ATTRACTING FOREIGN DIRECT INVESTMENT IN THE FIELD OF EDUCATIONAL TECHNOLOGY IN VIETNAM

Dịch vụ viết thuê luận án tiến sĩ, luận văn thạc sĩ, chuyên đề khóa luận tốt nghiệp
Sdt/zalo 0967 538 624/0886 091 915 https://lamluanvan.net/
MINISTRY OF EDUCATION AND TRAINING
FOREIGN TRADE UNIVERSITY
-------o0o------
MASTER THESIS
ATTRACTING FOREIGN DIRECT INVESTMENT IN THE
FIELD OF EDUCATIONAL TECHNOLOGY IN VIETNAM
MAJOR: INTERNATIONAL ECONOMICS
FULL NAME: LE THI TU UYEN
Ha Noi - 2023

MINISTRY OF EDUCATION AND TRAINING
FOREIGN TRADE UNIVERSITY
-------o0o------
MASTER THESIS
ATTRACTING FOREIGN DIRECT INVESTMENT IN THE
FIELD OF EDUCATIONAL TECHNOLOGY IN VIETNAM
Major: International Economics
Specialization: Master of Research in International Economics
Code: 8310106
Full name: Le Thi Tu Uyen
Supervisor: Ly Hoang Phu, PhD

i
STATEMENT OF ORIGINAL AUTHORSHIP
As the author of this study, I strongly believe in the principles of academic
integrity. It is my priority to ensure that all information presented in this study is
truthful, genuine and accurately cited. In adherence to ethical guidelines and best
practices, I have conducted this study with the utmost care and respect for the
research process.
I recognize the significance of academic honesty and its impact on the
credibility of research and the advancement of knowledge. Hence, I am committed
to upholding the highest standards of integrity in all my academic pursuits.
Rest assured, this study has been conducted with integrity and rigorous
attention to detail. Every source used in this study has been properly cited and
referenced, and no data has been manipulated or fabricated.
Hanoi, July, 2023
Le Thi Tu Uyen

ii
ACKNOWLEDGEMENTS
I would like to express my deepest gratitude and appreciation to all those who
have supported me throughout this journey of completing my master's thesis.
Firstly, I would like to thank my thesis advisor, PhD Ly Hoang Phu, who
provided me with invaluable guidance and encouragement throughout this process.
His expertise and patience were instrumental in the completion of this work. His
insights and suggestions were invaluable, and he always made time for me
whenever I had questions or concerns.
I am grateful to Foreign Trade University for providing me with the
opportunity to pursue my master's degree and for all the resources that were made
available to me. I would like to thank the members and staff of Faculty of
International Economics for their dedication and commitment to excellence.
Lastly, I would like to thank my family and friends, who have supported and
encouraged me throughout my academic career, and who have provided me with the
strength and motivation to complete this work.
Thank you all for being a part of my journey and for making this thesis
possible.
Le Thi Tu Uyen

iii
TABLE OF CONTENTS
STATEMENT OF ORIGINAL AUTHORSHIP ................................................... i
ACKNOWLEDGEMENTS..................................................................................... ii
LIST OF ABBREVIATIONS................................................................................. vi
LIST OF FIGURES AND TABLES..................................................................... vii
LIST OF TABLES ................................................................................................. vii
LIST OF FIGURES ............................................................................................... vii
SUMMARY OF THESIS RESEARCH RESULTS........................................... viii
INTRODUCTION.....................................................................................................1
1. Rationale of the research......................................................................................1
2. Literature Review..................................................................................................2
3. Objectives of the research ....................................................................................6
4. Object and scope of the research.........................................................................6
4.1 Object...............................................................................................................6
4.2 Scope ................................................................................................................6
5. Research questions................................................................................................6
6. Research Method...................................................................................................7
7. Thesis structure .....................................................................................................7
CHAPTER 1: THEORETICAL BACKGROUND FOR ATTRACTING
FOREIGN DIRECT INVESTMENT IN THE FIELD OF EDUCATIONAL
TECHNOLOGY AND PRACTICAL BACKGROUND.......................................9
1.1 Overview of FDI and Edtech .........................................................................9
1.1.1 Theoretical basis of FDI............................................................................9
1.1.2 Overview of Edtech.................................................................................14
1.2ThestateofinvestmentinEdtechintheworldandfactors affectingFDIonEdtech
...............................................................................................................................24
1.2.1 The state of investment in Edtech in the world.......................................24
1.2.2 Factors affecting FDI on Edtech .............................................................27
1.3 International experiences in attracting FDI in the field of Edtech ..........30

iv
1.3.1. FDI incentives in Edtech field in India ..................................................30
1.3.2 FDI incentives in Edtech field in China..................................................32
CHAPTER 2: THE STATE OF ATTRACTING FOREIGN DIRECT
INVESTMENT IN THE FIELD OF EDUCATIONAL TECHNOLOGY IN
VIETNAM ...............................................................................................................35
2.1 Overview of Edtech market in Vietnam.....................................................35
2.1.1 The development of Edtech in Vietnam..................................................35
2.2.2 Edtech market segments and customers analysis....................................39
2.2 Overview of FDI in Edtech in Vietnam ......................................................42
2.2.1 Factors affecting FDI in Edtech in Vietnam ...........................................42
2.2.2 Typical FDI deals in Edtech in Vietnam.................................................45
2.3 Government policies in attracting FDI in Edtech in Vietnam..................50
2.3.1. Legal framework for FDI in education ..................................................50
2.3.2. FDI incentives policies in Edtech field in Vietnam ...............................54
2.3.2.2. Policies promoting the use of Edtech...............................................56
2.3.2.3 Tax preferences...................................................................................58
2.4 Assessment of the state of attracting FDI in Edtech in Vietnam..............61
2.4.1 Successes .................................................................................................61
2.4.2 Existed problems .....................................................................................62
CHAPTER 3: RECOMMENDATIONS AND SOLUTIONS TO ATTRACT
TECHNOLOGY IN VIETNAM............................................................................65
3.1. Opportunities and challenges in attracting FDI in Edtech in Vietnam..65
3.1.1 Opportunities in attracting FDI in Edtech in Vietnam ............................65
3.1.2. Challenges in attracting FDI in Edtech in Vietnam ...............................66
3.2 Recommendations and solutions to attract Edtech FDI in Vietnam .......69
3.2.1 Recommendations for Government and local authorities in attracting
Edtech FDI........................................................................................................69
3.2.2. Recommendations for domestic Edtech companies in Vietnam to attract
FDI....................................................................................................................72

v
3.2.3 Solutions for foreign investors in Edtech in Vietnam.............................75
CONCLUSION........................................................................................................79
LIST OF REFERENCES .......................................................................................80

vi
LIST OF ABBREVIATIONS
AI Artificial Intelligence
AR Augmented Reality
B2B Business-to-Business
B2C Business-to-Consumer
CAGR Compound annual growth rate
CEO Chief Executive Officer
COVID-19 Coronavirus disease of 2019
CTO Chief Technology Officer
DICT Department of Information and Communications Technology
Edtech Educational technology
FDI Foreign direct investment
HSBC The Hongkong and Shanghai Banking Corporation Limited
K-12 12th grade (1-12)
MOET Ministry of Education and Training
OECD The Organization for Economic Cooperation and Development
OER Open Educational Resources
RTI
International
Research Triangle Institute
SDGs Sustainable Development Goals
UNCTAD United Nations Conference on Trade and Development
UNESCO United Nations Educational, Scientific, and Cultural Organization
VC Venture Capital
VR Virtual Reality
WTO The World Trade Organization

vii
LIST OF FIGURES AND TABLES
LIST OF TABLES
Table 1: Top investments on Edtech in Vietnam......................................................45
LIST OF FIGURES
Figure 1: Impressions of learning technology, % of student respondents ................19
Figure 2 : Why students are excited about using learning technology in the future, %
of student respondents...............................................................................................20
Figure 3: Global Education Venture Capital Funding, 2021-2022 in USD Billions ......24
Figure 4: Global Edtech Venture Capital Funding, 2022 in USD Billions and
number of funding rounds.........................................................................................25
Figure 5: Education Venture Capital Funding, 2010-2022 in USD Billions............26
Figure 6: Global Education Venture Capital Funding, 2010-2022 in USD Billions........27
Figure 7: 2018 Global Edtech Mega Deals...............................................................36
Figure 8: Top 50 Edtech platforms in Southeast Asia in 2022.................................38

viii
SUMMARY OF THESIS RESEARCH RESULTS
Chapter 1 provides a theoretical background for understanding FDI and
Edtech. It discusses the theoretical basis of FDI and provides an overview of
Edtech. Additionally, it explores the state of investment in Edtech worldwide and
examines the factors that influence FDI in the field.
Chapter 2 examines the current state of attracting FDI in Edtech in Vietnam. It
provides an overview of the Edtech market in Vietnam, including its development
and factors affecting it. The chapter also analyzes the different segments of the
Edtech market and assesses typical investment deals. Furthermore, it explores the
government policy framework related to attracting FDI in Edtech in Vietnam,
including the legal framework for FDI in education and policies for investment
procedures and the application of Edtech in the education system.
Chapter 3 offers recommendations and solutions to improve FDI in Edtech in
Vietnam. It identifies the difficulties and opportunities in attracting FDI in the field,
including challenges and potential for growth. The chapter provides
recommendations for improving Edtech and Edtech companies in Vietnam, as well
as suggestions for the government and local authorities to attract FDI. Additionally,
it offers solutions for foreign investors interested in the Edtech sector.

1
INTRODUCTION
Vietnam is a developing country that is facing challenges of modernizing its
education system, and there is a growing demand for innovative educational
technologies that can improve learning outcomes for students. Foreign direct
investment (FDI) can play a vital role in this process, as it can provide the necessary
capital, technology, and expertise to develop and implement modern educational
technologies in Vietnam. The field of Edtech has emerged as a promising sector for
FDI in Vietnam. This thesis aims to explore the potential opportunities and
challenges for attracting FDI in the field of Edtech in Vietnam. By examining the
current state of Edtech in Vietnam and analyzing the factors that influence FDI
inflows, this thesis aims to provide insights and recommendations to policymakers
and stakeholders on how to attract more FDI in this sector.
1. Rationale of the research
The field of Edtech has been rapidly growing and evolving in recent years,
with a significant impact on the education sector globally. Edtech offers innovative
solutions to educational challenges, improves access to education, and enhances the
learning experience for students. Vietnam, as a developing country, has recognized
the importance of Edtech and has made significant efforts to improve its education
system. However, there is still a huge gap between the current state of the education
system in Vietnam and the potential it holds.
FDI is a crucial element in boosting the economic growth of a country.
Vietnam has been experiencing an increase in FDI in various sectors, but there has
been limited investment in Edtech. Attracting FDI in the field of Edtech can bring
numerous benefits to Vietnam. It can provide access to advanced technologies,
expertise, and resources that can help enhance the quality of education in Vietnam.
It can also create job opportunities, generate revenue, and stimulate the growth of
the economy. Additionally, FDI can bring much-needed resources to build the
necessary infrastructure, such as high-speed internet and digital devices, to support
the growth of Edtech in Vietnam. This, in turn, can improve access to education for
students in remote and rural areas and help bridge the urban-rural education gap.

2
Vietnam’s education sector has been developing rapidly in recent years, with
the government’s efforts to increase access to education for its citizens. Based on
World meter elaboration of the latest United Nations data, Vietnam has a young
population, with over half of its 96 million people below the age of 35, making it a
prime market for Edtech companies. The potential for Edtech in Vietnam is
immense, with the market size projected to be worth $3 billion by 2023, according
to a report by Google, Temasek, and Bain & Company. The report highlights that
the demand for online education is growing rapidly, and EdTech companies are
well-positioned to meet this demand. The demand for Edtech services in Vietnam is
high due to the country's large population and the growing trend of digitalization.
With the right investment, Vietnam can become a hub for Edtech in Southeast Asia.
2. Literature Review
- The application of educational technology and its role:
Huynh Nhu Yen Nhi published “Applying Educational Technology to Higher
Education in Vietnam: Opportunities and Challenges” in the year 2021. This paper
discusses the use of Edtech at Dong Nai Technology University. The authors
explore how these innovations can help students develop and contribute to society,
while also acknowledging the opportunities and challenges they present to
Vietnamese universities. The authors also provide recommendations for Vietnamese
policy makers in higher education (Nhi, 2021).
In “The application of web-3d and augmented reality in e-learning to improve
the effectiveness of arts teaching in Vietnam” published in 2019, Nguyen Duc Son
analyzed the development of information technology, particularly in Industry 4.0. It
has rapidly transformed education in Vietnam, including arts education. E-learning
is a non-traditional form of education that can bring knowledge across borders and
is constantly developing to meet societal needs. This paper explores the role of e-
lecturers and the use of web-3D technology and augmented reality in innovating art
teaching and learning methods in Vietnam. By using an interdisciplinary approach,
the article proposes solutions to improve the effectiveness of art teaching in

3
Vietnamese universities through the implementation of e-learning using web-3D
and augmented reality (Son, 2019).
“Application of technology in teaching and learning at the University -
Opportunities and challenges for lecturers and students in Vietnam today” was
published in 2020. During the Covid-19 pandemic, Vietnam, like many other
countries, increased its use of technology in the classroom. Online learning has been
a crucial tool in maintaining university operations and ensuring output standards.
This shift to technology has allowed for more resources and efficient utilization of
lecture content. The article analyzes the advantages and disadvantages of
incorporating technology in the classroom from the perspectives of both instructors
and students, using a document-analysis methodology (Vu, 2022).
“Integration or transformation? Looking in the future of Information and
Communication Technology in education in Vietnam” was published in 2015. This
study has two objectives: first, to identify targets for ICT in education in Vietnam
by consulting key players in the field; and second, to assess the level of consensus
among these key players regarding the importance of these targets for 2020. By
achieving these objectives, the study also aims to analyze the mindset of these key
players regarding the future of education in Vietnam and the role of ICT in it (Jef
Peeraer, 2015).
David K.Evans published “Education Technology for Effective Teachers” in
2021. Education systems globally are investing in technology to support effective
teaching, with varying levels of success. The COVID-19 pandemic has underscored
the importance of using technology effectively. This note outlines four principles
for investing in technology to support effective teaching and identifies six areas
where technology can enhance teacher performance, with examples of successful,
promising, and cautionary experiences with teacher technologies (K.Evans, 2021).
“Education Technology: An Evidence-Based Review” synthesizes
experimental evidence on the effectiveness of technology-based approaches in
education and identifies areas for future inquiry. The review focuses on access to
technology, computer-assisted learning, technology-enabled behavioral

4
interventions, and online learning, drawing on research from both developed and
developing countries. The goal is to advance understanding of how technology can
support education and drive improvements in policies, programs, and structures for
successful teaching and learning (Escueta, 2017).
In the research “Importance of Education Technology in Teaching-Learning”
published in 2020, M. Ali and Sarfaraz Equbal explores the importance of
technology in the teaching and learning process, which involves combining
instructional and system approaches. Education technology is the result of
technological innovation in education, aimed at enhancing the learning
environment, both in traditional and distance learning settings. It involves
organizing instructional material in technological tools to facilitate the teaching and
learning process, while allowing for flexibility in modifying learning objectives for
both teachers and learners (Ali & Equbal, 2020).
Damian Hinds in 2019 published “Realizing the potential of technology in
education: A strategy for education providers and the technology industry”. The
goal is to assist the education sector in England in developing and utilizing
technology to reduce workload, increase efficiency, promote inclusion, and
ultimately improve educational outcomes. However, schools, colleges, universities,
and other providers face various barriers to integrating technology effectively. This
strategy aims to address those barriers and facilitate the integration of technology in
education (Hinds D. , 2019).
The review article “Upgrading Education with Technology: Insights from
Experimental Research” aims to further academic understanding of how technology
can improve education, identify areas for new research, and drive improvements in
policies, programs, and structures for successful teaching and learning. The authors
highlighted the potential for technology to transform learning. It also examines the
effectiveness of technology-based approaches to education in developed countries,
focusing on randomized controlled trials and regression discontinuity studies across
four categories: access to technology, computer-assisted learning, technology-
enabled behavioral interventions, and online learning. The potential for technology

5
to transform learning has generated widespread interest. However, with the
expanding range of education technologies available, it is important to understand
how technology can help or hinder learning (Escueta et al., 2020).
K. Lawless in 2016 published the article “Educational Technology”. New
technologies offer opportunities to enhance learning in ways previously
unimagined. The potential for technology to improve the effectiveness of the U.S.
education system has led to policies mandating technology use in schools and
funding research on technology-enabled learning. This article reviews the impact of
contemporary technologies, such as digital games, social media, MOOCs, and
augmented reality, on learners. While not comprehensive, the findings aim to
stimulate dialogue on how to redefine formal education in the United States and
suggest research and policy implications to support new conceptions (K.Lawless.,
2016).
- Factors affecting foreign investment in Vietnam
Vu Ngoc Xuan gathered data from 360 surveys conducted among 100 foreign
technology companies in Hanoi, Da Nang, and Ho Chi Minh City in his research
“Factors affecting foreign direct investment: Evidence at foreign technology
enterprises in Vietnam”. Using SPSS software, the author found that the decision
of foreign investors is significantly influenced by eight factors, including
infrastructure, human resources, quality of public services, investment sector
advantage, national brands, investment policy, living and working environment, and
competitive input cost. Among these factors, human resources and infrastructure
have the most significant impact on the decision to invest in Vietnam. Based on the
findings, the author suggests that the government should introduce policies and
services to attract foreign technology enterprises to invest in Vietnam, particularly
as Industry 4.0 emerges (Xuan, 2020).
Existing literature on Edtech in Vietnam and worldwide has predominantly
focused on defining and explaining Edtech or its role in teaching and learning
activities. However, there is a gap in the literature regarding the analysis of

6
investment in Edtech or the attraction of foreign investment in Edtech in Vietnam.
As a result, this study was conducted to address this gap in the literature.
3. Objectives of the research
This thesis aims to provide an understanding of Edtech sector in Vietnam and
its potential for foreign direct investment. To achieve this, the study has the
following objectives: First, identify the current state and potential for growth of
Edtech sector in Vietnam. Second, analyze the factors that influence foreign direct
investment in this sector. Third, evaluate the policies and regulations that affect
foreign investment in Edtech in Vietnam. Fourth, propose strategies to attract
foreign direct investment in Edtech in Vietnam. Fifth, provide recommendations to
promote the development of this sector. The proposed strategies and
recommendations for attracting foreign direct investment will aid in the
advancement of the sector, ultimately contributing to the improvement of the
country's education system. The study will also contribute to the existing literature
on Edtech in Vietnam, filling a gap in knowledge regarding investment in this
sector.
4. Object and scope of the research
4.1 Object
Attracting foreign direct investment in the field of educational technology in
Vietnam
4.2 Scope
- Geography: In Vietnam, China, India
- Timing scope for current research: The study will cover the period from 2018 to
May 2023
- Timing scope for recommendations and solutions: 2030
5. Research questions
Some potential research questions could include:

7
- What are the driving factors for foreign direct investment in the educational
technology sector in Vietnam?
- What are the challenges and barriers that foreign investors may encounter
when investing in the educational technology sector in Vietnam, and how can
they be overcome?
- How do government policies and regulations impact FDI in the education
technology sector in Vietnam, and what changes could be made to attract more
investment?
6. Research Method
The research methodology for this study is qualitative method. The thesis also
combines with other scientific research methods, such as the method of information
collection, processing and comparison.
Using secondary sources of information: books, published documents,
textbooks, newspapers, the Internet, summative studies related to attracting Edtech
FDI.
Method of analysis and synthesis: on the basis of a system of documents,
analyze, synthesize, and classify according to the purpose and structure of the
thesis.
7. Thesis structure
TECHNOLOGY
VIETNAM
CHAPTER 3: RECOMMENDATIONS AND SOLUTIONS TO ATTRACT
FOREIGN DIRECT INVESTMENT IN EDUCATIONAL TECHNOLOGY IN
VIETNAM

9
TECHNOLOGY AND PRACTICAL BACKGROUND
1.1 Overview of FDI and Edtech
1.1.1 Theoretical basis of FDI
1.1.1.1 Concept of FDI
In Imperialism - the final stage of capitalism, Lenin pointed out that the export
of capital in order to collect surplus value outside the national borders has become
an economic feature of capitalism when it entered the stage of monopoly capitalism.
Thus, the appearance and increase of foreign investment is associated with the
development of productive forces and the internationalization of economic life in
the world. Lenin viewed foreign investment as a tool for the exploitation of weaker
countries by the dominant capitalist powers, and as a symptom of the contradictions
and instability inherent in the capitalist system (Lenin, 1917).
After the Second World War, FDI begins to play a significant role in the
global economy and is a topic of numerous theoretical publications. FDI, according
to economists, is a crucial component of economic growth in all nations, but
particularly in emerging ones.
(Hymer, 1960) defines FDI as the acquisition of assets in a foreign country
with the aim of exercising control over them. According to Kindleberger, FDI is the
purchase of real assets in a foreign country with the intention of managing them
(Kindleberger, 1969). FDI was defined as the acquisition of a controlling interest in
a foreign enterprise (Buckley P. J., 1981).
FDI is defined as an investment involving a long-term relationship and
reflecting a lasting interest and control by a resident entity in one economy (foreign
direct investor or parent enterprise) in an enterprise resident in an economy other
than that of the foreign direct investor (FDI enterprise or affiliate enterprise or
foreign affiliate) (OECD, 1996).

10
(Caves, 1996) defines FDI as referring to the investment by a firm in a foreign
country with the purpose of acquiring or creating a lasting interest in an enterprise
operating outside the investor's home economy. FDI is a form of international
investment in which the investor and the user of investment capital are an entity in
which foreign investors contribute a sufficient amount of capital to the permitted
production and business fields and directly participate in operating the object in
which they invest capital (Mai, 1998).
FDI is a type of business in which foreign private investors invest capital to
establish production and business establishments in the host country, thereby
allowing them to have the right to manage and operate the objects they invest
capital for the purpose of profiting from such investment activities (Tham, 2000).
According to the Law on Foreign Investment in Vietnam 2006, FDI is
understood as the fact that foreign investors bring into Vietnam capital in cash or
any property to conduct investment activities. In essence, FDI is a type of
international investment in which the investor invests capital to build or buy a large
part or even an entire business establishment in a foreign country to be the owner of
the whole or part of the establishment and directly manage or participate in the
management and operation of the object in which they invest capital.
The World Trade Organization (WTO) is primarily concerned with the
regulation of trade among its member countries. However, it also recognizes the
importance of foreign direct investment (FDI) for economic development and the
integration of countries into the global economy.
In general, the WTO defines FDI as a cross-border investment in which a
resident in one country obtains a lasting interest in an enterprise in another country.
The lasting interest implies a significant degree of influence over the management
of the enterprise. The WTO supports a rules-based and non-discriminatory system
for FDI that seeks to prevent barriers to investment, such as discriminatory
regulations, restrictions on the repatriation of profits or investments, or
expropriation without compensation. The organization also encourages its members

11
to adopt policies that promote transparency, predictability, and the rule of law in the
management of FDI.
Overall, FDI refers to the investment made by a company or an individual in
one country, in order to establish business operations or acquire assets in another
country. This type of investment involves a long-term relationship between the
investing company and the foreign country where the investment is made. The
investing company may choose to either establish a new business entity in the
foreign country or acquire an existing one. The main objective of FDI is to gain
access to new markets, resources, or technologies, as well as to benefit from lower
labor and production costs in the foreign country.
1.1.1.2 Characteristics of FDI
Long-term Investment: One of the characteristics of FDI is that it is a long-
term investment. According to (Kogut & Singh, 1988), FDI is a long-term
commitment of capital and resources by a firm to a foreign market. This investment
is made with the intention of establishing a long-term presence in the host country
and to gain access to its markets, resources, and technology. As such, FDI is not a
short-term investment. Instead, it requires a significant commitment of resources,
time, and effort to establish and maintain a presence in the foreign market.
Control: Another characteristic of FDI is that it provides the investing
company with a significant degree of control over its foreign operations. According
to Dunning (1981), FDI involves the transfer of ownership and control of assets
from one country to another. This transfer of ownership and control allows the
investing company to have a significant say in the management and operations of its
foreign subsidiary. This degree of control allows the investing company to make
strategic decisions that are in line with its overall business objectives (Dunning J. ,
1981).
Technology Transfer: FDI is also associated with technology transfer.
According to Buckley and Casson, FDI involves the transfer of technology and
knowledge from the investing company to the foreign subsidiary. This transfer of

12
technology and knowledge can take many forms, including the transfer of patents,
trademarks, and copyrights. The transfer of technology and knowledge from the
investing company to the foreign subsidiary can help to improve the
competitiveness of the subsidiary and enhance its ability to compete in the global
market (Buckley & Casson, 1985).
Risk: FDI is also associated with risk. According to Rugman and Verbeke,
FDI involves a significant degree of risk due to the uncertainty associated with
operating in a foreign market. This uncertainty can be caused by factors such as
political instability, economic volatility, and cultural differences. As such, investing
in a foreign market requires a significant degree of risk assessment and management
(Rugman & Verbeke, 1993).
In conclusion, FDI is a long-term investment that provides the investing
company with a significant degree of control over its foreign operations. FDI is also
associated with technology transfer and risk. These characteristics of FDI are
essential in today's global economy, where companies are increasingly looking to
expand their operations into new markets. As such, understanding the
characteristics of FDI is critical for companies that are looking to invest in a foreign
market.
1.1.1.3 Roles of FDI
According to the study conducted by Borensztein, De Gregorio, and Lee, FDI
plays a crucial role in promoting economic growth by enhancing the productivity of
domestic firms through the transfer of technology and knowledge (Gregorio,
Borensztein, & Lee, 1998). Similarly, FDI has a positive impact on employment,
particularly in the manufacturing sector, by increasing the demand for labor and
boosting the productivity of domestic firms (Blomström, Kokko, & Globerman,
1998).
FDI also has the potential to enhance a country's export performance by
providing access to global markets. A study by Javorcik finds that FDI is positively

13
associated with a host country's export growth, particularly in the manufacturing
sector (Javorcik, 2004).
According to the World Bank report (2019), FDI is considered to be a
significant driver of economic growth as it creates new job opportunities, promotes
technological transfer, and enhances trade integration.
In their book "Foreign Direct Investment and Growth in Developing
Countries: The Role of Institutional Quality," authors Mina Baliamoune Lutz and
Mark McGillivray (2018) argued that FDI can positively impact the economic
growth of developing countries if the institutional quality is high. Institutional
quality refers to the legal, regulatory, and governance environment that affects the
investment climate (Lutz & McGillivray, 2018). According to United Nations
Conference on Trade and Development (UNCTAD), FDI can help developing
countries achieve the Sustainable Development Goals (SDGs) by mobilizing
financial resources, transferring technology, and promoting sustainable practices.
Additionally, FDI can contribute to reducing poverty, promoting gender equality,
and improving access to healthcare and education (UNCTAD, 2021)
However, FDI can also have some negative impacts, particularly if the host
country lacks adequate regulations and institutions to manage the process. For
example, some scholars have pointed out that FDI can lead to a “race to the bottom”
in terms of labor standards and environmental regulations (Globerman & Shapiro,
2003). Additionally, FDI may lead to the exploitation of natural resources and
damage to local ecosystems.
Some authors argue that FDI can have negative impacts on receiving
countries, including crowding out domestic investment, creating a dependence on
foreign firms, exacerbating income inequality, and leading to environmental
degradation. They also highlight the potential for FDI to result in the exploitation of
workers and the violation of labor rights (Crespo & Fontoura, 2016).
Overall, while FDI can bring benefits to receiving countries, it is important to
recognize the potential negative impacts and take steps to mitigate them.

14
1.1.2 Overview of Edtech
1.1.2.1 Concept of Edtech
- Concept of Education:
Education is a natural process that is carried out by individuals and involves
experiencing the environment rather than simply listening to words. This process
allows individuals to acquire knowledge and skills (Montessori, 1912).
Education is the process of personal growth and development that enables an
individual to acquire new knowledge, skills, values, attitudes, and insights that can
be utilized to achieve personal fulfillment and social productivity (Dewey, 1915).
According to the United Nations Educational, Scientific, and Cultural
Organization (UNESCO), education is a fundamental human right and is essential
for the development and well-being of individuals and societies. Education plays a
crucial role in promoting economic growth, reducing poverty, promoting social
justice, and fostering global peace and understanding.
According to Encyclopedia Britannica (2021), the act of obtaining knowledge,
skills, beliefs, values, and habits is known as education. There are different methods
used for educating such as teaching, training, storytelling, discussion, and research.
Education is a process of acquiring knowledge, skills, values, and attitudes
through various forms of learning. It can take place in formal settings such as
schools, universities, and training programs, or through informal means such as
self-study, reading, and life experiences. The goal of education is to enable
individuals to develop their potential and contribute meaningfully to society.
- Concept of Technology:
John R. Commons suggests that technology is the collective knowledge and
experience of people used to produce goods and services (Commons, 1934).
Vannevar Bush defines technology as the methodical use of scientific knowledge
for practical purposes (Bush, 1945). David J. Langum Sr. describes technology as

15
the utilization of knowledge to invent tools, materials, and machines that allow us to
solve problems and attain objectives (Langum Jr., 1988). Manuel Castells describes
technology as a combination of methodologies and techniques employed to improve
human abilities and achieve specific objectives (Castells, 1996).
The National Science Foundation defines technology as the implementation of
scientific and engineering principles to create innovative products, processes, and
services. Richard S. Rosenbloom's definition of technology referred to the tools,
systems, and techniques that enable humans to control and shape their surroundings
(Rosenbloom, 2009).
The Merriam-Webster Dictionary defined technology as the practical
application of knowledge, especially in a specific field. The Merriam-Webster
Dictionary defined technology as the practical application of knowledge, especially
in a specific field. According to the definition provided by the Oxford English
Dictionary, technology refers to "the application of scientific knowledge for
practical purposes, especially in industry". Technology can also be defined as the
tools, techniques, and systems that are created through scientific and engineering
principles to solve practical problems and improve human life.
Another definition of technology is provided by the World Economic Forum,
which defines it as "the sum total of knowledge, skills, methods, techniques, and
processes used in the production of goods or services." This definition emphasizes
the role of technology in the economy, as well as the need for ongoing innovation
and development in order to remain competitive in the global marketplace.
Overall, technology refers to the tools, machinery, equipment, and systems
developed through scientific knowledge and engineering, designed to enhance
human capabilities and improve various aspects of life, such as communication,
transportation, healthcare, education, and entertainment. In broader terms,
technology encompasses the entire body of knowledge, skills, and techniques used
to create, maintain, and operate these tools and systems. It is a constantly evolving
field that drives innovation and progress in various industries and domains.

16
- Concept of Edtech:
Edtech is the creation, use, and assessment of methods, tools, and aids that
enhance the learning process in humans (Seels & Richey, 1994).
The study and ethical use of promoting learning and enhancing performance
through the development, utilization, and management of suitable technological
processes and resources is known as Edtech (AECT, 2008).
The methodical and scientific approach to developing, implementing, and
assessing the entire process of teaching and learning is referred to as Edtech
(Januszewski & Molenda, 2008).
Edtech is described as the ethical practice of improving learning and
performance through the creation, management, and utilization of appropriate
technological processes and resources (Watson & Watson, 2014).
Edtech is the study, design, development, implementation, and evaluation of
resources and tools that support teaching and learning (Spector & et al,, 2014).
Michael Fullan defines Edtech as the use of various types of technology in
education, ranging from digital textbooks to social media, to enhance the learning
experience and improve academic achievement (Fullan, 2016).
Edtech is the incorporation of scientific principles and research from education
into the creation, implementation, and evaluation of instructional materials and
environments (Allen & Michael, 2017).
In the article "The Role of Educational Technology in Learning", Edtech is
defined as "the use of digital resources, tools, and strategies to support learning and
teaching in formal and informal educational settings" (Woolf & Milman, , 2019).
To sum up, Edtech refers to the use of technology (such as computers,
software, and digital devices) to enhance and support teaching and learning
activities, as well as to improve educational outcomes and experiences for students
and educators. It encompasses various tools, methods, and approaches that help to

17
create a more engaging, interactive, and personalized learning environment that
meets the needs of today's learners.
- Concept of “Attracting FDI on Edtech”: "Attracting FDI on Edtech" refers to
the process of enticing FDI into the field of Edtech. FDI involves the investment of
capital by foreign entities, such as companies or individuals, into a country's
education technology sector. This investment aims to support the development,
improvement, and expansion of educational technology products, services, or
infrastructure. Attracting FDI on Edtech involves creating an environment and
implementing policies that encourage foreign investors to invest in the Edtech
sector, ultimately leading to advancements and growth in educational technology.
1.1.2.2 Roles of Edtech
There are several characteristics of Edtech that make it an important field in
education. There comes to some of the key characteristics of Edtech.
One of the key characteristics of Edtech is its ability to enhance learning
outcomes. By using technology in the classroom, students can be exposed to new
and innovative ways of learning that can help them to better understand complex
concepts. For example, the use of interactive simulations and games can help
students to develop a deeper understanding of scientific principles, while the use of
computer-based assessments can provide more accurate and timely feedback on
student progress.
Another characteristic of Edtech is its ability to promote collaboration and
communication among students and teachers. By using tools like online discussion
forums and collaborative workspaces, students can engage in meaningful
discussions and work together on projects, regardless of their physical location. This
can help to build a sense of community among students and promote a more
inclusive learning environment.
In addition to promoting collaboration and communication, Edtech can also
help to personalize learning experiences. By using tools like adaptive learning
software and personalized learning plans, teachers can tailor instruction to meet the

18
unique needs of each student. This can help to ensure that students are challenged at
an appropriate level and are able to progress at their own pace.
Another important characteristic of Edtech is its ability to provide access to
education for students who might not otherwise have access to it. By using online
learning platforms and mobile devices, students can access educational content from
anywhere, at any time. This can be especially important for students who live in
remote or underserved areas, or who have other barriers to accessing traditional
educational resources.
Finally, Edtech can help to improve the efficiency and effectiveness of
educational institutions. By using tools like learning management systems and data
analytics, administrators can track student progress and identify areas where
additional support may be needed. This can help to improve student outcomes and
ensure that resources are being used in the most effective way possible.
In conclusion, Edtech is a field that has the potential to transform education in
many ways. Its ability to enhance learning outcomes, promote collaboration and
communication, personalize learning experiences, provide access to education, and
improve the efficiency and effectiveness of educational institutions make it an
important field in education.

19
Figure 1: Impressions of learning technology, % of student respondents
Source: McKinsey research (Nov 2021)1
Over 60 percent of students reported that the learning technologies used in
classrooms during the COVID-19 pandemic have had a positive impact on their
academic performance and grades. Among these technologies, classroom exercises
and machine learning-powered teaching assistants were rated the highest, with 80
percent and 71 percent of students respectively attributing them to improving their
academic performance.
1
https://www.mckinsey.com/industries/education/our-insights/how-technology-is-shaping-learning-in-
higher-education

20
Figure 2 : Why students are excited about using learning technology in the
future, % of student respondents
Source: McKinsey survey (Nov 2021)2
Even though Virtual Reality (VR) and Augmented Reality (AR) are not
commonly utilized, 37% of students expressed the most enthusiasm about its
potential in classrooms. According to a survey, 88% of students believe that AR/VR
will make learning more engaging, but only 5% believe it will enhance their
learning or content mastery.
1.1.2.3 Trends of Edtech
Artificial Intelligence (AI) and Machine Learning: AI and machine learning
are technologies that enable computers and systems to perform tasks that typically
require human intelligence. In the context of Edtech, AI and machine learning are
used to personalize learning experiences for students by analyzing their individual
learning needs, preferences, and abilities. This allows for the delivery of tailored
content and resources, as well as adaptive assessments that adjust to each student's
progress. AI and machine learning can also power intelligent tutoring systems,
providing students with personalized guidance and support. Additionally, these
2
https://www.mckinsey.com/industries/education/our-insights/how-technology-is-shaping-learning-in-
higher-education

21
technologies can automate administrative tasks, such as grading and data analysis,
freeing up valuable time for educators.
Gamification: Gamification involves incorporating elements of game design
and mechanics into non-game contexts, such as education. In Edtech, gamification
is used to motivate and engage learners by introducing game-like elements, such as
points, badges, leaderboards, and rewards, into the learning experience. This can
make learning more enjoyable and interactive, encouraging students to actively
participate and progress. By providing immediate feedback and clear goals,
gamification can also increase motivation and improve learning outcomes.
Virtual and Augmented Reality: Virtual reality (VR) and augmented reality
(AR) technologies provide immersive and interactive learning experiences. VR
creates a computer-generated environment that users can explore and interact with,
while AR overlays digital content onto the real world. In education, VR and AR can
be used to create virtual simulations, field trips, or experiments that allow students
to engage with subjects in a more hands-on and realistic way. These technologies
can enhance engagement, improve understanding, and provide opportunities for
experiential learning.
Mobile Learning: Mobile learning, or m-learning, leverages the ubiquity of
mobile devices, such as smartphones and tablets, to deliver educational content and
enable learning on the go. M-learning provides students with anytime, anywhere
access to learning resources, allowing for greater flexibility and personalized
learning experiences. Mobile apps, websites, and digital platforms offer a wide
range of educational content, interactive lessons, and assessments that can be
accessed and completed using mobile devices.
Personalized Learning: Personalized learning is an approach to education that
tailors instruction to the individual needs, preferences, and abilities of each learner.
Technology plays a crucial role in facilitating personalized learning by providing
adaptive content and assessments. By analyzing data on student performance and
preferences, technology can deliver tailored content, recommend appropriate

22
resources, and adapt the difficulty level of assessments. Personalized learning
empowers students to learn at their own pace, focus on areas of interest or
challenge, and receive targeted support when needed.
Collaborative Learning: Collaborative learning involves students working
together in groups to solve problems, complete tasks, and share knowledge and
ideas. Technology can support collaborative learning by providing communication
tools, shared workspaces, and social learning platforms. Online discussion boards,
video conferencing, and collaboration tools allow students to connect and
collaborate remotely. Social learning platforms enable students to create and share
content, collaborate on projects, and provide feedback to their peers. Collaborative
learning fosters teamwork, communication skills, critical thinking, and a deeper
understanding of concepts through collective knowledge construction.
Microlearning: Microlearning breaks down learning content into small, bite-
sized chunks that are easy to consume and retain. Technology enables
microlearning by delivering content through mobile devices, social media
platforms, and other digital channels. Microlearning activities can include short
videos, quizzes, infographics, or interactive modules that focus on specific learning
objectives. By providing concise and focused learning experiences, microlearning
promotes engagement, knowledge retention, and the ability to learn on-the-go.
Blended Learning: Blended learning combines traditional face-to-face
classroom instruction with online learning activities. Technology facilitates blended
learning by providing online course materials, communication tools, and assessment
tools. Students can access online resources, complete assignments, and participate
in online discussions outside of the classroom. This approach allows for flexibility
in learning, catering to different learning styles and preferences. Blended learning
also promotes self-paced learning, collaboration, and the integration of technology
into the learning process.
Learning Analytics: Learning analytics involves the collection, analysis, and
interpretation of data to track and measure learner behavior, performance, and

23
outcomes. Technology facilitates learning analytics by providing data collection and
analysis tools, as well as dashboards and reports for educators. Learning
management systems (LMS) and online platforms generate data on student
engagement, progress, and performance, which can be used to identify areas of
improvement, monitor student success, and make data-driven instructional
decisions. Learning analytics can also provide insights into the effectiveness of
teaching strategies, curriculum design, and learning interventions.
Open Educational Resources (OER): Open Educational Resources (OER) are
freely accessible, openly licensed educational materials that can be used for
teaching, learning, research, and other purposes. Technology facilitates the creation,
sharing, and use of OER through digital platforms and open educational practices.
OER can include textbooks, articles, videos, simulations, and interactive modules
that can be accessed online or downloaded for offline use. OER allows for the
customization and adaptation of educational resources to meet the specific needs of
learners and educators. They promote access to quality education, reduce costs, and
foster collaboration and knowledge sharing among educators and institutions.
Peer-to-peer learning and collaboration: EdTech platforms are promoting
peer-to-peer learning and collaboration by providing tools for students to connect,
share ideas, and collaborate on projects. This encourages active learning, knowledge
sharing, and the development of important collaboration skills.
Accessibility and inclusivity: EdTech is increasingly focused on making
education accessible to all learners, including those with disabilities. Tools and
platforms are being developed to accommodate different learning styles and provide
equitable access to educational resources.

24
1.2ThestateofinvestmentinEdtechintheworldandfactorsaffectingFDIonEdtech
1.2.1 The state of investment in Edtech in the world
Figure 3: Global Education Venture Capital Funding, 2021-2022 in USD Billions
Source: HolonIQ, 2 Jan 20233
During the pandemic, there was a significant decrease in EdTech VC
investment from Chinese investors, resulting in lower levels of Chinese VC
investment than a decade ago in 2022. However, the US experienced a significant
increase in VC funding, including in the EdTech industry, as mainstream investors
became more interested in the transformational potential of technology in education,
but the market eventually slowed down in 2022. Europe and India also saw
significant growth in EdTech VC investment, driven by a few successful startups
and a broader base of early stage startups. Meanwhile, local leaders in Africa, Latin
America, the Middle East, Southeast Asia, and Oceania have scaled to fill gaps in
their markets and find new customers globally. The rise and moderation of mega-
rounds (> $100M) explain much of the structural changes in the market, with 2021
being driven primarily by these large rounds. However, there has been a consistent
3
https://www.holoniq.com/notes/2022-edtech-vc-funding-totals-10-6b-down-from-20-8b-in-2021

25
increase in investment in rounds between $20-50M and below, even as investment
in rounds greater than $50M decreased in 2022.
Figure 4: Global Edtech Venture Capital Funding, 2022 in USD Billions and
number of funding rounds
With $10.6B and 1,400+ deals of EdTech Venture funding for 2022, nearly
half focused on management systems and learner/ teacher support.
All major funding markets are down on 2021’s record investment totals. In
2021, the United States experienced a tremendous increase in funding which
decreased by almost half in 2022. Nevertheless, it was still 2.5 times higher than the
funding levels in 2019 before the pandemic. Europe experienced the biggest
increase in funding during the pandemic, and this trend continued into 2022. India
has emerged as a strong market. In contrast, China has been significantly impacted
by significant regulatory changes announced in mid-2021, which have required the
market to shift its focus to post-secondary and workforce education rather than its
4
https://www.holoniq.com/notes/2022-edtech-vc-funding-totals-10-6b-down-from-20-8b-in-
2021#:~:text=Sponsors,2022%20EdTech%20VC%20funding%20totals%20%2410.6B%2C%20down%2049
%25%20from,of%202021's%20record%20funding%20total

26
previous emphasis on K12 education, particularly in the areas of tutoring and
English language learning.
Figure 5: Education Venture Capital Funding, 2010-2022 in USD Billions
China's dominance in EdTech investment globally was evident through the last
decade, as indicated by the red wave, before experiencing a sudden collapse. During
that period, the US lost its share, but it has since regained the lead, with India and
Europe expanding during the pandemic. The three regions now comprise 45% of
global funding.
In 2021, the global Edtech market was worth $106.46 billion, and it is
predicted to see significant growth in the coming years. It is expected to grow at an
annual rate of 16.5% from 2022 to 2030, and reach $404 billion in 2025, which is
2.5 times more than its value in 2019. North America holds the largest share of the
market, accounting for 35% of global revenue due to its significant investment in
Edtech. The Asia Pacific region is growing the fastest, with a compound annual
growth rate of 19% expected from 2022 to 2030, thanks to an increase in smart
devices in developing countries like India. The number of Edtech unicorns is
increasing rapidly, with 36 globally as of July 29, 2022. They have raised over $30
5
https://www.holoniq.com/notes/87bn-of-global-edtech-funding-predicted-to-2030

27
billion in the past decade and have a total market value of $105 billion. There are
eight Edtech unicorns in China, 16 in the USA, and seven in India. Edtech has seen
impressive growth over the years, with global venture capital increasing from $500
million in 2010 to $16.1 billion in 2021 (a growth of 32x) (Kozhevnikova, 2022).
Figure 6: Global Education Venture Capital Funding, 2010-2022 in USD Billions
1.2.2 Factors affecting FDI on Edtech
The Edtech industry has experienced significant growth over the past decade,
fueled by advancements in technology and increased demand for online education.
FDI plays a crucial role in shaping the growth and development of the Edtech
sector. Several factors influence FDI in Edtech:
A large population: One key factor that determines the attractiveness of a
market for Edtech is the size and potential of the target market. Countries with large
populations are highly desirable for investors in the Edtech sector. A significant
population means a greater number of potential users for Edtech services and
products. This offers a substantial customer base and revenue opportunities for
6
https://www.holoniq.com/notes/87bn-of-global-edtech-funding-predicted-to-2030

28
investors. Additionally, a growing population indicates potential for ongoing
demand and market expansion, ensuring long-term sustainability for Edtech
businesses.
High internet penetration rates: High internet penetration rates are also an
important consideration for investors. A strong online presence is crucial for the
success of Edtech companies, as their services and products are primarily delivered
through digital platforms. Countries with high internet penetration rates indicate a
greater likelihood of widespread access to online education platforms, which in turn
increases the market potential for Edtech investors.
A strong demand for education: A strong demand for education is another
factor that attracts foreign investors to the Edtech space. Countries where education
is highly valued and sought after provide a favorable environment for Edtech
companies to thrive. This demand can stem from various factors, such as a
competitive job market, a focus on skills development, or a desire for lifelong
learning. A robust demand for education ensures a ready market for Edtech
solutions and creates opportunities for investors to capitalize on this demand.
Scalability and profitability: Scalability and profitability are key
considerations for investors entering the Edtech market. The potential for scalability
implies that an Edtech business can easily expand its operations and reach a larger
customer base. This is particularly important for investors seeking significant
returns on their investments. Alongside scalability, profitability is equally crucial.
Investors need to assess the potential for generating sufficient revenue and
achieving profitability in the Edtech market. A market with high growth potential
and favorable market dynamics, such as limited competition or high willingness to
pay for educational services, presents a more attractive investment opportunity.
Policy and Regulatory Environment: Investor-friendly policies, such as tax
incentives, simplified business registration processes, and clear guidelines for
foreign investment are important to attract foreign investors. These policies create a
favorable environment for companies to establish and operate their Edtech

29
businesses. Additionally, regulations that ensure data privacy and protection,
intellectual property rights, and fair competition are essential for building investor
confidence. Companies want to ensure that their investments are protected and that
they can compete on a level playing field with other players in the market.
Skilled Workforce: The availability of a skilled workforce is a significant
factor influencing FDI in the Edtech industry. Investors look for countries with a
large pool of talented teachers, instructional designers, software developers, and
other professionals who can contribute to the development and delivery of Edtech
solutions. A skilled workforce allows companies to efficiently develop and
implement their products and services. Furthermore, government initiatives to
promote skill development and education in areas relevant to Edtech can attract
foreign investors. These initiatives can include partnerships with educational
institutions, training programs, and scholarships to encourage the growth of a
skilled workforce in the Edtech sector.
Market Competition: The level of competition in the Edtech market is an
important consideration for foreign investors. Countries with a balanced
competitive landscape, where local and foreign players have equal opportunities to
operate, are more likely to attract FDI. Investors may be discouraged if the market
is saturated with dominant local players or if there are significant barriers to entry.
A healthy level of competition encourages innovation and fosters a dynamic market
where companies can thrive and grow.
Government Support and Incentives: Proactive government support, through
funding, grants, and incentives, can significantly impact FDI in Edtech.
Governments that prioritize the development of the education sector and offer
financial support to Edtech companies are likely to attract foreign investors. These
incentives could include tax breaks, research and development grants, and access to
capital. Government support signals a commitment to the growth of the Edtech
sector and provides companies with the necessary resources to scale their
operations.

30
1.3 International experiences in attracting FDI in the field of Edtech
1.3.1. FDI incentives in Edtech field in India
1.3.1.1. Incentives on investment procedures
The FDI policy of India allows up to 100% FDI under the automatic route in
the education sector. This means that no prior government approval is required for
FDI in the edtech sector, provided the investment is within the prescribed limits. In
addition, the Foreign Exchange Management Act (FEMA) regulations have been
eased to allow 100% FDI in educational technology platforms. The Ministry of
Education has set up a single-window clearance system called Shiksha Setu to
facilitate FDI in the education sector. Shiksha Setu acts as a one-stop platform for
investors looking to invest in the education sector in India. It provides a single-
window clearance system, where investors can submit their applications and
required documents online. The initiative ensures that all applications and
documents are processed centrally. This helps in reducing bureaucratic red tape and
eliminates the need for multiple visits to different government departments. Shiksha
Setu follows a transparent and efficient process for FDI approvals. The platform
provides real-time updates on the status of applications, making it easier for
investors to track the progress. Through Shiksha Setu, investors can communicate
directly with the concerned authorities regarding their applications. This helps in
clarifying any queries and expediting the approval process. The platform integrates
various services related to FDI in the education sector. This includes
documentation, application submission, payment of fees, and monitoring of
approvals.
1.3.1.2. Financial support
The Startup India initiative was launched to promote entrepreneurship and
innovation in India. The initiative provides various benefits to startups, including
tax exemptions, funding support, and the creation of startup incubators and
accelerators. The government has set up a Fund of Funds with a corpus of INR
10,000 crores (approximately USD 1.3 billion) to provide funding support to
startups. As of October 2021, INR 4,700 crores (approximately USD 630 million)

31
has been committed to 60 alternate investment funds (AIFs), which, in turn, have
made investments in over 600 startups (David, Gopalan, & Ramachandran, 2021).
To promote global networking and collaboration, the initiative has partnered with
several countries, such as the United States, Germany, France, and Israel, fostering
exchange programs and facilitating market access for Indian startups. The
government has also established institutions such as the National Skill Development
Corporation (NSDC) and the National Skill Development Fund (NSDF) to support
the growth of edtech companies by providing them with financial and non-financial
support.
1.3.1.3. Tax preferences
Double taxation avoidance agreements (DTAA): India has signed DTAA with
several countries to avoid double taxation on income earned by foreign investors in
the EdTech sector. This eliminates the possibility of investors being taxed twice on
the same income, which enhances the attractiveness of investing in India. Goods
and Services Tax (GST) exemptions or reduced rates are provided for certain
educational services and products offered by EdTech companies. This reduces the
overall tax burden on these companies and makes their services more affordable and
attractive to consumers. R&D tax incentives - the government provides tax
incentives for research and development activities in the EdTech sector. This
encourages EdTech companies to undertake innovative research and development,
which can lead to technological advancements and attract FDI.
1.3.1.4. Promote the use of educational technology
National Education Policy (NEP) 2020: The NEP 2020 has been designed to
make India a global education hub. The policy encourages the use of technology in
education, including online education, which has opened up opportunities for edtech
companies to invest in India. The Digital India initiative is aimed at transforming
India into a digitally empowered society. The initiative has created a conducive
ecosystem for edtech companies to operate in the country. Education Quality
Upgradation and Inclusion Programme (EQUIP): EQUIP is a national program
launched by the government to improve the quality of education in India. The

32
program encourages the use of technology in education and provides funding
support to edtech startups. The government has also introduced various policies and
initiatives to promote edtech investments, such as the 'Education Sector Strategy
2030' This policy aims to digitalize education and promote online learning, which
will in turn drive edtech growth.
1.3.2 FDI incentives in Edtech field in China
China has gradually opened up its education sector to foreign investors. In
2019, the Chinese government removed the foreign ownership limit on businesses
providing online education and training courses, allowing foreign companies to
establish wholly-owned enterprises in China. The law that removed the foreign
ownership limit on businesses providing online education and training in China is
the "Foreign Investment Law" (FIL) enacted in 2019. This law replaced three
existing laws governing foreign investment in China, namely the Law on Sino-
Foreign Equity Joint Ventures, the Law on Wholly Foreign-Owned Enterprises, and
the Law on Sino-Foreign Cooperative Joint Ventures. The FIL aims to provide a
more transparent and predictable legal framework for foreign investment in China.
1.3.2.1. Incentives on investment procedures
China has designated special economic zones and free trade zones that offer
preferential policies, such as lower tax rates, streamlined administrative procedures,
and reduced regulatory barriers for foreign investors in the Edtech sector. For
example, the Hainan Free Trade Port in China offers favorable policies for Edtech
companies to attract investment. Measures for the Administration of Foreign-
Invested Education Institutions were issued by the Ministry of Education in 2003
and provide guidance on the establishment and operation of foreign-invested
education institutions in China. They apply to all levels of education, from pre-
school to tertiary education.
1.3.2.2. Financial support
Regarding financial support and grants to foreign Edtech companies, the FIL
provides a legal framework for the Chinese government's involvement. It regulates

33
the government's support and incentives for foreign companies operating in various
sectors, including Edtech. This means that Edtech companies from overseas can
potentially benefit from financial assistance and grants in China.The specific details
of the financial support and grants for foreign Edtech companies are not explicitly
outlined in the FIL itself. Instead, they may be specified in other regulations,
policies, or programs that are implemented by relevant government agencies or
departments. These entities may provide more specific guidelines and criteria for
foreign Edtech companies to access financial support or grants in China. It is
important for foreign Edtech companies interested in accessing financial support or
grants in China to stay updated on the latest regulations, policies, and programs
related to foreign investment and Edtech. Engaging with relevant government
agencies and seeking legal advice from professionals familiar with Chinese
investment laws can help navigate the specific details and requirements for financial
support and grants in the Edtech sector.
1.3.2.3. Tax preferences
China provides various tax benefits to foreign investors in the Edtech sector.
This includes corporate income tax reductions or exemptions for a certain period of
time, value-added tax (VAT) exemptions, and customs duty exemptions for
importing machinery and equipment. Foreign investors in the Edtech sector may be
eligible for reduced corporate income tax rates or exemptions for a certain period of
time. The duration and of these reductions or exemptions depend on factors such as
the location of the investment and its alignment with national development
priorities.
1.3.2.4. Promote the use of educational technology
China has recognized the potential of AI in revolutionizing education. The
government has implemented policies to support the integration of AI technologies
such as machine learning, natural language processing, and computer vision into
education systems. The Chinese government has also implemented regulations for
online education platforms and providers. These regulations aim to ensure the

34
quality of online educational content, protect students' rights, and maintain a fair
and competitive market. China has placed a strong emphasis on data security and
privacy in the Edtech sector. The government has implemented measures to
safeguard students' personal information and ensure that educational data is used
responsibly. For example the Cybersecurity Law, this law was enacted in 2017 and
regulates the use of technology in China, including in the Edtech sector. It requires
companies to store personal data of Chinese citizens within China and to undergo
security checks before launching new products or services.
Sub-conclusion of chapter 1
In conclusion, Chapter 1 provides an overview of FDI and Edtech as well as
their respective concepts and characteristics. The chapter also discusses the role of
FDI in the field of Edtech and explores the current state of investment in Edtech
worldwide. Additionally, it provides international experiences of India and China in
attracting FDI in Edtech, including their investment in Edtech companies and
government legal frameworks. Overall, this chapter lays the foundation for
understanding the theoretical background for attracting FDI in the field of Edtech.

35
VIETNAM
2.1 Overview of Edtech market in Vietnam
2.1.1 The development of Edtech in Vietnam
The evolution of EdTech in Vietnam can be divided into five stages. During
the first stage (2000-2004), the Internet became popular and online learning
platforms emerged, resulting in the development of innovative teaching methods
such as e-books, interactive videos, and online quizzes and exams. These platforms
were mainly developed by student groups and instructors. The second stage (2006-
2008) saw the emergence of companies like Hocmai, Topica, and Truongxua, which
were the first educational technology companies in Vietnam. The third stage (2010-
2012) saw the rise of over 100 EdTech projects and products, but customers were
not yet willing to pay for them. During stage four (2015-2017), technology
integration in education became more popular, and consumers were willing to pay
for online education. Finally, during the fifth stage (2020+), the COVID-19
pandemic accelerated the adoption of technology in education, resulting in the
expansion of video conference tools, online evaluations, and virtual classroom
platforms. The government also started funding the expansion of digital networks
and online educational resources (Hien N. T., 2020).
In 2018, Edtech Vietnam received a record year of investment with a total
capital of about 55 million USD (Hien N. T., 2018). Many forms of marketing and
distribution are promoted, more foreign units are interested in Vietnam's Edtech
market, e-learning for B2B thrives, Edtech products come into better quality, and
Edtech segments are implemented. Topica Edtech Group is in the Top of the world's
largest investments in education technology in 2018, bringing Vietnam into the Top
5 largest investment recipients in this field, behind China, India, the US and on par
with France.

36
Figure 7: 2018 Global Edtech Mega Deals
Source: HolonIQ 20187
According to the latest 2019 statistics of Tracxn Technologies, Vietnam has
109 start-ups operating in the Edtech field, these start-ups belong to 11 different
segments, including learning management systems, educational models for children,
platforms that provides mass online courses, learning aids, foreign language
learning platforms, educational platforms for businesses, blended education
models, school support tools, school management systems, information technology
learning platforms and exam preparation models.
According to the Foreign Investment Agency (Ministry of Planning and
Investment), in the first nine months of 2020, the total registered foreign investment
capital in the training field reached US$78.89 million, up nearly 58% over the same
period in 2019. In which, capital contribution and by share purchase foreign
investors in education reached US$51.41 million, nearly double compared to the
7
https://www.holoniq.com/notes/2018-mega-edtech-deals

37
same period in 2019. Korea, Japan, Australia, and China are stepping up their
penetration into Vietnam's Edtech market. According to Do Ventures' Vietnam
Tech Investment Report 2019-H1/2020, Edtech was the third most invested field in
Vietnam, after financial technology and e-commerce. In 2020, the edtech sector in
Vietnam received about 8 million USD in investment, there is a slowdown in
investment speed due to the epidemic. This number can only be an estimate because
there are many hidden deals that have not been announced. Some typical investment
deals: Onluyen received investment from Insignia Ventures Partners, Edu2Review
received about $200,000 through SharkTank, Elsa received $7 million from
Gradient Ventures and other investors, Topica internally invested $3.5 million in
Kidtopi, Navigos makes strategic investments in Kyna.vn and Kynabiz.vn, taking
control of Kyna's two online learning platforms.
According to Report on Vietnamese Education Technology Male 2021
coordinated by Edtech Agency in cooperation with Management Consulting
Company OCD implementation, Vietnam EdTech market attracts a large capital
flow from investors with a total investment capital of up to 20.2 million USD in
startups, ranked in the top 10 Edtech markets with the largest growth rate in the
world with 44.3%. According to a report released by Do Ventures in 2021, EdTech
is the 3rd most invested field in Vietnam in the past 8 years in the technology
sector. More than $158 million is the estimated total investment in Edtech Vietnam
in 2021. Edtech continues to be in the top 3 industries that investors care about and
pour money into. In 2020, the revenue of the edtech industry in Vietnam reach 1.5
billion USD. (Edunet.vn, 2023). Many edtech investment deals (11+ announced and
dozens of deals have not been announced), many educational technology alliances
were built, and foreign units penetrated the Vietnamese market more strongly. The
biggest Edtech & E-Learning deal of the year belonged to EQuest Education Group,
which raised $100 million from KKR. English learning app ELSA also received $15
million. In addition to EQuest and ELSA, most of the remaining Vietnamese Edtech
& E-Learning companies received investments of less than 3 million USD such as

38
MindX (3 million USD), Coder School and Clevai (2.1 million USD), Marathon
Education (1, 5 million USD), Manabie (3 million USD).
Figure 8: Top 50 Edtech platforms in Southeast Asia in 2022
Source: Vietnam Edtech report 2022 (Hien T. N., 2022)
Edupia, Elsa Speak, MindX and Edmicro are four companies that have just
entered the top 50 of the HolonIQ global education data platform rankings in 2022.
Among the four Vietnamese companies in this year's ranking, the highlight is
Edupia (Language Learning category ) - a high-quality online English program. In
particular, the news that Edupia successfully raised 14 million USD in capital in
September was also considered by HolonIQ as one of the most notable deals in the
Edtech field of Southeast Asia. In 2022, Vietnamese education technology startups
received 8 investments with a total amount of 46.8 million USD (Edunet.vn, 2023)
According to Ken Research, Vietnam is among the top 10 fastest growing
online education markets globally, Vietnam's e-learning market is expected to reach
revenue of around US$3 billion by 2023 with a compound annual growth rate of
about 20.2 percent from 2019-2023.

39
2.2.2 Edtech market segments and customers analysis
2.2.2.1 Edtech market segments
Learning Management System: A learning management system is a digital-
based platform that functions as a classroom management system for teachers. It
provides tools and features to help teachers connect with parents and students,
manage their learning progress, and share lecture content. Some examples of
popular learning management systems in Vietnam are Vooy, VNPT School, and
Kids online.
Early Childhood Education: Early childhood education platforms offer
educational exercises and games specifically designed for young children. These
platforms aim to provide interactive and engaging learning experiences to support
early childhood development. Monkey Junior is a popular example of an early
childhood education platform in Vietnam.
Broad Online Learning Platforms: Broad online learning platforms offer a
wide range of courses and resources in various fields such as math, science, career
skills, and life skills. These platforms cater to learners of all ages and provide
flexibility in terms of course selection and learning schedules. Some examples of
popular online learning platforms in Vietnam include Edumall, Kyna.vn, FUNIX,
and Unica.
Next-Gen Study Tools: Next-gen study tools are innovative learning tools that
incorporate technology to enhance studying and improve learning outcomes. LIKA
and Bigschool are examples of next-gen study tools that offer features such as
personalized study plans, interactive learning materials, and progress tracking.
Language Learning: Language learning platforms are specifically designed to
support users in learning foreign languages in a simple and convenient way. In
Vietnam, there are several notable companies in this segment including Topica
Native, ELSA Speak, 123 Tieng Anh, Rockit online, and Antoree. These platforms
often utilize features such as speech recognition technology, interactive lessons, and
personalized learning paths to facilitate language learning.

40
Enterprise Learning: Enterprise learning platforms cater to organizations and
businesses, offering tools and services to design and distribute training content.
MANA is a notable company in Vietnam that provides enterprise learning solutions,
helping businesses effectively train their employees and enhance their skills.
Online to Offline: Online to Offline platforms bridge the gap between online
and offline learning experiences. GotIt! is a pioneer in this segment in the
Vietnamese market, offering a solution to connect users, mainly students, with
study experts through smartphone applications. This allows students to receive
personalized assistance and guidance from experts in real-time.
Next-Gen Schools: Next-gen schools, such as Everest Education in Vietnam,
provide a unique educational experience by teaching and learning primarily in
English. Students attending these schools have the opportunity to transfer to an
international educational environment, such as bilingual schools, international
schools, or study abroad programs.
School Administration: School administration tools assist schools in managing
administrative tasks and ensuring compliance with general policies and regulations.
In Vietnam, notable school administration platforms include VNPT School and
SMAS, which provide features such as student data management, attendance
tracking, and communication tools for teachers, students, and parents.
Tech Learning: Tech learning platforms focus on supporting users in learning
programming and other information technology skills. Examples of tech learning
platforms in Vietnam include CoderSchool, Mclass, and Code4Startup. These
platforms offer coding courses, tutorials, and resources to help individuals develop
their technical skills.
Test Preparation: Test preparation platforms offer programs specifically
designed to help 12th-grade students prepare for university entrance exams. In
Vietnam, popular test preparation platforms include Violympic, Hoc Mai, Viettel
Study, Moon, Enrollment 247, and goIOE. These platforms provide practice tests,
study materials, and guidance to help students succeed in their exams.

41
2.2.2.2 Customers analysis
Schools and educational institutions: This includes public and private schools,
universities, colleges, and vocational training centers. These customers are looking
for technology solutions to enhance their teaching methods, improve student
engagement, and streamline administrative tasks. They often require a range of
products/services, such as learning management systems, digital textbooks,
interactive whiteboards, online assessment tools, and virtual reality/augmented
reality applications.
Teachers and educators: Within schools and educational institutions, teachers
and educators are the end-users of education technology products/services. They are
seeking tools and services that can help them create interactive lessons, track
student progress, provide personalized learning experiences, and facilitate
communication with students and parents. They may also be interested in
professional development resources and training programs related to technology
integration in the classroom.
Parents and students: Parents in Vietnam are increasingly recognizing the
benefits of technology in education and are willing to invest in tools and services
that can supplement their child's learning. They are interested in apps, online
platforms, and digital content that can support their child's academic growth,
provide additional practice materials, or offer tutoring services. Students themselves
may also be direct customers, especially in higher education settings, where they
seek technology solutions to aid their self-study and improve their academic
performance.
Government bodies and policymakers: The Vietnamese government plays a
significant role in shaping the education system and implementing policies related
to technology integration. Government bodies and policymakers are interested in
education technology products/services that align with national educational goals,
support curriculum reforms, and enhance the overall quality of education in the

42
country. They may also provide funding opportunities or create regulations that
impact the adoption of education technology in schools.
Education technology startups and companies: Vietnam has a growing
number of education technology startups and companies that develop and provide
innovative products/services in this field. These startups and companies may be
potential customers themselves, as they seek to partner with or acquire technologies
that can complement their existing offerings. Additionally, they may also be
competitors in the market, offering similar products/services to cater to the needs of
schools, teachers, and students.
2.2 Overview of FDI in Edtech in Vietnam
2.2.1 Factors affecting FDI in Edtech in Vietnam
The reasons behind the increasing investments in Edtech in Vietnam align
with the overall trend of growth in Asia and Southeast Asia. One of the main factors
is the growing need for multimedia content and affordable and efficient learning
options. Additionally, the demographic and economic factors in Vietnam, such as a
significant young population, high ownership of devices, high internet usage, and a
stable economy, all contribute to the thriving EdTech industry in the country.
A large population: With a population of 98.56 million, a significant portion
of which (45,1%) falls within the 5 to 34 years age group, there is a sizable market
for Edtech companies to target. (KEMP, 2022). These individuals are more likely to
be tech-savvy and open to utilizing digital learning platforms, making the Edtech
sector highly attractive. This age group is generally more open to utilizing
technology in various aspects of their lives, including education. They are more
likely to be familiar with digital devices, comfortable with online platforms, and
eager to explore new ways of learning.
High internet penetration rates: The fact that internet users make up 73.2% of
the total population indicates a high level of internet penetration in your country.
This suggests that there is a strong digital infrastructure in place, which is crucial
for the success of Edtech businesses. Foreign investors may be more inclined to

43
invest in a country with a high internet penetration rate as it enables easier access to
online education platforms. The average daily time spent using the internet by each
internet user, which is 6 hours and 39 minutes, demonstrates a significant level of
engagement with digital resources. This implies a high demand for online education
services and content. Investors are likely to see this as an opportunity to capitalize
on the growing demand for Edtech solutions. The education technology industry in
Vietnam is being boosted by the growing demand for online learning. The COVID-
19 pandemic has led to a surge in acceptance of online learning among Vietnamese
people, prompting schools and institutions to adopt distance learning to comply
with social distancing measures. As a result, 79.7% of students in Vietnam have
engaged in online learning, and over 50% of higher education institutions have
implemented online learning platforms. (Dat, 2021)
A strong demand for education: Vietnam has been recognized as having the
highest level of investment in education and training worldwide in recent times. As
per Bain & Company, the average Vietnamese family spends approximately 20% of
their disposable income on their children's education, a rate higher than other
Southeast Asian countries, except for Malaysia. The General Statistics Office
reveals a 2.3 times increase in yearly education spending over the past decade, with
an estimated increase to 7.3 million VND/student in 2021. According to the
Vietnam National Institute of Educational Sciences, Vietnam devoted 4.9% of its
GDP to education between 2011-2020, exceeding the percentage spent by
neighboring countries like Singapore, Laos, and Cambodia. Parents' willingness to
invest in their children's education is a factor attracting Edtech investors in
Vietnam.
Scalability and profitability: the scalability and profitability of an Edtech
company in Vietnam depend on factors such as market potential, competition,
revenue streams, operational efficiencies, monetization strategy, regulatory
environment, and financial performance. The young population and the demand for
high-tech applications will help Edtech companies be ready to invest in the Edtech
Vietnam market and the market has the ability to scale up. However, in terms of

44
profit, investment in education is a long-term investment, investors will take a while
before earning a profit. Cao Xuan Hoai Vuong, CEO of start-up Unica, said that
businesses need to determine that this is a long-term "adventure", which may take
5-10 years or even longer to succeed (An, 2023). However, most venture capital
funds are not patient enough because the pressure to profit is always heavy.
Therefore, Edtech startups need to have clear goals and strategies to overcome that
challenge. The more vibrant the Edtech market, means that more and more startups
will join and compete at all costs.
Policy and Regulatory Environment: The Vietnamese government has
recognized the importance of technology in education and has taken steps to support
the development of Edtech in the country. For example, the government has
launched initiatives to promote the use of technology in classrooms and has
provided funding to Edtech startups. However, more support is needed to help the
sector reach its full potential. Elements of Policy and Regulatory Environment will
be further analyzed and clarified later in the thesis.
Skilled Workforce: The total number of human resources in the entire IT-
electronics and telecommunications industry reaches more than 1 million people.
However, IT human resources are not enough to meet the needs of the market, it is
forecasted that from now to 2024, Vietnam will lack about 150,000 to 200,000 IT
engineers per year (Chung, 2023). According to experts, this shortage is partly
caused by the quality of the labor force, which, although large, has not met the
recruitment requirements of domestic and foreign enterprises. One of the
weaknesses leading to limitations of IT workers is foreign languages, especially
English.
Market Competition: The key players in the Vietnamese Edtech market
include both local and international companies. Local companies have established a
strong presence in the market. International players such as Coursera, Udemy, and
Khan Academy have also entered the Vietnamese market, offering globally
recognized courses and certifications. The competition in the Vietnamese Edtech
market is fierce, with both local and international players vying for market share.

45
Foreign enterprises are allowed to participate in a fairly fair playing field when
investing in Vietnam market, thus increasing the attractiveness of the market to
foreign investors.
2.2.2 Typical FDI deals in Edtech in Vietnam
EdTech in Vietnam now inherits a lot from the world Edtech background.
Besides the products of foreign companies imported into Vietnam, domestic
companies also gradually asserted the position of domestic products in the home
market. Companies registering new businesses in this area are growing rapidly. In
which, many companies have experience in developing products and transforming
learning models to suit the economic and educational conditions of domestic
schools.
Table 1: Top investments on Edtech in Vietnam
Company Investment
value
Investors Country of
origin
Topica Edtech
group
≈ $50M Northstar Group Singapore
Elsa
≈ $22M Gradient Ventures, SOSV, SIG
Venture Capital, SIG Venture
Capital
United States
Monk's Hill Ventures Singapore
Mindx
≈ $18,5M ESP Capital, Wavemaker Partners,
Kaizenvest Fund
Singapore
Aksorn Education Group Thailand
Mynavi Japan
Edupia
≈ $16M Redefine Capital Fund, Jungle
Ventures
Singapore
eWTP Capital China
Everest
Education
≈ $5M Hendale Capital Hong Kong
Nullabor Singapore
Teky Alpha ≈ $5M Sweef Capital Singapore

46
Strategy Year Holdings Hong Kong
Coder school
≈ $2,6M Strive Venture, iSeed Ventures United States
Monk's Hill Ventures, XA
Network
Singapore
Azota ≈ $2.4M GGV Capital Singapore
Nextrans fund Korea
Marathon
Education
≈ $1.5M Y Combinator United States
Source: Compiled by the author
Topica Edtech Group is a leading online education technology company based
in Vietnam. It was founded in 2008 with the aim of transforming the education
landscape in Southeast Asia by leveraging technology to provide accessible and
high-quality education solutions. One of the key reasons why Topica Edtech Group
has succeeded in attracting foreign direct investment (FDI) is its innovative
approach to online education. The company has developed a range of interactive
learning platforms and digital tools that cater to various educational needs. These
platforms include Topica Uni, which offers university-level courses, Topica Native,
an English language learning platform, and Topica Founder Institute, a startup
accelerator program. The success of Topica Edtech Group can be attributed to
several factors. The education industry in Southeast Asia is witnessing significant
growth, driven by the region's young population and increasing demand for quality
education. Topica Edtech Group has capitalized on this market potential and
positioned itself as a key player in the online education space. The company has
demonstrated a deep understanding of technology and its potential to enhance
learning outcomes. By leveraging technologies such as artificial intelligence,
machine learning, and big data analytics, Topica Edtech Group has been able to
provide personalized and engaging learning experiences to its users. Topica Edtech
Group has formed strategic partnerships with leading educational institutions and
organizations both within and outside Vietnam. These partnerships not only
enhance the company's credibility but also provide access to a wider network of

47
resources and expertise. Over the years, Topica Edtech Group has established a
strong track record of success. The company has received numerous accolades and
recognition for its innovative solutions and commitment to quality education. This
track record has instilled confidence in investors and has made the company an
attractive investment opportunity. In addition to its domestic market in Vietnam,
Topica Edtech Group has successfully expanded its operations to other countries in
Southeast Asia, such as Indonesia, Thailand, and the Philippines. This expansion
has not only increased the company's market reach but has also attracted foreign
investors looking to tap into the growing education markets in these countries.
Overall, Topica Edtech Group's success in attracting foreign direct investment can
be attributed to its innovative approach to online education, strong market potential,
technological expertise, strategic partnerships, track record of success, and
expansion into new markets.
Elsa, also known as English Language Speech Assistant, is a leading app-
based English learning platform that has successfully attracted foreign direct
investment (FDI) in Vietnam. First, it is important to note that Vietnam has been an
attractive destination for FDI due to its rapidly growing economy, favorable
business environment, and a large pool of young, tech-savvy population. These
factors have made it an ideal market for tech-focused companies like Elsa to enter
and flourish. Elsa Vietnam's success in attracting FDI can be attributed to several
key factors. Elsa leverages cutting-edge technology, including artificial intelligence
(AI) and machine learning, to provide personalized English language learning
experiences. Its speech recognition technology helps users improve their
pronunciation and fluency in English, making it a unique and effective tool for
language learners. Vietnam is a country with a high demand for English language
proficiency. The English language learning market in Vietnam is estimated to be
worth billions of dollars, and this potential has attracted foreign investors who see
the opportunity to tap into this growing market. Elsa Vietnam has formed strategic
partnerships with various local and international organizations. These partnerships
have helped them expand their reach, gain credibility, and attract foreign investors.

ATTRACTING FOREIGN DIRECT INVESTMENT IN THE FIELD OF EDUCATIONAL TECHNOLOGY IN VIETNAM

ATTRACTING FOREIGN DIRECT INVESTMENT IN THE FIELD OF EDUCATIONAL TECHNOLOGY IN VIETNAM

Recommended

Recommended

More Related Content

Similar to ATTRACTING FOREIGN DIRECT INVESTMENT IN THE FIELD OF EDUCATIONAL TECHNOLOGY IN VIETNAM

Similar to ATTRACTING FOREIGN DIRECT INVESTMENT IN THE FIELD OF EDUCATIONAL TECHNOLOGY IN VIETNAM (20)

More from lamluanvan.net Viết thuê luận văn

More from lamluanvan.net Viết thuê luận văn (20)

Recently uploaded

Recently uploaded (20)

ATTRACTING FOREIGN DIRECT INVESTMENT IN THE FIELD OF EDUCATIONAL TECHNOLOGY IN VIETNAM