Circular 35/2026/TT-BGDĐT Guides Public-Private Partnership (PPP) Investment in Education and Training
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Based on:35/2026/TT-BGDĐT - Government Official Gazette
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The Ministry of Education and Training issued Circular No. 35/2026/TT-BGDĐT dated April 21, 2026, guiding certain aspects of Public-Private Partnership (PPP) investment activities for general education projects (preschool, primary, and lower-secondary schools). The circular does not apply to vocational or continuing education. It sets out how to calculate a project's socio-economic efficiency indicators (economic net present value ENPV, benefit-cost ratio BCR, economic internal rate of return EIRR); an equity-return framework for investors using the formula i = iv + f (where iv is the borrowing rate referenced from at least three state-owned commercial banks and f is the 10-year average CPI inflation rate); quality-assessment criteria for school facilities delivered by the project enterprise; and the depreciation period for infrastructure under Build-Operate-Transfer (BOT) contracts, applied per Circular No. 23/2023/TT-BTC. The circular also guides the methods and criteria for evaluating bids and proposals in investor selection (open bidding, competitive negotiation, direct appointment, or special-case selection), and issues a standard BOT contract template as an appendix. It takes effect on June 6, 2026. The parties affected are mainly investors and project enterprises bidding on PPP school-construction projects, not general tax, accounting, or invoicing rules that apply to typical SMEs.
Overview
Circular No. 35/2026/TT-BGDĐT, dated April 21, 2026 and signed by Minister of Education and Training Hoang Minh Son, guides certain aspects of Public-Private Partnership (PPP) investment activities in the education and training sector. It is issued under the PPP Investment Law No. 64/2020/QH14 (as amended) and Decrees No. 243/2025/ND-CP and No. 312/2025/ND-CP.
Scope and applicability
The circular guides: (i) content required in pre-feasibility and feasibility study reports; (ii) methods and criteria for evaluating bid dossiers; and (iii) the standard Build-Operate-Transfer (BOT) contract template. It applies to PPP projects in general education (preschool, primary, lower-secondary) and does not apply to vocational or continuing education.
Socio-economic efficiency indicators
Education PPP projects must calculate three indicators: economic net present value (ENPV), benefit-cost ratio (BCR), and economic internal rate of return (EIRR), following the templates in Appendices I and II of Decree No. 243/2025/ND-CP. Socio-economic benefits fall into three groups: quantifiable and monetizable benefits (e.g., reduced operating costs, travel time, healthcare costs); quantifiable but non-monetizable benefits (e.g., school enrollment rates, learning outcomes); and qualitative-only benefits (e.g., improved public education levels, gender equality, access for disadvantaged groups).
Investor equity-return framework
The maximum cost of equity is calculated as i = iv + f, where iv is the medium/long-term lending rate referenced from at least three state-owned commercial banks (determined within the three months before the feasibility report is prepared), and f is the average 10-year CPI inflation rate (excluding years with major swings). An investor's return on equity in the financial plan must fall within this band: no higher than i, and no lower than iv. This band is only a basis for preparing the feasibility study and does not govern the investor-selection process itself.
Facility quality standards and depreciation
Quality indicators for infrastructure delivered by the project enterprise cover compliance with design, construction, operation, and maintenance regulations (per Article 59 of the PPP Law and Decree No. 06/2021/ND-CP) and product/service quality per the project contract. Appendix I of the circular details facility standards by education level (preschool, primary, lower-secondary), referencing Circulars No. 13/2020/TT-BGDĐT, 23/2024/TT-BGDĐT, 14/2020/TT-BGDĐT, and 16/2022/TT-BGDĐT on land area, classroom counts, specialized rooms, restroom ratios, libraries, and technical infrastructure. For BOT contracts, the depreciation period for infrastructure follows the Ministry of Finance's Circular No. 23/2023/TT-BTC on managing and calculating depreciation of fixed assets.
Bid evaluation and contract template
The circular guides bid/proposal evaluation for each investor-selection method: open bidding and competitive negotiation (per Article 49 of Decree No. 243/2025/ND-CP); direct appointment (point d, clause 2, Article 56); and special-case selection (Articles 57-58). Capacity and technical evaluation methods follow Decree No. 243/2025/ND-CP and Circular No. 98/2025/TT-BTC. For financial-commercial evaluation, the bid solicitor must choose one comparison/ranking method: lowest proposed public-service price/fee; lowest state capital support requested; highest social benefit (highest budget contribution or shortest contract term); or a combination of criteria. The BOT contract template is issued as Appendix III of the circular; other contract types follow the guidance in Appendix III of Decree No. 243/2025/ND-CP.
Transitional provisions and effective date
The circular sets transitional rules for bid dossiers already approved but not yet issued, already issued but without an approved investor-selection result, already approved but not yet contracted, and projects already under signed contracts before the circular's effective date (which continue under their existing contracts, with future amendments following the new circular). The circular takes effect on June 6, 2026.
Business relevance note
This circular mainly affects investors and project enterprises bidding on PPP school-construction projects (preschool, primary, lower-secondary), rather than general VAT, corporate income tax, e-invoice, labor, or customs rules that apply broadly to SMEs.