US$12 million a prerequisite for starting higher education institute

The government has set a mandatory prerequisite of VND250 billion (US$11.9 million) to set up a higher education institute.
 
This decision will take effect from January 1, 2014, after which time state-run higher education institutes must have construction projects approved by a governing body who will verify capital source for the project, while private higher education institutes must have a basic charter capital of atleast VND250 billion (US$11.9 million), which does not include land costs.
 
Both charter and investment capital should be in cash and authorized agencies must verify the amount in a signed document.
 
In addition, the board of governors of a private higher education institute must meet five requirements. These requirements include a project report to set up a higher education facility in accordance with socio-economic development planning and higher education institute network planning for the period 2006-2020.
 
Secondly, the formation plan of higher education facilities must be approved by the municipal or provincial people’s committees in a written document. Thirdly, the area for building of an educational facility must be atleast five hectares or more or atleast 25 square meters per student. The institute must also have lecturers with masters’ degrees.
 
Fourthly, the project report must contain details of number of lecturers and managers under present regulations of the Ministry of Education and Training. Lastly, there must be sufficient number of staff for all subjects taught.

By Phan Thao – Translated by Uyen Phuong

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