The crisis of avian influenza occurred in Vietnam in late 2003 has affected the organization of the local poultry value chain. This crisis has resulted in an alliance between the Vietnamese government and agro-industrial sector considered more capable than the traditional one, to meet the requirements of “biosecurity”. In the short term, this alliance has allowed agro-industrial groups to develop and to take the control of a growing number of activities in the avian chain through a process of vertical integration (animal raising slaughtering, retailing) and, to a lesser extent, through contracting with farmers. This movement was slowed down once the crisis abated, since consumers turned back to traditional products, eliminating thus the less competitive groups. Thus, in the medium term, instead of benefiting the industrial sector at the expense of the traditional one, as one could expect, this crisis allowed a small number of agro-industrial groups, and especially international groups (we discuss in more detail the Asian group Charoen Pokphand) to establish their position in a market certainly promising, in the long term, despite its many hazards.