Victoria University of Bangladesh was founded in May 2003 by businessman K B M Moin Uddin Chisty. Instruction began with the Spring 2004 semester in two faculties. By 2018, the university had three faculties with a total of nine departments, and enrollment was 510. Approximately 60% of students were pursuing degrees in business administration, 25% in arts and humanities, and 15% in engineering and technology. About one quarter of the students were female. Private universities are required by law to move to a permanent campus within 12 years of their launch. VUB failed to do so, despite repeated warnings from the UGC and extensions of the deadline. Consequently, in January 2023, the UGC asked the university to stop enrolling new students. In April 2023, VUB was operating with no approved vice-chancellor, pro-vice-chancellor, or treasurer.