As from 1 August 2018, the establishment of foreign invested educational establishments in Vietnam has some remarkable changes as follows:
1. When setting up foreign-invested short-term training and fostering establishments, investors will no longer be required to carry out the procedures for being issued with a Decision permitting establishment of such establishments under current regulations. Instead, the establishment of foreign-invested short-term training and retraining establishments will be shortened in two (2) procedures as follows:
- Registration for issuance of investment registration certificate in accordance with the laws on investment; and
- Procedures for being issued with the Decision permitting educational activities and notifying the same on the website of the permit-granting agency.
2. In addition, upon the establishment of university education institutions, project owners shall be required to prove that the total investment capital is at least VND 1,000 billion (excluding land use expenses). However, at the time of appraisal for university establishment, the investment value must be over VND 500 billion.
3. Besides, the provision on compulsory of foreign-invested educational establishments must build its material foundations and approval of provincial-level People's Committees on land allocation or lease to invest and build the facilities when registering for its operation for or more than 20 years has been revoked. Accordingly, a foreign-invested educational establishment may sign a principled agreement to lease available material facilities in accordance with regulations.
The foregoing are some key contents of Decree No. 86/2018/ND-CP issued by the Government on 6 June 2018. Decree No. 86/2018/ND-CP will take effect on 1 August 2018 to replace Decree No. 73/2012/ND-CP dated 26 September 2012 of the Government regulating foreign cooperation and investment in education and Decree No. 124/2014/ND-CP issued by the Government on 29 December 2014 amending Article 31.6 of Decree No.73/2012/ND-CP.