The study aims to assess the impact of public investment and state investment on private investment and economic growth in Vietnam. The study applies the regression model with standard error of Driscoll & Kraay with panel data for 22 economic sectors of Vietnam in the period 1990-2019. The results show that public investment and state investment have a positive impact not only on private investment but also on industry GDP, thereby promoting economic growth. It is also important to pay attention to the industry factor in the process of public investment and state investment. Although the processing and manufacturing industry has the highest GDP and number of enterprises compared to those of other sectors, the impact of private investment and state investment on GDP growth is not necessarily the most considerable. Other industries such as Agriculture, Wholesale and retail; repair of automobiles, motorcycles, motorbikes and other motor vehicles, Accommodation and catering services, State management, national security; compulsory social guarantees; The Arts, Play and Entertainment sectors have a better impact on growth. It was the intervention of the state through state-owned enterprises that created the transformation. Therefore, the importance and directional role of state investment cannot be denied. Finally, private investment has a better impact on sectoral GDP growth than state investment. This demonstrates the dynamic role of the private sector as a driver of the economy.