Historical Journey of Vietnamese Enterprises

The growth of the Vietnamese business community has been closely connected with key milestones in national history, from the years of resistance wars to the reform era and the stage of strong international integration. Over the past 80 years, with the support of the Vietnam Chamber of Commerce and Industry (VCCI), enterprises and entrepreneurs have made significant contributions to Vietnam’s current position.

On December 17, 2011, Party General Secretary Nguyen Phu Trong met VCCI leaders and business representatives at the VCCI head office

Enterprises – the driving force elevating Vietnam to the regional and global stage

Immediately after the Democratic Republic of Vietnam was established in 1945, when the country was still poor and facing the threat of war, many patriotic capitalists and private businesses voluntarily supported the Government, contributing financial resources to the nation-building effort. Figures such as Trinh Van Bo, a well-known silk trader in Hanoi who donated more than 5,000 taels of gold to help the Government build the young national treasury, and Do Dinh Thien and Trinh Thi Dien, owners of a silk shop on Hang Gai Street and a textile factory in Gia Lam, who contributed 100,000 dong (equivalent to 4 kg of gold) to the Independence Fund and 100 taels of gold during Gold Week, embody the patriotism, social responsibility, and aspiration for national independence of Vietnamese entrepreneurs in the earliest days of the Republic.

During the resistance wars, although the economy operated mainly under a centrally planned system, many state-owned enterprises, cooperatives, and factories played an important role in providing supplies and logistics for the battlefield, creating a strong support base for the frontline. Production units such as Hanoi Mechanical Factory, Garment 10 Factory, and Nam Dinh Textile not only manufactured goods but also supported the resistance, becoming symbols of unity and dedication among workers, farmers, and soldiers.

With the restoration of peace, and especially after the Doi Moi (renovation) reforms in 1986, the private sector began to recover and expand rapidly. The Enterprise Law of 1999 marked an important breakthrough, fostering entrepreneurship and innovation across society. Thousands of private and joint-stock companies were established, contributing significantly to GDP, employment, and state revenues.

After nearly 40 years of reform, Vietnam’s private economy has expanded in both scale and quality, becoming one of the key drivers of the socialist-oriented market economy. With almost one million enterprises and more than five million business households, the private sector contributes about 50% of GDP, over 30% of state budget revenues, and provides jobs for around 82% of the workforce. It is an essential force fostering innovation, productivity growth, and competitiveness, while contributing to poverty reduction, social stability, and higher living standards. Many private enterprises have grown strongly, building brands and expanding into regional and global markets.

In Forbes Vietnam’s recent rankings, many Vietnamese companies were recognized for brand value and economic contributions, including Vingroup, a pioneering multi-industry group in technology and electric vehicles with the VinFast brand; Viettel, the leading telecom enterprise expanding beyond Vietnam into Asia and Africa; Hoa Phat, a leading steel company; and FPT, Masan, Vinamilk, THACO, Hoa Sen Steel, TH True Milk, and others, reflecting the remarkable rise of Vietnamese enterprises in today’s competitive global market.

At the same time, the business community has grown in size and influence, with entrepreneurship, social responsibility, ethics, and corporate culture spreading widely. Even during difficult periods, such as natural disasters and pandemics, enterprises and entrepreneurs continued to maintain production and demonstrate responsibility to the community.

In 1990, VCCI held a working visit to Australia

VCCI – the extended arm of the business community in global integration

Throughout its 80-year journey, VCCI has consistently supported Vietnamese enterprises, solidifying its role as a pivotal force in national development. Established in 1963, VCCI serves as the national organization representing businesses, entrepreneurs, and employers across all economic sectors. It acts as a vital link between the business community and the Government, as well as between domestic enterprises and the international community. Additionally, VCCI has played a significant role in fostering the growth of powerful businesses at the heart of Vietnam's economy.

In its early years, during wartime and the subsidized economy, VCCI primarily focused on promoting foreign trade, supporting exports, and strengthening economic relations with socialist allies. Following the Doi Moi reforms in 1986, as Vietnam shifted to a market economy and embraced international integration, VCCI drew on its experience with market economies to provide strategic advice to the Party and the State, helping establish the new business environment, supporting enterprise development, and facilitating integration into the global economy.

VCCI not only represents the collective voice of enterprises in policy advocacy and administrative reform but also serves as a training ground for entrepreneurs through workshops, training programs, and international seminars. By organizing high-level economic forums, business conferences, and international trade connections, VCCI has helped expand markets and enhance competitiveness for hundreds of thousands of Vietnamese businesses.

Importantly, VCCI initiated and developed the Provincial Competitiveness Index (PCI), a key tool for assessing the economic governance of local governments, encouraging provinces and cities to accelerate reforms to benefit enterprises. VCCI has also actively promoted core business values such as integrity, sustainable development, green transition, digital transformation, and corporate social responsibility - essential factors for advancing Vietnamese businesses in the era of globalization. With more than 60 years of development, VCCI is not only a companion but also a catalyst for the growth and strength of the Vietnamese business community, contributing significantly to the nation’s rapid, sustainable development and global integration.

Over the past 80 years, from the earliest efforts in times of hardship, Vietnamese enterprises, together with VCCI, have become a leading force in economic development, social welfare, and national prestige. This is a proud historical journey, grounded in patriotism, self-reliance, resilience, and an enduring aspiration for progress. Step by step, the Vietnamese business community is emerging as the vanguard driving the nation’s economy onto the regional and global stage.

By Anh Mai, Vietnam Business Forum