This is a loaded question. So, I don't think it can receive an honest answer with appropriate reasoning. In all likelihood what this question is going to initiate is a bilateral dick measuring contest from 'proud alumni' of the two institutes.
First thing that I find odd about the question is the assertion that CET is considered the best government college of Odisha and not VSSUT. By whom?
Order of filling of the seats is NOT a good indicator.
VSSUT is a university where as CET is a constituent college of a much larger Technical University named BPUT. Being a university, VSSUT enjoys much better privileges and autonomy as compared to any college of BPUT. Hence, it is not fair to compare the two.
Let's see what are the ingredients of a good college.
1. Academics :
The faculties are pretty much the same, courses offered in the two are old school. Students don't have much of a choice in selecting what they want to study in either. Accessibility to resources in some departments like Electrical Engineering, Mechanical Engineering, Civil Engineering are marginally better in VSSUT. CET on the other hand has some advantage when it comes to CSE. Neither of the two encourage innovative academic projects in general(there are a few exceptions, though). Most of the academic content that you really need to know if you are motivated enough are available for free on the web. Internet connection in VSSUT is just OK (read slow and drops frequently). The conditions at CET are slightly better in this aspect.
2. Clubs and Interest groups:
Both the colleges are decent in this area. Finding like minded people and having an opportunity to work on common interests is quite vital. VSSUT has a music club, a dance club, a robotics club, an automobile group, an aero-modeling group, an arts and crafts club among others. I am pretty sure CET has similar clubs. In both the institutes most of these clubs require major makeshifts to realize their full potential. VSSUT, being a fully residential college, scores some good points here. Students get more time to explore their talents and participating is easier since the student community is very close knit. CET has better access to professional helps and resources to further these activities because of its location.
3. Alumni Presence:
VSSUT's only constituent college, which was earlier known as University College of Engineering was started in 1956. With a legacy of more than 50 years, the alumni base is very strong. Alumni group of VSSUT is also closely knit just like the students. You are very much likely to find an alumnus in any tech company or academia in India and abroad. CET also has a good alumni presence. And it's remarkably good when it comes to B-Schools.
4. Administration:
Administration in VSSUT is responsible for a large number of key decisions and it is arguably one of the most inefficient ones.
5. Quality of students:
I am addressing this point because I found the earlier answers pointing to this as a factor. Quality of students in my opinion is pretty much the same. OJEE is a fairly laid back exam and is a bad indicator of quality. And students having a difference of a couple of points in their OJEE scores are indistinguishable on most aspects.
6. Future Prospects:
It really doesn't matter whether you graduated from CET or VSSUT. What matters is perseverance. You are probably living in a world where money grows on trees and unicorns roam the streets if you think the choice between CET and VSSUT for your undergraduate studies is going to be the deciding factor for your future success.
