The club's chief commercial officer Tom Fox and marketing director Angus Kinnear are in Hanoi holding discussions with the Vietnam Football Federation as they look to agree a date for July.
Arsenal have already confirmed a pre-season game in the Indonesian capital Jakarta in the same month as part of an Asia Tour this summer and they are looking to add to their itinerary.
Arsene Wenger's side have embarked on tours of Asia in the past two years which have included competing in Kuala Lumpur, Malaysia, Hangzhou and Beijing in China and Hong Kong.
"Arsenal Football Club has so many loyal supporters all across Asia and we are delighted to be here in Vietnam discussing the possibility of playing a match in Hanoi in July," Fox told the club's official website.
"Initial negotiations have gone very well and we are hoping to announce developments on our pre-season tour activities in the near future.
"The club and the players have hugely enjoyed successful pre-season visits to Asia in the past two years, and we are all looking forward to bringing the team to this region again this year."