The higher education is an industry that significantly contributes to the development of Vietnam. As Vietnam becomes more and more integrated to the world through which higher education is also experiencing internationalization process, it is important for leaders of higher education instutions to understand the trend of internationalization in higher education and build a appropriate international stragegy for their institutions to develop and survive in the rising industry. Seven (7) individual in-depth, face-to-face interview were conducted with workers at the International School of Thai Nguyen University (ISTNU), one of leading institutions for internationalization, together with official figures and report in higher education. Three theoretical frameworks used in this study are Porter's Five Forces Model, PEST framework and Rudzki's framework as lens for data analysis and discussion. The study aims to provide insights and practical implication for higher education institutions in Vietnam.