A computing system comprising a monitoring engine to generate and save a plurality of monitoring rules based on virtualized network function (VNF) types and VNF components. Each monitoring rule corresponds to a unique combination of a VNF type and a VNF component. The monitoring engine further receives a VNF monitoring notification for monitoring a new VNF provisioned in a network function virtualization environment. The VNF monitoring notification indicates a key performance indicator (KPI) to be monitored for the new VNF and KPI parameters corresponding to the KPI. Further, the monitoring engine determines a monitoring rule corresponding to the new VNF, from among the plurality of monitoring rules, based on the KPI. The monitoring engine subsequently executes the monitoring rule corresponding to the new VNF for monitoring KPIs for determining performance of the new VNF.