Các nhân tố ảnh hưởng đến việc sáp nhập và
hợp nhất của các ngân hàng thương mại cổ phần
Việt Nam
Nguyễn Minh Phương
Đại học Quốc gia Hà Nội
Chuyên ngành: Quản trị kinh doanh; Mã số: 60 34 05
Người hướng dẫn: PGS. TS. Đặng Đức Sơn
Năm bảo vệ: 2012
Abstract: Overview of bank acquisition and merger. The competitive capacity of
the Vietnam joint-stock commercial banks. Solution bank merger and acquisition
to strengthen the competitive capacity of the Vietnam joint-stock commercial
banks.
Keywords: Quản trị kinh doanh; Ngân hang; Hợp nhất; Sáp nhập;

Content


TABLE OF CONTENT

ACKNOWLEDGEMENT ...................................................................................... i
ABSTRACT ........................................................................................................... ii
TÓM TẮT ............................................................................................................. iv
TABLE OF CONTENT ........................................................................................ vi
LIST OF TABLES ................................................................................................. x
LIST OF FIGURES AND GRAPHS .................................................................... xi
LIST OF ABBREVIATIONS .............................................................................. xii
INTRODUCTION .................................................................................................. 1
1. The practical application of the study............................................................. 1
2. The aim of the thesis ..................................................................................... 2
3. Topic and scope of study .............................................................................. 3
4. Research Methods ......................................................................................... 3

5. Structure of the thesis .................................................................................... 4
CHAPTER 1: OVERVIEW OF BANK ACQUISITION AND MERGER ............ 5
1.1 Overview of acquisition and merger............................................................. 5
1.1.1 Concepts ................................................................................................. 5
1.1.2. Forms of acquisition and merger .......................................................... 5
1.2. Method of bank acquisition and merger implementation ........................... 8
1.2.1 Negotiation with the Board of Directors and Executive Board. .......... 8
1.2.2. Collection of stocks on the securities markets ..................................... 9
1.2.3. Public tender ......................................................................................... 9
1.2.4 Purchase of property ............................................................................ 10
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1.2.5 Proxy fights .......................................................................................... 10
1.3. The benefits and drawbacks of bank acquisition and merger .................... 11
1.3.1. The benefits of bank acquisition and merger ................................... 11
1.3.2. Drawback of bank acquisition and merger .......................................... 14
1.4. The relationship between acquisition and merge with the competitiveness
of the bank ........................................................................................................ 17
1.5. The role of investment banking in business acquisition and merger ......... 18
1.6. Acquisition and merger in the world ....................................................... 20
CONCLUSION OF CHAPTER 1 ........................................................................ 25
CHAPTER 2: THE COMPETITIVE CAPACITY OF THE VIETNAM JOINT STOCK
COMMERCIAL BANKS ........................................................................................ 26
2.1 Overview picture on the Vietnam joint stock commercial banks ............... 26
2.2. The competitive capacity of the Vietnam joint stock commercial banks .. 28
2.2.1 Size of working capital ..................................................................... 29
2.2.2 Foreign strategic partners ................................................................... 30
2.2.3 Fund mobilization activities ................................................................. 30
2.2.4 Credit activities .................................................................................. 32

2.2.5 Operation network: ............................................................................. 33
2.2.6 Real situation on products and services of the Vietnam joint stock
commercial banks .......................................................................................... 35
2.2.7 Information technology ........................................................................ 36
2.3. Advantages and disadvantages of the Vietnam joint-stock commercial banks
.......................................................................................................................... 37
2.3.1 Advantages ......................................................................................... 37
2.3.2 Disadvantages of the Vietnam joint-stock commercial banks ............. 45
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2.4 Vietnam’s commitments when joining WTO ............................................. 49
2.4.1 The commitments on market access ..................................................... 49
2.4.2 Commitments on national treatment .................................................. 50
2.5 Securities Market and the attractiveness of banking shares ....................... 51
2.5.1. The stipulations of the Government on bank legal capital .................. 51
2.5.2 Vietnamese Securities Market .............................................................. 52
2.5.3 The attractiveness of banking shares .................................................... 54
2.6. The legal environment affecting the business mergers and acquisitions
activities in Vietnam ......................................................................................... 57
2.7 Bank mergers and acquisitions in Vietnam ................................................ 59
2.7.1 Bank mergers and acquisitions in Vietnam before 2004 ..................... 59
2.7.2 Buying back shares at joint stock commercial banks in Vietnam recently . 60
2.8 Inevitability, objectiveness and conformability with international economic
development trend of bank mergers and acquisitions process ......................... 65
CONCLUSION CHAPTER 2 .............................................................................. 69
CHAPTER 3: SOLUTIONS BANK MERGERS AND ACQUISITIONS TO
STRENGTHEN THE COMPETITIVE CAPACITY OF THE VIETNAM JOINT
STOCK COMMERCIAL BANKS ....................................................................... 70
3.1 The solutions for implementation of bank mergers and acquisitions ......... 70

3.1.1. Exploring, searching, evaluating and carefully surveying the potential
targets ............................................................................................................ 70
3.1.2 Developing the criteria for selection of target banks in line with reality .. 71
3.1.3 Meeting, negotiating with Executive board of the target banks ........ 75
3.1.4 Determining carefully and reasonably the acquisition price ................ 77

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3.1.5 Selecting the appropriate payment method of bank acquisitions and mergers
....................................................................................................................... 80
3.1.6 Making plans to harmony corporate culture and brand ...................... 81
3.1.7 Building flexible human resources policies ....................................... 82
3.2 The solutions for reducing the inefficiencies after the merger ................... 83
3.2.1 Propagandizing fully on all the necessary information about the merger. . 84
3.2.2 Evaluating the synergy effect ............................................................. 84
3.2.3 Evaluating the bad debts and contingent liabilities .............................. 85
3.2.4 Planning for consolidating the trading system software .................... 86
3.3 Solutions on the role of investment banks in bank mergers and acquisitions
in Vietnam......................................................................................................... 86
3.4 Solutions on the role of the Government in control and management of
bank mergers and acquisitions .......................................................................... 87
3.4.1. The operation mechanisms of the market in M&A market ................. 87
3.4.2 The participants in the merger and acquisition market ........................ 90
3.4.3 Human resources involved in the M & A market ................................ 90
CONCLUSION FOR CHAPTER 3 ..................................................................... 91
CONCLUSION .................................................................................................... 92
READING REFERENCES .................................................................................. 94

ix



READING REFERENCES

Online resource


FPT Security at www.fpts.com.vn.



VCB Security at www.vcbs.com.vn



Cafef at www.cafef.vn

Documents
1.

Annual reports of the State Bank Vietnam from 2002 to 2010.

2.

Annual reports of ACB from 2002 to 2011.

3.

Annual reports of Sacombank from 2002 to 2011.


4.

Annual reports of TCB from 2002 to 2011.

5.

Annual reports of MB from 2002 to 2011.

Vietnamese
6.

Ths. Trần Đình Cung và Ths. Lưu Minh Đức (2007), Thâu tóm và

hợp nhất từ khía cạnh quản trị công ty: lý luận, kinh nghiệm quốc tế
và thực tiễn Việt Nam.
7.

Bùi Tấn Định (2007), Nâng cao năng lực cạnh tranh của các

ngân hàng thương mại Việt Nam khi Việt Nam chính thức gia nhập Tổ
chức thương mại thế giới (WTO)
8.

Vũ Việt Phong (2007), Xu hướng sáp nhập ngân hàng trong quá

trình hội nhập kinh tế, Tạp chí Hỗ trợ phát triển số 18 tháng 12/2007.
9.

TS. Nguyễn Trọng Tài (2008), Canh tranh ngân hàng thương mại –


nhìn từ góc độ lý luận và thực tiễn tại Việt Nam, Tạp chí Ngân hàng số 4,
tháng 2 năm 2008.
94


10.

TS. Huỳnh Thị Thúy Giang (2008), Sáp nhập ngân hàng -

một xu thế không thể đảo ngược, Tạp chí Ngân hàng số 12 tháng 6 năm
2008.
11.

Thùy Vinh (2008), Làn sóng sáp nhập sẽ đến sớm hơn dự

kiến, Tạp chí Đầu tư chứng khoán số 57 tháng 5 năm 2008.
12.

Hoàng Thị Khánh Tâm (2008), Ứng dụng mô hình APV

trong phân tích hoạt động sáp nhập và mua lại công ty (M&A) tại
Việt Nam,
13.

Gia Linh (2008), Thành lập ngân hàng mới: Dừng lại là vừa?, Tạp

chí Đầu tư chứng khoán số 36 tháng 3 năm 2008.
14.

Thùy Vinh (2008), Ngân hàng có còn siêu lợi nhuận, Tạp chí Đầu


tư chứng khoán số 37 tháng 3 năm 2008.

95