Are Universities in Vietnam Required to Publicly Disclose Financial Information?

Are Universities in Vietnam Required to Publicly Disclose Financial Information?

Pursuant to Article 5 of Circular 09/2024/TT-BGDDT:

Revenue and Expenditure

1. Financial situation of the educational institution in the fiscal year preceding the reporting period as required by law, including the structure of revenue sources and expenditure activities as follows:

a) Revenue sources categorized by: funding sources (state budget, investor support; tuition fees, fees, and other contributions from learners; sponsorship funds and contracts with external parties; other revenue sources) and activity types (education and training; science and technology; other activities);

b) Expenditure categorized by: Salary and income (salaries, allowances, increased salaries, and other salary-like expenditures for teachers, lecturers, management staff, employees,...); expenditure on facilities and services (procurement, maintenance, repair, operation of facilities, equipment, hiring services directly serving educational, training, research, and staff development activities...); support expenditure for learners (scholarships, allowances, living support, movement activities, competitions, rewards...); other expenditures.

2. Tuition fees and other fees for learners, including all fees outside of tuition fees (if any) for the academic year and projections for each subsequent academic year for each education level or program before admission.

3. Annual policies and results of financial aid, tuition fee waiver, and reduction, scholarships for learners.

4. Balance of funds as regulated, including specific funds (if any).

5. Other financial disclosure contents in accordance with laws on finance, budget, accounting, auditing, and grassroots democracy.

Thus, universities must publicize information about their financial situation for the fiscal year preceding the reporting period as required by law.

Are Universities in Vietnam Required to Publicly Disclose Financial Information?​ (Image from the Internet)

What are purposes of publicizing a university's financial situation in Vietnam?

Pursuant to Article 2 of Circular 09/2024/TT-BGDDT, the purpose of publicizing a university's financial situation is:

- To provide transparency of related information of the educational institution so that teachers, educational management staff, employees, learners, learners' families, and society can be informed and participate in monitoring the institution's activities.

- To enhance accountability of the educational institution.

What are methods of publicizing university financial information in Vietnam?

Pursuant to Article 14 of Circular 09/2024/TT-BGDDT:

Methods of publicizing

1. Publicizing on the education institution's electronic portal:

Educational institutions (except for preschool institutions, schools, classes dedicated to people with disabilities without electronic portals) shall publicize on their electronic portal, including:

a) Public contents regarding educational activities conducted by the institution as stipulated in Chapter II of this Circular as of June every year;

b) Annual report to publicize to stakeholders an overview of the institution's activities as of December 31 every year in PDF format with minimum contents as stipulated in the appendices of this Circular:

- Appendix I: Annual report template for institutions implementing preschool, general, and continuing education programs;

- Appendix II: Annual report template for institutions implementing higher education programs and the College-level Early Childhood Education program.

c) Arrangement of publicized content as specified in points a and b of this Article on the electronic portal as decided by the institution, ensuring convenient access to information.

2. Preschool institutions, schools, and classes dedicated to people with disabilities without electronic portals shall display publicly at the institution as follows:

a) Contents specified in point a clause 1 of this Article;

b) Annual report including contents specified in point b clause 1 of this Article;

c) The public listing location must ensure convenient access for staff, teachers, public employees, learners, families, and related individuals. In case of many documents to be listed, the educational institution can display a summary notice of the public contents, accompanied by guidance on sources, ensuring convenient information access.

3. Disseminating or distributing materials about publicized content at the beginning of the course, new academic year:

a) Educational institutions implementing preschool, general, and continuing education programs shall disseminate publicized content at the parent-teacher meeting or distribute materials about publicized content to parents and students in the first month of the new academic year;

b) Educational institutions implementing higher education programs, College-level Early Childhood Education programs, and preparatory schools shall disseminate publicized content or distribute materials about publicized content to learners in the first month of the course or new academic year.

4. Other publicizing methods in accordance with law.

Thus, universities can publicize financial information through the following methods:

- Publicizing on the university's electronic portal;

- Disseminating or distributing materials about publicized content at the beginning of the course or new academic year;

- Other publicizing methods.