same auditing unit, results difference over 117 billion VND
In 2018, Professor Tran Phuong - Principal of Hanoi University of Business and Technology signed and issued a document to the Ministry of Education and Training on converting Hanoi University of Business and Technology into a private not-for-profit university.
The report stated that financial audits and asset valuations are conducted by AASC Auditing Company Limited and AASC Vietnam Valuation Company Limited.
According to the audit results as of July 31, 2018, the school's equity capital is VND 855 billion (rounded), of which VND 118.208 billion is contributed capital of shareholders; the remaining VND 737 billion is the Development Fund, the Accumulated Fund and the Property Value revalued.
According to the data shown in the submission, as of October 30, 2018, there were 952 shareholders (capital contributors), with a total capital contribution of 118.208 billion. Of which, 872/952 shareholders (reaching 91.6%) with a contributed capital of 106.984 billion (reaching 90.81%) have signed a consensus commitment to change from the current type of private university to the type of private university operating not for profit. At the board meeting on December 11, 2018, there was a Resolution recognizing the list of shareholders of the school.
"After being converted to a private university not operating for profit, the school will establish a School Council" - the submission clearly stated.
Surprisingly, it is also AASC Auditing Company Limited, on July 24, 2025, announced the list of investors in Hanoi University of Business and Technology as follows:
The Vietnam Economic Science Association 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.
Excluding the total number of investors, there was a difference of more than 117 billion VND in investment between reports at the two points.
Nearly 900 investors (according to the list announced by Hanoi University of Business and Technology in 2018) disappeared. They questioned the transparency in financial audits as well as the list of 39 people identified as investors.
Mr. Lai Viet Hung - Member of the Board of Directors, Head of the HUBT Investors' Communications Committee, who was recognized by the school as an investor in 2018, was not recognized in the document published on July 24, 2025.
According to Mr. Hung, at the time of Professor Tran Phuong's stroke, the signature and dry engraved seal of Professor Tran Phuong kept by his family at home had been used to appear in documents for many years.
Mr. Lai Viet Hung - representing investors - said that the lack of transparency of the Board of Directors of Hanoi University of Business and Technology over the years has caused great damage to founding shareholders and that is the reason why shareholders requested the authorities to intervene to restore their legitimate rights.
"We, nearly 1,000 investors, have endured the downward trend of this interest group for more than 5 years," said Mr. Hung.
It is necessary to comply with laws and regulations when organizing private university investor conferences
In the submission on the proposal to recognize HUBT as a private not-for-profit university signed by Professor Tran Phuong on January 10, 2017, it was stated that "the common owner of the school is a group of shareholders".
"In reality, the Central Committee of the Vietnam Association of Economic Sciences does not have capital to provide to the school. The school's main operating capital is entirely based on contributions from founders, staff, lecturers, workers and collaborators" - Professor Tran Phuong affirmed.
At the end of 2022, Deputy Director of the Department of Organization and Personnel, Ministry of Education and Training Hoang Bach Viet signed a document to the University of Business and Technology on the organization and operation of the school. Regarding the Vietnam Economic Science Association, the Ministry of Education and Training affirmed: According to current law, private higher education institutions do not have a governing body. The Vietnam Economic Sciences Association in the process of converting the Hanoi University of Business and Technology to a private type, if it does not contribute capital, there will be no more rights and obligations to private universities.
On October 18, 2025, Professor Tran Phuong - Chairman of the Board of Directors, Chairman of the Board of Directors, Principal of Hanoi University of Business and Technology passed away at the age of 98.
Professor Tran Phuong has just passed away, his family has not yet had time to pay his respects, Hanoi University of Business and Technology has held the first investor conference, summoned by the Vietnam Economic Science Association to organize the election of the Board of the HUBT School.
On October 21, 2025, Hanoi University of Business and Technology continued to organize the second Investor Conference.
Mr. Nguyen Manh Can - former Deputy Head of the Party Central Committee's Organization Committee, one of the first shareholders and staff to participate in the construction of the School, who has served many terms, was a member of the Board of Directors and Permanent Vice Principal in the early stages of the establishment of Hanoi University of Business and Technology, and was also a co-working person, close to Professor Tran Phuong for many years, expressing his surprise when the Chairman of the Vietnam Economic Sciences Association - Prof. Dr. Nguyen Quang Thai signed an invitation to attend the Investor Conference organized by the Association on October 21, 2025.
Mr. Can said that organizing this conference is not in accordance with the provisions of law (Law on Higher Education 2018, Decree 99 of the Government, Circular 45 of the Ministry of Education and Training) and the Regulations on the organization and operation of Hanoi University of Business and Technology.
Only the Board of Directors of Hanoi University of Business and Technology has the right position and responsibility to organize a plenary Conference of more than 900 investors, to implement Resolution 671 of the Government, elect the school council, appoint principals, and develop the school in the new period.
Organizing this conference must also follow the provisions of the law to create consensus, solidarity and strength of all investors, managers, teachers, and workers in the whole school in united, unanimously building, developing, and protecting the school's longevity" - Mr. Nguyen Manh Can emphasized.
Proposal to reject the Conference organized by the Vietnam Economic Sciences Association
Mr. Nguyen Trong Dan - Member of the Board of Directors of HUBT said that the Vietnam Economic Science Association has automatically denied the legitimate rights and interests of nearly 900 shareholders - the real owners of Hanoi University of Business and Technology.
Considering shareholders as lenders for interest is a blatant distortation of approved operating regulations and a serious violation of current laws and regulations on investment, Mr. Dan emphasized.
The members of the Board of Directors of HUBT support the early establishment of the school council, stabilize governance but propagate the activities of the Vietnam Economic Science Association. Therefore, they simultaneously recommended that the Ministry of Education and Training and relevant agencies not recognize the legality of the Conference organized by the Vietnam Economic Sciences Association.
