In Vietnam’s modern economic history, Dr. Nguyen Dinh Cung is widely recognized as one of the key figures behind the country’s institutional reforms and the development of its legal framework for a market economy. As former President of the Central Institute for Economic Management (CIEM), he devoted his career to advancing economic freedom and strengthening the role of the private sector.

In Vietnam’s modern economic history, Dr. Nguyen Dinh Cung is widely recognized as one of the key figures behind the country’s institutional reforms and the development of its legal framework for a market economy. As former President of the Central Institute for Economic Management (CIEM), he devoted his career to advancing economic freedom and strengthening the role of the private sector.

Dr. Nguyen Dinh Cung, a leading economist who has made significant contributions to Vietnam’s institutional reforms and the development of the Enterprise Law. Photo: Cong Dat/VNP

Laying the Foundation for Modern Business Laws

Dr. Nguyen Dinh Cung’s journey began with his studies in Czechoslovakia and the United Kingdom, where he gained firsthand exposure to both centrally planned and market-based economic systems. This unique background shaped his distinctive approach to policymaking -one that focused on addressing institutional issues at their roots and measuring success by the confidence and satisfaction of the business community.

His most enduring legacy is his contribution to Vietnam’s business legislation. While the 1990 Company Law and Private Enterprise Law marked the first legal recognition of the non-state sector, the 1999 Enterprise Law fundamentally transformed the country's approach to business regulation. As Secretary of the Task Force responsible for implementing the law, Dr. Cung and his colleagues helped replace the long-standing principle that "people may do only what the State permits" with a far more open one: "people may do anything that is not prohibited by law."

Dr. Cung discusses institutional reform and Vietnam’s business environment. Photo: Cong Dat/VNP

Before 2000, establishing a business often took months, or even years, under a cumbersome licensing system that sometimes required approval from provincial leaders. After the 1999 Enterprise Law took effect, business registration was dramatically streamlined, reducing the process to just days or even hours.

Dr. Cung also helped expand Vietnam’s legal framework beyond traditional profit-driven enterprises. By advocating for the inclusion of social enterprises in the 2014 Enterprise Law, he helped establish a legal foundation for businesses that pursue both commercial success and social impact.

Dr. Cung is widely regarded as one of the leading advocates of market-oriented economic reform in Vietnam. Photo: Cong Dat/ VNP

Abandoning the Mindset of "Ban What You Can't Manage"

If the first phase of Dr. Cung’s career focused on opening the market to new businesses, the second centered on creating an environment where the private sector could thrive. Throughout his career, he consistently argued that "a strong nation cannot exist without a strong private economy."

During his two terms on the Prime Minister’s Economic Advisory Group (2011–2021), Dr. Cung became known for his candid and often uncompromising views on policies that restricted market development. He repeatedly identified outdated institutions and regulatory thinking as the biggest obstacles to Vietnam’s economic progress. In his view, laws should create opportunities for growth rather than simply make government oversight easier.

Dr. Cung speaks about the importance of reforming governance and expanding the freedom to do business. Photo: Cong Dat/VNP

Dr. Cung shares his views with Vietnam Pictorial on the role of the private sector in Vietnam’s next stage of development. Photo: Cong Dat/VNP

The Politburo’s Resolution No. 68-NQ/TW on private sector development, issued in May 2025, reflects many of the reforms Dr. Cung had advocated for over decades, including recognizing the private sector as the country's "most important driver" of economic growth. He has spoken highly of Party General Secretary To Lam’s call to "abandon the mindset of banning what cannot be managed," describing it as not merely a policy shift but a breakthrough in governance that could help propel Vietnam into a new era of development.

Looking ahead, Dr. Cung believes Vietnam has a historic opportunity to undertake a comprehensive overhaul of its legal system by eliminating overlapping regulations and building a truly enabling government. He hopes the spirit of reform will extend throughout the entire bureaucracy, where officials will no longer ask, "How can we control businesses?" but instead, "How can we help businesses succeed?"

From his early academic years in Czechoslovakia to becoming one of the principal architects of Vietnam’s Enterprise Law and a trusted economic adviser to successive prime ministers, Dr. Cung has remained committed to a single guiding principle: unleash the people's potential, protect the freedom to do business, and build a government that serves the market.

Although he has always modestly described himself as "just one of thousands who contributed," Dr. Nguyen Dinh Cung has become an enduring source of inspiration for Vietnam’s business community. More than a policymaker, he has been a champion of entrepreneurship and a bridge connecting modern market principles with Vietnam’s economic transformation.

Story: Hoang Tue Nhi

Photos: Cong Dat/VNP & Dr. Nguyen Dinh Cung’s Files