A total of 24 clubs contested, including all teams from the top two tiers of the Vietnamese football league system.
The tournament began on 31 March 2023 with the first-round matches, and were concluded on 20 August 2023 with the final.
V.League 1 team Hanoi FC were the defending champions, having defeated Topenland Binh Dinh to secure their third title in the previous year's final.
This edition was the last use of the traditional year-round format in tournament play.
Hanoi FC is the defending champion after they won the 2022 Vietnamese Cup.