An Oxford University College is to change its name after receiving the first part of a £155m philanthropy donation.

Linacre College announced on Monday they will approach the Privy Council to change its name after receiving the first donation of £50m.

The College will be renamed Thao College in honour of its benefactor, SOVICO Group chairwoman Madam Nguyen Thi Phuong Thao, the richest woman in Vietnam.

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The change is meant to take place following the signing of a memorandum of understanding with SOVICO Group.

According to the College, the donation will have a “transformative effect”, since it has one of the smallest endowments in the University.

“We are delighted that a significant part of the donation will be for our general endowment fund, to help support the daily running of College.”

The donation will go towards the construction of a new graduate centre, and fund graduate access scholarships.

The graduate college, founded in 1962 as a graduate society for men and women, and is named after the Renaissance humanist, medical scientist and classicist Thomas Linacre.

Nguyen Thi Phuong Thao has an estimated net worth of $2.7 billion; alongside her position as President of SOVICO Group, she has investments in HD Bank and real estate, including three beach resorts.

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