The National Assembly approved three new deputy prime ministers and 18 other cabinet members, according to the legislature's official website, concluding a change in government that occurs once every five years.
In the past, the assembly often took up to six months to approve the leadership nominations made during the party congress in January, but analysts say the process was sped up this year partly due to Obama's upcoming visit and friction with Beijing over the disputed South China Sea.
Vietnam's new administration will be led by incumbent party leader Nguyen Phu Trong along with a newly-appointed president and prime minister, a trio analysts said marked a victory for the party's conservative wing.
The new prime minister Nguyen Xuan Phuc is expected to shift the government back towards consensus-driven rule after taking over from Nguyen Tan Dung, a charismatic leader who championed a reformist pro-business agenda but ruffled feathers among the party's old guard.
Meanwhile experts say the new president Tran Dai Quang is the first police general to be appointed to the role, which is largely ceremonial but officially the head of state.
Among today's cabinet appointments were 61-year-old army general Ngo Xuan Lich for defence minister and 58-year-old To Lam for public security chief.
Vietnamese human rights activist Nguyen Lan Thang said he predicted Lich would continue the party trend of confronting Beijing with "only words and no action" over its increasing presence in the South China Sea.
But he said the new security chief, known for driving the state's suppression of dissent and religious freedom as a deputy in the ministry, would likely strengthen a clampdown on free speech.
Hanoi and Beijing frequently trade diplomatic barbs over disputed island chains and waters in the South China Sea, especially after China moved a controversial oil rig into contested territory in 2014 and sparked riots in Vietnam.
