Understanding the difficulties and advantages of first-year students is important to help students overcome the obstacles of the first year to achieve their best academic performance. This study was conducted to assess the advantages and difficulties that first-year students of Industrial University of Ho Chi Minh City (IUH) experienced. The research results showed the levels of difficulties in learning, social life, and psychology of IUH first-year students were moderate. Difficulties in finance were rated at a high level. Despite these difficulties, students had great advantages such as the support from their families, the university and lecturers; the university’s orientation; and their lecturers’ care. The research pointed out the correlations between different types of difficulties. Based on the above results, the authors offered the university, the faculties and institutes, the departments, and students some specific solutions to helping first-year students adapt and overcome difficulties, thereby, reducing the dropout rate of first-year students and improving their learning efficiency.