This article focuses on analyzing the state of corporate governance and the impact of corporate governance on the merging and acquisition market in Vietnam. The results show that corporate governance in Vietnamese is limited, leading to an increase in the information asymmetry level of enterprises, directly affecting the search goals during merging and acquisition as well as the success of business transactions. Based on the findings, the authors propose a number of solutions to improve the quality of corporate governance such as completing the legal framework, transparency of information and perfecting the governance and administration apparatus.