the price of stock of the target companies will significantly rise Consider M&A activities as the defensive strategy Theoretically, according to Stox Plus (2011), the defensive strategy was based on: “Two classic strategies applied in the world are (i) White Knight strategy: A target company welcomes a friendly partner to buy them instead of being acquired by a separate hostile competitor and (ii) Pac-Man Defense strategy: the target firm turns around and tries to acquire the other company that has made the hostile takeover attempt There are various deals using M&A as a tool to fight against acquisition in Vietnam.” 40 Stox Plus (2011) also gave an example to illustrate the strategy: “Company A which is in the danger of being taken over has applied M&A strategy by buying company B from their relatives Successful deal increases the A company existing owner equity, while diluting shares of hostile acquirer, as a result, reducing chance of being acquired.” Recommendations or suggestions From the outlook that can be seen on the situation of cross-border M&A in Vietnam in recent time, we can expect and assume some upcoming trends of M&A and the disadvantages that stop this activity developing After that, the recommendations for the macro economy and enterprises will be introduced 5.1 The prospect of M&A activities of foreign investors in Vietnam M&A activities involving the foreign participation continue to play the main role in M&A activities in Vietnam with higher value Furthermore, almost foreign-related M&A activities will be taken place in consumption, financing and property sectors Japan still stands at the highest rank of M&A investor in Vietnam 5.2 Risks when accommodating M&A from the foreign investors The country may suffer the unsustainable economic growth As mentioned above, even if the M&A is regarded as the effective tool to stabilize and restructure the economy, it may has some negative reactions If the economy is not guided tactfully, the sudden increasing growth and the large amount of cash flows which is not well disbursed in the market, the high inflation and the unequal market will be not avoided Moreover, the big deals not mean efficient results As estimated, there are more than 50 percent of failed M&A deals in Vietnam (M&A forum, 2010) and the main causes are the uncommon custom of culture, the unsuitable price determination of enterprise and the poor human and operation management 41 Unless the well-prepared plan and investigation before and after the transaction, the rate of failure is much bigger The economy might lose some of the controlling roles of domestic sectors The foreign firms mainly set foot in Vietnam through acquiring and taking over the existing companies or private equity It is called the hostile M&A transaction, which damages to the core traditional sectors and eliminate the creativity of the domestic companies For instance, “Unicharm bought Diana at the price of $128 million to enter Vietnam‟s diaper and toilet paper market where Diana has 40% market share Vietnam is a must-enter market for Unicharm meanwhile the group already holds 25% of Asian market.”( Stox Plus 2011) 5.3 Recommendations for government and local firms to make use of the cross-border M&A deals 5.3.1 For Government: Stabilizing the economy needs to be the foremost priority of the government A stable and sustainable development is always the most important factor that motivates any type of investment An economy that is growing too hot or sluggish is the reason why the investors hesitate to consider entering “ The stabilization of the economy, which has been achieved to a large extend already, will be critical in attracting foreign buye rs after considerable concern in recent year among investors about high inflation and interest rates and the prospects for Vietnam‟s economy into the future ” ( Linh San, May 2012 “Target Sought”, Vietnam Economic Times) The government should have the legal regulations that are compatible with the international ones to make the door for foreign investors In general, in Vietnam there has no a single law for the M&A implementation Almost the related legal papers lie separately in some provisions in No 94 and 95 in the Civil Law, regulations in Enterprises Law, Investment Law and Competition Law… or 42 provisions of WTO and therefore, both two sides taking part in the M&A activity find challenging when studying the legal issues for conducting an M&A deal It is really the weakness of Vietnam government and we need to set up and unify a department specializing at managing, guiding and examining the procedures of M&A The government needs to restructure the state-owned corporations and banking sector For the government-run firms, recently, many the big corporations and group have revealed their weakness and shortages The bad management and debts are making these companies have no entry into the tough and competitive market To addition, some unexpected bankruptcy and economic scandals of the state-owned corporations such as Vinashin , Vinaline…result in the suspect of foreign investors against the transparency and efficiency of the economy Thus, to lure the interest of the investors, the government should renew and positively change the business environment, maximally reduce the bureaucracy, monopoly and transparency of the state-owned firms “ Without doing so, firms are entering Vietnam only to take advantage of the wage costs rather than to take advantage of the dynamic domestic market This shows in the contraction of registered FDI (with the exception of Japan) as they have other attractive markets such as Indonesia and Thailand to enter…Competitiveness of Vietnam has declined given its worsening in major global competitiveness rankings According to the report, registered direct investment capital from top five countries and territories investing in Vietnam like Singapore, Hong Kong, Korea, and China fell in 2012, excepting Japan Although the contraction of registered FDI inflows is partly due to sluggish global growth, it also reflects Vietnam„s gradual loss of competitiveness” ( HSBC Global Research, January 2013) 43 In terms of banking sector, reasons for restructuring this system are restructuring the entire of economy and particularly eliminating the shortcomings of the banking systems It will be the roadway for the M&A in this sector to be possible and effective The government should take action for now to ensure the strong banking operation and the transparency need to be in the foremost priority As emphasized in the report “Restructuring Banking System” of Central Institute for Economic Management (25 April 2013): “ Roles of the government should be shown clearly in coordinating and cooperating activities among agencies Entrusting the whole responsibilities to the State Bank as the Project on restructuring credit institutions may make restructuring banking system slowly It is necessary to establish a Restructuring Commission chaired by the Prime Minister or a Deputy Prime Minister” (i)The domestic banking system should be stimulated to take advantages of international economic integration to grow faster and especially improve their governance capacity (ii) The government should set up scenarios accompanied with responding solutions to ensure that the banking system is always under the control of the government (iii) A reasonable pricing mechanism for bad debts need to defines precisely, especially the ones re-purchased by the state budget to minimize costs of restructuring banking system (iv) The government should have built up a mastered plan on developing financial market to create financial intermediate channels to reduce burdens on banking system (v)The important factor that must be ensured is the transparency in the market The more reduction of red tapes and bureaucracy work out, the more attractive business environment will be on they eyes of the investors 5.3.2 For the local enterprises The responsibility of protecting and developing the economy is not on the shoulders of the government only, the local firms play the absolutely vital role in 44 making benefits and finding the ways to the sea of challenges and chances in the integrated and promising world Aiming to successfully achieve such prospects, Vietnam enterprises should( i) Carefully consider whether the M&A is the best way to escape from economic crisis or the threat of swallowing (ii)Need to be more transparent in the government-run firms (iii) Improve the business culture to be more cooperative but preserve their own one, integrate not assimilate (iv) Make use of M&A to add value chain (v) Be well-prepared in terms of sale and purchase agreement for the massive wave of inbound deals to avoid of losing benefits, have a deep understanding of M&A activities Summary: In a nut sell, the research questions are respectively answered through the data analysis and make conditions for the summary of main findings and suggestions in the final part_CONCLUSION 45 CONCLUSION In this final part of the thesis, the summary of major findings will be reintroduced and give some suggestions for the further researches By viewing the data collection and carry out the data analysis the author has finally found out some following findings: Firstly, the M&A market in Vietnam is obviously surging both by value and volume in the time to come, especially for the cross-border transactions The trend of this increasing wave of foreign-related M&A deals in Vietnam is mainly to concentrate on investing the financial and consumption sectors in spite of the gloomy economy in the world Secondly, thanks to many advantages of M&A activities, Vietnam’s economy is prospected to have more positive changes with the vital participation of the foreign investors It can not be denied that this form of M&A remarkably benefits the slowing-down economy of Vietnam, gradually contributes to renew the market, addresses the labor’s problems and brings the better valuation for the domestic enterprises Thirdly, hence, it is extremely necessary to restructure and improve the business weather by the useful and practical measurements with the huge effort of both Vietnamese government and the local enterprises so that we are able to lure more and more effective investments via M&A transactions Fourthly, however, the cross-border M&A is considered as the two-tongue knife for the economy and the national firms It will not be an easy question for the government to answer They should find the most reasonable ways to either take advantage of the substantial capital and technology the foreign-related M&A creates or limit the negative influences on the core and traditional business of Vietnam and protect the small and young companies against the control of international corporations Thus, our economy can work out and develop in the most sustainable and effective way 46 The thesis aims to devote an informative overview of cross-border M&A situation in Vietnam in the period of 2008-2012 Because the M&A activities are quite familiar in the world but still much new in Vietnam, this thesis can not avoid some limitations of the scope and the profound analysis; nonetheless, the author desire to write this study to be the trustful and useful reference for further updated and deeper researches and for whom it may concern 47 REFERENCES Antoniou, A., Arbour, P., Zhao, H., ( 2011) Measuring the Economic Gains of 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Phung, N.V N., (2012) “Hoan thien phap luat ve sat nhap va mua lai doanh nghiep (M&A) phu hop voi cac cam ket quoc te cua Viet Nam? ??, Master Thesis 2) Nguyen ,T.N.D., (2012) No ? ?Mua ban sat nhap... activities in Vietnam Many of the outstanding researches are 1) Phung, N.V.N., (2012) “Hoan thien phap luat ve sat nhap va mua lai doanh nghiep (M&A) phu hop voi cac cam ket quoc te cua Viet Nam? ??, Master