Attracting foreign direct investment in education and training in vietnam

MINISTRY OF EDUCATION AND TRAINING FOREIGN TRADE UNIVERSITY —-—s9 Ocace — MASTER THESIS ATTRACTING FOREIGN IN EDUCATION DIRECT INVESTMENT AND TRAINING IN VIETNAM HOANG MINH QUYEN Hanoi - 2023 MINISTRY OF EDUCATION AND TRAINING FOREIGN TRADE UNIVERSITY MASTER THESIS ATTRACTING FOREIGN IN EDUCATION DIRECT INVESTMENT AND TRAINING IN VIETNAM Major: International Economics Code: 8310106 Full name: Hoang Minh Quyen Supervisor: Assoc.Prof.Dr Hoang Xuan Binh Hanoi - 2023 STATEMENT OF ORIGINAL AUTHORSHIP Thereby declare that this thesis was carried out by myself under the guidance and supervision of Assoc.Prof.Dr Hoang Xuan Binh and that the work contained and its results are true by the author and have not violated research ethics The data and figures presented in this thesis are for analysis, comments, and evaluations from various resources by my work and have been duly acknowledged in the reference part In addition, other comments, reviews, and data used by other authors, and organizations have been acknowledged, and explicitly cited Author Hoang Minh Quyen SUMMARY OF MASTER THESIS The introduction highlights the fundamental importance of education and training in Vietnam and its critical role in the country's development, as enshrined in the Constitution It emphasizes the need for a comprehensive development strategy to align with modem trends and international standards in response to globalization With Vietnam's ongoing economic development and international integration, attracting Foreign Direct Investment (FDI) into education and training emerges as a vital strategy to enhance the workforce and meet labor market demands However, despite some FDI projects in education, the sector's growth remains uneven, and this discrepancy sets the stage for the research topic The author's research aims to address the critical issue of attracting Foreign Direct Investment (FDI) in education and training in Vietnam, recognizing its pivotal role in the country's development The thesis delves into various facets of this topic, offering comprehensive insights and practical solutions to stimulate FDI inflows The conclusion encapsulates the key findings and implications of the research It underscores that while Vietnam has seen substantial FDI growth across various sectors, the education and training sector still awaits substantial investment ACKNOWLEDGEMENTS I would like to extend my deepest appreciation to my defense committee, whose wealth of knowledge and expertise greatly contributed to the success of this endeavor I would also like to acknowledge the generous support from the Faculty of Graduate Studies of Foreign Trade University, without which this undertaking would not have been possible Furthermore, | am immensely grateful to my Associate Professor, Dr Hoang Xuan Binh, for his exceptional patience and invaluable feedback throughout this journey I am indebted to my classmates and friends for their assistance in editing, providing feedback during late-night sessions, and offering moral support I would also like to express my gratitude to the librarians, research assistants, and study participants from the university who have had a profound impact on me and served as a source of inspiration I am profoundly grateful to my parents for their unwavering support and continuous encouragement throughout my years of study, as well as during the research and writing process of this thesis This achievement would not have been possible without them Thank you sincerely iii STATEMENT SUMMARY TABLE OF CONTENTS OF ORIGINAL AUTHORSHIP OF MASTER THESIS ACKNOWLEDGEMENTS TABLE OF CONTENTS LIST OF ABBREVIATIONS LIST OF TABLES LIST OF FIGURES AND BOXES INTRODUCTION Rationale Literature Review Research Objectives and tasks 3.1 Research Objective 3.2 Research tasks 4, Research Object Scope of the research, Research Methods 6.1 Data collection 6.2 Data cleaning 6.3 Data Analysis Methods Thesis Structure CHAPTER 1: THEORETICAL INVESTMENT ATTRACTION BASIS IN EDUCATION OF FOREIGN AND TRAINING DIRECT 10 1.1 Overview of Foreign Direct Investment (FDI 11.1 1.2 1.1.3 1.1.4 Definition of FDI Characteristics of FDI Types of FDI The role of FDI 10 B 14 1.2 Overview of education and training 1.2.1 Definitions of education and training iv 16 1.2.2 Characteristics of education and training 16 In summary, education and training have diverse and flexible characteristics, playing a vital role in meeting the needs of individuals and society, providing knowledge, developing skills, and imparting ethical education, thus contributing to the economic and social development of a nation 18 1.2.3 Investment sources for the development of education and training in Vietnam 18 1.2.4 The role of attracting Foreign Direct Investment (FDI) in the development of education and training in Vietnam 23 1.3 Indicators of FDI attraction in the education and training sector 25 1.4, Determinants of FDI attraction in Vietnam's education and training sector 27 1.4.1 The demand for education and training of Viemamese people 1.4.2 Vietnam’s Policies and mechanisms to attract FDI in education Training 1.4.3 Technical infrastructure for education and training 1.4.4 Quality and cost of human resources 1.4.5 Vietnam's socio-political situation CHAPTER 2: THE CURRENT DIRECT INVESTMENT SITUATION 27 OF ATTRACTING and 28 29 30 30 FOREIGN IN EDUCATION AND TRAINING IN VIETNAM IN THE PERIOD OF 2019-2022 31 2.1 Overview of FDI attracion in the education and training sector in Vietnam from 2019 to 202: 31 2.1.1 Scale of FDI in the Education and Training Sector in Vietnam 31 2.1.2 The proportion of FDI in the education and training sector in Vietnam 35 2.1.3 Structure of FDI inflows into the education and training sector in Vietnam 37 2.2 Analysis of FDI attraction in Education and Training in Vietnam during the period 2019-2022 46 2.2.1 Overview of FDI attraction in education and training based on evaluation indicators 46 2.2.2 Evaluation of determinants of FDI attraction in education and training in Vietnam during the period 2019-2022 53 2.3 Evaluation of achievements, limitations in FDI attraction in Education and Training in Vietnam 65 2.3.1 Achievements 65 2.3.2 Limitations 69 2.3.3 Discussion 72 CHAPTER 3: ORIENTATIONS ATTRACT FOREIGN DIRECT AND POLICY INVESTMENT IMPLICATIONS IN EDUCATION TO AND TRAINING IN VIETNAM 3.1 Orientations, 3.1.1 Orientation for the development of education and training in Vietnam until 2025, vision until 2030 77 3.1.2 Orientation for FDI attraction in education and training in Vietnam by 2025, Vision until 2030 80 3.2 Policy implications 81 3.2.1 Economic and living standards enhancement 81 3.2.2 Legal framework improvement 83 3.2.3 Infrastructure and technology upadate 84 3.2.4 Workforce quality improvement 85 3.2.5 FDI management system enhancement 87 CONCLUSION REFERENCES vi LIST OF ABBREVIATIONS FDI Foreign Direct Investment ODA Official Development Assistance GDP Gross Domestic Product IMF International Monetary Fund WTO World Trade Organization UNDP United Nations Development Programme OECD Organisation for Economic Co-operation and Development ASEAN Association of Southeast Asian Nations AEC ASEAN Economic Community EU European Union BCC Business Cooperation Contract BOT Build-Operate-Transfer BTO Build-Transfer-Operate BT Build-Transfer PPP GATS Public-Private Partnership General Agreement on Trade in Services AFTA ASEAN Free Trade Area EI Emotional Intelligence HDMI High-Definition Multimedia Interface vii LIST OF TABLES Table 1 Expenditure ratio for education and traing in Vietnam (2019 - 2022) 18 Table 1.2 Top biggest investors in Vietnam in 2022 2- 23 Table 2.1: Scale of FDI in the Education and Training Sector during the 2019-2022 period sol Table 2.2: Scale of FDI in the Education and Training Sector by Project Form 33 Table 2.3: Proportion of FDI in the education and training sector of total FDI during the 2019-2022 period 35 Table 2.4: FDI distribution by investment sectors during the period 2019 - 2022 36 Table 2.5: The structure of FDI in the education and training sector by investment partners Table 2.6: Structure of FDI .38 sources in the education and training sector by investment location during the period 2019 - 2022 -22+222zz2222zzrerrrrrrrrrrrrrrrrrrrrrrr 40 Table 2.7: Proportion of FDI in the education and training sector of total FDI during the 2019-2022 period viii 47 facilities for studying and vocational training for workers should be established to further encourage investment in education and training Forthly, investment procedures need to be streamlined to reduce complications and expedite the approval process for investors Simplifying administrative requirements and minimizing bureaucratic hurdles will make it more attractive for foreign investors to enter the education sector These streamlined procedures should prioritize efficiency, transparency, and ease of compliance Furthermore, regular dialogue and consultation sessions should be held with investors who have already invested in Vietnam's education and training sector This engagement will provide a platform for investors to voice their concerns and provide valuable feedback on their experiences The government can use this feedback to make continuous improvements in the regulatory framework and address any specific issues faced by investors, enhancing their confidence in the Vietnamese market By addressing these aspects of the legal framework, Vietnam can create a more conducive environment for attracting FDI in education and training This proactive approach will not only simplify procedures but also demonstrate the government's commitment to fostering investment in the education sector, which is essential for the country's development and competitiveness in the global education market 3.2.3 Infrastructure and technology upadate FDI mainly targets countries with higher average incomes, as people in these countries have the financial capacity to afford international education programs Additionally, the technical infrastructure in these countries, including transportation, public facilities, healthcare services, and education, is well-developed and favorable In Vietnam, although there have been investments in infrastructure development, it is still insufficient to fully improve the infrastructure and attract foreign investors Traffic congestion is particularly severe in major cities, and public facilities not meet the needs of the population Therefore, the question arises as to how to improve the infrastructure In my opinion: 84 First and foremost, the goverment needs comprehensive infrastructure planning, particularly in transportation and housing Strategies must be formulated to guide infrastructure construction in the near future Potential projects with high feasibility should be selected based on priority sectors and included in the publicprivate partnership (PPP) project lists Sufficient budget resources should be allocated for investment in these projects Efficient management of Official Development Assistance (ODA) funds invested in infrastructure is crucial to avoid wastage or investment in unnecessary projects Incentives, such as tax incentives and favorable land lease prices, should encourage direct investment by investors in the construction of infrastructure around educational institutions Secondary schools should prepare physical facilities, such as laboratories and supporting equipment (temperature control, ventilation, drying cabinets, vacuum maintenance cabinets), to preserve and maintain teaching equipment for long-term and effective use Timely training and guidance should be provided to teachers to ensure proficient use of the equipment provided For higher education institutions, a comprehensive investment plan should be developed, prioritizing investment sequences (according to the industrialization, modernization, and development of each region or territory) and ensuring complete investment without spreading resources too thin 3.2.4 Workforce quality improvement Improving the quality of the teaching workforce indirectly enhances the foundation of education and training in the country, creating a favorable environment to attract foreign investors Additionally, a competent teaching workforce can provide potential human resources for FDI projects It is necessary to increase awareness and responsibility among teachers and educators, emphasizing that they are not only knowledge deliverers but also educators who impart values, ethics, and life skills to students Currently, some teachers may 85 not have a complete understanding of their profession Regular training and awareness programs should be conducted, reaching out to teacher associations, subject departments, and individual teachers Besides, The training and professional development of teachers to develop their competency should be strengthened and prioritized The Ministry of Education has made changes to the curriculum, and as society develops, the awareness and proficiency of students have also improved However, training content on computer science and foreign languages has not been given sufficient attention and should be included in the regular teacher development system as per legal regulations Circular 17/2019/TT-BGDĐT on the Continuous Professional Development Program for teachers at the basic education level by the Ministry of Education and Training needs to be revised and improved according to the requirements of practical integration Innovating assessment methods, establishing criteria and standards to contribute to improving the quality of teachers and lecturers:This is a necessary and appropriate measure at the high school level to enhance the quality of the teaching staff and educational outcomes At the beginning of the school year, schools should develop a plan that includes evaluation criteria and ranking of teachers, requiring each teacher to engage in professional development in terms of knowledge, theory, skills, and continuous self-improvement In addition, it is necessary to enhance research in the field of education and training in Vietnam, which can be implemented by investing in research infrastructure through building and upgrading research and development infrastructure in universities and research institutes, which includes providing laboratories, modern equipment, and highquality human resources to facilitate research and development activities; fostering an innovative research environment by creating conditions and encouraging creativity and research in the field of education, which may include establishing research centers, organizing research conferences and competitions, and implementing policies that incentivize and support research and development in education; strengthening research collaboration with international organizations by establishing research collaboration 86 with reputable and experienced international organizations in the field of education, which can involve joint research projects, exchange of researchers and students, and sharing of research knowledge and experiences; encouraging educational innovation and trainin by promoting innovation in education and training by adopting new methods, technologies, and tools in the teaching and learning process, which may include developing flexible curriculum programs, utilizing information and communication technologies in teaching, and encouraging lifelong leaming and self-study; fostering technology integration in education and training by encouraging and supporting the application of technology in education and training by building online leaming systems, developing educational applications and platforms, and providing teacher training on using technology in teaching; create favorable conditions for research and development by providing financial resources and support to facilitate research activities in the field of education, which includes funding and support for research projects, implementing policies and tax incentives for research and development, and establishing an effective management and monitoring system for research and development activities 3.2.5 FDI management system enhancement To build and strengthen the quality management system in foreign-invested institutions, Vietnam can implement the following measures: Establish Quality Standards: Develop and establish clear and comprehensive quality standards for schools and educational programs These standards should align with international benchmarks and the expectations of foreign investors They serve as a foundational framework for ensuring that education and training in Vietnam consistently meet high-quality standards Assessment and Certification of Quality: Build an evaluation and certification system for assessing the quality of schools and educational programs This system should be rigorous and impartial, ensuring that schools and programs meet the established quality standards and can be recognized by international organizations Accreditation processes can be established to assess and certify educational institutions 87 Enhance Management and Supervision: Strengthen the management and supervision of quality in education by establishing an effective management system, This includes organizing regular monitoring activities, offering training courses on quality management, sharing knowledge and best practices, and implementing professional development programs for management staff Creating a culture of quality assurance within educational institutions is crucial Promote Transparency and Accountability: Foster transparency in the quality management of education and training Disclose relevant information about the quality of education and training programs to stakeholders, including foreign investors Transparency builds trust and credibility and ensures accountability in the education sector Foster Continuous Improvement: Encourage a culture of continuous improvement in the quality management system Regularly review and revise quality standards based on feedback from stakeholders and emerging best practices Implement measures to address areas for improvement and innovation in education and training Strengthen Collaboration and Exchange: Facilitate collaboration and knowledge exchange with international organizations and educational institutions Leaming from global experiences and best practices can enhance the quality management system in education International partnerships can provide valuable insights and support Engage Stakeholders: Actively engage stakeholders, including students, parents, teachers, and the community, in the quality management process Establish mechanisms for collecting feedback, conducting surveys, and involving stakeholders in decision-making processes related to quality management Their input is invaluable in shaping educational excellence Monitor and Evaluate Outcomes: Establish mechanisms to continuously monitor and evaluate the outcomes of the quality management system in education 88 Regular evaluations, data collection on educational outcomes, and data-driven decision-making are essential for tracking progress and making necessary improvements Furthermore, specific regulations should be enacted to ensure that textbook programs in foreign-invested institutions align with the education of Vietnamese individuals to become responsible citizens of the country It is essential to maintain a balance between international curricula and the promotion of Vietnamese national identity and values For FDI programs and projects in the education and training sector, intersectoral inspection teams, comprising representatives from the Ministry of Education and Training, Ministry of Finance, Market Management (Ministry of Trade), and relevant agencies, should be regularly formed to closely inspect, monitor, and supervise the supply and procurement of teaching equipment Prompt and decisive action should be taken against violations that lead to wastefulness or loss of state resources Specific regulations should be established for international schools, particularly those teaching Vietnamese language, geography, and Vietnamese history These subjects should be considered core subjects rather than extracurricular subjects to emphasize their importance Measures should be implemented to address any deficiencies in teaching these subjects, and relevant departments should establish specific guidelines to ensure a comprehensive education that includes an understanding of Vietnam's history and culture To improve the overall education system, it is crucial to absorb advanced education practices from around the world while preserving Vietnam's rich national identity A strong emphasis should be placed on recruiting and retaining dedicated and competent teachers from the beginning to ensure the highest quality of teaching and learning in Vietnamese educational institutions This includes providing professional development opportunities for educators and implementing rigorous teacher training programs Strengthening the education system will contribute to the country’s longterm development and competitiveness in the global education landscape 89 3.2.6 Promoting and improving education and training reforms In the current context of economic and social integration, the Party and the State need to have reform strategies for the education system to align with international education standards Firstly, to implement educational reforms effectively, strong measures are required to combat negative practices and shortcomings in schools The 2018 General Education Program is currently being implemented in teaching and training practices During this process, it should be continuously absorbed and improved to bring Vietnam's education system closer to international standards Furthermore, we need training programs based on international standards and teaching staff with equivalent intemational qualifications, especially focusing on enhancing foreign language proficiency among teachers, especially language teachers at all levels of education, particularly in rural areas, followed by teachers in other subject areas To address this issue, the Ministry of Education and Training needs to collaborate with relevant ministries, departments, and sectors to gradually implement changes in the curriculum according to different periods Secondly, in order to have reform strategies for the education system to align with inteational education standards, some measures can be applied such as: Defining common goals and benefits clearly that both Vietnam and international organizations can achieve through partnerships in education, which may include sharing knowledge and experiences, developing high-quality education programs, providing learning and research opportunities for students and faculty, and enhancing the quality of education and training; Establishing networking connections: Seek and establish networking connections with reputable and experienced international educational organizations, which can involve signing cooperation agreements, organizing joint workshops and events, sending students and faculty for study and training abroad, and implementing joint research and development projects; Creating favorable conditions for international organizations by providing preferential policies, administrative support, and necessary resources to carry out their activities 90 in Vietnam, which may include providing clear licenses and regulations, land allocation, financial and infrastructure support, and creating a stable and secure business environment; Facilitating exchange and knowledge sharing by organizing exchange activities, discussions, workshops, and knowledge sharing between intemational organizations and Vietnamese schools, helping create a forum for meeting, learning, and exchanging ideas, while also promoting the image and access to the international community; Developing joint projects and programs by building joint projects and programs with international organizations, which may involve developing training programs and innovating curriculum based on methods and standards, as well as implementing joint research and projects; Ensuring compliance with laws and regulations regarding cooperation in the field of education in order to ensure the legality and of partnership activities and to help build trust and credibility with partners international development international sustainability international Thirdly, It is necessary to improve the investment environment to encourage foreign investors to invest in the education sector by reducing some cumbersome administrative procedures when foreign investors apply for licenses and shortening the project appraisal time Local authorities at all levels should enhance advisory and promotional activities to help investors find suitable investment locations and reasonable investment scales In addition, favorable conditions should be created for investors to implement their projects, such as issuing additional necessary legal documents, especially guidance and regulations on procedures and conditions for establishing new colleges and universities with foreign investment, innovating land management procedures and regulations to allow investors to be allocated land for project implementation and recruit teachers before being allowed to enroll students, providing incentives for foreign investors in education regarding land, tax rates, corporate income tax, and personal income tax, implementing commitments that Vietnam has made in AFTA, EVFTA, the Vietnam-US Bilateral Trade Agreement, and agreements with the EU and WTO related to investment, allowing the establishment of secondary schools for foreigners and Vietnamese nationals through 91 joint ventures and business cooperation contracts future shortly, Vietnam should adopt a policy of "freedom to repatriate profits in education" when investors want to transfer profits back to their home countries However, implementing this policy requires strict control over the operation of projects, transparent financial mechanisms, and a comprehensive legal system Fourthly, enhancing the promotion activities of foreign investment in the education and training sector is of high importance Promoting investment plays a crucial role in attracting investment in any sector, including education and training When investment promotion is strengthened and performed well, investors will pay attention to Vietnam's education sector with a favorable investment environment and potential profitability This, in turn, will bring FDI projects into Vietnam's education sector Vietnam needs to promote its potential and attractive investment environment in the education sector through various forms of communication and outreach to investors worldwide This can be done through organizing seminars, advertising in media outlets, and other promotional activities Investment promotion activities should highlight the comparative advantages of Vietnam's education sector compared to other countries in the region, such as favorable legal frameworks, developing socio-economic conditions, and political stability It is necessary to study and establish models of agencies dedicated to promoting foreign investment in education at the central, local, and school levels These investment promotion agencies, in addition to seeking and facilitating investment, should also provide investment advisory services to foreign investors At the same time, research and policies need to be proposed to attract reputable universities and educational institutions worldwide to establish educational facilities in Vietnam Besides, foreign investors in resolving difficulties need to be provided assistance and consultancy during project implementation, this will help create a favorable investment environment and profitability 92 CONCLUSION After the period of socio-economic crisis caused by the COVID-19 pandemic, our country is experiencing strong growth with policies aimed at increasing FDI inflows into Vietnam The amount of FDI has been rapidly increasing, bringing many advantages to Vietnam's developing economy However, FDI in the education and training sector in Vietnam is still relatively modest Despite the difficulties and risks in the global economy, foreign investors still consider the education market in Vietnam as a market full of potential and promising for the future After the socio-economic crisis because of the COVID-19 pandemic, our country is on a strong growth track,With open-door policies to increase FDI into Vietnam, the amount of FDI has increased rapidly, bringing many advantages to the developing economy of Vietnam However, FDI capital for education and training in Vietnam is still quite modest However given the importance of the education sector in Vietnam in the cause of industrialization and modemization of the country, despite the difficult world economy and potential risks, foreign investors also appreciate the market The education market in Vietnam is a potential market and promises to be exciting in the future Based on applying research methods, sticking to the objectives and scope of the research topic, the thesis "Attracting foreign direct investment in Education and Training in Vietnam" has drawn some important conclusions, as follows: Firstly, the activities of attracting Foreign Direct Investment (FDI) in education and training in Vietnam during the 2019-2022 period have contributed to enhancing the quality of Vietnam's human resources, especially in foreign language and computer skills, and have made positive contributions to Vietnam's education and society Secondly, foreign-invested educational institutions have operated effectively and attracted a large number of students from both within and outside the country, thereby improving the quality of Vietnam's human resources and enabling the young generation of Vietnam to integrate with the world Thirdly, there are still certain limitations in attracting FDI in education and training, including the low scale of FDI capital for this sector, the insufficient 93 assurance of the quality and content of education in foreign-invested institutions, an inadequate allocation of funding sources, and a lack of emphasis on investment promotion activities Finally, the thesis has proposed some policy implications to promote FDI attraction in the field of education and training, including promoting economic development and improving people's living standards, improving the investment environment, intensifying efforts in investment promotion in education and training, enhancing administrative reform, improving the quality management of teaching in foreign-invested institutions, upgrading the country's infrastructure, and enhancing the quality of human resources as teachers and lecturers, and promote the completion of national education reform However, due to time limitations as well as implementation capacity, the thesis still has some limitations in terms of research scale Therefore, it is necessary to have further research directions to learn and analyze further to continue to perfect solutions to attract FDI in the field of education and training, contributing to improving the quality of education and training home country training 94 REFERENCES Dan Tri Electronic Newspaper Retrieved from http://dantri.com.vn/ Do Duc Binh, Foreign Direct Investment in Vietnam - Policy Constraints and Enhancement Solutions, Journal of Economics & Development, 145/2009, page 1013 Foreign Investment Agency, Foreign Investment Business Association, & Foreign Investment Business Magazine, Looking back and heading forward in 20 years of foreign investment (1987-2007), Hanoi, Vietnam: Intellectual Publishing House 2008 Kim Tan (2005, December), When the Rich Send Their Children to International Schools Retrieved from 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