Limited research has explored how childhood experiences impact self-esteem, and none have examined the combined effects of both adverse and positive childhood experiences on self-esteem among Vietnamese undergraduates. The study aimed to explore the direct effects of adverse and benevolent childhood experiences on self-esteem and to determine whether benevolent childhood experiences can mitigate the impact of adverse childhood experiences on self-esteem. A sample of 614 Vietnamese undergraduates (M = 20.37 years, SD = 1.38), ranging from 19 to 28 years, completed a self-report questionnaire on childhood experiences and self-esteem. Hierarchical regression and moderation analyses were conducted to test the hypotheses. Findings revealed that 79.3% of undergraduates reported at least one exposure to adverse childhood experiences, while 62.2% of participants reported high benevolent childhood experiences; both independently predicted self-esteem in opposite directions. Regarding their combined effects, benevolent childhood experiences not only had a substantial direct impact on self-esteem but also appeared to counteract the negative impact of adverse childhood experiences. The findings highlight the profound impact of benevolent childhood experiences, suggesting that promoting positive childhood experiences is a vital strategy for nurturing self-esteem, complementing efforts to prevent adversity in mental health programs for undergraduates.