High school students and a foreign teacher pose at the opening ceremony of Vinschool in Ha Noi. Vingroup pledges to reinvest 100 per cent profit from Vinmec and Vinschool for public sector research and development. – Photo Vingroup

HA NOI (Biz Hub) – Viet Nam's Vingroup Joint Stock Company (Vingroup JSC) announced a change in the Vinmec and Vinschool models to nonprofit and pledged to use 100 per cent profit for reinvestment in society.

Vingroup JSC committed to spending 100 per cent profit from Vinmec, a private healthcare model, and Vinschool, a private education system, on reinvestment in system development and enhancement, particularly human resource development, scientific research, technology transfer, infrastructure upgrade and international cooperation.

Vingroup JSC expected to further contribute to Viet Nam's healthcare and education, and improve living standards through its decision to switch to the nonprofit model.

The company also pledged to not retrieve an invested amount of more than VND4 trillion (US$179 million) in Vinmec and Vinschool construction throughout the country, including construction, machinery, personnel, intellectual property and technology transfer costs.

The company will continue to sponsor some VND5 trillion (US$224 million) to build two nonprofit universities, Vinmec Medical School and International VinUniveristy.

Vinmec and Vinschool are just two out of Vingroup's six core fields of operation, determined to operate based on the nonprofit model.

Vinmec medical system and Vinschool are leading national brands in the healthcare and education sectors. – VNS