Will there be 'disillusionment'?

In the current context of Vietnam, is investing in a master's degree worthwhile?

Tuition fees can exceed 100 million VND/year.

Tuition fees for master's programs are specifically regulated in Government Decree No. 97/2023 on the mechanism for collecting and managing tuition fees for educational institutions within the national education system and policies on tuition fee exemption and reduction, support for learning costs, and service prices in the field of education and training. Accordingly, the tuition fee ceiling for master's programs at public universities is determined by multiplying the undergraduate tuition fee ceiling by a factor of 1.5, corresponding to each training field and each academic year according to the level of autonomy. With this regulation, master's program tuition fees are one and a half times more expensive than undergraduate tuition fees.

Currently, master's degree tuition fees are one and a half times more expensive than undergraduate tuition fees.

Specifically, tuition fees for master's programs at public universities that are not self-sufficient in covering their operating expenses in the 2023-2024 academic year range from a minimum of 18 million VND/year to a maximum of over 36 million VND/year. For public universities that are self-sufficient in covering their operating expenses, tuition fees range from 36 to 73.5 million VND/year. Notably, for public universities that are self-sufficient in covering both operating and investment expenses (fully autonomous), master's students must pay from 45 to nearly 92 million VND/year depending on the field of study.

Master's program tuition fees are expected to continue increasing in the 2024-2025 academic year. The highest fees, particularly in the group of self-financing public universities, could exceed 100 million VND per year.

Even within individual universities, tuition fees for postgraduate programs vary depending on the specific program. For example, the University of Technology (Vietnam National University Ho Chi Minh City) currently charges 33 million VND/year for the entire postgraduate program in the 2023-2024 academic year, projected to be 36 million VND/year for the 2024-2025 academic year, and expected to increase to 37.5 million VND/year in the 2026-2027 academic year. Master's programs in English, from the 2021 cohort onwards, charge 80 million VND/year (2 semesters). In some other universities, special master's programs have tuition fees of nearly 200 million VND/year for the entire program. For instance, the University of Economics Ho Chi Minh City announced tuition fees for its applied master's program for the 2024 enrollment at 180 million VND (including study materials and thesis). The University of Banking Ho Chi Minh City is also recruiting for a Master of Business Administration program in collaboration with the United Kingdom, with tuition fees for the entire course at 179 million VND… Notably, RMIT University Vietnam announced that the highest tuition fees for its Master's programs in 2024 are nearly 870 million VND/program.

Thus, considering only HP, master's students in Vietnam currently have to spend tens to hundreds of millions of VND for each course, which averages two years.

RECRUITMENT WITHOUT DISCRIMINATION REGARDING UNIVERSITY DEGREES AND AFTER GRADUATION

In recruitment practices, some organizations do not differentiate between candidates with undergraduate and postgraduate degrees.

Mr. Quach Hong Ha, Head of Corporate Customer Department at Vietcombank Ky Dong branch, stated that the branch primarily recruits individuals with university degrees and does not differentiate between candidates with university degrees and those with higher qualifications. He added that a university degree is only a small factor in a multi-criteria selection process. For recent graduates, the branch also conducts recruitment steps including exams and direct interviews.

"Having a university degree is just a highlight on a job application, not a deciding factor in recruitment. Vietcombank, like other banks, has standardized job descriptions with specific salary levels for each position. Therefore, income is not based on qualifications but depends on the performance of each specific job," Mr. Ha emphasized.

Regarding employees currently working, Mr. Quach Hong Ha stated that the company encourages and supports self-development through further education. However, obtaining a higher degree does not necessarily increase an employee's income in the same job position; this depends on the specific nature of each job.

RECRUITING LECTURERS: MASTER'S DEGREE REQUIRED, BUT DOCTORATES ARE PREFERRED.

Education and training is a specialized field requiring candidates to possess high qualifications to meet job demands. According to the amended Law on Higher Education (2018), the minimum qualification for lecturers teaching at the university level is a master's degree. However, this law also stipulates that higher education institutions prioritize recruiting individuals with doctoral degrees as lecturers.

Many universities now prioritize hiring PhD holders as lecturers.

Many universities currently only recruit PhD holders as lecturers. Candidates with master's degrees are only recruited for specialist positions or lecturer positions in certain fields where there is a shortage.

Associate Professor Bui Quang Hung, Deputy Director of the University of Economics Ho Chi Minh City, stated that most departments at the university currently only recruit lecturers with a PhD or higher. The university only recruits master's degree holders in certain fields requiring practical experience and applications directly related to the training program (such as design, communication, etc.). These are new fields needing key personnel for training or a select group of outstanding master's degree holders to build a long-term team. However, the university prioritizes recruiting master's degree holders who previously studied at the University of Economics Ho Chi Minh City. According to the reference salary published on the website, the university pays between 20 and 35 million VND per month for master's degree lecturers, depending on years of experience (approximately 5 million VND lower than PhD holders, who earn a minimum of 25 million VND per month and a maximum of 40 million VND per month depending on years of experience). For the same master's degree, specialist positions earn 15-24 million VND less per month.

Associate Professor Dr. Nguyen Xuan Hoan, Rector of Ho Chi Minh City University of Industry and Trade, also stated that the university currently only recruits master's students for a few new majors, or majors that do not yet have doctoral programs in Vietnam, such as: financial technology, logistics and supply chain management…

"The school encourages employees without a master's degree to pursue further education. With a master's degree, the salary and allowances are about one-quarter higher than those with a bachelor's degree. In addition to income, master's degree holders receive an allowance of 2 million VND per month based on their job position and academic degree, while bachelor's degree holders only receive 1 million VND per month," Mr. Hoan added.

Van Lang University is currently only recruiting lecturers with master's degrees for fields that are experiencing shortages, such as communication and public relations. However, Dr. Vo Van Tuan, Vice Rector of the university, stated: "Master's degree holders must have teaching experience, preferably graduates from overseas universities, possess strong expertise, and be able to teach in English. A strong academic record is demonstrated through their field of study, university of graduation, and type of training… The salary for master's degree holders at the university is currently over 20 million VND per month."

Given the current employment situation and income levels, is pursuing a master's degree profitable in the present? Answering this question, Dr. Vo Van Tuan still affirms: "Investing in a master's degree is definitely profitable. The learning process will help students gain better professional knowledge in their chosen field compared to before."

In 2025, the demand for jobs in Ho Chi Minh City with a university degree or higher will account for 19%.

The Ho Chi Minh City Center for Human Resource Demand Forecasting and Labor Market Information (under the Ho Chi Minh City Department of Labor, Invalids and Social Affairs) has projected an average annual workforce demand of approximately 310,000 - 330,000 jobs (including 135,000 - 140,000 new jobs) in Ho Chi Minh City from 2021-2025 to 2030. By 2025, the demand for trained workers is expected to reach 87%, but those with a university degree or higher will only account for 19%.

Data from this unit's Q1/2024 report also raises concerns that Ho Chi Minh City is experiencing a shortage of unskilled labor and an oversupply of highly skilled personnel, including those with university degrees or higher. Specifically, a survey of labor needs from 14,300 businesses with 82,600 job openings showed that the demand for people with university degrees or higher accounted for 21.3%.

Source: https://thanhnien.vn/dau-tu-hoc-thac-si-lieu-co-vo-mong-185240701193036572.htm