Vietnamese spend at least US$1-1.5 billion per year to have their children educated abroad, said a representative of the Ministry of Finance, news website VnEconomy reported January 1.
Nguyen Truong Giang, deputy head of the Ministry's department of financial administration and career, said the minimum cost for a student who studies abroad is around $10,000-$15,000 a year.
Statistics of the Ministry of Education and Training showed that 98,536 Vietnamese studied aboard during the 2010-2011 academic year. This figure rose by 7 percent to 106,104 students for 2011-2012, said Giang.
If the education quality of Vietnam is of the same quality of other countries within Asia, the number of Vietnamese students studying there, currently 33 percent of the overseas students, will significantly decrease, he added.
At the moment, Vietnam only has a few international universities, including the RMIT (Royal Melbourne Institute of Technology) Vietnam and the British University of Vietnam.
Last September, Vietnam's government issued a decree regulating some specific conditions for setting up international universities in the country.
The decree said prospective schools must be prepared to invest at least VND150 million ($7.201) per student, not counting the cost of leasing the necessary land, and total expenditures for such projects must be at least VND300 billion ($14.4 million).
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