2016 年 22 巻 p. 79-92
This paper examines the growth of Hoa Phat Group and Hoa Sen Group, two private companies in Vietnam, and their achievement of leading status in the long and flat sectors of the local iron and steel industry. Both companies have benefitted from innovations in the production system and market-oriented management that exploited local market conditions and factor endowment. Compared to state owned enterprises and other private companies, HPG and HSG exhibited speedier and more valiant managerial behaviors. Moreover, they adopted technology and focused on market segments ignored by foreign companies. HPG’s organizational behavior is regarded as catch-down innovation while HSG demonstrated the initial stage of disruptive innovation. However, both companies have been forced to adapt their corporate strategies with the disappearance of favorable local conditions given global competitive pressures.