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The two nations established diplomatic relations at ambassadorial level on April 24th 1976. The Vietnamese Embassy in Panama also covers Costa Rica. In May 2006, the Vietnamese Ambassador to Panama, Special Envoy of the Prime Minister, attended the inaugural ceremony of newly elected President Oscar Arias Sanchez.

Vietnam's Vice Prime Minister, Minister of Foreign Affairs Pham Gia Khiem and Costa Rica's Minister of Foreign Affairs and Religion Bruno Stagno met on the sidelines of the 62nd General Assembly of the United Nations in New York (September 2007), reaffirming that the two countries supported each other to become a UN Security Council non-permanent member in the 2008-2009 term and exchanged views on measures to enhance the bilateral relations and topics of mutual interests. 

The economic and trade relations between the two nations remain rather modest.

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