The Vietnam Association of Economic Science was established in 1975. Due to the requirements of foreign affairs activities on the international stage, Vietnam needed to participate in the activities of international organizations. The International Economic Association (IEA) is an organization that facilitates international economists to exchange knowledge and experiences. To prepare for participation in international economic forums and joining the IEA, in 1974, economists from several research, teaching, and economic management agencies such as the Institute of Economics, the University of Economics - Planning, and the State Bank of Vietnam met and announced the establishment of the Vietnam Association of Economic Science. The Association was approved for establishment in 1974 by the Secretariat of the Central Party Committee and was authorized to operate in 1975 by the Council of Government. The Chairman of the Association was Professor Tran Phuong, who was then the Director of the Institute of Economics. From its establishment until the Second Congress (1990), the Association focused primarily on foreign affairs activities. The Association participated in conferences and seminars of the IEA and joined the Economic Association of Third World countries. Academic activities in the country mainly relied on two institutions: the Institute of Economics and the University of Economics - Planning. The organizational structure of the Association was still weak and loose.

In 1990, the Second Congress of the Association opened a new stage in the Association's development. The Association shifted its focus, promoting activities within the country and developing the Association's organization. In a short time, the Association's organization expanded in scale: the Association of Economic Science of the National Economics University and the Association of Economic Science and Management of Ho Chi Minh City, established before the Second Congress, joined the Association. Three industry-specific economic science associations were established: the Association of Energy Economics Science, the Association of Mechanical Engineering Economics Science, and the Association of Agricultural and Forestry Economics Science. The Association's organization was also formed in the provinces of Quang Nam - Da Nang, Quang Ngai, Son La, the city of Nam Dinh, and several universities and research institutes.

The Association's organizations have tried to find resources and have carried out many rich and diverse activities. Several research, training, and scientific consulting units of economists who voluntarily gathered together were supported by the Association to establish and sponsor scientifically. Until the Third Congress of the Association, the Central Association had established a university (Hanoi University of Management and Business), a newspaper (Vietnam Economic Times), and 18 research, training, and scientific consulting centers. About 1000 scientists have been attracted to the activities of those organizations. 20 branches with 500 members have been established at those facilities.

The Association has activities in the following fields:

• Scientific research, consulting, and appraisal. 
• Knowledge dissemination and training. 
• Journalism and publishing. 
• Foreign affairs.

The Third National Congress of the Association was held in June 2001 in Hanoi. The Congress affirmed the main directions of the Association's activities, expanding and developing research, deployment, consulting, criticism, and knowledge dissemination activities to be truly beneficial to society, in accordance with the law, and to effectively support the improvement of knowledge and contribute to improving the lives of its members (see the Resolution of the Executive Committee of the Central Committee of Vietnam Association of Economic Science for the 3rd term).

The Congress elected the Central Executive Committee of the Association, consisting of 36 members, and the Standing Committee consisting of 11 people. (see section Organizational Structure of the Association)

The Fourth National Congress of the Association was held in December 2006 in Hanoi. 150 delegates attended the Congress. The Congress elected the Central Executive Committee of the Association, consisting of 35 members.

The Fifth National Congress of the Association was held in December 2012 in Hanoi. 100 delegates attended the Congress. The Congress elected the Central Executive Committee of the Association, consisting of 51 members.

The Sixth National Congress of the Association was held in April 2021 in Hanoi. 100 delegates attended the Congress. The Congress elected the Central Executive Committee of the Association, consisting of 51 members. Professor Tran Phuong - the founder and Chairman of the Association for over 45 years - was honored by the Congress as the Honorary Chairman of the Association. Professor Nguyen Quang Thai was elected as the Chairman of the Association.

Currently, the Association has about 2000 members operating in 12 sub-associations (industry and provincial/city associations), and 26 branches. There are 17 scientific units directly under the Central Association that are operating (including 1 university, 1 newspaper editorial office, and 18 research, training, consulting, and deployment institutes and centers).

The Association is a member of the Vietnam Union of Science and Technology Associations, the International Economic Association (IEA), and the Federation of ASEAN Economic Associations (FAEA).