Vietnam has achieved a remarkable progress in many areas since the launch of Doi Moi policies in 1986. Education, higher education in particular, is one of the areas that went through dramatic changes. Propelled by the Confucius tradition that renders extraordinary value upon education plus the competitive environment that the market economy brought in, the increasing demand for college education has resulted in an exponential growth in the number of colleges and universities. With the household income increasing, the demand for college education is very likely to continue. After reviewing thoroughly the history of higher education in Vietnam which took its shape as early as 11th century and survived the three decades of war, this study conducts a survey on the structure, rules and regulations including curriculum parameters, and achievements of the higher education in today`s Vietnam. Vietnam is a country where the central government takes the helm in most areas of administration with relatively less autonomy given to individual institutions. The high degree of centralization has resulted in standardized rules and regulations governing all degree programs in the country. In reality, however, the government capacity to regulate college education seems to have been unable to match the growing number of colleges. As a result, some of the institutions fall short of providing education at the level required by law. In addition, the government expenditure on tertiary education also fails to outpace the increasing number of students, leaving the educational environment unimproved. The Vietnamese government has recently promulgated new laws and regulations on college education in an effort to tackle these problems. It remains to be seen how the government effort contributes to the development of college education in Vietnam.