Vertical and conglomerate integration in viet nam theory, practice and tendenc

MINISTRY OF EDUCATION AND TRAINING UNIVERSITY OF ECONOMICS HO CHI MINH CITY QUACH THI NGOC THIEN VERTICAL AND CONGLOMERATE INTEGRATION IN VIET NAM: THEORY, PRACTICE AND TENDENCY MASTER THESIS IN LAW Ho Chi Minh City – Year 2020 MINISTRY OF EDUCATION AND TRAINING UNIVERSITY OF ECONOMICS HO CHI MINH CITY QUACH THI NGOC THIEN VERTICAL AND CONGLOMERATE INTEGRATION IN VIET NAM: THEORY, PRACTICE AND TENDENCY Major: Economic Law MASTER THESIS IN LAW SUPERVISOR DR TRAN VAN LONG Ho Chi Minh City – Year 2020 CONTENTS CONTENTS LIST OF TABLES Rationale of research Literature review The research questions Object and scope of the thesis Coverage of the thesis Structure CHAPTER 1: THEORETICAL FRAMWORK OF ECONOMIC INTEGRATION 1.1 THEORETICAL BASIS OF ECONOMIC INTEGRATION: ECONOMIC INTEGRATION FORMS 1.1.1 Theoretical basis of economic integration 1.1.2 Several economic integration forms 1.2 ISSUES SHOULD BE ADDRESSED FOR WHEN BRINGING EFFICIENCY INTO BUILDING THE ECONOMIC CONCENTRATION CONTROL SYSTEM 13 1.2.1 Protective target of economic concentration control policy 13 1.2.1.1 Protection of small companies 13 1.2.1.2 Protecting consumer welfare or total social welfare 15 1.2.1.3 Protect the nation's competitive strategy 17 1.2.1.4 Other targets Social target: 19 1.2.2 Economic analysis on the effectiveness of economic integration 20 1.2.2.1 Issues in information collection 20 1.2.2.2 Issues in analysis and assumptions 21 1.2.3 Process control and enforcement mechanisms issues 22 1.2.3.1 General approach and case-by-case approach 22 1.2.3.2 Mechanism through litigation method and through agreement method 23 1.2.3.3 Legalize the guidelines on economic integration 24 Conclusion of chapter I 25 CHAPTER 2: LEGAL FRAMWORK ON ECONOMIC INTERGRATION: A COMPARATIVE ANALYSIS 26 2.1 COMPETITION LAW GOVERNING ECONOMIC INTERGRATION IN VIETNAM 26 2.1.1 Approach of Competition Law 2018 26 2.1.2 Evaluation criteria 29 2.1.3 National Committee of Competition 34 2.2 THE CONTROL OF VERTICAL AND MIXED ECONOMIC INTERGRATION IN THE UNITED STATES 35 2.2.1 Evaluation process 35 2.2.1.1 Determine the market 35 2.2.1.2 Determine the market share and market concentration 37 2.2.1.3 Determine the powerful purchasers 39 2.2.1.4 Ability to enter the market 40 2.2.1.5 Special conditions 41 2.2.2 Economic efficiency analysis 41 2.2.3 Remedies for the anti-competition effect 44 Conclusion of chapter II 49 CHAPTER 3: PRACTICE OF ECONOMIC INTERGRATION: ISSUES AND LEGAL RECOMMENDATIONS 51 3.1 PRACTICE OF VERTICAL AND MIXED ECONOMIC INTERGRATION IN VIETNAM 51 3.1.1 Tendency of economic intergration in Vietnam 51 3.1.2 Inadequacies of the legal provisions on economic integration 58 3.2 RECOMMENDATIONS AND PROPOSALS FOR THE VIETNAMESE LAW ON ECONOMIC INTERGRATION 62 3.2.1 New concept of economic integration: 62 3.2.2 Objectives of Competition Law 63 3.2.3 Applying economic efficiency analysis in Case-by-case aproach 64 3.2.4 Establish post-check mechanism and corrective measures 65 3.2.5 Technical regulations control criteria for economic concentration 66 3.2.6 Other recommendations 67 Conclusion of Chapter 69 CONCLUSION 70 REFERENCES UNDERTAKINGS  o  I, the undersigned, with full name Quach Thi Ngoc Thien – Code: 7701281019A, be attending Master Class with major in Laws of Economics, Faculty of Law, University of Economics Ho Chi Minh City, being the writer of the Master Thesis “Vertical and conglomerate integration in viet nam: theory, practice and tendency” (hereinafter referred to as “Thesis”) Hereby undertake that all content presented in the Thesis is result from my independent research with instructions of my advisor, Dr Tran Van Long The Thesis has employed and extracted a number of comments, scientific opinions of other scholars and writers All information is properly affiliated with sufficient and accurate evidence Figures and data therein are used with objectiveness and honesty By Quach Thi Ngoc Thien LIST OF ACRONYMS APC/PPC Actual/Perceived Potential Competition Co-operation and Development DOJ Department of Justice FTC Federal Trade Commission HMT Hypothetical Monopolist Test MR/MC Marginal Revenue/Cost OECD The Organisation for Economic R&D Research and Development SMEs Small – Medium Enterprises SSNIP Small but Significant Increase in Price WTO World Trade Organisation LIST OF TABLES Figure 2.1: Explaination of Concentration levels Figure 2.2: Herfindahl-Hirschman index formula ABSTRACT As a natural tendency, expanding production and technology by vertically increasing the power of companies has become inevitable Vietnam's integration into the global economy has entered a new stage These multi-tiered links with new rules create more opportunities and, undoubtedly, impose challenges on Vietnamese businesses This urges us to gradually improve the legal corridor to adapt to economic integration into the global economy In general, the economic integration in the world is a field that is concerned by many scholars and researchers However, the in-depth studies into economic integration on vertical and conglomerate forms have never been properly taken into consideration in Vietnam In terms of theory and practice, the author will identify groups of issues that need to be concerned for the achievement of effectiveness of an economic integration management policy With the aim of conducting in-depth research in which the assessment of the advantages, disadvantages and applicability of the economic integration control model under vertical and mixed forms according to US law is performed, the author will make reference to the advances in US law for some constructive proposals to the competition law in Vietnam The methodology used in this research is: (1) Economics analyst of law: to analyze the models, predict the possibilities and calculate the costs - benefits when analyzing the manifestations of the economic integration cases in Vietnam (2) Comparative method: Used to compare the legal system and practice of Vietnam with US’s to find out the advantages and limitations in the law of each country From there, the author will discuss the efficiency of various solutions (3) Logical method: used to explain to draw conclusions from the analyzed and synthesized theoretical and practical bases Thereby, the author will boldly gives personal opinions This thesis gives a thorough and comprehensive study of the provisions of the competition law on economic integration control activities On that basis, the thesis will contribute to limit the negative impacts of this activity Moreover, the thesis also gives the provisions of the US competition law in order to draw out progressive legal experience, thereby serving as the basis for acquiring competition law in Vietnam so that it is consistent with the socio-economic conditions After the epidemic of covid 19, economic integration is an option that businesses often think of in order to concentrate capital, new technology to help improve their competitiveness in the market The author expect to provide preliminary ideas for a guideline of vertical and conglomerate economic concentration control, contributing to the innovation of Vietnam's socio-economy Key words: Competitive Law, Vertical and Conglomerate Integration 66 applying Because the provisions of the competition law for economic integration cases are not preventing all but controlling them In addition, the remedy is also one of the important systems that helps our country's law to be more prepared to control vertical - mixed economic integration cases Vietnamese law can completely learn from US remedies such as structural remedies or modifying the behavior of businesses after economic concentration (conduct or behavioral remedies) ), thereby creating its own system of measures 3.2.5 Technical regulations control criteria for economic concentration There are two technical issues that specify criteria for the assessment of significant anti-competitive effects or potential effects of economic concentration as specified in Clause 1, Article 31 of the Competition Law 2018 Specifically: a) Combined market shares of firms participating in economic concentration on the relevant market; b) Level of concentration in the relevant market before and after the economic integration; c) Relationship of enterprises participating in economic integration in the production, distribution or supply chain of a certain kind of goods or service, or business lines of enterprises participating in economic integration is input to each other or complement each other; d) Competitive advantage brought about by economic integration in the relevant market; e) The ability of the enterprise after economic integration to significantly increase the price or profit-to-revenue ratio; f) The possibility of a post-economic integration enterprise eliminating or preventing another enterprise from entering or expanding the market; g) Specific factors in the industry or field in which enterprises participate in economic integration As mentioned above, criteria (a) and (b) are redundant Although it is just an expression technique, it would be better if the Law had legislative technical 67 disciplines from the begining It is the author’s recommendation that criteria (a) and (b) should be omitted These two criteria will be just one of the criteria used by the Government to determine the ability to cause a significant impact of public infrastructure on the market in the under-law guidelines In addition, it is necessary to have principles to define or quantify the control criteria of economic integration, especially in economic integration cases that are both harmful but also have a positive impact aspect of the economic integration on the economy When an economic concentration case is both harmful and beneficial, what analysis or principles will the competition authority base on to determine whether to prohibit or permit implementation? At first glance, it seems very easy to answer But in practice, if you not clearly define this relationship and put in the context that the goals of the Competition Law are not clear, There is a great risk of arbitrary application (in a rigid or too loose direction) 3.2.6 Other recommendations In addition to the immediate measures mentioned, there should be coordination for the Competition Law to maximize its effectiveness Specifically: There should be a coordination mechanism for verification and control between the sector management agency and the Competition Authority This issue should be reflected in the request of the National Committee of Competition to consult with sector management agencies to have an accurate and comprehensive assessment of the impact of an economic integration case Specifically, if this economic integration case has the relationship to the industry development orientation This is also the basis of proposing the consultation of the National Committee of Competition to the sector regulatory bodies Last but not least, it is the need to ensure that the Competition Law is enforceable As a law controlling the market order, it means that Competition Law only promotes competition protection when there is competition in the market Therefore, any interference of administrative or state power in the economy contrary to the laws of the market would negatively affect the feasibility of this act 68 Article of the Competition Law 2018 envisages the circumstances of administrative interference in the enterprise's operations Article of the 2004 Competition Law also provides for this issue However, the practice shows that there are many administrative decisions or acts that violate the content of this Article without being handled, which reduces the feasibility of legal documents Therefore, we believe that, to ensure the feasibility of the Competition Law, the prerequisite is that Article Competition Law 2018 must be respected and fully implemented 69 Conclusion of Chapter The above are some of the recommendations that the author think it is necessary and urgent for the competition legal system Issues such as the objectives of competition law, determination of relevant market, combined market share, capacity as well as functions and powers of the competition authority are also urgent issues that many researchers and authorities are interested However, the new point to note in the author's research topic lies in the control processes, new approaches to analysis and legal techniques Based on the analytical bases in Chapter 3, the author expect to provide preliminary ideas for a robust adjustment system for aspects of vertical and mixed economic concentration control, in line with the increasingly demanding requirements of international competitive markets and the non-stop innovation of Vietnam's socio-economy 70 CONCLUSION Considering the current economic context of Vietnam, the accelerated process of trade liberalization and investment cooperation is an inevitable consequence of the international economic integration process, contributing to a significant reduction in barriers market entry, promote economic concentration activities in Vietnam Economic concentration, to a certain extent, is a positive measure of boosting the economy However, in the face of the continuous development of the economy, the competitive order of Vietnam is facing with acts of economic integration with negative effects from enterprises If for the reasons of enhancing their own competitiveness, enterprises have a negative effect on the general competitive environment and market structure, the State, as the subject protecting the market order, with appropriate legal tools and policies, acts of economic integration that limit competition must be controlled Currently, the activity of general economic integration in Vietnam is regulated by the corporate laws and their investment and competition counterparts Vietnam has made significant strides in establishing a safe legal environment to control acts of economic integration that harm markets However, in recent years, cases of economic integration with more complicated levels have appeared, causing many difficulties for State management agencies in the process of controlling Both promoting cases of economic integration that are beneficial to the economy and also preventing cases of economic integration damaging competitive markets is the goal that Vietnamese law, especially the Vietnamese competition law, should be done Therefore, a thorough and comprehensive study of the provisions of the competition law on economic integration control activities will contribute to limit the negative impacts of this activity Under the competitive pressure in the current economy, businesses seem unable to meet all their needs for capital, new technology, and infrastructure to maintain and develop their business At that time, economic integration is an option 71 that businesses often think of in order to concentrate capital, new technology etc to help improve their competitiveness in the market In particular, after the epidemic of covid 19, which has raged globally, many businesses are facing bankruptcy or facing many financial difficulties Instead of choosing measures such as bankruptcy or dissolution to withdraw from the market, businesses can participate in economic integration to restructure business activities Since then, enterprises will be able to restore their resources, restructure business activities, and hence contribute to the improvement of economic strength compared to the time before participating in economic integration Mentioning the nature and characteristics of each form of economic integration, the problems related to competition may also arise As a country with competition laws affecting other countries, the United States is seen as a country with a lot of experience in controlling competition-limiting economic integration cases The practice of antitrust law enforcement in general and the US's economic integration control mechanism in particular shows that it is inarguably effective While competition law in Vietnam considers the form of economic integration in terms of behavior between enterprises (mergers, consolidations, acquisitions, or joint ventures), the US competition law considers the form of practice Economic mediation is based on the relationship between firms participating in economic integration (horizontal, vertical or conglomerate) Because the criteria for determining the form of economic integration between the Vietnamese competition law and the US competition law are different, the mechanism to control the economic integration of Vietnam and the United States under the perspective of competition law will also be different In Vietnam, which does not have much legal experience in controlling economic integration, a selective study of US legal experience is essential Therefore, it is necessary to study the provisions of the US competition law in order to draw out progressive legal experience, thereby serving as the basis for acquiring competition law in Vietnam so that it is consistent with thesocio-economic conditions REFERENCES a Legal sources Competition Administration Department (2012), "2012 Economic Concentration Report" Competition Administration Department (2012), "Report on reviewing the provisions of competition law in Vietnam" Competition Law 2004 Competition Law 2018 Decree 05/2006 / ND-CP providing for the establishment and regulation of functions, duties, powers and organizational structure of Competition Council DOJ (2004), Merger Remedies Guideline, Department of Justice Law on Enterprises 2014 Law on Investment 2014 The Sherman 1890 Antitrust Act (amended in 2000) b Books Albertina Albors-LLorens (2006), Horizontal agreements and concerted practices in EC competition law: Unlawful and legitimate contacts between competitors, 51 Ant Bull 837 Bruce M Owen (2011), Antitrust and Vertical integration in New Economy Industry with a Broadband Acess, Stanford Law and Economics Olin, p 376 Competition Administration Department (2009), Economic Concentration Report: Current Situation and Forecast, p 37 - 40 Donald F Turner (1962), The Definition of Agreement under the Sherman Act: Conscious Parallelism and Refusals to Deal, Havard Law Review, 75(4), p 663-673 Eleanor Fox (1987), The Battle for the Soul of Antitrust, California Law Review, 75, p 917 – 923 Eric Maskin and Jean Tirole (1987), A Theory of Dynamic Oligopoly, III Cournot Competition, European Economic Review, 31, p.947-968 Frank H Easterbrook (1986), Workable Antirust Policy, Michigan Law Review, 84, p.1696- 1703 Gregory Mankiw (2014), Principles of Economics, (7th ed.), Cengage Learning, p.138 Gregory Mankiw (2014), Principles of Economics, (7th ed.), Cengage Learning, p.141 Harvey J Goldschmid, H Michael Mann and J Fred Weston (1974), Industrial Concentration: The New Learning, Little Brown & Co Herbert Hovenkamp (1993), Antitrust, 2nd edition, West Publishing Co, p 71 Herbert J Hovenkamp and Phillip E Areeda (2006), Antitrust Law: An Analysis of Antitrust Principles and Their Application, Wolters and Kluwer Law and Business, p.82 Hovenkamp (2003), The Rationalization of Antitrust, Harvard Law Review, 116(3), p 917-944 ICN (2006), ICN Merger Guidelines Workbook, 4D John E Kwoka and Diana L Moss (2011), Behavioral Merger Remedies: Evaluation and Implications for Antitrust Enforcement, The American Antitrust Institute, p 1-35 Jörn Kleinert and Henning Klodt (2002), Cause and consequences of merger waves, Kiel Institute of World Economic, p 27 Joseph F Brodley (1990), Antitrust and Competitive Advantage in World Markets, Antitrust, 38 (5), p.9 Kąkol M.K (2014), The evolution of US Merger Control Policy Part 1: 1890 – 1973, Ekonomia i Prawo Economics and Law, 13(3), p.413 Kinne and Konstanze (1998), The Efficiency Defence in the US American Merger Policy, HWWA – Institut fur Wirtchaftsforchung – Hamburg, p 67 Le Danh Vinh, Hoang Xuan Bac and Nguyen Ngoc Son (2011), Competition Law Curriculum, National University, p.160 Le Danh Vinh, Hoang Xuan Bac and Nguyen Ngoc Son, 2010, Competition Law Curriculum, University of Economics and Law - Ho Chi Minh City National University Lee Van Vorhis and Vandim Brusser (2010), How Antitrust Agency analyze M&A, Practice Law Journal, Weil, Gotshal & Manges LLP, p 80 Majed A Al-Moneef (1998), Vertical Integration strategies of National oil companies, The Developing Economies, 36 (2), p.208-212 Marek Martyniszyn, (2012), Export Cartels: Is it Legal to Target Your Neighbour? Analysis in Light of Recent Case Law, Journal of International Economic Law, 15(1), p 181 Mark Katz & Erika Douglas, 2011, Minn-Chem Incorporated et al v Agrium Incorporated et al.: A Canadian Perspective on the Extraterritorial Application of U.S Antitrust Law, Antitrust Chronicle, Competition Policy International, vol 11 Micheal Porter (1998), The Competitive Advantage of Nations, Havard Business Review, p.74 – 91 N Gregory Mankiw (2011), Principles of Economics, 6th Edition, Cengage Learning, p 330 O Gröne & M Garcia-Barbero (2002), Trends in Integrated Care – Reflections on Conceptual Issues, World Health Organization, Copenhagen, EUR/02/5037864 Paul Dobson, Michael Waterson, and Alex Chu (1998), The Welfare Consequences of the Exercise of Buyer Power, Office of Fair Trading Research paper , p.8 Ralph A Winter (2005), Vertical Restraints and Antitrust Policy: A Reaction to Cooper, Froeb, O’Brien, and Vita, Competition Policy International, 1(2), p 74 – 89 Richard B Blackwell (1972), Section of the Clayton Act: Its application to the conglomerate merger, William and Mary Law review, 13, p 631 Richard Scheelings and Joshua D Wright (2006), Sui Generis: An Antitrust Analysis of Buyer Power in the United States and European Union, Akron Law Review, p 207 Robert D Atkinson and David B Audretsch (2011), Economic Doctrines and Approaches to Antitrust, The Information Technology & Innovation Foundation of Washington, p 18-19 Robert H Bork (1993), the Antitrust Paradox: A Policy at War with Itself, Simon & Schuster Inc., p 90 Steven C Sunshine (1995), Vertical Merger Enforcement Policy, Department of Justice, p Thomas W Ross (2007), Recent Canadian Policy toward Industry: Competition Policy, Industrial Policy and National Champions, Second Lisbon Conference on Competition Law and Economics, pp.1-59 Tomaso Duso, Burcin B Yurtoglu, Klaus Gugler (2011), How effective is European merger control?, European Economic Review, 55(7), p 990 United States Antitrust Modernization Commission (2007), Report and Recommendations, p.19 W.G Sheperd (1985), The Economics of Industrial Organization, (2nd ed.), Prentice-Hall, p 53 Zhiqui Chen (2007), Buyer Power: Economic Theory and Antitrust Policy, Research in Law and Economic p.19-20 c Thesis, Scientific Research Cao Thi Hoang Oanh (2012), Controlling economic concentration under competition law in Vietnam and the United States, Graduation thesis, Ho Chi Minh City University of Law Dan Tabery (2011), Competition law in the EU, focus on cartels and their reveal, Mendel Brno University Bachelor Thesis, p 26 Grant Thornton (2014), Investment growth: challenges for investment management in a fledgling market, Report on Private Investment Survey Q4 – 2014 Ha Ngoc Anh (2018), The law controling economic concentration in Vietnam, PhD thesis, Law University Ho Chi Minh City Kenneth Arrow (1962), Economic Welfare and The Allocation of Resources for Invention , National Bureau Committee for Economic Research, p.609-626 Le Danh Vinh, Hoang Xuan Bac and Nguyen Ngoc Son (2010), Competition Law Curriculum, University of Economics and Law - Ho Chi Minh City National University Pham Thi Ngoan (2010), Controlling economic concentration according to the provisions of Vietnamese law, Master of Law Thesis, Law Faculty, Hanoi National University d Articles and Internet sources Bui Xuan Hai (2004), Objectives and Scope of Competition La, Journal of State and Law, 2, pp.43 – 51 Cam Van Kinh (2013), More than 58,000 businesses go bankrupt, http://tuoitre.vn/tin/kinh-te/20130419/hon-58000-doanh-nghiep-phasan/543847.html, last updated on 01/1/2021 Chrysovalantou Milliou (2004), Vertical Integration And R&D Information Flow: Is There A Need For Firewalls?, International Journal of Industrial Organization, p 26 Competition Administration Department (2012), 2012 Economic Concentration Report, p.13 Dang Xuan Minh, Nguyen Viet Khoi, Pham Tien Dat, M&A activities in Vietnam 2011 - 2012: The year of records and emotions,http://ueb.edu.vn/Uploads/file/luumaianh@yahoo.com/2012/06/07/Nguye n%20Viet%20Khoi%20%20Nam%20cua%20ky%20luc%20va%20cam%20xuc.pdf, last updated on 01/1/2021 DOJ (1994), Antitrust Suit and Consent Decree in At & T-Mccaw Merger, https://www.justice.gov/archive/atr/public/press_releases/1994/211893.htm, last updated on 01/1/2021 FTC, https://www.ftc.gov/tips-advice/competition-guidance/guide-antitrustlaws/mergers, last updated H Rodian (2005), Competitive Effects of Vertical Intergration, [http://www.columbia.edu/~mhr21/papers/Competitive_Vert_Int.pdf], last updated on 01/1/2021 Ha Anh (23/7/2013), Vinamilk giai the cong ty sua Dielac, https://vneconomy.vn/chung-khoan/vinamilk-giai-the-cong-ty-sua-dielac2013072310463971.htm, last updated on 01/1/2021 Ha Phuong (2014), A series of popular M&A deals in the retail industry in the third quarter of 2014, http://taichinh.infonet.vn/Bat-dong-san/Loat-thuong-vu- MA-dinh-dam -nganh-ban-le-in-quy-32014-post145122.html, last updated on 01/1/2021 Herfindahl-Hirschman Index: Concept, How to Calculate, Pros and Cons, https://penpoin.com/herfindahl-hirschman-index/, last updated on 01/1/2021 Hong Nga (2015), Kinh Do after M&A, https://doanhnhansaigon.vn/kinhdoanh/kinh-do-hau-m-a-1061830.html, last updated on 01/1/2021 Hong Phuc (2011), Japan’s Mizuho invests US$567 mil in Vietcombank, http://english.thesaigontimes.vn/19566/Japan%E2%80%99s-Mizuho-investsUS$567-mil-in-Vietcombank.html, last updated on 01/1/2021 Jean Tirole (1988), The Theory of Industrial Organization, MIT Press, p – 12 Jonathan B Baker (2007) Beyond Schumpeter Vs Arrow: How Antitrust Fosters Innovation, Antitrust Law Journal, 74(3), p 575–602 Jonathan B Baker (2007) Beyond Schumpeter Vs Arrow: How Antitrust Fosters Innovation, Antitrust Law Journal, 74(3), p 575–602 Jones Day (2010), Federal Antitrust Enforcers Taking More Regulatory, but More Flexible, Approach to Merger Remedies, http://www.jonesday.com/federal_antitrust_enforcers/, last updated on 01/1/2021 Kenneth Arrow (1962), Economic Welfare and The Allocation of Resources for Invention, National Bureau Committee for Economic Research, p.609-626 L Sullivan (1995), Post-Chicago Economics: Economists, Lawyers, Judges, and Enforcement Officials in a Less Determinate World, Antitrust Law Journal, 63(2), p 669 Le Viet Thai (2005), Subject of economic concentration behavior, research topic on competitive institutions in market development conditions in Vietnam, Trade Research Institute - Ministry of Trade, 2005, http: //bacvietluat.vn/kiem-soattap-trung-kinh-te-theo-phap-luat-canh-tranh-va-van-de-cua-viet-nam.html, updated on 01/1/2021 last Lee Van Vorhis and Vandim Brusser (2010), How Antitrust Agency analyze M&A, Practice Law Journal, Weil, Gotshal & Manges LLP, p 80 Luu Hao (2014), The new game of Kinh Do, https://www.thesaigontimes.vn/116993/Cuoc-%E2%80%9Cchoi%E2%80%9Dmoi-cua-Kinh-Do.html, last updated on 01/1/2021 Malcom B.Coate and Joseph J Simons (2012), In Defense of Market Definition, [http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1967208], last updated on 01/1/2021 Marek Martyniszyn, (2012), Export Cartels: Is it Legal to Target Your Neighbour? Analysis in Light of Recent Case Law, Journal of International Economic Law, 15(1), p 181 Massimo Motta (2003), Competition Policy: Theory and Practise, Cambridge University Press, p 21 Massimo Motta (2003), Competition Policy: Theory and Practise, Cambridge University Press, p 24 Phi Nga (2012), Comprehensive cooperation between VietinBank and Bank of Tokyo-Mitsubishi UFJ, https://www.vietinbank.vn/web/home/vn/news/12/12/Hop-tac-toandien-giua-VietinBank-va-Bank-of-Tokyo-Mitsibishi-UFJ.html, last updated on 01/1/2021 Robert H Bork (1966), Legislative Intent and the Policy of the Sherman Act, Journal of Law and Economics, 9, p.51 Robert H Bork (1978), The Antitrust Paradox, New York Free Press Tang Long (2011), The Marico - ICP deal and the future of the X-Men, http://nhipcaudautu.vn/article.aspx?id=8447-thuong-vu-marico -icp-va-tuong-laicua-x-men, last updated on 01/1/2021 Thang Nguyen (2020), What is special about the marketing strategy of Dutch Lady - a direct competitor of Vinamilk?, https://marketingai.admicro.vn/chien-luocmarketing-cua-dutch-lady-doi-thu-truc-tiep-cua-vinamilk-co-gi-dac-biet/, updated on 01/1/2021 last The United State Department of Justice (31/7/2018), http://www.justice.gov/atr/public/guidelines/hhi.html, last updated on 01/1/2021 Thomas A Piraino, Jr (2007), Reconciling the Harvard and Chicago Schools: A New Antitrust Approach for the 21st Century, Indiana Law Journal, 82(2), p 348-350 Thu Phuong (2012), There are over 79,000 dissolved enterprises, http://vef.vn/2012-03-15-da-co-tren-79-000-doanh-nghiep-giai-the, last updated on 01/1/2021 Thu Trang (2011), TH milk received Nghe An Tate & Lyle sugarcane, https://vietnamnet.vn/vn/kinh-doanh/sua-th-tiep-nhan-mia-duong-nghe-an-tate-lyle17440.html, last updated on 01/1/2021 Trung Kien (07/5/2020), https://vtv.vn/trong-nuoc/uy-ban-canh-tranh-quocgia-co-mo-hinh-tuong-duong-tong-cuc-20200507185019156.htm, last updated on 01/1/2021 VCA (2012), Report on the Review of Competition Law Regulations in Vietnam, p 49 VCCI (14/9/2018), https://www.vcci.com.vn/luat-canh-tranh-2018-khongcam-mot-cach-may-moc-ve-tap-trung-kinh-te, last updated on 01/1/2021 VCCI (14/9/2018), https://www.vcci.com.vn/luat-canh-tranh-2018-khongcam-mot-cach-may-moc-ve-tap-trung-kinh-te, last updated on 01/1/2021 Vietnam M&A Forum (2013), Report on M&A activities in Vietnam 2013 and prospects for 2014 - 2018, p.5 Vinamilk, wikipedia, https://vi.wikipedia.org/wiki/Vinamilk, last updated on 01/1/2021 Vu Hanh (2013), Looking back at bank mergers, http://vov.vn/kinh-te/taichinh/nhin-lai-cac-vu-sap-nhap-ngan-hang-257806.vov, last updated on 01/1/2021 Wikipedia, Concentretion https://en.wikipedia.org/wiki/Concentration_ratio#cite_note-IBIS_World-5, updated on 01/1/2021 ratio, last e List of cases Brown Shoe Co v United States (1962), 370 U.S 294 California Dental Ass’n v FTC (1999), 526 U.S 756 U.S v General Dynamics Co (1974), 415 U.S 486 United States v Archer-Daniels-Midland Co (1991), 781 F Supp 1400 (S.D Iowa) United States v Baker Hughes Inc (1990), 908 F.2d 981, 986; United States v Country Lake Foods, Inc (1990), 754 F Supp 669, 679; FTC v R.R Donnelly & Sons Co 1990 United States v Swift & Co (1932), 286 US 106 ...MINISTRY OF EDUCATION AND TRAINING UNIVERSITY OF ECONOMICS HO CHI MINH CITY QUACH THI NGOC THIEN VERTICAL AND CONGLOMERATE INTEGRATION IN VIET NAM: THEORY, PRACTICE AND TENDENCY Major:... integration; control economic integration according to Competition Law 2004; analyzing the current status of economic integration and controlling economic integration in Vietnam; thereby giving... topics: ? ?Vertical and conglomerate integration in Viet Nam: theory, practice and tendency” is developed as my master thesis The thesis is expected to propose some suggestions to Vietnamese law on vertical