Vietnam is a socialist country with a collectivist culture, transitioning toward a market-oriented economy. It can now be understood to represent a type of market-oriented socialism (Communist Party of Vietnam Central Committee, 2001; Nguyen, 2005; Harm, 2013). The applicability of Western leadership theories to collectivist cultures has been a neglected area of leadership research as have investigations of stakeholders’ perceptions of leadership, especially in a transitioning economy such as Vietnam’s. In this exploratory, qualitative study, stakeholders from three different types of business enterprise in Vietnam were asked about their perceptions of leadership. Evidence of Western leadership trait and style theories from the 1950s and 1960s were perceived in business leaders in Vietnam. Also reported was a Vietnam-specific, family leadership approach, perhaps resulting from the collectivist culture still dominating Vietnam. The need for Western companies to better understand Vietnamese business hosts, peers, and stakeholders’ perceptions of leadership, especially when doing business in a cross-cultural context, is highlighted. Leadership in Vietnam is a complex and multifaceted cultural phenomenon and should be investigated further.