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Vietnam spends 4.9% of GDP on education

Vietnam spent 4.9% of its GDP on education in 2011-20, the Vietnam National Institute of Educational Sciences reported at a review conference Monday.

Le Anh Vinh, head of the institute, said investment in education rose every year during the period.

Vietnam, GDP, investment in education, budget on education, management of education, value in reality

First-grade students in a classroom in Bac Giang Province, northern Vietnam, January 19, 2021.

The government typically spends 17-18% of the budget on education every year on average, which is higher even than countries like the U.S. (13%), Indonesia (17.5%) and Singapore (19.9%), he said.

In GDP terms, Vietnam's 4.9% outlay is higher than neighboring countries like Cambodia (1.9%), Singapore (2.9%) and Laos's (3.3%).

The 2019 Law on Education stipulates that the government should spend at least 20% of the budget on education and training.

Vinh pointed out two things: "Spending on education has not reached 20%. While the percentage might seem big, its absolute value in reality is small."

The rate is likely to drop after Covid-19 since the pandemic has affected every aspect of society and the economy, he said.

Spending on education is likely to be 18-19% of the budget, and the consequence would be felt in 2030, he said.

Despite the fact that spending on education has not reached targeted levels, Pham Quang Trung, director of the National Academy of Education Management, said, "We are doing well given our capabilities."

If Vietnam wants to develop its education, its solutions to get there must be realistic.

"If we aim to catch up with Singapore in another one or two years, I would say that it is impossible. But if it is in 15 years, we might be able to do so."

The management of education needs a sea change, he added.

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Source: VnExpress

Vietnam, GDP, investment in education, budget on education, management of education, value in reality
 
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