The glass ceiling is a multifaceted phenomenon because it effects multiple factors. Vietnam is a developing nation. Their culture perceptions toward gender equality have impacted the barriers that Vietnamese women meet in their career progression in the Vietnamese banking sector: the study investigates the glass ceiling existence, participation of female executives, and the relationship between gender and leadership effectiveness. A total of 27.9% of respondents identified the lack of female role models as an obstacle. Women’s lack of ambition in comparison with men was an obstacle for 29.4% of participants. Managerial implications and conclusions are also included.