As Vietnam reforms, a few can benefit

A handful of leading private-sector companies in Vietnam are poised to expand as the government looks to limit the role of the state in many sectors.
KKR sees profits in backing private Vietnamese companies in the consumer sector and acquired an 18% stake in Masan Consumer, valued at $355 million.
KKR sees profits in backing private Vietnamese companies in the consumer sector and acquired an 18% stake in Masan Consumer, valued at $355 million.

Vietnam’s bureaucrats and politicians are slowly shifting their way towards reducing the role of the state in the economy, by relaxing foreign ownership limits and reining in activities by state-owned enterprises.

This is creating opportunities for leaders in the private sector but only a handful of players are likely to realise initial benefits, as they gain the scale, expertise and vision to prosper from such an opening. Some of these businesses have already been active in both restructuring and acquiring new businesses.

“We’re going to see deals get bigger,” said Nguyen Lam Dung, chief executive at VPBank Securities in Hanoi.

Masan Group, one of the country’s largest privately run conglomerates with...

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