The Cầu Phết Festival of Sơn Vi village, Phùng Nguyên commune, Phú Thọ province, is a folk cultural practice bound up with the worship of the Tutelary Deity (Thành Hoàng), with legends of the Hùng Kings era, and with hopes for a peaceful new year and a favourable harvest. Drawing on descriptive sources concerning the village’s sacred sites, local legends, ritual offerings and the ball-snatching game, this article systematises the principal components of the festival and analyses its historical and communal-memory value, its religious and belief value, its role in social cohesion, and its significance as a folk cultural practice. The article also identifies several issues that warrant attention in safeguarding and promoting this heritage: documenting folk knowledge, sustaining the community’s role as the bearer of the heritage, ensuring safety in staging the game, and linking the festival with heritage education and responsible cultural tourism.