'Bo Gia' will go up against 93 other entries from all over the world. The jury will short list five entries for nominations.
The film tells the story of Ba Sang, an old motorbike-taxi driver who lives in a low-income neighborhood in downtown Saigon and struggles to earn enough to take care of his family.
Too nice to his siblings and neighbors, Sang is routinely taken advantage of to the ire of his son, a rising YouTuber who tries to force his father to change his ways.
The film adaptation of a hit web drama directed by Vu Ngoc Dang stars comedian and TV host Tran Thanh.
"If I make it into the Top 5, it would make me very happy and proud already," Thanh said.
Since its premiere in March, the movie has achieved a number of milestones.
It raked in VND400 billion ($17.4 million) to become the highest-grossing Vietnamese movie ever and has been released in Singapore, Malaysia, Australia and America.
It became the first Vietnamese film to collect $1 million in the U.S.
It won a slew of awards at the 2021 Vietnam Film Festival in Hue, including the Silver Lotus, Best Screenplay, Best Male Lead, and Best Supporting Actress.
The 94th Academy Awards will be given away at the Dolby Theater in Los Angeles, California, on Mar. 27 next year.
Vietnam has in the past entered films like 'Hai Phuong' (Furie), 'Co Ba Sai Gon' (The Tailor), 'Toi Thay Hoa Vang Tren Co Xanh' (Yellow Flowers On The Green Grass), and others to the Oscars, but none has even made the short list.