Discussion of transition economies assumes movement from socialist planning to market capitalism. Vietnam has moved significantly in this direction, but the Communist Party of Vietnam (CPV) claims its long-term objective remains socialism, meanwhile running a socialist-oriented market economy. What this orientation means however is much debated. This book focuses on state ownership as one way to assess this orientation. Despite decades of market reform, state-owned enterprises (SOEs) maintain a dominant role in the economy, but often fall far short of any socialist purpose. This study reveals, however, significant remaining socialist or socially beneficial substance. This helps explain the stubborn tenacity of the state economy: it is not merely due to “elites opposing reform,” but to significant sectors of society with an interest in opposing change detrimental to their interests. Vietnam’s years of developmental progress with a large state sector also challenges the assumptions of economic “orthodoxy.” The role of SOEs is central to the debate within the CPV and among academic analysts of Vietnam’s political economy. This book presents an unorthodox contribution to this debate.