This article responds to scholarly calls to engage with diaspora in the context of transnational educational mobilities in global higher education. It maintains that transnational academic mobilities produce a particular kind of academic diaspora, that is often valued by both home and host countries but in ways that vary and serve different interests and aspirations. While the contrasting perspectives on brain circulation and brain drain persist, what this article argues is that systemic inequalities are (re)produced through the processes of transnational academic mobilities, which privilege the mobility of some and not others, and at the same time under-value the home-grown academics and overseas-trained academics that return home. The current diaspora politics is located within this complex, hierarchical, and dynamic cultural, political and economic space. In particular, it pinpoints how the promoted desirability of diasporic brains and talents in policy and practice has continued to reproduce and consolidate academic inequalities. The article then argues for place-based/at home transnationality, seeing it as productive counter position to help reduce inequalities. The article employs self-study research and is informed by a bricolage of data on Vietnam and its Vietnamese transnational academic diasporas gathered at different points in time and in different contexts.