Higher education is an inseparable part of the market economy. International integration in higher education is an inevitable trend. The socialist-oriented market economy and international integration have made an impact which requires Vietnamese universities to radically renovate their school governance, through the following solutions: Deeply aware of the influence of the socialist-oriented market economy and international integration on university governance; Determination of university autonomy and accountability; Cooperation and responsibility-sharing between universities and stakeholders; Creating, promoting and exploiting the university brand and core values; Participating actively in international university rankings.