It is arguable that at all times the long-term prosperity and well-being of a nation is inextricably linked to its higher education system; and that time of specific or national crisis – war, natural calamity, major ideological shift or economic discontinuity a name a few – expectations and demands placed on higher education are increased. Thus to appreciate the key issues facing higher education one should have some understanding of Vietnam as a modernizing nation. If Vietnam, which may currently be regarded as a weak kitten economically, has the potential to develop into a tiger and possibly even into an economic dragon, it is appropriate to present a profile of the national economy.