In 1995, the forest coverage area in Vietnam was 27.2%, but by 2019, it reached to 41.89%. The Government claims that the fast-growing forest coverage is highly contributing to GDP. However, recent studies reveal that the economic growth rate of ethnic minorities in the forest area is very slow. Some studies have been conducted on the Government’s efforts to reforest over the years. However, very few studies have carried on (de)forestation in Vietnam from the perspective of political ecology. The present article co-relates (de)forestation in Vietnam with ecosystems, socio-economic status, and politics. The paper presents the study in four broad sections. The first segment explores the current situation of forests in Vietnam. In the second part, the paper discusses the impacts of (de)forestation on the ecosystem. Thirdly, the article analyses impact of (de)forestation on the socio-economic development of Vietnamese citizens. Finally, the paper discusses the conclusions approaching from the perspective of the Government and citizens, before turning to the end, it proposes some policy-recommendations for public and private stakeholders to promote and protect the forestry sector in Vietnam.