Foreign capital poured into education in Vietnam
With a surge in capital contribution and share purchase, foreign capital investment in education in Vietnam rose by nearly 58% to US$78.89 million in the first nine months of this year despite the COVID-19 pandemic, reported the Ministry of Planning and Investment’s Foreign Investment Agency.
Among 15 countries and territories investing in education in Vietnam, the British Virgin Islands took the lead with US$23.68 million in value, or 30% of the total, followed by the Republic of Korea, the US and Singapore.
According to the Vietnam Investment Review, the Diamond Crest Global Limited from the British Virgin Islands poured US$17.6 million into an international education company based in Hanoi in May.
The Singapore-based MS English 2 Pte. Ltd, which is wholly owned by Myanmar Strategic Holdings Co. Ltd. also purchased Wall Street English Co. Ltd. in Ho Chi Minh City in July after two months of negotiations.
Notably, the Wall Street English still incurred a loss of US$1.4 million while its unaudited revenue in the past 12 months reached nearly US$13.8 million and total asset hit US$3.4 million as of April 30.
Commenting on the Wall Street English Vietnam, CEO of the Myanmar Strategic Holdings Enrico Cesenni said the Vietnamese company has over 6,000 clients in seven centres in Ho Chi Minh City and Binh Duong.
Such centres will continue working under a 10-year franchise deal with the Wall Street English International, similar to the deal applied for Wall Street English Myanmar.