This article applies the concepts associated with agrarian political economy to re-cent Vietnamese economic development. Differences in access to land that underpin trans-formation in rural relations of production are documented. Differences in the technical co-efficients of production are also demonstrated amongst farms when grouped on the basis of size of land. The impact of these changes is demonstrated to be an impressive supply re-sponse, which suggests that dynamic productive efficiency gains have been fostered as a result of rural restructuring. Differences in the extent to which farm households, when grouped on the basis of expenditure quintiles, are integrated into markets, when considered alongside differential agrarian productivity, suggests that the benefits of rural restructuring are being inequitably distributed. Cumulatively, processes of peasant class differentiation appear to be underway in rural Vietnam