Cassava is a valuable export commodity crop that is often attacked by pests, causing economic losses for this crop. The papaya mealybug Paracoccus marginatus has become a major pest of cassava in Vietnam. The parasitoid wasp Acerophagus papayae has been demonstrated to be the most efficient parasitoid wasp for controlling P. marginatus in many regions. We observed the occurrence of A. papayae in Vietnam, studied the biological characteristics of A. papayae, and investigated its parasitic activity on P. marginatus. The results showed that A. papayae occurred more frequently than Anagyrus loecki, another known parasitoid of P. marginatus. The lifespan of A. papayae was approximately 16 days. In the absence of hosts, a 50% honey solution was an essential diet to increase the longevity of both female and male of A. papayae. The second instar of P. marginatus was a suitable host stage for parasitism by A. papayae. Female A. papayae laid approximately 60.8 eggs within 17 days, mostly during the first 6 to 7 days. These findings suggest that A. papayae has the potential to control P. marginatus, and could inform the development of more effective pest management strategies for cassava crops in Vietnam and other regions affected by this pest.