In this paper and in the context of Vietnam, it is inspected via asset restructuring. Using both financial and non-financial indicators of 226 listed firms on Hochiminh Stock Exchange (HOSE) and Hanoi Stock Exchange (HNX) over the 2007–2014 period. | 2 Su Dinh Thanh et al / Journal of Economic Development 23(3) 02-35 Corporate Restructuring in Vietnam: An Analysis of Asset Restructuring SU DINH THANH University of Economics HCMC – dinhthanh@ DOAN VU NGUYEN Trường Cao đẳng Tài chính - Hải quan – doanvunguyen89@ BUI THANH TRUNG University of Economics HCMC – trungbt@ ARTICLE INFO ABSTRACT Article history: Corporate restructuring is likely to be approached from various aspects. In this paper and in the context of Vietnam, it is inspected via asset restructuring. Using both financial and non-financial indicators of 226 listed firms on Hochiminh Stock Exchange (HOSE) and Hanoi Stock Exchange (HNX) over the 2007–2014 period, this paper investigates: (i) the determinants of corporate restructuring in Vietnam; and (ii) the effects of corporate restructuring on corporate performance. Empirical findings show that: (i) the fact that an enterprise conducts its restructuring plans primarily depends on its performance, and ownership concentration has a negative impact on the process of restructuring; (ii) a board with the presence of outside directors has positive and statistically significant effects on the performance of the firm, and foreign holdings lead to subsequent performance improvement. Received: Sep. 22 2015 Received in revised form: Dec. 25 2015 Accepted: June 20 2016 Keywords: corporate restructuring, performance, logit and probit and GMM models. Su Dinh Thanh et al / Journal of Economic Development 23(3) 02-35 3 1. Introduction Since ‘Doi moi’ (an innovation process in Vietnam) the country has attained remarkable economic growth, foreign trade expansion, improvements in foreign investment attraction, poverty reduction, and human development. In line with the country’s economic reform and development, Vietnam’s private enterprises have witnessed significantly growth, especially since 2000 to date and after the promulgation of the Enterprise Law. In 2014, Vietnamese private
