Abstract
In the past 30 years (1988 - 2018), the foreign direct investment has contributed positively to the development of Vietnam because FDI attraction is considered one of the policy priorities in this period. However, the Industrial Revolution 4.0 (IR 4.0) is strongly affecting most of the socio-economic activities of mankind, including FDI attraction. This article aims to analyze changes in Vietnam's advantages and challenges in order to improve the competitiveness in attracting FDI in the context of IR 4.0. Besides comparing Vietnam's comparative advantages with other regional countries, the author also puts Vietnam in the competition for attracting FDI with developed countries in the backshoring trend forecasted that will be thrive in the context of IR 4.0.