On the streets of Hanoi and across the country, Vietnam's small businesses risk being left behind in a new era of private enterprise, observers say, while large existing firms could become like South Korea's chaebol conglomerates. (Photo by Yuki Kohara)

Vietnam's private sector revolution leaves small firms under a cloud

Experts see largest economy reforms in 40 years favoring big business

GOVI SNELL

July 10, 2025 23:38 JST

HO CHI MINH CITY -- In Vietnam, an army of mom-and-pop street food vendors fuels the country, young and old, selling staples like banh mi for less than a dollar per sandwich. This legion is also front and center for Resolution 68 -- part of the nation's biggest economic reform plans in four decades, designed to stimulate its private sector.