Vietnam financial market development is an interesting topic which draws attention from many economists worldwide. In this article, we review and highlight some key financial developments in Vietnam. Particularly, we focus on reviewing recent banking system and stock market developments in Vietnam. We observe that there is a significant improvement in the Vietnam financial system in the last few decades. Obviously, the Vietnam financial market has been gradually becoming more integrated into the global market. Similar to other emerging economies, the integration process poses various challenges for the current institutional and legal framework in the financial system.