I believe many people know that in the NT-based 32-bit Windows, you can through  the NTVDM  , then you can also run DOS programs  WOW  running 16-bit Windows (Windows 1.x ~ 3.x) program.

But no NTVDM and WOW in 64-bit Windows.

So some people ( leecher1337 ) developed  NTVDMx64 - the NTVDM can run in 64-bit Windows environment.

https://github.com/leecher1337/ntvdmx64

But it may have some impact system, it referred to may cause some DPMI program to crash in the README in the project. README also explains why the DOSBox has also transplant NTVDM.

The  otya  of  WineVDM  step further, not only can run DOS programs on 64-bit Windows, you can also run 16-bit Windows programs.

https://github.com/otya128/winevdm

FIG using the theme running on Windows 3.2 WineVDM clock calculator 64 in Windows 10:

Running on Windows 3.2 Calculator and clock 10 Windows

This is WineVDM  Wine project of the same name program enhanced version (in its README also mentioned), you can also run DOS programs.

It is worth mentioning that WineVDM itself is 32-bit programs, but can run properly in 64-bit Windows. Since it is a 32-bit program, then of course you can run in 32-bit environment, only for 32-bit Microsoft Windows, it does not need, as it has NTVDM and WOW program can run DOS and 16-bit Windows program. However,  ReactOS  will be able to come in handy :

ReactOS run 16 Windows program