The US government-funded Fulbright University Vietnam has secured the final license for its operation, officially becoming the country's first private non-profit university.
Deputy Prime Minister Vu Duc Dam signed the license for the Ho Chi Minh City-based school on Monday, the government's office has reported.
First announced in 2013, the school project is estimated to cost around US$70 million, of which 28.5 percent is funded by the US government.
The Cambridge-headquartered Trust for University Innovation (TUIV) in Vietnam, which executes the project in cooperation with the US Department of State, is expected to raise funds from Vietnamese and US sponsors.
According to the plans, the school will open at the end of this year, providing programs in public policy and administration besides science and technology, engineering, mathematics and medicine.
The school is expected to promote academic freedom in Vietnam and help train the next generation of leaders and scientists.