The US Congress has approved around US$20 million for a project to establish Fulbright University Vietnam in Ho Chi Minh City, the Saigon Times Online reported on Thursday.
The project will be executed by the US Department of State in cooperation with the Trust for University Innovation (TUIV) in Vietnam, it quoted the Fulbright Economics Teaching Program (FETP) in Vietnam as saying.
It said TUIV, which is headquartered in Cambridge, has also raised funds for the project from sponsors in the US and Vietnam.
The project, now awaiting an investment license, needed a total of around $70 million, Tuoi Tre (Youth) newspaper reported.
It was approved in principle by Vietnamese government in June last year.
Under the approved plan, the non-profit institution will operate like US universities, and with academic independence.
A detailed plan will be announced at FETP’s 20th anniversary this Saturday, Saigon Times Online reported.
Speaking to Tuoi Tre, Nguyen Xuan Thanh, director of FETP, said they planned to initially introduce post-graduation programs about administration and laws at the university in order to establish its teaching staff, while FETP would become its public policy school.
The Fulbright University Vietnam project was first mentioned in a co-statement by President Truong Tan Sang and his US counterpart Barack Obama in July 2013, and again during US Secretary of State John Kerry’s visit to Vietnam in December that same year.
FETP was founded in 1994 as a partnership between HCMC’s University of Economics and the US’s Harvard Kennedy School.