KINH j e VI M O
Hoat dOng mua ban, sap nhdp (M&A - Mergers and Acquisitiojis) da xudt hi6n \(i rdt lau tr^n thd gidi nhung mai 66r\ nhOng ndm cuoi \h6 kl 20, trong xu the toan cdu hda kinh \6, M&A mdi trd thdnh mdt lan sdng manh me didn ra tai cac nudc cd ndn kinh td phat trien. 6 Anh, chl tinh ta nam 1986 ddn ndm 1989 da cd khodng 5.200 cdng ty cdng nghiOp, thudng mai M&A Idn nhau (trung binh m6i ndm cd 1301 cdng ty tidn hanh M&A). Ri^ng d My. mdc du da xudt hien hinh thQc M&A ngay ta ddu thd ky 20, nhUng cung phdi ddn ndm 1980 - 1990 thi mdi thac sa bung nd.
Hoat flong mua han, sap nhap nib flan nam 2011 va xu htfdng nhiihg thang cuoi nam
ThS. PHAM Itll TiJciNG V A N
Tinh hinh hoat ddng mua biin, siip nhdp tai V I M Nam
C5 Viet Nam, hoat ddng niy bit dau bdng nd manh me ttf nim 2006. Vdi sd Iffdng doanh nghiep ldn va da phan li doanh nghiep vtfa vi nhd, do dd nhu can sip nhap de ting nang Itfc canh tranh li tat yen vi cd xu htfdng ngay cang phit tridn manh. M&A cd the tao ra stfc manh tdng hdp, tao ra gii tri ldn hdn so vdi gii tri mang lai cho doanh nghiep, cho cd ddng. Hoat ddng M&A d Viet Nam gin day ndi len nhtf mdt kenh gia nhap thj trtfdng cua cie nhi dau ttf ttong vi ngoii ntfdc do tinh ddn gian, nhanh gpn vi gitip cic nhi dau ttf dd ding gia nhap thi trUdng mi khdng phai tidn hanh nhtfng thiJ tuc phtfc tap.
Trong nim 2010, hoat ddng M&A tai Viet Nam ting tiirdng an ttfdng 65%. Cic con sd thdng ke ttf cic td chtfc nghien ctfu M&A nhtf Thomson Renter.
PwC, IMAA va AVM Vietnam cho thay, tdng sd thtfdng vti dtfdc cdng bd nim 2010 dat khoang 34.'S vu vdi gii trj 1,7 ty USD. Didu niy ddng nghia vdi viee td'c dp ting trtfdng ciia M&A tai Viet Nam nim 2010 da ting nhieu so vdi nim 2009 \a lUdng dUdng vdi mtfc cao nha't ttf trtfdc ddn nay.
Hoat ddng M&A trong 6 tiling dau nim 201 Id VN da dien ra khi sdi ddng vdi nhieu thtfdng vii tieu bidn, tie'p theo nhtfng kdt qua da dat dtfdc ttong nim 2010.
Nim 2011*: So lieu tfdc tinh dira tten tinh toin mtfc ting trtfdng binh quan ciia hoat ddng M&A qua cic nim.
So vdi ctfng thdi diem eua cic nim ttf 2007, sd Itfdng thtfdng vu ttong ntfa dau nim 2011 cd xu htfdng ting len ca ve sd Itfdng vi gii trj. Tuy nhien,
liNI I IliNH M&A TAI ViC F NAM 6 T H A N G DAU NAM 2011- so SANH (IJNG KY ( A( NAM
260 • -
Nftm2007 Nam2008 N4m 2009 N«(n2010 N«ni2011'
^ S A l u v n g ( v u l - a - G M I n (th^uUSO)
NguSn: TSng hqfp tif PwC (ja'~.J008,Ja'"i.20W), ATP vd tac gii ttf tinh toin
Neu so vdi nim 2007 \a 2008 tiii td'c dp ting ve giii ttj thap hdn so \ di tde dp ting ve sd Itfdng thtfdng vti.
Ve ty le ting tttfdng ttung binh dat khoang 25% ve sd lUdng va 60% \ e gii trj. Ttf dau nim den nay, cic giao djch da ting 4.37r ve sd lUdng va 0,6% ve gii trj so vdi eae giao djch d Chau A - Thii Binh Dtfdng (GS.TS. Christopher B. Kummer - IMAA)
Cic tiiUdng vu M&A chia tiieo nganh tinh tiieo ty le % gii tii tinh tten cd sd nim 2010 tiii xu htfdng cho tiiay hoat ddng M&A dien ra phan ldn ttong nganh djch vu tai chinh - ngan hing.
0 6 i vdi M&A cdng ty chOhg kho4n:
6 tiling dau nim 2011. da phan cic flitfdng vu M&A do nhi dau nr ntfdc ngoai mua lai CTCK tix)ng ntfdc', vi quan tam dau ttf chidn Itfdc vao eic edng ty chiing khoin ttong ntfdc^ (vdi cd phan khoang 20%, tiiip hcto nhieu vdi quy dinh 49% khdng nham thdn tinh cic CTCK ttong ntfdc mi chl de tiiam gia vao IPO ciia cdc cdng ty ttong ntfdc ttong ttfdng lai).
Chtfla cd tiitfdng vu M&A gitfa cic CTCK ttong
12
ntfdc. Nguyen nhan: (1) M&A ttong Hnh vtfc chtfng khoin chtfa didn ra sdi ddng ttong tiidi gian qua vi chi cd 10 - 15 CTCK chiem phan ldn tiii phan va da sd CTCK cdn lai ehidm tiu phan rat nhd. Vi tiid, cic CTCK ldn cung khdng dit k^- vpng nhieu vio viec mua lai cic CTCK yeu kdm hdn de tiiu htit khich hing. Day Cling la ly do tai sao stf thau tdm gitfa cic CTCK tiidi gian qua chtfa tiitfc stf diin ra sdi ddng, dii cd gip khd khin; (2) Nhan stf gitfa cic CTCK ttong thdi gian qua bidn ddng nhieu. Vi the, khi nhan stf dich chuyen se keo theo khich hang ttf cdng ty cu sang cdng ty mdi.
Do dd, khdng can den M&A. mdt sd CIC K cd tiitfdng hieu. thi phan ldn kdo dtfdc khich hing.
Cie tiitfdng vu ctfa cic dd'i tic ntfdc ngoii ttong ntfa dau nam 2011 mua cd phin ciia CTCK gin vdi kinh doanh cua tap doin cdng ty me hdn la ddn thuan ttong vio dich vu chiing khoin.
M&A ngan hang: Ciing gidng nhtf M&A CTCK, da phan cac hoat ddng M&A ngan hang la tir cic nha dau ttf ntfdc ngoai vdi ty le khoang 20% cd phan .
Ben canh hoat ddng M&A vao chiing khoin vi ngan hang, ttong linh vUc bin le vi tieu dtfng, san xua't cdng nghiep ciing didn ra mdt so thUdng vu.
DU bao boat ddng M&A trong 6 thang cuoi nam 2 0 1 1 :
Xu hudng thUe hien cic thtfdng vu M&A xuyen qude gia tai Viet Nam ttong thdi gian tdi se tang ea ve gii tri va sd Itfdng thUdng vu, nhiflig sd Itfdng thtfdng vu tang khdng nhieu bang gii trj thtfdng vu. Xem xet ve thi phan thi ed the thay thi phan gii tri eua eic thUdng vu cd xu hudng tang len ttong khi thi phan so lUdng thUdng vu se ed xu hUdng giam di. Tuy nhien. ndu so vdi thi phin chau A - Thii Binh DUdng ctfng thdi diem thi ca so lUdng va gii trj cua thUdng vu deu cd xu hUdng tang Ien ttong nam 2011.
Nganh Tai cbinb: Hoat ddng M&A vin ed xu hudng tang Ien. Die biet ttong bdi cinh hien nay.
stfc ep tii ed cau da dit ra vdi hiu hdt cic ngan hing, cdng ty chtfng khoin.. Quy dinh ve ngan hang thtfdng mai phai ed vdn didu le tdi thidu dat 3.000
TH! P H A N C A C T H U O N G V U M&A XUY^N Q u 6 c GIA TAI VIETNAM (1995 -2011*)
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ty ddng la mdt ydu td' tao stfc dp len cic td chtfc tin dting trong ntfdc thuc day manh hoat ddng bin cd phan ting vdn didu le. Cie cdng ty chtfng khoin tie'p tuc thtfc hien M&A dd ting quy md vi ning Itfc canh tranh ctia minh. Ddng thdi, ngay 13/4/2011, Chinh phii yen ciu Ngan hang Nhi ntfdc bio cio vi de xua't giim ty le sd htfu ciia nhi dau ttf ntfdc ngoii trong nginh ngan hang xud'ng cdn 20%. Chinh sich nay se inh htfdng ldn ddn hoat ddng M&A cua nhi dau ttf ntfdc ngoii vio ngan hing. Ngoii ra, viec ThtJ ttfdng chap nhan gian tie'n dp tang vd'n didu le len 3000 ty ddng cho cic td chtfc tin dting de'n ngay 31/12/2011 se thiic day cic td chtfc tin dung trong ntfdc thuc day manh hoat ddng bin cd phan ting vdn dieu le.
Nganh bat ddng sin sau nhiing giai doan ting trtfdng ndng, mdt sd phan khue thj trtfdng ttd nen bio hda, cdng vdi mdt sd khd khin ve vd'n. Trong thdi gian
CAC THUONG v u M&A VI^T NAM PHAN THEO N G A N H V A GlA TRI (1995 - 2011*)
• Nguyen vat li$u
• Tai chinh
• nSng luvng
• cong nghiep I vien thong
>b4t dgng san hang tieu dung nhanh giai tri & truyen thflng khae
NguSn: Thomson Financial, IMAA
NguSn: Thomson Financial, IMAA
tdi nhu can chuyen nhtfdng dtf in bit ddng sin se tidp ttic dien ra.
Nginh viln thdng: Hoat ddng M&A cung se cd xu htfdng ting len do cic nhi dau tu ntfdc ngoii vin dang mong mud'n dau ttf vao Mobiphone, VinaPhone hoac cic thtfdng vu ttong ntfdc gitfa cic cdng ty vien thdng.
Nganh khai khoing: Hoat ddng M&A ed xu htfdng phit trien, die biet khi Luat khoing sin cd hieu Itic ttf ngiy 1/7/2011 se tic ddng den dau ttf ttong nganh cung nhtf ddng thii M&A cua cic cdng ty.
Hang tieu dtfng: vdi mdt thi trtfdng hdn 80 trieu dan, din sd tte se thtfc day xu htfdng M&A ttong Hnh vtfc hang tieu dtfng, cic thtfdng vu cd the diin ra gitfa eae cdng ty ttong ntfdc va ntfdc ngoii ve thtfdng hieu vi thi phin mdt sd hing hda.
Nganh cdng nghidp: mac dtf ttong giai doan hien nay Chinh phu dang thtfc hien eic chinh sich de kiem chd lam phit da gay ra nhieu khd khan eho doanh nghiep ttong nganh. Tuy nhien, cic doanh nghiep ttong ITnh vtfc nay cung thtfdng sd hiiu nhiing tii sin gii tri, I Xem ti»p Tr 27
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