Minh Hương—often translated as ‘Ming Refugees’, became a powerful interest group in Vietnamese commerce, colonization, and politics between the seventeenth and nineteenth centuries. Curiously, they remain understudied and misunderstood by both Vietnamese and Overseas Chinese specialists. This results from confusion about Minh Hương identity and origins, which this article addresses by analyzing the evolution of the group’s identity and the interests and institutions that shaped it. Far from static, Minh Hương identity formed, metamorphosed, and all but disappeared due to the interplay between changing circumstances and adaptive responses that continually reshaped the content of Minh Hương identity whenever “outside” circumstances challenged them. In this way, the Minh Hương evolved from its merchant diaspora origins into a powerful merchant-bureaucratic class that exploited the institutions that Vietnamese matrilineage and Chinese patrilineage afforded them in order to advance its commercial and political interests. When their status eroded in the nineteenth century, the Minh Hương redefined their group as a minority ethnicity in defense of diminishing rights. Far from the powerless refugee minority image their name implies, their behaviour so reminiscent of merchant cultures from the Sogdians to the Swahili, the Minh Hương deserves greater consideration in the literature on merchant cultures in world history.