RMIT Vietnam is a new entity founded by RMIT to develop its university campus in Vietnam. The first phase of the proposed project, after being developed, will be able to accommodate up to 3,000 students and staff. The project will be the first for-profit, wholly foreign-owned university in the country. The government of Vietnam promulgated, on March 6, 2000, a new decree governing wholly foreign-owned, for-profit, medical, educational, and technical training institutions. RMIT Vietnam is the first company licensed under this decree.The project will alleviate the acute shortage of high-quality colleges and universities in Vietnam. Only one out of six applicants can enter a college or a university in Vietnam at present, which leaves every year one million candidates to either prepare for the next year's exams or look for jobs. In addition, Vietnam has a huge shortage of people with foreign languages, business management, computer and other technical skills. The project, by providing degree programs, and short-term foreign languages and professional training adapted to the market needs, will make significant contribution to the development of human capital in Vietnam. It will also make it possible for thousands of Vietnamese students, who do not have the financial means to study abroad, to receive western-style university education in Vietnam. The project will help enhance the quality of higher education in Vietnam by introducing well-developed academic programs, quality assurance systems, and professional management, at the level of those offered in Australia. The project could provide an example to replicate for the Vietnamese regulatory authorities and public universities. The successful implementation of this venture will demonstrate that the environment for foreign investments in Vietnam is improving.