The main objective of this study is to investigate whether the patterns of FDI inflows in Vietnam have achieved the aims and targets of Vietnam’s government policies. The analysis in this study is mainly based on data for the period 1988 to 2016, compiled from the Vietnam Statistical Yearbook (various issues) published by the General Statistical Office of Vietnam and legal and policy documents on FDI published by the Vietnamese authorities. The evidence presented in this research shows that although Vietnam’s government policies have played vital roles in attracting FDI inflows to the country, some aspects of FDI inflows have met the aims and objectives of Vietnamese government’s policies, but others have not. Based on the findings and their explanations of this paper, several significant policy implications are discussed in the context of policy development and reform that Vietnamese policymakers should consider to boost FDI and to attain the desired profile and inward FDI to develop the country’s economy.