We thank Aisha Alsayegh, Jared Fung, Tam Le, Bingbin Li, Duong Luu, Roldan Enamorado and Nguyen Hai Thanh for excellent research assistance and Mr. Nguyen Viet Phong at the General Statistics Office Vietnam and Kyle Butts, Edmund Malesky, David McKenzie, and Jeff Zabel for helpful discussions. McCaig and McMillan thank the Private Enterprise in Low-Income Countries program for financial support. We also thank Economic Research Institute for ASEAN and East Asia and the World Bank Datax for financial support. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.