ACB, USAID Helps Reduce Financial Burdens for MBA Learners in Vietnam

In recent years, the local overseas study model, which allows students of a country to follow foreign learning programmes without going to other countries, is the top choice for a majority of post-graduates in Vietnam, both employed and unemployed. However, hgh overseas tuitions prevented low-income earners from following such courses, especially for masters of business administration (MBA). To assist post-graduates to resolve such issues, the Asia Commercial Bank (ACB) has cooperated with the United States Agency for International Development (USAID) to provide necessary loans.

 

Under the agreement, USAID will act as a guarantee for students who borrow money from ACB to follow associated MBA programmes approved by USAID in Vietnam. Post-graduates can follow MBA courses in Hanoi School of Business of Vietnam National University and US’s Hawaii University, MDE programmes of Hanoi-based National Economic University and universities of the Netherlands and Australia, MBA programmes of Ho Chi Minh City-based National Economic University and US’s Washington University, master of business programmes of Ho Chi Minh City-based National Economic University and Curtin Technological University, and MBA programmes of Asian Technology Centre in Vietnam and Asian Technology Institute in Thailand. An ACB representative said: “The financial support programme for MBA learners in Vietnam is designed for unemployed graduates, who need a family warranty, and employed graduates, who need a corporate warranty.” He said not all working beginners and their families are able to support an international MBA course, equivalent to some US$16,000 a year, after they graduate from universities. Hence, this is very practical for graduated students and employees in Vietnam.

 

For example, a MBA course at the Hanoi School of Business (HSB), which began operation in 1995, has applied various associated programmes with international universities, mainly from the US. The Department of Business Administration is a reliable partner of ACB in the MBA financial support programme, especially those related to Hawaii University. Learners can borrow up to 80 per cent of their tuitions with a monthly interest rate of 0.75 per cent and a maturity of eight years. After signing lending contracts, ACB will transfer tuitions to the account of the school, basing on the tuition announcement. The maximum loan is VND20 million (US$1,250). In addition, ACB will offer two lending modes: mortgaged loan and unsecured loan to facilitate learners to follow post-graduate courses in Vietnam. To get loans, borrowers need to mortgage their assets or their relatives’. The loan can be equal to 100 per cent of mortgaged assets. Without mortgages, borrowers can still be accepted in the unsecured loan mode on the condition that their monthly incomes are VND2 million onward and they have worked for at least 12 months. Borrowers must be Hanoians or Saigonese or equivalents and must have fixed telephone numbers. The loan can reach VND200 million. In addition, ACB also offered preferential repayment. Accordingly, 70 per cent of interest and original loans can be paid after they finish their studies.