19/05/2015 15:19 GMT+7 Email Print Like 0

New regulations on foreign-invested vocational centres

Hanoi, May 19 (VNA) – The Government has just issued a decree providing detailed guidance on the operation terms and conditions related to foreign-invested vocational training facilities.

In order to receive an operating licence, a foreign-invested vocational facility must have an average investment capital of at least 60 million VND (2,791 USD) per trainee excluding land-related costs.

For foreign-invested vocational college, the required capital is a minimum of 100 million VND (4,651 USD) per trainee, and the total investment should not be less than 100 billion VND (465,100 USD).

In the case the training establishment rent facilities or use the available facilities of the Vietnamese partner, the investment capital should be at least 70 percent of the above requirements.

If the establishment register to operate for 20 years and more, it must seek approval from the local provincial People’s Committee for land use or rent permission to build its own infrastructure, otherwise a five-year-term contract of facilities rent is required.

The maximum operation duration of foreign-invested vocational training establishments is 50 years; the term could be extended to 70 years for those operating in areas with underdeveloped socio-economic conditions.
VNA/VNP