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Balanced scorecard (BSC) is the most important and influential management tool in the field of management and performance evaluation in developed countries (Lakshmi Narayanamma et al., 2016). BSC was first introduced by Kaplan & Norton in 1992 and widely used in business sector and education sector around the world as a strategic management system to improve the organization’s performance. Vietnam is a developing country, increasingly deeper and wider integration into the world economy, so the renovation and application of modern management tools are essential. This paper aims not only at proposing an adapted BSC to the public universities in Vietnam, but it also aims at suggesting performance measure indicators (PMIs) in general. The application of BSC is necessary when universities are always concerned about the results of training (but not financial results) to provide top quality education which are skilled graduates for the society.