In 2003, donors combined together in Vietnam to support the provision of quality primary schooling for 226 disadvantaged districts (about a third of the country). US $160 million was invested in infrastructure, materials and training across the 226 districts. The programme has been commended by donors and received good press inside Vietnam. Comparison of achievement surveys in 2001 and 2007 showed, however, that there had been a decline in performance in the targeted districts. This article explores various hypotheses as to how this could have happened; and in particular the increasing amounts spent by better-off households on their children's education.