Abstract
This study uses the Johansen co-integration test method and error correction model to assess the impact of globalization on the development of industry and services in Vietnam during 1995-2016. Research results show that globalization has an impact on promoting the development of industry and serv-ices in Vietnam towards industrialization and modernization. In addition, foreign direct investment, trade balance and exchange rates have a positive impact on the development of industry and services in both short and long term. The research results also show that reserves have a positive effect on long-term industrial and service development. However, this effect is not significant in the short term. Based on the analytical results, the paper proposes a number of recommendations to promote the development of industry and serv-ices in Vietnam in the current globalization trend.