Research on wealth inequality is highly sought after but poses significant challenges, primarily due to a lack of data, particularly in developing countries. Utilising household living standard survey datasets, this study addressed this gap by examining the evolution of wealth distribution in Vietnam from 2012 to 2020. Excluding financial assets, the study employed household net worth, consisting of home property, consumer durables, and liabilities, as a valid measure of inequality. The findings were threefold. First, wealth inequality was moderate and exhibited a gradual decrease, which was consistent with the trend identified through analysing income data. Second, the source-based decomposition method revealed that inequality could be attributed to housing value and durables, while the population-based decomposition method identified rural households and the ethnic majority as key factors contributing to inequality. Finally, a regression-based metric indicated that education, residential location, ethnicity, and livelihood diversification were fundamental determinants of wealth inequality in Vietnam over the examined period. The implications of these determinants for policy-making are discussed.