Ginseng is considered as a beneficial herbal remedy and over recent years its efficacy and safety have been verified in clinical therapy. There are two typical species of ginseng including Asian and American ginseng. The varieties of both species have been applied for commercialized materials in different stages of processing from raw to processed products. <i>Panax vietnamensis Ha et Grushv. (P. vietnamensis) </i>belongs to Asian ginseng and has been utilized as effective herbal remedy. <i>P. vietnamensis</i> is believed to improve immune response, longevity and consequent health. There are more than 300 bioactive compounds have been isolated from <i>P. vietnamensis</i> and classified in various groups, such as ginsenosides, flavonoids, phenolics.... These biological activities consist of anti-tumor, anti-inflammatory, neu-roprotective and anti-stress, which are validated by <i>in vitro</i> and <i>in vivo</i> studies. In this review, we systematize the literatures about ethnopharmacology, major bioactive constituents, and toxicology of <i>P. vietnamensis,</i> which were certified by various studies. Furthermore, we also summarize the current method to micro-propagate and lists of extracting sources of bioactive compounds (root, leave, stem.) and the solvents deployed during extraction process. Therefore, this review would provide the firm-evidences and premise for the therapeutic potentials of <i>P. vietnamensis</i> in the future.