According to the "doi moi" policy Vietnamese economy has recorded a relatively high growth, facilitating the industrialization and modernization of the country. In the fact that, Vietnamese economy is faced with quite a few problems and challenges in a context of economic globalization.The article is designed to analyze the status of Vietnamese economy at present. The level of the socio-economic development in terms of growth, incomes, economic structure, poverty and economic gap, economic institutions, international competition of Vietnamese economy are also mentioned. The author clarify the features of economic globalization, which brings about opportunities for a shortening process of Vietnamese industrialization and mondernization in the early years of the twenty first century.