In Vietnam, the process of SOE reforms since 1981 has achieved a remarkable result towards a market oriented system and made a significant contribution to economic growth, improving people's standard of living as well as shifting economics by modernization and industrialization. However, given real requirements and potentials, SOEs in Vietnam are found weak and ineffective in administrative and leadership competence. This paper aims to find out problems and suggests possible solutions for Vietnamese Government and SOEs to accelerate the process of SOEs reform.