Nguyen Hoang Group wants to sell stakes in Hoa Sen, Hong Bang universities

Deloitte and Viet Capital will advise on the sales, DealStreetAsia reported.

The decision to sell the stakes comes as the company has difficulty in raising funds. In July 2022 it authorized JP Morgan to make placements of shares worth $1 billion.

But Reuters reported in December 2022 that the deal was paused since the bids were lower than the valuations.

A manager from Nguyen Hoang Group’s department of external affairs and communications told VnExpress there is no confirmed information regarding the sales of the two universities.

"We will respond as soon as possible."

The Quang Trung campus of Hoa Sen University in HCMC. Photo courtesy of Hoa Sen University

Nguyen Hoang Group owns five universities: Hoa Sen, Hong Bang, Gia Dinh, Ba Ria - Vung Tau, and MIT University Vietnam. It acquired Hong Bang in 2015 and Hoa Sen in 2018.

The 33-year-old Hoa Sen, which has four campuses in HCMC, is renowned for its programs in economics, business and management, tourism, technology, art design, and languages.

Hong Bang International University has two campuses in the city and is recognized for its healthcare programs.

In the 2022-2023 academic year Hoa Sen and Hong Bang reported revenues of VND918 billion ($36.7 million) and VND886 billion to rank 11th and 12th highest in Vietnam.

Founded in 1999, Nguyen Hoang Group has become one of the leading private education companies in Vietnam.

According to a recent report by data and credit rating firm FiinGroup, 47% of household spending in major cities goes towards education.

This has attracted foreign investors to the Vietnamese education market through mergers and acquisitions, direct investment and business cooperation.