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Shaking off the remnants from a long-lasting period of colonization and conflicts, the 35-year span from 1986 with multiple comprehensive reforms has transformed Vietnam from a country of war to an “emerging dragon” across all social and economic sectors, including education. Vietnam made an impressive success story of the efficiency of investment in education given its top position in the PISA average score ranking and international academic competitions. This article accounts for the major post-1986 changes of Vietnam’s education system, the country’s “success formula” as well as lapses. Recommendations for educational policymakers and educators regarding the role of the education sector in the coming ever-disruptive social and economic context will be discussed as concluding remarks.