In the context of modern corporate governance, which increasingly requires companies to consider the interests of employees, customers, creditors, communities, and the environment alongside those of shareholders, stakeholder theory has emerged as an important theoretical foundation for evaluating the evolution of contemporary corporate law. Rather than viewing the corporation solely as an instrument for maximizing shareholder value, stakeholder theory emphasizes that corporate activities generate significant economic, social, and environmental impacts on a broader range of constituencies whose legitimate interests should be taken into account in corporate decision-making. In Vietnam, enterprise law has gradually reflected certain elements of this approach through the Law on Enterprises and various sector-specific regulations concerning labour protection, consumer rights, environmental protection, information disclosure, and corporate social responsibility. Nevertheless, a significant legal gap remains. Existing mechanisms for protecting stakeholder interests are still largely fragmented across different areas of law and primarily operate as separate compliance obligations, rather than being systematically incorporated into internal corporate governance structures or the statutory duties of directors and other corporate managers. Against this background, this article seeks to clarify the theoretical foundations and normative significance of stakeholder theory, assess the extent to which stakeholder-oriented principles have been institutionalized in Vietnamese enterprise law, and identify the principal legal and practical barriers to their effective implementation. Drawing on relevant international experience, the article further proposes directions for legal reform, particularly in relation to managerial duties, transparency, accountability, stakeholder consideration in corporate decision-making, and stronger coordination between enterprise law and related regulatory frameworks.