VIETNAM EDU-FINANCE: CHALLENGES AND REMEDIES FOR MAXIMIZING FINANCIAL RESOURCES IN PUBLIC HIGHER EDUCATION

Abstract

Effective financial management is crucial for public non-business units such as universities and colleges in Vietnam to fulfill their educational objectives. This study addresses the challenges faced by these institutions in managing their financial resources and proposes solutions to enhance their efficiency. Public universities and colleges operate under a financial management mechanism that grants them autonomy within state-prescribed limits. The management of financial resources in these institutions revolves around harmonizing the interests of learners, the State, society, and the school itself.

The study focuses on two key issues within financial management. First, the mobilization of financial resources necessitates accurate determination of financial autonomy goals and proper revenue source utilization. Mismanagement of tuition fees and other revenue streams can lead to financial waste and misuse. Second, the study delves into the inefficient management and utilization of assets, exacerbated by the perception of assets as "common property." Budget constraints result in inadequate maintenance and repair, impacting asset efficiency.

To address these challenges, the study proposes solutions such as transparent financial management mechanisms, effective revenue collection methods, improved financial planning and budgeting, and enhanced accountability and sanctions for financial violations. By implementing these solutions, public universities and colleges can optimize their financial resources, meet development objectives, and better serve learners, the State, and society