Nearly 40 percent of all Vietnamese students who study abroad head to Australia or the United States, according to a recent report from HSBC “The Value of Education: Springboard for Success.”
Vietnam ranked 8th among all feeder countries in the United States and 5th in terms of international undergraduate enrollment.
Vietnamese parents spend enormous sums of money on overseas study compared to the average per capita income.
The average cost of an undergraduate education for an international student in the US is over $36,000 a year. At $42,000 a year, Australia, a hugely popular destination for Asian students, is the most expensive option, according to the report.
Simon Williams, Group Head of Wealth Management, HSBC, said: “The key reasons to send children overseas are the acquisition of foreign languages, international experience, and independence.”
“The majority of overseas education is privately funded by parents, but while the concept of a college fund is well established in the United States, it is still the exception elsewhere.”
In 2012, nearly 5 percent of domestic post-secondary students studied in 49 countries and territories among which a full 90 percent were self-financed, a 10-fold increase compared to a decade ago.
The “Value of Education: is a global consumer research study which explores parents’ attitudes and behaviors towards their children's education. The survey was conducted online in December 2013 and January 2014, among parents who have at least one child under the age of 23 currently enrolled and who are solely or partially responsible for making decisions about their child’s education.