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Vietnam’s high ranking in the Program for International Assessment (PISA) and its reputation as a country that has been effective in expanding access to education has raised questions about what Vietnam (and its state) may have gotten right to generate such outcomes and what, if anything, other countries might learn from Vietnam's experience. Within Vietnam, the significance of high test scores and increased enrolments is viewed more skeptically. Indeed, public and policy debates on education in Vietnam are focused on numerous alleged inadequacies of the country's education system relative to the country's needs and concerns about the efficiency and effectiveness of the education system with respect to learning, particularly given the considerable resources both the state and households commit to education. These concerns notwithstanding, Vietnam stands out among developing countries for the strength and durability of political commitment to education. This paper explores the sources of Vietnam's achievements in promoting both access to education and the the attainment of strong learning outcomes. But it also seeks to contribute to a more nuanced understanding of Vietnam's experience historically and up to the present. These aims are pursued by way of a "deep dive" into the political economy of education in Vietnam, from the ant-colonial period and the declaration of Vietnam's independence to the present. The paper devotes particular attention to the political economy of education in Vietnam since the late 1980s, a period in which Vietnam’s commenced its transition to a market economy and its progressive integration with processes and institutions of the world economy. Alongside similar papers of Ethiopia and Indonesia, the paper will: i) identify the actors, interests and agendas that have shaped education policy and its implementation during this period; ii) explain why these actors, interests and agendas have had influence over education policy and its implementation; iii) illustrate, through the use of policy and implementation cases, how this has varied over time and across policy area; iv) assess the implications for enrolment levels and learning outcomes in Vietnam