The first paragraph of the Executive Summary of a booklet titled "Viet Nam Technical and Vocational Education and Training Sector Assessment":

"In 2009, Viet Nam became a lower-middle-income country. It has since doubled its gross national income per capita and continues to be one of the fastest growing economies in Southeast Asia. Despite an ongoing shift from agriculture to more value-added industry sectors and services and a buoyant foreign direct investment (FDI) capital inflow, the country’s economic growth has rested mainly on its large pool of cheap but low-skilled labor and is still constrained by a huge informal business sector. Labor productivity has remained lower than other countries in the region. Relative annual productivity growth rates in some industry sectors even declined. Already, a shortage of skills is affecting Viet Nam’s ability to absorb new FDI and limiting prospects for more productive employment. To become globally competitive and industrialized, Viet Nam must develop highly skilled workers who can increase industrial productivity, produce demand-oriented product quality, and provide internationally accepted service standards. The technical and vocational education and training (TVET) system needs to be improved while guaranteeing equitable access for the young poor and disadvantaged citizens in remote rural regions. Despite ambitious reform efforts during past decades, state-managed TVET and labor market support systems have remained weak, fragmented, and inadequately funded, most of them still performing poorly and lacking in ability to adapt to changing market demands."

Viet Nam Technical and Vocational Education and Training Sector Assessment (Asian Development Bank)