The development of Internet in Vietnam since late 2000s represents an unprecedented opportunity for economic growth; it also poses a major challenge to political stability insofar as its development has coincided with the emergence of civil society and the rise of the social media. Vietnamese social media has been studied by many scholars from different point of views. Yet, the organisational side of Internet gouvernance and its inherent vulnerability remain obscure in the literature. Our paper will scrutinize the state management dilemma of social media. We will overview the two-pronged strategy which alternates development with control vis-à-vis social media; then we will examine how several management and control measures are combined and how the boundaries may blur between the political and online public spheres, making the state's digital governance vulnerable and uncertain. Our analysis is based on the state's regulations and information published online by official and social media, and foreign news services.