Vietnam didnt take a much different approach than China but due to various factors executed worse but a lot not of their own fault. Opened up, privatized and liberalized even more with Capital expansion and power getting more out of hand , got significantly IMF fucked and tangled , didnt have China's equivalent of massive anti-corruption campaign and shift in the last decades etc. So party's power and efficiency and its will to excersice power over capital and the market is lagging quite noticably behind the Chinese equivalent and doesnt present the positive trends towards that direction that have been noticed in China under Xi