Abstract
The article presents a history of the policy of the Vietnamese Communist Party (VCP) towards state owned enterprises (SOEs). Despite an evident embrace of markets from the early 1990s, the VCP has resisted formal political change. The state sector has retained a privileged economic and political position. Policy has been made in the context of a political order where the interests of certain groups within the ostensibly hierarchical state have usually prevailed over attempts to generate coherent economic strategy. This has resulted in a situation where the formal ownership of SOEs is unclear, and real ownership is vested, apparently, in groups within a State Business Interest.
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