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1. Research: A review on the equitization process in Vietnam. Case study:
Vietnam Dairy Products Joint Stock Company (Vinamilk)
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Willi Zimmermann
Asian Institute of Technology
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Sununta Siengthai
Asian Institute of Technology
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EQUITIZATION PROCESS IN VIETNAM
THE CASE OF VIETNAM DAIRY PRODUCTS JOINT STOCK COMPANY
(VINAMILK)
By
Le Thi Hoang Anh
A research study submitted in partial fulfillment of the requirements for the
Degree of Master of Business Administration
Examination Committee: Dr. Willi Zimmermann (Chairperson)
Dr. Nicholas J. Dimmitt
Dr. Sununta Siengthai
Nationality: Vietnamese
Previous degree: Bachelor of Arts
Hanoi University of Foreign Studies
Hanoi, Vietnam
Scholarship donor: AIT fellowship
Asian Institute of Technology
School of Management
Thailand
8/2006

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ACKNOWLEGEMENTS
I would like to express my greatest gratitude and appreciation to Dr. Willi Zimmermann, my
supervisor, for his constant guidance, encouragement, inspiration and invaluable suggestions,
without which this study can not be realized. My thanks would also go to Dr. Nicholas J.
Dimmitt and Dr. Sununta Siengthai for serving as committee members.
I would also wish to thank AIT (scholarship donor) for providing me an excellent opportunity
to complete this MBA program.
Finally, my most special and grateful thanks would go to my parents and my younger sisters
who support me in terms of finance, sympathy and endless encouragement to complete this
MBA degree.

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ABSTRACT
This research is to once again look at the very popular and unavoidable trend of privatization-
a presumably essential method to push up the economic growth of especially developing
countries. The reseach starts with providing the very fundamental theory of privatization
including various definitions, reasons leading to privatization, types of privatization, as well
as necessary factors to implement and control successfully the privatization process namely
legal and financial aspects.
Based on the basic theory of privatization, the reseach moves to study the privatization
process taking place in particular Vietnam. Furthermore, the research focuses on the
performance of privatization in the dairy production industry with the case of Vietnam dairy
products joint stock Company. The research tries to clarify the reason why privatization in
Vietnam is called equitization. Then, it provides the overall assessment of equitization in
Vietnam based on SWOT analysis since equitization was implemented in the country. The