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Guerilla capitalism: the state in the market in Vietnam

Author: Nguyen, Lan INSEAD Area: Strategy Corporate author: Cass Business School Series: Chandos Asian studies series: contemporary issues and trends Publisher: Chandos Publishing, 2009.Language: EnglishDescription: 221 p. : Graphs ; 24 cm.ISBN: 9781843345503Type of document: INSEAD BookNote: Edited by Charlotte Butler, research studies manager at INSEADBibliography/Index: Includes bibliographical references and indexAbstract: This book is about the nature of the business system and the behaviour of state owned enterprises in Vietnam. Like China and other former socialist countries in Eastern Europe, Vietnam first pursued the Soviet development model characterised by central planning of economic and social activity. Then in the early 1980s it began a transitional process towards a market economy. Today, Vietnam is following the capitalist path to development and although it has made notable progress, the economy is still burdened by a large and inefficient state sector. The book provides existing and potential investors interested in doing business in Vietnam with a rich insight into how and why businesses in general and state owned enterprises in particular there are structured and managed. The book also presents researchers and students with a comprehensive, societal approach to the study of organisational behaviour. It also offers a distinctive interpretation of the common problems of state owned enterprises in transitional economies that goes beyond the traditional economic explanation.
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INSEAD Book Europe Campus
Main Collection
Print HC500.44 .V5 N48 2009
(Browse shelf)
001247848
Available 001247848
INSEAD Book Europe Campus
Main Collection
Print HC500.44 .V5 N48 2009
(Browse shelf)
001247831
Available 001247831
INSEAD Book Middle East Campus
INSEAD Publications Display
Print HC500.44 .V5 N48 2009
(Browse shelf)
500000272
Available 500000272
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Edited by Charlotte Butler, research studies manager at INSEAD

Includes bibliographical references and index

This book is about the nature of the business system and the behaviour of state owned enterprises in Vietnam. Like China and other former socialist countries in Eastern Europe, Vietnam first pursued the Soviet development model characterised by central planning of economic and social activity. Then in the early 1980s it began a transitional process towards a market economy. Today, Vietnam is following the capitalist path to development and although it has made notable progress, the economy is still burdened by a large and inefficient state sector. The book provides existing and potential investors interested in doing business in Vietnam with a rich insight into how and why businesses in general and state owned enterprises in particular there are structured and managed. The book also presents researchers and students with a comprehensive, societal approach to the study of organisational behaviour. It also offers a distinctive interpretation of the common problems of state owned enterprises in transitional economies that goes beyond the traditional economic explanation.

Digitized

Guerilla Capitalism: The State in the Market in Vietnam Contents List of figures and tables Preface About the author Acknowledgements xi xiii xv xvii Introduction CHAPTER 1: THE ANALYTICAL BACKGROUND 1.1. The soft budget constraint 1.2. Principal / agent theory 1.3. Boisot and Child's C-space framework 1.4. Hofstede's culture dimensions 1.5. Institutional theory 1.5.1. Williamson's transaction cost theory of organisations 1.5.2. Institutional theory of economic organisations in East Asia 1.5.3. North's institutional matrix 1 5 5 7 9 11 15 15 16 18 CHAPTER 2: THE THEORETICAL FRAMEWORK 2.1. Theoretical framework and research issues 2.2. Formal and informal 2.3. Assumptions about human behaviour 21 21 22 26 CHAPTER 3: RESEARCH METHODOLOGY 3.1. Methodology 3.1.1. Philosophical grounds 3.1.2. Contextualism 3.1.3. Theoretical sensitivity Data sources and data collection methods 3.2.2. Data on the rules of the game 3.2.3. Data on the players ­ three case studies 29 29 29 31 33 34 37 37 CHAPTER 4: AN OVERVIEW OF VIETNAMESE HISTORY AND CULTURE 4.1. Overview of Vietnamese history 4.1.1. Overview 4.1.2. Vietnam and the Chinese connection 4.2. Overview of Vietnamese culture and society 4.2.1. Confucianism 4.2.2. The family and the village in Vietnam. 40 41 41 42 43 44 51 4.2.3. 4.2.4. 4.2.5. 4.2.6. Buddhism Taoism Forms of cognition Confucianism in Vietnam, China and Japan 59 62 63 66 CHAPTER 5: AN OVERVIEW OF THE VIETNAMESE ECONOMY IN TRANSITIONAND THE REFORM OF STATE-OWNED ENTERPRISES 5.1 The legacy of French colonialism 5.2. The Soviet-style development model 1955-1980 5.2.1. The model 5.2.2. The failure of the Soviet-style model 5.3. The reforms 5.3.1.Fence breaking 5.3.2. The formal stage - 'making prices matter 5.3.3. The post-stage of SOE reform in Vietnam - 'the governance structure and internal management' 5.4. The Vietnamese economy - reform process and the position of SOEs in 2002 5.4.1. General 5.4.2. State-owned enterprises 5.4.3. The private sector 5.4.4. Foreign investment sector 5.5. The reform process in Vietnam - 'adjustment to a given world' 72 73 75 75 77 78 79 79 82 85 85 86 88 89 90 CHAPTER 6: THE INSTITUTIONAL MATRIX AND TYPICAL FORM OF CAPITALISM IN VIETNAM 6.1. The formal laws and institutions in Vietnam 6.1.1. Lack of codification 6.1.2. Incomplete legal systems 6.1.3. Weak and lacking law enforcement 6.1.4. Banking and the stock market 6.2. Informal norms in economic transactions 6.2.1. Trade and the city 6.2.2. Limited trust and honesty in economic transactions 6.2.3. Opportunism and corruption in current business practice 6.3. Guerilla capitalism 6.3.1. Pattem of firms 6.3.2. The internal structure of the firm 92 92 93 94 95 96 98 99 101 104 107 108 110 CHAPTER 7: AUTHORITY RELATIONS WITHIN VIETNAMESE SOES 7.1. Research process and assessment methods 7.2. The Aston data of centralisation of decision making 7.2.1. The shoe enterprise 7.2. 2. The garment enterprise 7.2.3. The light bulb enterprise 7.2.4. Overall 7.2.5. Comparison with China 7.3. The Central Domain 7.3.1. Limitations of the Aston Studies' assessment method 7.3.2. The Central Domain 7.3.3. Formalisation and centralisation 7.3.4. Party, trade union and management - all in one piece 113 113 114 115 115 116 116 117 117 117 118 121 123 CHAPTER 8: THE INDUSTRIAL GOVERNANCE OF SOES 8.1. The governance structure -- a formal framework 8.1.1. Central SOEs 8.1.2. Local SOEs 8.1.3. State corporations 8.2. The nature of the relationship between the enterprise and the higher hierarchical levels 8.2.1. Formal administrative relationships 8.2.2. Centralisation and patrimony 127 128 128 129 130 132 132 133 CHAPTER 9: THE MANAGEMENT PROBLEMS OF THE VIETNAMESE SOES 9.1. Other people's money -- the 'bonus' problem 9.1.1. Qualitative evidence 9.1.2. Quantitative evidence 9.1.3. Private vs public 9.2. The shoe enterprise 9.2.1. Research strategy 9.2.2. The formal structure of the enterprise 9.2.3. The organisation of sales 9.2.4. The general agent (GA) and the exercise of power 9.2.5. Sources of power 9.3. Additional evidence from the shoe enterprise and from the garment and the light bulb enterprises 9.3.1. Additional qualitative evidence from the shoe enterprise 9.3.2. Qualitative evidence from the other two cases 9.3.3. Quantitative evidence 9.4. Other people's money: reconsidered DISCUSSION Action and structure Transactions 136 138 138 139 141 143 143 144 146 149 151 153 153 155 157 158 160 160 163 CHAPTER 10: EMBEDDED MATERIALISM --THE LIMITATION OF THE INCENTIVE STRUCTURE IN VIETNAMESE SOES 10.1. Marx's labour theory of value 10.2. Payment practice in the Vietnamese SOEs 10.2.1. The salary budget 10.2.2. Other regulations on payment 10.3 Embedded materialism, incentive structures and the problems of Vietnamese SOEs 164 165 166 167 168 170 CHAPTER 11: POLICY IMPLICATIONS 11.1. Privatisation / equitisation 11.2. Further reform of the SOEs 11.2.1 Autonomy 11.2.2. Normalisation' and the role of the market 176 176 178 178 180 SUMMARY AND CONCLUSIONS 1. Summary 2. Contribution of the research 3. Limitations 4. Further research Appendix 1: list of decisions or responsibilities investigated (a replication of the Aston Studies) Appendix 2: Questionnaire I ­ perceptions about management in SOEs Appendix 3: Questionnaire II - the 'bonus' phenomenon in economic transactions in Vietnam 184 184 185 188 188 190 192 194 Appendix 4: General information about the sample in the study of economic transactions (Questionnaire Ill 196 BIBLIOGRAPHY INDEX 197 218

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