A classroom in Lai Châu Province. The Ministry of Finance said at least one-fifth of fiscal spending is allocated to education each year. — VNA/VNS Photo Đinh Thùy

HÀ NỘI — The Government allocates VNĐ7.5 trillion (US$307 million) each year for tuition fee cuts and financial support for students at educational institutions, according to the Ministry of Finance's report. 

The Government also grants preferential loans to beneficiaries via the Vietnam Bank for Social Policies, which, by December 31, 2021, amounted to nearly VNĐ68 trillion ($2.8 billion).

Over 3.6 million students have taken the loans and their outstanding debts totalled VNĐ10 trillion ($419 million) by that date. 

The report also mentions Decision 05, which was introduced on March 23, 2022, to raise the loan caps to VNĐ4 million ($164) per student, and Resolution 09, which was enacted on April 22, 2022, to grant loans to disadvantaged ones who would use the money to buy computers for online courses.

Under Resolution 09, the Vietnam Bank of Social Policies has lent VNĐ745 billion ($31 million) to disadvantaged students by September 4, 2022. The loans have served them enormously during the COVID-19 pandemic, with over 70,000 participating in online classes.   

In the report, the Ministry of Finance also said the Government always puts education at the top of its agenda. Even in tough times, spending on education is set at "no less than one-fifth of total fiscal spending".   

The "education comes first" stance has been legislated in Resolution 29 of the Party Central Committee which stipulates that "at least 20 per cent of fiscal spending will be allocated to education" and in the Law on Education, which provides for the same allocation. —VNS