Background: After nearly a decade, Vietnam’s basic midwifery competency standards need to be updated to effectively implement midwives, enhance the quality of midwifery human resources to meet the requirements of integration of countries in the region and around the world. This study aims to develop the competency standards for midwifery in Vietnam by using a Delphi process. Methods: The draft midwifery competency standard was initially developed based on a literature review. Midwives and professionals working with midwives completed a two-round Delphi survey to evaluate the relevance of standards of competence on a four-point Likert scale. The criteria with consensus of under 80% were revised and included in the second round. 75 participants were in the first round and 72 participants were in the second round. Phase 3 was led by the Ministry of Health to finalize the consensus on the midwifery competency standards in Vietnam. Results: The research results indicated that midwifery competency was mostly rated as quite relevant or higher (over 80%). Some standards were removed, and some were included in the second round of the Delphi process. The final competency standards were issued with 4 areas (midwifery professional practice; care management; midwifery management; professional development), 11 standards and 44 criteria; along with the general skills of midwifery. Conclusions: The study developed a midwifery competency standard in Vietnam. These competency standards are consistent with the perceptions of the International Confederation of Midwives and the domestic midwifery context. The higher education institutions, employers, policy makers and midwives themselves benefit from this developed midwifery competency standards. Future research needs to be conducted to validate midwifery competency standards in clinical settings for further responses.