A session on Financial Policy in Education was held by the National Education and Human Development Council recently.

The session on Financial Policy in Education was held by the National Education and Human Development Council 

Speaking at the session, Deputy Minister of Education and Training Pham Ngoc Thuong said that many factors are needed to develop education, including training curriculum, governance, finance and budget. Of these, financial resources play an important role for education to develop.

The research team from the Finance Academy believes that it is necessary to specify the responsibilities of central and local educational authorities in coordinating with finance, planning and investment agencies in managing state spending on education.

The research team thinks that spending on education should be maintained at 20 percent of total spending of the country, but suggests that it should be suited to individual localities.

They also pointed out that it would be better to adjust spending at different education levels; formulate criteria for prioritizing the allocation of expenditures to the local education sector; and strengthen the monitoring and evaluation of investment programs in the education sector.

There are three pillars for tertiary education: training, scientific research and policy consultation to state and localities. Hoang Thi Thuy Nguyet from the Finance Academy proposed increasing spending on tertiary education in the context of the 4.0 industry revolution.

Allocating a higher budget for tertiary education was also the proposal of Nguyen Lan Dung, a respected educator. He believes that more money is needed on research, saying that this is a solution to improve training quality and raise the quality of university graduates.

Meanwhile, other experts said that more research on budget allocation is needed before making a decision, because all education levels need appropriate investments.

In order to ensure the effectiveness and efficiency of budget expenditures, Nguyet stressed that resources from the state budget and society for education need to be made transparent, which is the basis for medium- and long-term planning.

Sharing the same view, Le Truong Tung from FPT University said that financial resources are an important factor that determine the quality of the educational system.

Financial resources are not only from the state budget, but also from tuition and capital from investors. In other countries, universities have to make public their financial situations.

Le Quoc Tien from the Hai Phong Education Department suggested updating the annual state budget spending of 63 cities/provinces, which would show the entire panorama of the national education system. 

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