This paper provides a review of academic governance and leadership in Vietnam at both the national and institutional levels, focusing more on the public sector. It also provides an analysis of new policy developments aimed at achieving higher education reform. There have been significant changes over the last three decades regarding governance structures and mechanisms in higher education Vietnam. These changes have been in response to the need for more decentralization and greater consistency with international practices. Increased autonomy for public higher education institutions has been one major achievement. More attention is needed, though, regarding accountability mechanisms. The role of the academic community in higher education leadership also needs to be strengthened by providing more fully for participation by academic staff members in university decision-making process. The privatization of higher education has contributed substantially to higher education development in Vietnam, but the private sector continues to be a focus for ongoing debate because of a perceived need for more improvements.