Private investments in education have picked up even more momentum in recent years thanks to involvement from a wide range of conglomerates since they began booming a decade ago.

Though many large conglomerates in Vietnam did not start in education, their current ventures into the sector have made the industry hyper-diverse and ultra-competitive.

Ho Xuan Nang’s billion-dollar bet on Phenikaa

The launch of Phenikaa University in 2019 drew widespread attention across the education sector.

The company which owns Phenikaa University is Phuong Hoang Xanh A&A Group (Phenikaa Group) – a conglomerate run by board chairman Xo Xuan Nang.

“The development of each country is highly dependent on its internal strength," said Nang, who goes by the nickname 'Jewish Nang.'

"To build internal capability, it is important to maximize intellect, talent, and brainpower in the right way.”

Phenikaa University is funded by Phenikaa Group, with 100 percent of its revenue reinvested directly into the school.

But higher education is not Nang’s only education venture. He recently launched the Phenikaa Innovation Fund using an initial investment of VND1 trillion (US$39.4 million) sourced from the group's profit after tax.

According to Phenikaa Group’s most recent financial report, its consolidated profit after tax for the first half of 2024 reached nearly VND514 billion ($20.2 million), a year-on-year increase of 32 percent.

Most of this profit comes from Vicostone – a Phenikaa subsidiary which prospects for quartz for export to the United States.

In the first nine months of this year, Vicostone's revenue topped VND3.223 trillion ($127 million) and its profit after tax hit VND617 billion ($24.3 million).

Nang is currently among Vietnam's nine richest people and is worth an estimated VND8 trillion ($315 million).

Truong Gia Binh’s strong ties to education 

Truong Gia Binh, founder and chairman of FPT Group, has invested heavily in the education sector over the past seven years.

Binh is among the seven richest individuals in Vietnam with an estimated net worth of VND11 trillion ($433 million).

FPT has long been considered a tech leader in Vietnam, but its ongoing ventures into education have been significant contributors to the group's bottom line.

According to an FPT report, the group's education sector achieved year-on-year revenue growth of 16.2 percent, generating VND5.155 trillion ($203 million) from January to September, driven by its expanding presence in provinces and cities nationwide.

FPT’s expansion into education began in 1999, when it opened a training center for international software developers – FPT Aptech. It later established FPT University.

Currently, the FPT education ecosystem includes elementary schools, middle schools, and high schools; junior colleges, universities, and graduate programs; international partnerships; and international student development programs.

VinUni’s global ambition 

Pham Nhat Vuong, founder and chairman of Vingroup, is Vietnam's wealthiest individual thanks to his net worth of $4.2 billion, according to Forbes.

Vingroup made its first venture into education in 2018 with the launch of the integrated school system Vinschool and the establishment of Vin University (VinUni) later.

VinUni focuses its educational and training programs on three key areas: business, technology, and health sciences, the company said, adding its initial investment into VinUni was VND6.5 trillion ($256 million).

Vuong’s stated goal is for VinUni to be amongst the 50 best young universities in the world. 

He plans to achieve this with a non-profit educational model that follows international standards and integrates exemplary models of higher education from around the world. 

VingUni’s tuition fees reflect such high standards with undergraduate education costing approximately VND800 million ($31,504) per academic year.

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