The national government has just issued Resolution No. 70/NQ-CP on financial mechanisms applied to the use of counterpart funding to carry out the component projects of the ‘Development of National Universities in Viet Nam’ using loans from the World Bank (WB).

Accordingly, the national budget will fund 90% of the total costs to develop the Viet Nam National Universities – Ha Noi and Ho Chi Minh City, and the ‘Building urgent technical infrastructure works for the University of Da Nang” in Hoa Quy - Dien Ngoc areas. These are components of the large-scale ‘Development of National Universities in Viet Nam’ project.

The remaining 10% of the total capital will be covered by the legitimate revenues of the Ha Noi, Ho Chi Minh City and Da Nang universities.

The three universities must ensure financial balance and strictly comply with legal regulations in using lawful revenue sources to develop the aforementioned sub-projects.

At the same time, based on current legal provisions and decisions of all administration levels competent in public investment, the governing bodies of the three sub-projects are required to ask for the funding from public investment capital sources for the period 2021 - 2025 to implement the three sub-projects.

Reporting by TRIEU TUNG – Translating by A.T