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越南的國有企業 (SOE) 的投資分析

Vietnam SOE (State-Owned Enterprises) Investor Survey 2016

出版商 StoxPlus - Biinform 商品編碼 367272
出版日期 內容資訊 英文 81 Pages
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越南的國有企業 (SOE) 的投資分析 Vietnam SOE (State-Owned Enterprises) Investor Survey 2016
出版日期: 2016年08月10日 內容資訊: 英文 81 Pages

2011∼2015年,越南有375家國有企業 (SOE)實施了民營化和股票公開 (IPO)、出售。這相當於當初計劃方案的約71%。越南政府打算讓國有企業更民營化,不過,由於各種障礙使得沒能按照計劃那樣發展。還有國外的機構投資者有10%,參加率非常低。政府雖然打算今後也以建設、資材、金融、食品和飲料和消費者服務等為中心推動IPO,不過,國外的投資者,由於市場不透明性和貪污問題,高度人力資源的不足等為理由,對越南的投資很躊躇。

本報告提供越南的近幾年的國有企業的民營化、股票公開 (出售)的成果,今後關於趨勢預測對分析、估計,圍繞國有企業改革的政治、經濟情形 (政府相關人員的意願等) ,及對國外的投資者來說有無投資機會等的相關調查。


  • 序論
  • 摘要整理
  • 越南的國有企業的結構與歷史沿革
  • 支撐著國營企業改革,政治、經濟背景情況 (2015年)
  • 近幾年的民營化的成果 (2011∼2015年) 和,今後的IPO (股票公開)的預定
  • 近幾年民營化的國有企業的出售成果 (2011∼2015年) ,和今後的股票出售的預定
  • 國有企業用投資分析 (2016年):國外投資的預測
  • 資訊公開情形

‘Vietnam State-Owned Enterprises Investor Survey 2016 ’ (Issue 1) focuses on evaluation of equitisation reults of Vietnamese State-Owned Enterprises (SOE) including IPOs, divestures from non-core businesses and equitized SOEs during the period 2011 - 2015.

Our report on Vietnam SOE utilized extracted database with over eight years of historical records of SOEs equitization and divestment in Vietnam. In addition to data analysis, the report also relied on the authors' extensive knowledge and experiences in SOEs in Vietnam. We have surveyed relevant foreign and local institutional investors as well as conducted a number of in-depth interviews with experienced policy makers and market players during our study.

We strongly believe that this report will be valuable to institutional investors, foreign players and institutions who are considering SOE acquisition as a strategy to set a foothold or to expand their businesses in Vietnam.

Below are the most critical findings in our 1st issue:

  • 1) Vietnam has successfully conducted 375 SOE IPOs during period 2011 - 2015, around 71% of total planned IPOs. It is clear that the Government has an ambitious plan for SOE reform but the practical progress has been way behind schedule. There are many factors leading to low achievement in SOE IPOs, in which long duration of IPO process is the leading factor.
  • 2) As the small & medium SOEs (charter capital between 0 - US$25mn) subjected for IPOs account for 73.3% total number of SOE IPOs, it is clear that small and medium SOEs would dominate the IPOs during 2011 - 2015. The small and scattered operation status of SOE is partially the reason which made them unattractive to foreign investors.
  • 3) Overall, the Government still holds 90% on average of one SOE after IPO. Our data indicated that up to 287 IPO deals (accounting for 90.3% of total SOE IPOs) have recorded minority share purchased by investors.
  • 4) Only 10% of strategic investors are foreign institutions, marking a low participation rate of foreign investors. Identified reasons for lack of participation were minority shares offering, unrealistic valuation of SOEs or the size of the SOEs.
  • 5) During the period 2011 - 2015, total successful divested capital was US$732.9mn. By the end of 2015, there is still approximately 60% of total non-core capital that has not been divested. There are many reasons for the slow progress of divestment, but most importantly was the requirement to preserve the State capital (i.e. no loss is acceptable).
  • 6) In upcoming period, the IPOs will be focused on Industrials and Consumer Services sector. More than half, 273 over 491, of upcoming equitisation are SOEs in industrials sectors. Also, divestments are expected the most at Construction & Materials, Financials and Food & Beverage sectors.
  • 7) Investors regard highly the M&A opportunities from SOE equitization process: Up to 86% of all investors are interested in upcoming SOE IPOs. This is a very positive sign for higher foreign participation in SOE IPOs and divestment in the coming year.
  • 8) However, investors cite many key challenges that impact their participation in SOE IPOs and divestment. The biggest challenge faced by foreign investors is the lack of transparency and information about the SOEs and their IPO plans, followed by the worries over corruption of Government Officials and the lack of high-quality SOEs to offer.

Table of Contents

  • Preface
  • Executive Summary
  • Structure and Historical developments of SOEs in Vietnam
  • Political and Economic context supporting SOE reforms in Vietnam in 2015
  • Updates on results of equitization in Vietnam during 2011-2015 and Upcoming IPOs
  • Updates on results of divestment of equitized SOE in Vietnam during 2011-2015 and Upcoming Divestments
  • Vietnam SOE Investor Survey 2016 - Perspectives of Foreign Investors
  • Information Disclosure
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