The Vietnamese government on July 6 issued Decision No.793/QD-TTg approving a plan to simplify regulations for certain business activities in the education and training sector.
Accordingly, 10 business lines in the sector will have their regulations simplified. The new rules will apply to the business activities of preschools, general education institutions, gifted schools, tertiary education establishments, vocational education institutions, education quality accreditation, consulting services for studying abroad, joint training activities with foreign countries, and foreign-invested education establishments in Vietnam
The prime minister assigned the Ministry of Education and Training along with relevant ministries and agencies to implement the plan.
Vietnam, which has a population of 98 million – of which around 70 per cent are under 35 years of age – is a potential market for businesses and investors in the education sector. Currently, it has about 17.5 million students at primary and secondary education levels, with approximately 1.7 million students enrolled in universities.
Currently, Vietnam’s education technology (edtech) market has shown strong growth partly due to the pandemic, which pushed online learning as well as the consumer’s appetite for additional study.
The Vietnamese edtech market is estimated to exceed $3 billion by 2023. According to Tracxn Technologies, there are about 260 edtech businesses in the nation, with most being start-ups and business-to-consumer businesses.