Green growth is a concept that arose from Rio Plus 20 to prioritize growth and efficient natural resource use. This new international development framework is starting to play a prominent role in Vietnam, and was adopted through the enactment of both national and local policies since 2012. This article will examine the evolution of green growth, and explore how it is different from sustainable development. Additionally, it will review development policy and its relationship to Integrated Water Resource Management (IWRM), and highlight the challenges of sustainable natural resource management in the face of growth-oriented development. It will draw on the case study of the Vu-Gia-Thu-Bon river basin in central Vietnam, and question the long-term sustainability of regional development patterns under the pretense of green growth.