Inefficient state-owned companies that dominate key sectors such as transport and telecoms and suck up scarce investment capital do more than simply waste the resources they have. They also prevent the nimbler private sector from realizing its full potential. This inhibits technological updating, slows the demand for skills, and reduces the chance that Vietnam will reach its growth and development goals. Read more in my eastasiaforum post.
(Edit, 7/14/2016: you can now read this in tiếng Việt on Ba Sàm!)