The relationship between bank restructuring and bank efficiency is an attractive area that attracts a lot of attention from both academic and industry practitioners. Vietnam offers an interesting case to analyse this link, however, this problem remains unexplored. This thesis investigates the association between bank restructuring and bank efficiency in Vietnamese banking system. The thesis uses the Data Envelope Approach and the Stochastic Frontier approach. Our sample of data includes 26 commercial banks for the period 1999-2015. The finding indicates that the government's restructuring policies in the first phase the government's restructuring policy did not benefit the banks implementing the restructuring methods. As for the effect of different restructuring methods, the privatization of state-owned commercial banks, state intervention and mergers and acquisitions (M&As) do not substantially improve efficiency. Moreover, it appears that bank efficiency is declining during the restructuring period not only because of transition costs, but also because of changes in other environmental variables, such as financial crisis or the slowdown in the domestic economy. The thesis contributes to the banking literature by examining the allocative and technical efficiency of Vietnamese banking system in the recent period (2001-2015). This shows that reducing government control over the banking system makes the system more competitive. On the other hand, it makes domestic banks more vulnerable to competitive factors and effects of the global crisis. Due to the thesis, the results of the advantage indicated are the keys to finding better solutions for the restructuring of the banking system. Furthermore, it is necessary to consider the privatization rate to create the restructuring theory from the privatization of state-owned commercial banks. The thesis has significant political implications. Bank restructuring is an important program for emerging countries to build a prudential financial system. Evaluating the relationship between restructuring program and bank efficiency is important in order to successfully implement government policy.