Market Size of Vietnam MICE Industry
| 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 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 Industry Size Summary
The Vietnam MICE industry is experiencing a positive growth trajectory, driven by its strategic geographical location, natural beauty, and robust infrastructure. Despite the challenges posed by the COVID-19 pandemic, which significantly impacted the global MICE sector, Vietnam has demonstrated resilience through swift governmental actions and the adoption of innovative technologies. The country's appeal as a MICE destination is bolstered by its luxurious accommodations, such as five-star resorts, and its ability to host a variety of events, from conferences to team-building activities. The industry is supported by a diverse range of organizers and suppliers, catering to the increasing demand from corporate sectors and government initiatives aimed at promoting small and medium enterprises. This growth is further enhanced by the liberalization of market entry, which is expected to attract more foreign direct investments.
Vietnam's MICE industry is a crucial component of its tourism sector, which is a significant contributor to the national economy. The rise in disposable income among consumers has made MICE tourism more accessible, with the industry gaining recognition for its potential. The market is characterized by a fragmented landscape with numerous regional and local players, including prominent companies like EXO Travel and ACT Vietnam Travel. Recent developments, such as the launch of the WTC Binh Duong New City Expo, highlight the ongoing expansion and modernization of MICE facilities in the country. Additionally, international collaborations, such as events organized by the Korean Tourism Organization, are fostering connections and nurturing the growth of the MICE sector in Vietnam, further solidifying its position as a key player in the Asian MICE market.
Vietnam MICE Industry Market Size - Table of Contents
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1. MARKET INSIGHTS AND DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.3 Market Restraints
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1.4 Porter's Five Forces Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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1.5 Impact of COVID-19 on the Market
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2. MARKET SEGMENTATION
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2.1 By Event Type
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2.1.1 Meetings
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2.1.2 Incentives
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2.1.3 Conventions
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2.1.4 Exhibitions
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Vietnam MICE Industry Market Size 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.
