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Business Angel Investing in Vietnam: An Exploratory Study

This article analyzes the investment strategies of Vietnamese business angel investors. The authors interviewed 12 angel investors in an emerging economy described as an institutional void due to the lack of the fully developed institutions necessary to support private equity investing. The research question is: How do business angels invest in and develop entrepreneurial firms in emerging economies, which often lack the supporting institutions for early-stage investment? Business angels in the sample were found to be very active, hands-on investors in early-stage firms, who aggressively networked with co-investors to do deals and reported generally positive investment performance. The authors also provide theory contributions to business-angel investing in emerging economies with weak formal institutional regimes.