The number of company mergers and acquisitions in Vietnam doubled in 2008 compared with 2007, said PricewaterhouseCoopers (PwC).

According to PwC, many companies in Vietnam wanted to extend their operations or to deal with difficulties brought by the current economic situation.

Total mergers and acquisitions in Vietnam last year increased by 146 cases, a total of more than $1 billion, triple that of 2006. For example, the Société Générale de France bought 15 percent of SeaBank, HSBC bought 20 percent of Techcombank, Oil and Gas Corporation bought 20 percent of Ocean Bank and Viettel bought 15 percent of Military Bank.

The PwC is the world’s largest business services group, operating in 150 countries and territories. The PwC established offices in Hanoi and Ho Chi Minh City in 1994.

A lawyer, Le Cong Dinh, from DC Law said mergers and acquisitions are quite normal in a market economy. It helps create many larger businesses, powerful enough to compete with big rivals in the region and in internationally.

In 2007, the number of mergers and acquisitions in Vietnam saw the most rapid growth rate in the Asia – Pacific region, up by 233 percent in total and 146 percent in value. The figures were, respectively, 117 percent and 18 percent for Australia, 11 percent and ten percent for Singapore, and 83 percent and 33 percent for China.