Globalization is the participation of a company or a country in the global market. It includes the global movements of goods, services, capital, labor and ideas. Vietnam started participating in globalization since 1986 when the government introduced "innovations" following reforms in the Soviet Republic and China.

Since then, Vietnam has been under rapid growth, and its ability to manufacture high-quality products with competitive pricing has attracted attention from the international community. Globalization directly affects Vietnam's gross domestic product (GDP) as capital flow more freely into the country, creating more jobs, increasing standard of living and reducing poverty level. Vietnam's GDP has experienced a steady growth rate at the level of 5% throughout the 1990s and early 2000s with a significant jump starting in 2002 that brought it to the 8% level as of 2008. Vietnam's GDP now stands at 222,5 billion USD in 2008, comparing to 143,1 billion USD in year 2000. The level of population below poverty line is down from 37% to 15%, unemployment is also down from 25% to 5% during that period.

Globalization has brought opportunities to Vietnam as well as problems. Now that Vietnam can integrate itself with the world-wide economy, it also is affected by the global recession that is happening right now. As a newly introduced WTO member in 2007, there are many obstacles that the country has to overcome due to stiff competition and more trade regulation even though WTO participation facilitates faster foreign trade and capital flows.

Overall, globalization helped establishing Vietnam's footprints on the global economy map.