Vietnamese company law is derived from the French law that applied to Vietnam during its colonisation by France. However, its development has been influenced by local factors, especially the economic policies of the Communist Party of Vietnam. Nevertheless, Vietnamese company law and the corporate governance regime have significantly developed since Doi Moi (renovation) 1986 through corporate law reforms, especially in 2005. However, the existing corporate governance system exposes problems that need to be addressed. This paper examines the development of company law, including its corporate governance regimes. Problems of the contemporary corporate governance regime in Vietnam are next examined to argue for a further reform.