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Entrepreneurship in a Harsh Business Climate: Reform-Era Vietnam
By the mid-1990s, a few years into Vietnam's tentative market-oriented reforms, Vietnam's newborn private sector was at a crucial point. The government had gradually loosened its communist-era prohibitions on market activities, but had left in place most of the machinery of the old planned economy and had done little to build the institutions needed to underpin a market-oriented economy. Interestingly, facing impediments such as the lack of commercial law and contracts, entrepreneurship flourished. The protagonists in the case, owner-managers of three relatively young firms, discuss their initial success in such an unreceptive setting.