In the later 1970s and 1980s, to cope with development difficulties, most nations in the socialism system tried to explore their own paths towards development. These included the “Reform” of the Soviet Union and China and “Doi Moi” in Vietnam. Due to the leading socialist state, the Soviet Union’s failed “Reform,” the whole socialist system began to fall apart and most of its countries have shifted towards capitalism-based development. However, China and Vietnam have remained consistent in their socialist paths, maintaining suitable methodologies through respective reforms. Given this line of reasoning, this article objectively shares some achievements and challenges Vietnam has encountered over the past thirty years of renovation and offers implications for the developmental process.