The Government of Viet Nam has made progress in recent years to improve its frameworks for the ownership and corporate governance of its state‑owned enterprises (SOEs). This Review assesses the corporate governance framework of the Viet Nam state‑owned sector relative to the OECD Guidelines on Corporate Governance of State‑Owned Enterprises (“SOE Guidelines”). It then puts forward recommendations to help the Vietnamese authorities address remaining challenges and further professionalise the state ownership function. The Review was requested by Viet Nam’s Commission for the Management of State Capital at Enterprises (CMSC) and the Ministry of Finance (MOF) under a project supported financially by the Government of Korea. It takes place in the context of Viet Nam’s ambition to improve the governance of SOEs by revising and aligning the Law No. 69/2014/QH13 on Management and Utilisation of State Capital with the SOE Guidelines.