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KCI등재 학술저널

SOEs Privatization Policy in Korea: Lessons for the Vietnamese Economy

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The economic structure of Vietnam seems very different from that of Korea. One is a socialistic economy, and the other is a capitalistic market economy. However, from the 1990s, Korean national economic power was concentrated on Chaebol, and SOEs played significant roles in the domestic economy. As a result, there were intimate relationships among major private companies, SOEs, and political elites. Vertical industrial structures had been too tightly intertwined, and these were partly responsible for the 1997 financial crisis in Korea. SOEs in the Vietnamese economy have played significant roles and substantial expenditures of infrastructure were spent to grow steadily; thus, there is a possibility that general governments and SOEs face fiscal constraints. Therefore, SOE reform and privatization are in top prioritized policy options. Reform in management and economic structure as well as reform in administrative implementation should be closely scrutinized to achieve effective SOE reform. In the process, the government should actively manage the progress of SOE reform including privatization by strengthening its role as a big shareholder. The experience of Korea during the 1990s and 2000s for privatization, especially for Korea Telecom case, could draw essential lessons to the Vietnamese economy. Strategy and implementation sequence, political moment utilization, and efficient administrative architecture are critical success factors.

Ⅰ. Introduction

Ⅱ. Overview of SOE Privatization in Korea

Ⅲ. Selection of Public Enterprises for Privatization

Ⅳ. Characteristics of Korean SOE Privatization: Lessons for Vietnam

References

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