越南新創企業生態系統正在蓬勃發展。但是當地的風險投資行業仍處於新生和不成熟階段，這給外國風險投資家帶來了很多困難。這些挑戰之一就是所謂的“外商劣勢”，它表達了企業在東道國市場運營時將產生的成本。外國風險投資家如何克服這些挑戰？本文試圖透過發展系統化的策略來回答這些問題。最初的框架是通過對先前學者發現的實務狀況進行識別和分類而成。主要障礙包括缺乏當地信息，缺乏當地網絡，文化距離和政治歧視。在解決方案方面，採用了包括本地網絡，資源投入，合法性改善和輸入本地化等進攻型策略。通過與正在積極投資越南新創企業的外國風險資本家的深入訪談，探索了更多的實踐方法。本文希望為越南的國際風險投資研究和實踐做出貢獻，同時也響應目前越南全面的體制狀況，而這些狀況將影響外國風險資本家進入與營運市場的過程。

Vietnam's startup ecosystem is thriving. However, the venture capital industry of the nation is still nascent and immature which causes various amounts of difficulties for foreign venture capitalists. One of those challenges is the Liabilities of Foreignness, which means the costs that will arise when a business operates in a host market. How can foreign venture capitalists overcome those challenges? The goal of this paper is to attempt to answer those questions by developing a systematic strategy. This paper will use a framework that was developed by previous scholars. The obstacles that VCs face in international markets comprised lack of local information, the lack of local networks, cultural distance factors, and political discrimination factors. In terms of solutions, some offensive strategies were employed including developing a local network, resource commitment, legitimacy improvement, and input localization. More practices were explored through in-depth interviews with foreign venture capitalists who are actively investing in Vietnam’s startups. This paper intends to contribute to furthering international venture capital research and international venture capital practice in Vietnam, which provide a greater understanding about Vietnam's institutional condition. Therefore, impacting the entering and operating processes of foreign venture capitalists in Vietnam.

論文審定書 i
摘要 ii
ABSTRACT iii
LIST OF FIGURES vi
CHAP 1: INTRODUCTION 1
1.1. Introduction 1
1.2. Contribution 4
CHAP 2: LITERATURE REVIEW 6
2.1. Liabilities of Foreignness concept in Multinational Enterprise 6
2.2. Source of Venture Capital Liability of Foreignness in Vietnam VC Market 8
2.2.1 Unfamiliarity hazards 10
2.2.2 Relation hazards 11
2.2.3 Discrimination hazards 14
2.3. Mitigating Mechanisms 16
2.3.1. Networking 17
2.3.2. Resource Commitment 20
2.3.3. Legitimacy improvement 21
2.3.4. Input Localization 22
CHAPTER 3: RESEARCH METHODOLOGY AND RESEARCH DESIGN 23
3.1. Research Methodology 23
3.2. Research Design 24
3.2.1. Study 1: 24
3.2.2. Study 2: 26
CHAPTER 4: RESULTS 29
4.1. Introduction of interviewee 29
4.1.1. Fund A 29
4.1.2. Fund B 30
4.1.3. Fund C 31
4.2. Finding on LOFs of Vietnam VCs market 32
4.2.1 Lack of market production and legal information system 32
4.2.2 Culture Distance 33
4.2.3. Lack of Local network 34
4.2.4. Discrimination from government policy 34
4.3. Finding on Mitigation Mechanism 36
4.3.1. Network 36
4.3.2. Resource Commitment 41
4.3.3. Legitimacy Improvement 43
4.3.4. Input Localization 44
Chapter 5: CONCLUSION, DISCUSSION, IMPLICATION AND SUGGESTION 45
5.1 Discussion and Conclusion 45
5.2 Implication 47
5.3 Research Limitation and Future Research Suggestion 49
5.3.1 Research Limitation 49
5.3.2 Future direction 50
REFERENCES 52
APPENDIX 59

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