Historically, the university was founded in 1983 and named Economic Institute. It was located in the former French School "Lycee Descardes". At the beginning, the bachelor program was introduced in economic fields which specialized in commerce, agriculture, industry, finance, and planning. In 1989, it was re-named Institute of Economic Science(IES) and comprised academic major fields in economics and commerce. In 1994, in response to political and economic reform towards democracy and free economic markets, IES was-renamed Faculty of Business(FOB). It launched academic major fields in management, marketing, accounting, and finance. In 1998, FOB was re-named National Institute of Management(NIM), and the first private payment programs were introduced to all levels. In 2004 the academic role of NIM was broadly expanded and then became National University of Management(NUM). Soon afterward, in 2005, it was accredited to the full status of public non-profit administration.