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Vietnamese families are spending as much as $3-4 billion each year on sending their children abroad to study, education minister Phung Xuan Nha said Wednesday. While Vietnam is spending significantly on improving education at home, it is a fact that more and more Vietnamese are opting for international education, he said. Nhan told the ongoing National Assembly session in Hanoi that Vietnam allocates 20 percent of its state budget for education, and the sector also gets considerable contributions from private companies and society in general. Vietnam collected VND1,300 trillion ($57 billion) for its state budget last year, up 18.8 percent against 2016 and while people's average income was $2,385. Last year, there were around 130,000 Vietnamese studying abroad at all levels, and their top five destinations were Japan, the U.S., Australia, China and the U.K., according to government data. In a report released last June, HSBC said Vietnamese parents place great importance on their … [Read more...] about Vietnamese families splurge $4 billion per year on education abroad

Vietnamese families are spending as much as $3-4 billion each year on sending their children abroad to study, education minister Phung Xuan Nha said Wednesday. While Vietnam is spending significantly on improving education at home, it is a fact that more and more Vietnamese are opting for international education, he said. Nhan told the ongoing National Assembly session in Hanoi that Vietnam allocates 20 percent of its state budget for education, and the sector also gets considerable contributions from private companies and society in general. Vietnam collected VND1,300 trillion ($57 billion) for its state budget last year, up 18.8 percent against 2016 and while people's average income was $2,385. Last year, there were around 130,000 Vietnamese studying abroad at all levels, and their top five destinations were Japan, the U.S., Australia, China and the U.K., according to government data. In a report released last June, HSBC said Vietnamese parents place great importance on their … [Read more...] about Vietnamese families splurge $3-4 billion per year on education abroad

Manufacturing activity remained relatively solid in major Asian economies such as China and Japan in April, but exports showed signs of weakness across the region, a worrying development given heightened Sino-U.S. trade tensions. High-level U.S. and Chinese officials meet in China this week, with trade expected to be top of the agenda as both sides have threatened reciprocal tariffs on hundreds of billions of dollars worth of imports. The meetings’ outcome could be crucial for the outlook for Asian exporters as Purchasing Managers Index (PMI) surveys of factory activity are already pointing to a slowdown. “What we’re seeing is a cyclical soft patch in exports after a very strong rise last year,” said Dong Chen, senior Asia economist at Pictet Wealth Management. “Without considering the potential trade war, we’re not very worried about it, we think it’s fairly normal. But if we think about the trade war ... then the outlook is quite uncertain. … [Read more...] about Asia sees signs of export weakness before key US-China trade talks

It's well known that Vietnamese people cannot live without fish sauce or instant noodles, and this insatiable appetite has helped create the country's third dollar billionaire. Nguyen Dang Quang, chairman and founder of Masan Group, now has total assets of $1.2 billion, according to the Bloomberg Billionaires Index. "Masan serves consumers with ‘must-have’ ones like fish sauce, instant noodles, to ‘nice-to-have’ items like chili sauce, rice soup or sausage," David Anjoubault, general manager at Kantar Worldpanel Vietnam, was quoted as saying in a Friday report by Bloomberg. Quang, 64, enters the elite group thanks to shares in Masan Group more than doubling to VND92,000 ($4) in the past six months. Quang personally only holds 10 shares in the group but is considered the owner given his role as chairman of Masan Corp, the biggest shareholder with a 32.28 percent stake. According to Kantar, a global expert in shoppers’ behavior, an estimated 95 percent … [Read more...] about Fish sauce magnate becomes Vietnam’s third billionaire