This paper focuses on competition law issues arising from the existence of the state monopolies in Vietnam. The assertion “the leading role of the state economy” serves as the focal point of the Vietnam’s state monopolies’ formation and development, despite having a number of adjustments in the light of a market economy (with socialist orientation). There are significant concerns with respect to a state monopoly, including, but not limited to, the ‘monopoly existence in general and the close relationship between state monopolies and state management bodies. In this regard, Vietnam’s competition authority, additionally, lacks the independence and capacity of a deal with their anti-competitive practices. The last part of this paper seeks to find answers for the question what needs to be done to address these matters.