1. Why did AISVN fall into crisis?

The American International School Vietnam (AISVN) is facing a severe financial collapse.

According to estimated figures:

• Total Debt: approximately 6,000 – 6,400 billion VND

• Asset Value: only approximately 1,500 – 2,200 billion VND

This means:

👉 If the school goes bankrupt, all remaining assets will be prioritized to pay:

• Banks

• State obligations

• Employee salaries

Parents—who are unsecured creditors—will be at the bottom of the list and will have almost no voice regarding their lost funds.

Therefore, if we simply wait or pursue individual lawsuits, the chances of recovery are virtually non-existent.

We need a different approach: The AIST Solution.

Even if the recovery is unsuccessful, we remain the largest creditor bloc, holding veto power over any decisions regarding the liquidation of the school's assets.

2. What is the AIST Solution?

AIST (AISVN Together) is a non-profit social enterprise initiated by parents, established to:

• Unite the power of the parent community.

• Represent parents throughout the negotiation process.

• Participate in restructuring the school.

• Oversee operations once the school is restored.

The goal of AIST is:

To transform parents from "creditors at risk of total loss" into "shareholders with oversight authority within the school."

3. How the AIST Solution Works

The core of the AIST solution is: Debt-to-Equity Swap

Instead of allowing the school to go bankrupt, the plan consists of:

Step 1:

Parents joining AIST authorize the organization to represent their debt in negotiations.

By consolidating the parent community, we will become the largest creditor bloc of the school.

Step 2:

Invite a strategic investor. The investor will:

• Inject 600 – 1,000 billion VND in cash (subject to negotiations)

• Settle urgent outstanding debts.

• Provide working capital for the school’s operations

In exchange, they will gain operational control to restore and revitalize the school.

Step 3:

Establish a new operational legal entity (tentatively named AISVN Holding)

This new entity will:

• Take over the school’s operations

• Operate under a more transparent financial structure

• Ensure the continuity of teaching and learning for all students

4. The Role of Parents in the New Model

Through AIST, parents will:

• Swap debts for equity shares and tuition vouchers

• Have representation on the Board of Directors

• Hold the right to oversee financial matters and educational quality

This enables parents to:

• Have a decisive voice in the school’s management

• Have the opportunity to recover their invested value over time, while ensuring students can return to school

5. Benefits for Participating Parents

Depending on the final voted plan and negotiations with the Investor, parents may receive:

1️⃣ Equity Shares in the new operational legal entity

2️⃣ Tuition Vouchers equivalent to the debt value, and 50% tuition discount vouchers for official courses, which can be used or transferred.

3️⃣ Appreciation of Share Value over time as the school recovers and grows.

6. AIST Operating Principles

AIST is built on 3 core principles: Non-profit Status, 100% of the surplus will be dedicated to:

• Gradually reimbursing parents.

• Enhancing educational quality.

Absolute Transparency:

• Public financial reporting

• Independent auditing

• Full access to information for all participating parents

Community-Driven Decision Making:

All major issues must be approved by the majority of parents.

Parents who do not reach a consensus have the right to withdraw their authorization at any time

7. Why is AIST the most viable path forward?

In the event of bankruptcy:

❌ Loss of funds

❌ Loss of the school
❌ Students forced to transfer schools

In the event of successful restructuring:

✔ The school is revitalized
✔ Students continue their education in a stable environment
✔ Parents have the opportunity to recover their invested value

This is not a perfect solution, but it is the most realistic path to save what can still be saved.

8. Let’s Act Together

The AIST solution can only succeed when the parent community stands united.

The more parents join us:

• The stronger our voice become

• The greater our negotiating power

• The higher and faster the chances of the school’s recovery

AISVN may be at risk... but if we stand together, we still have a chance to save it.