If by “in name” you mean the party still maintains its monopoly on political power, its surveillance state and its coercive secret police power then you are correct.
Then it’s now just your typical authoritarian State that allows private ownership. But for the most part people in Vietnam are pretty much indifferent to politics and unless you make waves, the government pretty much leaves you alone.
Not ideal, but far from what you had in the Communist states during the Cold War.