Using census data from 2000–2011, we examined the survival of multinational enterprises
(MNEs) located in Vietnam using Cox hazard models with time–variant covariates. Beside
enterprises’ characteristics and performance, we found that the firm characteristics,
structure of the ownership and nationalities of the foreign partners are associated with the
probability of exiting, which suggests that a joint–venture between a foreign partner and a
domestic non–state owned enterprise is more likely to exit than other types of MNEs. Also,
a firm with a greater capital share owned by foreign partners was found to survive longer.
Furthermore, time cost due to bureaucratic procedures and inspections, among indicators
of local government performance, was found to be associated with a greater probability of
MNEs exiting.