A method and system for managing multiple queues of a networking device associated with a host machine in a virtual machine system. The networking device includes multiple dedicated queues and shared queues that are used by multiple guests of the virtual machine system for the transmission and/or receipt of packets in a data communication. A hypervisor of the virtual machine system manages the assignment of the multiple queues to the multiple guests by dynamically mapping addresses of the virtual machines based on determination of a load placed on the queues.