The development of private higher education (PHE) in Vietnam has been marked by significant policy shifts (even policy reversals), and this justifies a thorough examination of the policy instruments employed by the government. In this study, we examine the design of these policy instruments and analyze whether they align with the current governance model of PHE. Conceptually equipped with the incorporation of theoretical frameworks from both the PHE and policy literatures, we conduct a detailed analysis of policy documents that the Vietnamese government has adopted to govern Vietnam's PHE. Our findings reveal that Regulation remains the predominant policy instrument, influencing key aspects of private universities--such as licensing, administration and academic issues. In addition, despite a gradual shift toward Economic and Information instruments, both remain rather underdeveloped and ineffectively designed. These findings highlight the government's struggle to balance regulatory control with market-oriented reforms, and this struggle causes fragmentation in the policy landscape. This study contributes to the broader literature on higher education policy by challenging assumptions of policy coherence and providing insights into the complexities of policy-making in one-party states.