Despite the plethora of empirical evidence on the associations between the third mission of academic scholars (i.e., academic engagement, academic commercialization, and public engagement) and their performance regarding two other missions (teaching and research), we have not known much about such relationships in the context of emerging countries such as Vietnam. To examine this problem, we delivered a survey with 245 Vietnamese academic scholars. Findings extracted from exploratory factor analysis revealed that the third mission of Vietnamese academic scholars might be divided into two distinct factors: (i) academic engagement and commercialization and (ii) public engagement and extra work. Subsequently, results of multiple regression revealed that while both academic engagement and commercialization, public engagement and extra work, as well as the interaction of these two factors, have positive impacts on research performance, only the second factor has a positive impact on teaching performance. This study extended the current mixed understandings on the associations among the three missions of academic scholars with evidence from an emerging country such as Vietnam. This study also provides implications for stakeholders, including policymakers, university leaders, and industry practitioners.