Vietnam has amended two decrees on foreign cooperation and investment in education in a move to develop the sector which gets roughly 5% of the country’s gross domestic product (GDP) annually.
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Accordingly, state agencies have removed requirements on granting business liciences, setting up foreign-invested education establishments, and representative offices of foreign education establishments in Vietnam.
According to Deputy Minister of Education and Training Nguyen Thi Nghia, so far this year the ministry has cut 57.1% of total regulations on business conditions in the education sector.
Simplifying investment procedures is part of efforts to attract foreign capital flows into the education sector which has 22 million students. However, 59% of Vietnam’s youth prefer to study abroad, according to an online education website.
Vietnamese people spend around US$3 billion on overseas education annually, targeting countries famous for education quality like the US, the UK, Japan, Australia, and Singapore.
Vietnam has marked an increasing foreign investment in education sector for the past years regardless of levels. In fact, few foreign-invested private schools don’t meet demand and more and more people choose this kind of school despite high tuition.
An expert said that Vietnam should change requirements on investment to improve quality of the education sector as the market remains potential and a good education will help prevent brain drain.
