Ho Chi Minh City, the owner of AISVN School has lost financial capacity, proposing that parents pay 125 billion VND to maintain operations until the end of the school year.
The information was stated at a meeting between city authorities and Ms. Nguyen Thi Ut Em, owner of the American International School Vietnam (AISVN) and parents, on the afternoon of March 30.
At 2 p.m., the AISVN auditorium was almost full, with about 600 parents attending the meeting. Lieutenant Colonel Vu Thi Thuy Ha, Deputy Head of the Internal Political Security Department (PA 03), Ho Chi Minh City Police, said that the school's investor is currently financially incapable.
"Yesterday, the foreign teaching staff was very stressed, the principal affirmed that if they could not secure financial support, they would quit their jobs," said Ms. Ha.
According to her, the authorities closely monitored Ms. Ut Em’s activities. All negotiations between the school owner and investors have not yet yielded results. Investors introduced by parents also stopped at the level of inquiry, and after hearing the rumors, they withdrew.
When working with some partners, the parties said that the school was losing money partly because the tuition fee was "very low" compared to schools of the same quality. Therefore, Ms. Ut Em proposed to ask for support from parents, which was the difference to cover the tuition fee that she had not been able to cover in the past. This was a short-term solution until June.
In the long term, Ms. Ut Em proposed to equitize the enterprise. Parents pay money, which will actually be a capital contribution contract, civil, in accordance with the law. At that time, parents will receive the equivalent value of shares. With loans from the first phase until now, anyone who needs it will convert the money into shares. If not, when the school has a plan, such as selling shares, it will be returned.
"In short, the long-term solution that Ms. Ut Em proposed is to equitize, including emergency contributions, and continue to call for investment and negotiate a sale," Ms. Ha said.
She said the authorities consider this plan feasible, but will have to develop details, calculate the contributions of parents and investors as well as a plan to call for investment.
Scene of AISVN school parent meeting, afternoon of March 30. Photo: Le Nguyen
Ms. Ut Em apologized to the parents with a trembling voice and presented a plan to call for donations. The estimated cost to maintain teaching from April 1st until the end of the school year is 125 billion VND.
The support level she proposed for parents is 9.5 million VND for preschool, 14.5 million VND for primary school, 20.5 million VND for grades 6-8 per month. From grades 9 to 12, it is 22.5 million VND.
Parents can send representatives, along with the relevant departments, to monitor whether any additional costs can be reduced. The support, she said, could be in the form of IB (International Baccalaureate) fees or facilities fees, which many international schools are charging.
A parent asked Ms. Ut Em about the school's debt. He said he heard the school owed more than 3,000 billion VND, was on the brink of bankruptcy, and suggested making the situation public so that parents would know before making contributions.
"I can pay but I need to know if it's possible or if I should transfer schools," he said.
Ms. Ut Em did not mention the debt, adding that when the school is equitized, the authorities will determine the value, and whoever the investor is, it is necessary to ensure the maintenance of training quality and student rights.
A parent asked what would happen if they agreed to pay more money. Ms. Ut Em replied that there were investors interested in the school, but they would change the training program and not fulfill AISVN's previous commitments to parents.
Parents also wonder if the amount of money paid is enough to operate and pay teachers' salaries, and whether families who have supported the school in the past need to pay again.
Director of the Department of Education and Training Nguyen Van Hieu said that 125 billion is the school's preliminary calculation. If they contribute, parents will be the ones to supervise this fund, and the authorities will send people to support.
He emphasized that the immediate solution is to get students back to normal schooling on April 1 and that the option of parents continuing to pay tuition is relatively reasonable. Because if they transfer schools, parents will also have to pay tuition at the new school. According to a survey conducted by the school on March 29, nearly 85% of participating parents want their children to continue studying at AISVN.
"We promised the teachers that we would resolve the issue of salary and insurance, otherwise they would quit immediately. Many people who are sick cannot go to the doctor because their insurance has been cut off, and they cannot return home, so their feelings for the school are no longer intact," he said.
After the opinions, the authorities held a vote on the option of paying more money. Most of the parents present in the hall raised their hands in agreement.
Mr. Hieu said that agencies and schools will make a list, and parents will pay this weekend so that the Department can work with teachers next Monday. He said time is very urgent, and suggested that parents send someone, preferably with financial expertise, to manage the money.
AISVN students in an activity, 2022. Photo: AISVN
The AISVN scandal was so intense two weeks ago that all students had to take a day off because most teachers did not show up to teach because they were owed salaries. On March 20, the number of teachers who quit their jobs reached 85. Many parents were stuck because they had paid billions of dong in tuition fees, and transferring schools when the second semester was about to end was not easy.
In a report to the Prime Minister, the city said that the authorities are applying measures to ban Ms. Nguyen Thi Ut Em from leaving the country due to personal income tax debts. AISVN will be suspended from enrolling students for the 2024-2025 school year until the investor resolves financial, personnel, and teaching issues.
AISVN was established in 2006 and currently has more than 1,210 students studying the International Baccalaureate program. Tuition fees are VND280-350 million per year for preschool, VND450-500 million for primary school and VND600-725 million for secondary school.
The school has 129 foreign teachers, 26 Vietnamese teachers and 103 staff. Currently, the teachers are owed February salaries. Foreign teachers are owed an additional 30% of January salaries.
Last October, AISVN attracted attention when parents gathered to demand debt. These parents said they lent the school tens of billions of dong without interest, without collateral, through loan and investment contracts. In return, their children received free education, and the school committed to paying them after the students graduated or transferred schools. However, they did not receive their money back.
The Ministry of Education recently requested a review of schools with international elements. The Prime Minister requested to rectify the operations of AISVN.
Le Nguyen
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