Entrepreneurship of the Vietnamese Bourgeoisie in the Early 20th Century: The Case of Bach Thai Buoi (1874-1932)

Abstract

The Vietnamese bourgeoisie was born in conjunction with the intrusion and establishment of French colonialism in Vietnam. The introduction of the new mode of production, i.e. capitalism helped a number of Vietnamese, who had a relatively large accumulated capital, transform and extend their businesses or invest in the new ventures. Others w ere self-made businessmen, who rose up by their entrepreneurship and their desire to enrich themselves as well as to transform the society. Bach Thai Buoi was a typical figure among the most prominent self-made bourgeoisies in Vietnam in the early twentieth century. By analyzing the business development and activities of Bach Thai Buoi, this article aims to highlight the entrepreneurship of the Vietnamese bourgeoisie in the early twentieth century. Attention is given to the historical context and business environment of Vietnam in the late colonial era. The birth and business activities of the bourgeoisie, particularly those with strong entrepreneurship and self-made spirit will be discussed in detail. Despite their strong economic power in comparison with other indigenous groups, the Vietnamese bourgeoisie was significantly subordinate to foreign capital, particularly the French and the Chinese. Fierce competition from foreign capital while lacking political and administrative supports and a leading ideological basis were the main reasons for the weakness of the Vietnamese bourgeoisie in the colonial era.