Luận Văn The vietnamese stock market the the privatisation and market listing process of state - owned enter

Acknowledgments------------------------------------------------------------------------------------------------4
Glossary------------------------------------------------------------------------------------------------------------4
INTRODUCTION-----------------------------------------------------------------------------------------------5
CHAPTER (1) ----------------------------------------------------------------------------------------------------6
THE VIETNAMESE STOCK MARKET-------------------------------------------------------------------6
1.1 The Development Process of the Stock Market ------------------------------------------------6
1.2 The Rise, The Fall and The Recovery of the Vietnamese Stock Market-------------------7
1.3 The Current Stage of the Vietnamese Stock Market ------------------------------------------7
1.4 The Stock Market Operations ---------------------------------------------------------------------8
1.4.1 The Market Regulator, Facilitator and Owner: ------------------------------------------------------9
1.5 Current Issues Concerning The Development of Stock Markets ------------------------- 10
1.5.1 Issues That Hinder The Expansion of The Vietnamese Stock Market --------------------- 10
1.6 Future Development and Opportunities of the Stock Markets---------------------------- 12
1.6.1 Vietnam Outlines Solutions to Boost Stock Market in 2005 ----------------------------------- 12
1.6.2 Vietnam Launched the Second Stock Market in Hanoi and the OTC Market ------------ 13
1.6.3 Vietnam is Linking and Listing Large Companies on Overseas Stock Markets --------- 14
1.6.4 Vietnam Proposed Changes to IPO Rules to boost Market Investors:--------------------- 14
1.6.5 Vietnam Proposed Equisation and Market Listing of Large State-owned Corporations
to boost the Stock Markets: ------------------------------------------------------------------------------------------ 15
CHAPTER (2) -------------------------------------------------------------------------------------------------- 16
THE PRIVATISATION AND IPO PROCESS OF STATE-OWNED ENTERPRISES --------- 16
2.1 What is Privatisation ?---------------------------------------------------------------------------- 16
2.2 The Need for Privatisation of State-owned Enterprises ------------------------------------ 16
2.3 What Types of Privatisation Techniques can be Adopted ? ------------------------------- 17
2.3.1 Small Business Auctions -------------------------------------------------------------------------------- 17
2.3.2 Trade Sale of Larger Enterprises --------------------------------------------------------------------- 18
2.3.3 Initial Public Offerings (IPOs) -------------------------------------------------------------------------- 18
2.3.4 Joint Venture------------------------------------------------------------------------------------------------ 18
2.3.5 Mass Privatisation Programs--------------------------------------------------------------------------- 19
2.3.6 Build-Own-Operate/Build-Own-Transfer Programs---------------------------------------------- 19
2.3.7 Liquidation of State-owned Enterprises ------------------------------------------------------------- 19
2.3.8 The General Process of Privatisation---------------------------------------------------------------- 20
2.3.9 Critical important factors need to consider --------------------------------------------------------- 20
2.3.10 General Problems Encountered during the Privatisation Process in the Former
Socialist Countries ------------------------------------------------------------------------------------------------------ 20
2.4 The Vietnamese Privatisation Program ------------------------------------------------------- 21
2.4.1 Government Solutions in Speeding up the Equitisation Process ---------------------------- 24
2.4.2 Privatisation Results and Lesson Learned from the Process --------------------------------- 25
CONCLUSSION----------------------------------------------------------------------------------------------- 28
REFERENCES------------------------------------------------------------------------------------------------- 30
APPENDIX (A)------------------------------------------------------------------------------------------------- 32