Vietnamese players beat their rivals 25 - 20, 25 - 22, and 25 - 22 in three sets to secure a 3 - 0 victory and bring home the trophy.
Earlier, the team had also defeated Kazakhstan in the group stage.
The hosts the Philippines ranked third in the tournament.
This is the second straight time the team of coach Nguyen Tuan Kiet has obtained the AVC Challenge Cup title, following the first in 2023.
After the AVC Challenge Cup, the Vietnamese women’s team will compete in several other tournaments this year, including the International Volleyball Federation (FIVB) Challenger Cup in July, the Southeast Asian Volleyball League (SEA V.League) and VTV Cup in August, and the Asian Indoor and Martial Arts Games in November.