Title Page
ABSTRACT
Contents
LIST OF ABBREVIATION 12
CHAPTER ONE: INTRODUCTION 14
1.1. Rationale 14
1.2. Study Objectives 20
1.3. Scope and Limitation of the Study 21
CHAPTER TWO: OVERVIEW OF VENTURE CAPITAL INDUSTRY 23
2.1. Venture capital investment development 23
2.1.1. The history of development of venture capital investment 23
2.1.2. Definition of Venture Capital Investment and relevant terminologies 26
2.2.Distinguishing between venture capital and private equity investment 36
2.3. The importance role of venture capital for startups and SMEs 38
2.3.1. General introduction and definition of Startups and SMEs. 38
2.3.2. The trends of venture capital investment in capital market and the role of providing finance for startups and SMEs in some host states 40
CHAPTER THREE: COMPREHENSIVE PICTURES OF VENTURE CAPITAL INVESTMEN IN AMERICA, CHINA AND SINGAPORE 47
3.1. America 47
3.1.1. General picture of venture capital investment in America 47
3.1.2. Efficiency regulations relevant to VC fund and it activities 51
3.2. China 62
3.2.1. A glance of legal framework on venture capital investment in China 62
3.2.2. The Evolution phases of China's Venture Capital market with the role of Government 65
3.3. Singapore 79
CHAPTER FOUR: OUTSTANDING ISSUES ON LEGAL SYSTEMS RESTRICTING VENTURE CAPITAL INVESTMENT IN VIETNAM 91
4.1. Practical environment on Venture Capital Investment in Vietnam 91
4.1.1. The emergence of Venture Capital Investment in Vietnam 91
4.1.2. The development and current status of VC industry in Vietnam 93
4.2. Restrictions on Legal System relating to Venture Capital Investment in Vietnam 98
4.2.1. Flawed legal framework makes Venture Capital Investment undeveloped in Vietnam 98
4.2.2. Limitation of Foreign Investment Law as to unclear provisions relevant to foreign investors 100
4.2.3. Undeveloped stock market interrelated with Securities Law 103
4.2.4. Lack of Preferential Tax for Venture Capital Funds and startups Venture Capital Funds 108
4.3. Cases study 110
4.3.1. IDG Ventures Vietnam 111
4.3.2. Dragon Capital Group, Lozi and Ahomove Companies, FPT Ventures 112
CHAPTER FIVE: LESSONS FOR IMPROVING VIETNAMESE LEGAL FRAMEWORK ON VENTURE CAPITAL 116
5.1. Lessons from other countries 116
5.1.1. Comprehensive regulations on VC investment from United States 116
5.1.2. State Venture Capital Investment Guidance Fund from China 119
5.1.3. Startup Stock Exchange for a better exit channel for startups in Singapore 121
5.2.The proposals for Vietnamese Legal Framework on Venture Capital 123
5.2.1. Provision of synchronic and unified regulations of the Draft Circular of Venture Capital Fund and relevant laws 123
5.2.2. Establishment of VC fund owned by State and Stock Exchange for Startups 127
CONCLUSION 129
REFERENCES 131