Vietnam has a larger population and equal land mass of Germany, which is in itself an industrial and economic behemoth of Europe.
Japan, too, has a similar land area as Vietnam and slightly more population, yet Japan is the 3rd largest economy in the world.
If Germany and Japan can do it, there's no reason why Viet Nam cannot. In fact one can argue that the industrial prowess of the Vietnamese and their people's hard working nature will be a catalyst for even further development.
The thing is, Germany and Japan did it a century before Vietnam.
While there are plenty of countries attempted industrialization
after 1900s, there are only three nations that reached the status of significant industrial power----USSR, China and South Korea. If you want a diverse industrial power with a full range of industry to stand on its own, then you really only have two, USSR and China. All the other nations with a diverse industrial portfolio and strong base started before 1900.
Now, have you considered this? Why did the late starting industrial powers either choose socialism mode of governing, such as China and USSR or at least has very strong tendency towards authoritarian, centralized government during its industrialization phase, such South Korea, Japan, Germany, as well as United States did?
The answer is that first starter advantage is a very real thing. A country starting industrialization in 1800s will face significantly less competition than a country starting the same thing in the 1900s. It is much easier to carve out a piece of market share when there is not much competition. The later you enter the field, the more difficulty you will encounter.
By 1900s, other major industrial power has been around for such a long time. Large percentage of the market share, as well as the resources, has been occupied. The new comers only have two options: 1. starting wars with the old powers or the neighbors to take their share, like Germany and Japan did. 2. Adopt a method of governing that let you concentrate what little internal resource you have to jump start your industrialization process, like USSR and later China did. You can, of course, have a mixture of the two as well. The first option require your neighbor to be weak, preferably suffering some kind of internal problems. The second option require you to be sufficiently large to possess the necessary amount of internal resources.
The first starter advantage continue to pile up today and this is why countries like India (which has significantly more internal resource than Vietnam, though much less efficient government) continue to struggle in industrialization. This is why Germany is so keen on making EU work. While Germany was able to develop into a first rate industrial power by itself in the early 1900s, nowadays its limited lands and resources simply means it won't
remain a first rate industrial power unless it is part of something greater. Similarly, Japan's recent economic trouble is in no small part owning to the fact that it has reached its growth ceiling and can't grow farther or even maintain its current position without significant cooperation with neighbors.
As for Vietnam, well, if it started out industrialization in the late 1800s or even early 1900s, there would be a decent chance for it succeed as long as it grabs enough territory and colonies. Heck, if they started 1980s, but have the entire southeast Asia under their control, then they may have a chance too, but that is precisely why China spent more than a decade between 1979 and 1990 to systemically exhaust Vietnam and disassemble its economy through continued border conflicts. See, history is interconnected.