In the strategy of socio-economic development period 2011-2020, the Communist Party of Vietnam, said: "The participation into production networks and global value chains which is necessary for Vietnam has become requirements for the economies". The article generalizes existing ideas of the international research community on the economic development model by participating in international production networks and make some suggestions for Vietnam with the following main issues: 1. The necessity of industrialization based on international production networks 2. Restructuring the economy towards industrialization and modernization through joining international production networks. In order to take advantage of international production networks for economic restructuring towards industrialization and modernization, participating into international production networks is the foremost priority. After that, the opportunity to upgrade to a higher position in the network will be open to developing countries and their local businesses. In order to take advantage of international production networks for upgrading, developing countries and their domestic enterprises need to improve innovation and creation capability. To enhance the production networks, domestic enterprises need to have domestic market mainstay, easy access to intermediate inputs and self-improve its technology. National and/or business needs to know what specialized segments of the value chain of the global production network should be targeted. Protecting intellectual property rights plays as an important role. in participating in international production networks, especially network headed by the manufacturer. Along with the intellectual property rights protection, contracts and institutions need to be completed to ensure the interests of multinational companies to subcontract to local suppliers.