This chapter discusses the robust economic growth Viet Nam achieved based on openness to international trade, foreign direct investment and integration in global value chains, but which has slowed down somewhat recently. It highlights the composition of exports which until recently has been dominated by low value-added, low-technology goods. The chapter then looks at the current state of framework conditions for innovation which, in a number of ways, constrain innovative activities. It concludes with a discussion of the role of science, technology and innovation as a driver of Viet Nam’s future economic development.