Vietnam Needs to Raise Spending for Higher Edu to GDP Ratio to 1% by 2030: WB

Vietnam needs to increase expenditure for higher education from 0.23% of gross domestic product (GDP) now to at least 0.8%-1% before 2030, assessed an expert group of the World Bank (WB).

It is one of five proposals made by the WB to improve the financial sources for higher education in Vietnam.

The WB suggests Vietnam adjust laws, regulations, and policies related to financial autonomy and accountability of higher education institutions, while avoiding conflating financial autonomy with financial self-reliance.

The country should increase investment from the state budget in research and development (R&D) at universities, reform allocation mechanisms and accountability, simplify procedures, and raise financial support.

Besides, Vietnam had better mobilize additional resources from businesses and the private sector through public-private partnerships (PPP) and diversify revenue sources, the WB said.

According to a report released in April, the WB experts said that Vietnam’s public spending budget allocated to higher education was always at the lowest level during 2004-2017. The expenditure for Vietnamese higher education in the spell made up 0.23% of GDP, 0.9% of total public spending, and 4.9% of total public spending on education, they said.

(Tuoi Tre)