Since the implementation of the Reforms in 1986, Vietnam has had many breakthrough socio-economic development policies, and the lives of people and households have improved dramatically. The economic function of the family varies greatly in terms of supply and demand. This study was conducted to clarify the theoretical basis for the economic function of the family systematically; analyze and assess the status and trends of economic function change of Vietnamese families in the industrialization and modernization process from 1986 to the present. The researchers also analyzed and pointed out the positive points about the economic function of the family as well as finding the causes and factors limiting the economic function of the Vietnamese family since 1986; propose solutions to enhance the role and efficiency of the family's economic function for Vietnam's economic development in the new period.