This paper examines patterns and changes of shares of the state sector, including stateowned
enterprises (SOEs) and other state entities, and foreign multinational enterprises
(MNEs) in Vietnam since the mid-1990s. Because most Vietnamese are still self-employed or
household workers with little or no connection to the state sector or MNEs, it is important to
exclude the household sector from these comparisons. First, ownership shares vary markedly
among economic activities. For example, economy-wide estimates indicate that MNEs and
state sector have both been relatively small employers, but larger producers. MNEs have also
become by far the largest exporters. Second, ownership shares and their trends vary
substantially depending on the data source. Most conspicuously, SOE shares of nonhousehold
enterprise employment and sales have decreased rapidly since 2000. On the other
hand, economy-wide estimates of state shares in non-household employment and GDP
declined much more slowly. Recent discrepancies between these estimates have become so
large that they almost certainly result from errors in one or more data sources. There are also
smaller discrepancies between corresponding, alternative estimates of MNE shares. The
extent of privatization of SOEs and its economic effects are thus ambiguous in Vietnam,
creating important concerns for academics and policy makers.