STEPPING UP FINANCIAL MANAGEMENT PRACTICES FOR PUBLIC UNIVERSITIES IN VIETNAM

Abstract

Efficient financial management is crucial for the functioning of public universities and colleges in Vietnam, and is a strategic goal of the state in recent times. This article aims to review studies on the impact of financial management on the performance of public educational institutions, particularly universities and colleges in Vietnam, and recommend solutions to enhance the effectiveness of financial management in public non-business units in general. The financial management mechanism for public educational institutions in Vietnam is moving towards increasing autonomy and self-responsibility in line with the international trend and major policy of the state. The regulations on financial management mechanisms for public colleges in the trend of transitioning to vocational education mechanism are comprehensive. The objective of the financial management mechanism for public colleges is to increase autonomy and selfresponsibility in organizing, arranging the apparatus, utilizing labor and financial resources, improving quality, and increasing revenue. The financial management mechanism includes autonomy in revenue and spending management, as well as in the management and use of school assets. Public colleges are allowed to increase revenue sources, set aside funds for career development, bonus and welfare funds, and income stabilization reserves. This article concludes by emphasizing the importance of transparency and adherence to scientific norms and standards to ensure the effectiveness of financial management in public higher education institutions in Vietnam.