This study critically examines how human capital and institutional readiness are constructed and operationalized in Vietnam–Korea higher education partnerships. While such collaborations are often framed as capacity-building and mutually beneficial, a qualitative multi-case study of three Vietnamese universities reveals that readiness is externally defined through metrics such as English proficiency, foreign degrees, and publication output, while overlooking relational and contextual capacities. Drawing on document analysis of MoUs and interviews with institutional actors, the study identifies four key patterns of symbolic alignment, benchmarked capital, performative readiness, and localized negotiation. In response, the paper proposes the concept of situated readiness, a context-sensitive and agency-oriented alternative to compliance-driven internationalization. By centering sub-national Global South institutions, this research contributes to ongoing debates on institutional capacity, partnership asymmetry, and the need for more reciprocal models of policy transfer in international higher education.