A series of prolonged scandals
Hanoi University of Business and Technology (HUBT) was established in June 1996, with Professor Tran Phuong (Chairman of the Vietnam Economic Science Association) as principal, originally known as Hanoi Private University of Management and Business. In 2006, the school changed its current name.
On June 3, 2019, the Prime Minister issued a Decision on converting Hanoi University of Business and Technology to a private university.
According to the decision, HUBT must carry out the transition steps from the private to public model. To do this, the school is required to establish a School Council (HDT). However, over the past 6 years, although the Ministry of Education and Training and the management agency have repeatedly issued documents urging, this school has not been able to establish a Board of Directors.
The reason for this delay, according to shareholders' feedback, is due to internal conflicts and disagreements related to determining the rights of investors (including founding members, shareholders contributing investment capital) and disputes in transferring the ownership of common assets that cannot be divided into accumulated assets of the school to private schools or to private schools not for profit.
According to Clause 3, Article 55 of the 2019 Education Law, the Board of Directors of private schools is an organization of school management, exercising the right to represent investors and related interested parties, responsible for organizing the implementation of investors' decisions.
The members of the school council of a private school invested by domestic and foreign investors include representatives of investors, members inside and outside the school elected by the investor conference, decided according to the capital contribution ratio.
The members of the school council of a private school operating not for profit invested by domestic investors, including representatives of investors elected by investors, decided according to the capital contribution ratio; members inside and outside the school.
The school's members include members who are of course Party Committee Secretaries, Trade Union Chairmen, representatives of the Executive Committee of the Ho Chi Minh Communist Youth Union who are students of the school (if any), Principals; elected members who are representatives of teachers and workers elected by the plenary conference or conference of representatives of the school. Members outside the school include representatives of managers, educators, businessmen, and former students elected by plenary conferences or representative conferences of the school.
The delay in establishing the Board of Directors is considered by investors to be the cause of a series of scandals related to enrollment, training... And according to investors, the person most affected and disadvantaged is about 25,000 students studying at this school along with more than 1,000 staff and lecturers.
Investors "accused" of being abandoned, more than 117 billion VND in capital contributions disappeared
Amidst financial doubts and disputes, the determination of the investor has not yet been decided, on July 24, the Vietnam Association of Economic Sciences announced the list of HUBT investors on the school's website to collect opinions, following the steps in the School Council Establishment Project.
Based on the audit results report of AASC Auditing Company Limited, the Vietnam Association of Economic Sciences is the only institutional investor with a capital contribution of VND 54,783,000, with a capital contribution period from July 3, 1996 to October 12, 1996.
In addition, the list also recognizes 39 individual investors with a capital contribution of VND 10,000,000 per person, with a capital contribution period from 1994 to 2005. Thus, the total investment is 444,783,000 VND.
Talking with Lao Dong, many investors were upset and said that according to the submission to the Ministry of Education and Training signed by Professor Tran Phuong in 2018, as of October 30, 2018, there were 952 shareholders (capital contributors), with a total capital contribution of 118.208 billion.
Investors questioned the transparency in the list of 39 people recognized as investors as well as financial figures. By comparing the two figures, the difference is more than 117 billion VND.
More than 900 investors have been removed from the list and have not been recognized. We have repeatedly submitted petitions to the authorities but have not been resolved" - Mr. Lai Viet Hung - Member of the Board of Directors, Head of the HUBT Investors' Communications Board - said.
Mr. Lai Viet Hung said that the school's lack of transparency over a long period of time has caused great damage to founding shareholders. This is also the reason why shareholders requested the authorities to intervene to restore their legitimate rights.
Proposal to recognize the activities of the Board of Directors, soon establish a Board of Directors according to regulations
With the wish that Hanoi University of Business and Technology should continue to exist, develop, have someone responsible before the law and before nearly a thousand shareholders, on October 27, a meeting of the Board of Directors was held with the presence of all Vice Principals of the school and 13 core members (accounting for 30%).
To stabilize the situation, protect the legitimate rights of shareholders and ensure the normal operation of the school, 100% of the members present agreed and suggested that the Ministry of Education and Training consider, direct support and send representatives of the Ministry of Education and Training to chair a provisional board meeting, creating conditions for members to be able to attend fully and safely, ensuring democratic regulations and not being threatened.
At the same time, direct and support the school in implementing the roadmap to convert to the private school model, organize an Investor Conference and move towards electing a new School Council in accordance with the provisions of Decree 99 in 2025.
"We are all responsible people, with aspirations, not for fame or profit, for the stability of the school to organize this meeting. Professor Tran Phuong - Principal of the school has just passed away, so early stabilization is necessary. All activities need to be done as soon as possible to put the school into stable operation, a member present at the conference expressed his opinion.
