Vietnam MICE Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 5.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Vietnam MICE Market Analysis
Vietnam MICE Industry is poised to grow at a CAGR of 5% during the forecast period.
The outbreak of the COVID-19 pandemic caused a major threat to the MICE industry in Vietnam and globally. In Vietnam, the government was very quick to take action to stop the spread of the virus. The pandemic strongly impacted the tourism industry, events in general, and the MICE tourism industry in particular, but it also promoted innovation and technology application initiatives in Vietnam. Vietnam Events is shaping the future of MICE Vietnam's industry in Asia with rigorous organizational processes and innovative solutions for the entire journey of the tourists.
Vietnam MICE tourism has become a hub owing to its advantages of natural landscapes and many attractive destinations and accommodation facilities that can facilitate many tourists, including some 5-star luxury resorts with beautiful beaches suitable for events and team building. Many people choose the country because of its convenient geographical location, ease of moving, warm climate, fewer natural disasters, beautiful natural landscapes, and friendly people. MICE tourism is such a place to organize conference activities, sightseeing, and relaxation. This market is expected to have significant in the future.
Vietnam MICE Market Trends
This section covers the major market trends shaping the Vietnam MICE Market according to our research experts:
Growth in the Number of Companies is Surging the Market
The MICE industry in Vietnam consists of various organizers and suppliers that manage and deliver meetings, conferences, exhibitions, and other related events to achieve a range of professional, business, cultural, or academic objectives. An increase in the presence of corporate industries is observed in this country. This is due to the massive growth of business activities, such as client meetings, brand promotions, employee training activities, and others, which will drive the growth of this market in Vietnam. Additionally, a rise in government initiatives will promote SMEs, and liberalization of market entry to increase FDIs is anticipated to boost market growth further.
Growth In Tourism is Driving the Market
Tourism is one of Vietnam's most important revenue-generating industries, and the economy relies heavily on domestic travel to generate significant income. In today's time, the disposable income of consumers has increased significantly, allowing them to afford these travels. MICE tourism in Vietnam is no longer a strange concept to many people. According to the Travel Department of the Vietnam National Administration of Tourism, the MICE tourism form is always considered to have potential. MICE helped Thanh Hoa continue its momentum in tourism development, taking only six months to complete 74% of its target of welcoming 10 million visitors in 2022. On July 15, 2022, Ho Chi Minh City welcomed a delegation of 460 guests from India, one of the largest international MICE delegations ever to Vietnam. The delegation was welcomed at the airport and had a private welcome ceremony organized by the city.
Vietnam MICE Industry Overview
The Vietnam MICE Industry is a fragmented market. It has the presence of considerable regional and local players. Major players in this market are EXO Travel, ACT Vietnam Travel, Asia Top Travel, Vietnam MICE Travel, and Vietnam Alive.
Vietnam MICE Market Leaders
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EXO Travel
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ACT Vietnam Travel
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Asia Top Travel
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Vietnam MICE Travel
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Vietnam Alive
*Disclaimer: Major Players sorted in no particular order
Vietnam MICE Market News
- July 2022: The launch of WTC Binh Duong New City Expo (WTC Expo) was scheduled for August 8, 2022, in Binh Duong, Vietnam. The WTC Expo was constructed over 22,000 square meters and included an indoor exhibition area of 11,617 square meters to host MICE-related events in the Binh Duong Province.
- June 2022: The Korean Tourism Organization (KTO) conducted an event in Vietnam that attracted 25 travel agencies, businesses, and localities from Korea to Vietnam. The event was conducted to set up connections with travel management agencies in Vietnam and nurture the growth of the MICE sector in the country.
Vietnam MICE Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Deliverables
- 1.2 Study Assumptions
- 1.3 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS AND DYNAMICS
- 4.1 Market Overview
- 4.2 Market Drivers
- 4.3 Market Restraints
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4.4 Porter's Five Forces Analysis
- 4.4.1 Threat of New Entrants
- 4.4.2 Bargaining Power of Buyers/Consumers
- 4.4.3 Bargaining Power of Suppliers
- 4.4.4 Threat of Substitute Products
- 4.4.5 Intensity of Competitive Rivalry
- 4.5 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
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5.1 By Event Type
- 5.1.1 Meetings
- 5.1.2 Incentives
- 5.1.3 Conventions
- 5.1.4 Exhibitions
6. COMPETITIVE LANDSCAPE
- 6.1 Market Concentration Overview
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6.2 Company Profiles
- 6.2.1 EXO Travel
- 6.2.2 ACT Vietnam Travel
- 6.2.3 Asia Top Travel
- 6.2.4 Vietnam MICE Travel
- 6.2.5 Vietnam Alive*
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. DISCLAIMER AND ABOUT US
** Subject To AvailablityVietnam MICE Industry Segmentation
The term MICE is the acronym for meetings, incentives, conferences, and exhibitions tourism. It is a type of tourism in which large groups, usually planned well in advance, are brought together. It is also known as business tourism or business events. The Vietnam MICE industry is segmented by event type (meetings, incentives, incentives, conventions, and exhibitions) and by application (academic field, business field, and political field).
| By Event Type | Meetings |
| Incentives | |
| Conventions | |
| Exhibitions |
Vietnam MICE Market Research FAQs
What is the current Vietnam MICE Market size?
The Vietnam MICE Market is projected to register a CAGR of greater than 5% during the forecast period (2024-2029)
Who are the key players in Vietnam MICE Market?
EXO Travel, ACT Vietnam Travel, Asia Top Travel, Vietnam MICE Travel and Vietnam Alive are the major companies operating in the Vietnam MICE Market.
What years does this Vietnam MICE Market cover?
The report covers the Vietnam MICE Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Vietnam MICE Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
What factors are driving the growth of the Vietnam MICE Market?
The factors driving the growth of the Vietnam MICE Market are a) Increasing demand for corporate events and incentive travel b) Collaborations between local and international event management companies c) Rising Government investment in convention centers, hotels, and transportation networks
Mice Tourism in Vietnam Industry Report
The Vietnam MICE market is experiencing robust growth, driven by significant government support and investments in infrastructure, including modern convention centers, hotels, and transportation networks. These developments are designed to accommodate large-scale MICE events and meet international standards, making Vietnam an attractive destination for global event organizers. The country's rich cultural heritage, diverse landscapes, and political stability further enhance its appeal as a MICE destination.
The market is segmented into various types, including meetings, incentives, conventions, and exhibitions, each contributing to the sector's expansion. The industry benefits significantly from the rising disposable income and the growing middle class, which fuels demand for corporate events and incentive travel. Additionally, the strategic geographical location, favorable climate, and friendly locals make Vietnam an ideal spot for both business and leisure activities within the MICE industry framework.
MICE tourism in Vietnam continues to thrive, bolstered by these factors, positioning the country as a key player in the regional MICE tourism sector. For detailed statistics on market share, size, and revenue growth rate, refer to Mordor Intelligence™ Industry Reports, which include a market forecast outlook and historical overview. Get a sample of this industry analysis as a free report PDF download.
The industry trends show a positive growth rate, supported by comprehensive industry analysis and reliable industry information. The industry's outlook remains favorable, as indicated by various industry reports and extensive industry research. Industry sales and size metrics reveal significant growth, corroborated by industry statistics and emerging industry trends.
Market data indicates a promising market forecast, with notable market growth driven by key market leaders. The overall market outlook and market overview present a clear picture of the industry's trajectory. Market predictions and market review highlight the importance of market segmentation and the increasing market value.
A detailed report example and report PDF are available for further insights. Research companies are actively exploring the potential of the Vietnam MICE market, contributing to a comprehensive understanding of its dynamics and future prospects.
