The development of functional foods is key to promoting a healthy diet and preventing certain diseases. This study aims to examine several key factors that affect consumer attitude and intention with respect to purchasing functional foods in an emerging market economy. A research model was developed by extension of the Theory of Reasoned Action (TRA), and then validated through obtaining data from 596 Vietnamese consumers who were interested in functional yogurts using an interviewer-administered questionnaire. Multivariate data analysis reveals that while health consciousness and subjective norm significantly enhance consumers’ attitudes towards purchasing functional yogurts, perceived price of functional yogurts exerts a negative impact on such attitudes. Moreover, subjective norm and attitude appear to be key predictors of consumers’ intentions to buy functional yogurts. These findings extend the extant literature relating to functional food purchase and consumption in emerging markets, and they have several important practical implications for functional yogurt manufacturers, retailers, and policymakers. A major implication is that education and communication programs that aim at increasing consumers’ health consciousness and their awareness of functional foods’ health benefits play an integral role in the success of functional food products such as functional yogurts. Research limitations and future research directions are also presented.