서강대학교

초록/요약

Vietnam’s M&A activity has increased sharply in volume in the past several years and the trend is expected to continue in the future. This paper examines the legal framework aspect of M&A, which is crucial for the growth and the development of any M&A market. By examining the development of legal framework in United States and Korea’s M&A, some meaningful lessons and implications are drawn for the development of M&A legal framework in Vietnam. This paper finds that Vietnam’s M&A legal framework is far from specific and streamline and suggests several actions be taken. Firstly, for mandatory merger notification, this paper suggests applying the threshold of assets or sales of a company instead of market share threshold. Secondly, a comprehensive merger review system needs to be created to ensure a timely and precise merger review. Thirdly, for the merger review process, the Hersfindahl-Hirschman index (HHI) needs to be applied to better reflect the structure of the relevant market and adjust harbor provision accordingly. And finally, this paper finds that introducing antitakeover measures at the corporate level is not beneficial for the development of M&A in Vietnam because it will erect higher barrier which makes mergers and acquisitions more difficult to attempt.