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This study aims at determining unique challenges and new directions of Vietnamese family firms. This research is developed in the Vietnamese family business context by adopting a qualitative approach using case studies of semi-structured interviews with two Vietnamese family firms. Specifically, to meet the objective mentioned above, we organize the paper in the following manner: Chapter two aims at reviewing literature related to the research objective. Firstly, we discuss the definition of the family business and the socioemotional wealth concept (SEW). Secondly, based on the SEW concept, each dimension is discussed sequentially to define family businesses' arising challenges. After that, new directions that might facilitate those challenges are discussed. Lastly, the culture or traits and Vietnamese family business context are briefly reviewed before conducting the case study's qualitative analysis in chapters three and four. Chapter three aims to provide the qualitative analysis methodology, consisting of two parts: Research design and data collection, and data analysis. Chapter four is to provide findings and discussions. Chapter five is about the conclusion, the limitation of this study, and suggestions for future research.