The use of grades as an extrinsic motivator in formal schooling has been demonstrated in previous research to have negative implications for students’ learning and mental health. This subject matter has been particularly absent from the research literature in Vietnam, where the obsession with grades is self-evident. The present study aims to explore Vietnamese university students’ orientations toward learning and grades, learning strategy use, mental well-being, and how these variables correlate. In addition, the study examines the potential interplay between learning orientation and grade orientation to influence the latter two variables. A quantitative research design was employed to achieve these goals. Survey responses were collected from 38 second- and third-year students majoring in English Language at a large, public university during a summer semester. Specifically for learning strategy use, participants were directed to pull from their experiences in a Public Speaking course that they had completed in the previous semester. Results revealed that a learning orientation was moderately related to both adaptive learning strategy use and mental wellness, whereas a grade orientation was only negatively related to learning strategy use and unrelated to mental well-being. Moreover, a strong learning orientation alone resulted in the most positive outcomes for both learning and mental health, and higher levels of grade orientation weakened those outcomes. Limitations of the study, directions for future research in this area, and implications for students and educators are then discussed.