The Ho Chi Minh City Development Joint Stock Commercial Bank (HDBank) has agreed to provide Fulbright University Vietnam with reciprocal capital of US$20 million for building new facilities, invest in scientific research and promote innovation.

The two sides signed an agreement for this on September 10 in Hà Nội at a ceremony organised within the framework of activities on the occasion of US President Joe Biden's state visit to Việt Nam.

In the joint Leaders’ Statement on elevating the United States-Việt Nam relations to a comprehensive strategic partnership, the leaders of the two countries “applauded the work of Fulbright University Việt Nam and its growing role as a regional hub for public policy training.”

The signing ceremony was attended by John Kerry, the US Special Presidential Envoy for Climate, and Scott Nathan, chief executive officer of the US International Development Finance Corporation (DFC).

Under the agreement, the committed capital from HDBank will be used to match the loan from the DFC to build Fulbright University at the Saigon High-Tech Park.

According to HDBank, the agreement has great significance as it marks an important development step between a large commercial bank in Việt Nam and the first American liberal arts university in Việt Nam.

It is also a very significant event on the occasion of the 10th anniversary of the Việt Nam - US comprehensive partnership and in the spirit of the two countries’ comprehensive strategic partnership.

The agreement once again underlines HDBank's commitment and special attention to education and the FUV’s mission of inspiring new generations of leaders to create positive changes in Việt Nam and beyond.

Dr Scott Fritzen, president of Fulbright University Vietnam, said the partnership would help realise many projects Fulbright has planned in its development strategy.

“We are very excited about the changes that this partnership will bring. The reciprocal capital will accelerate the process of building and developing advanced facilities at Fulbright University, helping us quickly realise our goal of becoming a leading academic, research and innovation hub in Việt Nam.”

Phạm Quốc Thanh, CEO of HDBank, said: "Through the agreement with Fulbright University Vietnam, HDBank fulfils its commitment to supporting education, science and innovation in Việt Nam.

“We believe that this funding will significantly contribute to the development of Fulbright University Vietnam and thereby shape the country's technological and academic landscape, promoting development."

HDBank is one of Việt Nam's leading financial institutions and has a firm commitment to supporting education, innovation and national development.

Its mission is to provide financial solutions that help individuals and businesses grow and prosper.

Founded in 2016 as a result of the Việt Nam-US partnership, Fulbright University Vietnam is Việt Nam's first independent, not-for-profit liberal arts university.

Globally integrated but deeply embedded in Vietnamese society, Fulbright is dedicated to providing a world-class education, utilising the latest advancements in institutional design, teaching, learning, technology, and other fields to create an institution that is both innovative and globally relevant.

It is committed to serving Vietnamese society through rigorous research and responsible civic engagement. — VNS