This research, aims to develop a conceptual framework to assess the entrepreneurial properties of the Vietnamese reform, known as Doi Moi, even before the kickoff of Doi Moi policy itself. The authors argue that unlike many other scholars' assertion, economic crisis and harsh realities were neither necessary nor sufficient conditions for the reform to take place, but the entrepreneurial elements and undertaking were, at least for the case of Vietnam's reform. Entrepreneurial process, on the one

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... hand, sought structural changes and kicked off innovation, and on the other hand, its induced outcome further invited changes and associated opportunities. The paper also concludes that an assessment of possibility for the next stage of Doi Moi should take into account the entrepreneurial factors of the economy and predict the emergence of new entrepreneurial facets in the next phase of economic development.