The Government of Vietnam plans to invest VND410 trillion (US$24 billion) in the education sector between 2008 and 2020 in an effort to raise its quality, the Ministry of Education and Training said.
To raise the capital, the State plans to issue bonds worth VND4 trillion-VND5 trillion (US$235 million-US$294 million) annually, the ministry said, adding that around VND20 trillion (US$1.1 billion) will be also raised from Official Development Assistance (ODA) for the education sector over the next five years.
Some 60 per cent of lottery sales estimated at VND3.9 trillion (US$234 million) this year and VND5.4 trillion (US$317 million) in 2012 will also go to the education sector, it said.
Funds mobilized from other sources, particularly individuals and businesses, are expected to meet 8 per cent-10 per cent of the total education budget, it revealed.
So far this year, the state has allocated VND67 trillion (US$3.9 billion) for education and training, some 90 per cent of its yearly education spending target.
The ministry plans to collect capital for education investment from pre-school and higher education fees, which will be equivalent to 6 per cent of the average household income in each locality, said Nguyen Van Ngu, head of the ministry’s Financing and Planning Department.
Vietnam’s current literacy rate stands at 94 per cent. The country aims to raise the ratio among those aged 15 and over to 96 per cent by the end of the decade and 98 per cent by 2020.
It also targets to give education chance to all five-year-olds by 2020 and build at least five universities, which will be in the top 100 in the Association of Southeast Asian Nations (ASEAN) and attract 15,000 foreign students.
Vocational training will also be provided for around 30 per cent of high-school graduates by 2020, it said.
The proportion of students to Vietnam population is 136/10,000. The country targets increase of the ratio of students to population to 200/10,000 by 2010, and 450/10,000 by 2020. (VNA)
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