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Vietnam’s economic growth has been particularly strong over the past ten years. Other countries of the South with which Vietnam is in direct competition often see it as a threat, in terms of exports and with regard to attracting foreign investments. Industrialized countries too are concerned because they see it as a favoured destination for industrial relocation because of its less costly workforce. Running debates are taking place in industrialized countries about the impact of relocations on employment, on working status and the protection of pay structures. In the light of this context, this article examines the scope and nature of the effects of direct foreign investments and international integration on employment in Vietnam indicated by recent trends in job creation, work contracts, pay, recruitment, and training in the companies operating in Vietnam, focusing on companies with foreign capital.