Ludi Joseph                
Phone: (202) 473-7700 - Fax: (202) 974 4384        E-mail: ljoseph@ifc.org


WASHINGTON, D.C., March 2, 2004—RMIT International University Vietnam, which received financing support from the International Finance Corporation (IFC), has become the first recipient of Vietnam’s “Golden Dragon Prize 2003” in the field of education. This prestigious prize is awarded to foreign-invested businesses in Vietnam for industry excellence. This is the first time that education has been included in the Golden Dragon awards and RMIT International University Vietnam is the inaugural winner.

Mr. Guy Ellena, Director of IFC's Health and Education Department, said he was delighted to hear about the award.  “RMIT enables thousands of Vietnamese and many foreign students to obtain modern, high quality college education which contributes to making the workforce globally competitive, and promotes private sector participation in the provision and financing of education services.”

IFC, the private sector arm of the World Bank Group, has invested $7.25 million in RMIT to help construct and operate a new university campus, introduce new standards for quality assurance of higher education, and a new teaching and learning framework combining classroom lectures and multimedia-based learning materials. In addition, as part of the investment preparation, technical assistance was provided to assist RMIT with the preparation of a Resettlement Action Plan (RAP), with funding from AusAID through IFC's Technical Assistance Trust Funds Program.

RMIT President, Michael Mann, said, “We are delighted to win this award.  Not only does it recognize the hard work and efforts of all our staff and students, but it is an important acknowledgement that RMIT Vietnam is leading the way in international education in Vietnam. Our aims are very clear—to provide relevant education, practical training, and research to assist Vietnam’s economic and social development. RMIT Vietnam is training the managers of the future and it is particularly pleasing that we have been recognized for doing this and for our contribution to Vietnam.”

Forty foreign-invested businesses were chosen for the third annual Golden Dragon Prize, which recognizes and rewards high profile companies that provide premium products and/or services. The businesses are divided into ten distinct industry groups, including agriculture and foodstuffs, chemicals, electronics, information technology and telecommunications, banking and finance, insurance and financial services, petroleum, education and health services and textiles, garments and footwear.  Over 5,000 people voted to select the 40 top companies from the 2,800 foreign enterprises in Vietnam.  

Announcing the prize winners, Professor Dao Nguyen Cat, editorial director of Vietnam Economic Times, the major sponsor of the awards, commented, “These awards show the government's high appreciation of the role of foreign-invested businesses and their contribution to the economic development as well as their transfer of advanced technologies, business and management experiences to Vietnamese workers”.

The prize is held annually by Vietnam Economic Times in conjunction with the Vietnamese Ministries of Planning and Investment, Trade and Culture and Information. After the success of the prizes in 2001 and 2002, the Golden Dragon Prize has become a benchmark for excellence amongst the foreign business community. Other recipients of the award included companies such as Mercedes, Sony, Citibank, Unilever, ICI, Shell, BP, Ford, HP, and IBM.  

The mission of IFC (www.ifc.org) is to promote sustainable private sector investment in developing countries, helping to reduce poverty and improve people’s lives. IFC finances private sector investments in the developing world, mobilizes capital in the international financial markets, helps clients improve social and environmental sustainability, and provides technical assistance and advice to governments and businesses. From its founding in 1956 through FY03, IFC has committed more than $37 billion of its own funds and arranged $22 billion in syndications for 2,990 companies in 140 developing countries. IFC’s worldwide committed portfolio as of FY03 was $16.8 billion for its own account and $6.6 billion held for participants in loan syndications.