<![CDATA[This study explores the complex relationship between criminal law and the underground economy in Vietnam, highlighting both its economic contributions and its detrimental effects on social order, security, and individual well-being. The underground economy—comprising unregistered businesses, informal labor, and illicit trade—has persisted due to gaps in legal enforcement, economic inequality, and the pursuit of profit outside regulatory oversight. While it can stimulate short-term economic activity, it also undermines fiscal stability, erodes trust in public institutions, and exposes participants to significant risks. To analyze this phenomenon, the study employs a qualitative research method that integrates literature review, juridical-normative analysis, and case-based exploration. Legal documents, policy papers, and academic studies are examined to understand how Vietnamese criminal law addresses underground economic activities. In addition, expert interviews with legal scholars, law enforcement officers, and economists provide contextual insights into enforcement challenges and policy gaps. This qualitative approach allows for a nuanced understanding of how law and informal economic practices interact in real-world contexts, beyond mere statistical data. The findings reveal that Vietnam’s criminal law serves not only as a deterrent mechanism but also as a regulatory instrument that shapes economic behavior. However, enforcement remains inconsistent, and coordination among state institutions remains limited. The study concludes with policy recommendations to improve legal frameworks, strengthen institutional capacity, and promote public awareness to manage and gradually formalize the underground economy in Vietnam effectively. 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