Vietnam Mice Market
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 7.30 Billion |
| Market Size (2029) | USD 10.09 Billion |
| CAGR (2024 - 2029) | 6.67 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Vietnam Mice Market Analysis
The Vietnam MICE Industry is expected to grow from USD 7.30 billion in 2024 to USD 10.09 billion by 2029, at a CAGR of 6.67% during the forecast period (2024-2029).
The Vietnamese MICE industry has witnessed robust growth, buoyed by several factors. Key urban hubs like Hanoi, Ho Chi Minh City, Danang, and Nha Trang boast state-of-the-art facilities, including convention centers and hotels, catering to large-scale conferences and exhibitions. Notably, the National Convention Center in Hanoi, the Convention Center, and the Saigon Exhibition in Ho Chi Minh City stand out as premier venues. The Vietnamese government has proactively eased visa processes through exemptions or streamlined procedures for numerous nations. This move entices a greater influx of international delegates and alleviates the administrative hurdles tied to travel requirements.
The Vietnamese government has actively supported the development of the MICE industry through incentives for organizers, streamlined visa procedures for international attendees, and promotional campaigns to attract events. It also collaborates with industry associations and engages in marketing campaigns to raise awareness about Vietnam's capabilities as a host for business events. This support, coupled with Vietnam's competitive pricing compared to other regional destinations, has contributed to the industry's growth.
Vietnam's rich cultural heritage, diverse landscapes, and culinary scene provide unique experiences for MICE travelers. Organizers often incorporate cultural tours, team-building activities, and outdoor adventures into event itineraries to enhance attendee experiences.
Vietnam Mice Market Trends
The Growing Hospitality Sector Boosts the Market Growth
The hospitality sector bolsters the MICE (meetings, incentives, conventions, and exhibitions) industry. It offers various accommodation options catering to MICE attendees' diverse needs and budgets. The sector ensures something for everyone, from opulent hotels and resorts to more affordable choices. Moreover, it boasts dedicated event spaces, conference halls, and cutting-edge exhibition centers, empowering organizers to select venues tailored to their needs.
The continuous investment in infrastructure development has contributed significantly to the growth of the MICE industry in Vietnam. Hotels, convention centers, and other hospitality establishments have upgraded and expanded their facilities to accommodate large-scale MICE events. The Vietnam National Convention Center in Hanoi is a prime example of infrastructure development catering to the MICE industry. It is one of the largest convention centers in Vietnam, offering state-of-the-art facilities and services for conferences, exhibitions, and other MICE events.
With its infrastructure, accommodation options, service excellence, collaboration with event organizers, economic contributions, and destination promotion efforts, the hospitality sector boosts the growth and reputation of the Vietnamese MICE industry.
Growth in International Tourism is Driving the Market
The growth of international tourism in Vietnam has led to the development of modern infrastructure and facilities conducive to hosting MICE events. Large cities like Ho Chi Minh City, Da Nang, Hanoi, and Nha Trang boast world-class convention centers, conference venues, and exhibition halls with state-of-the-art amenities and technology. In the current year, Vietnam's primary markets for MICE travel are China, South Korea, Japan, and the United States. These markets have experienced rapid expansion this year, accounting for a significant portion of the global demand for business travel. The Travel Department of Vietnam's National Administration of Tourism claims that MICE travel always has potential. MICE enabled Thanh Hoa to sustain its tourism growth, as it only took six months to reach 74% of its goal of 10 million visitors in the previous year. Ho Chi Minh City welcomed one of the biggest international MICE delegations to visit Vietnam last July when 460 visitors from India arrived. The city organized a private reception for the delegation, which was held at the airport.
In the previous year, the number of foreign visitors to the country exceeded 18 million. Travelers from abroad are frequently eager to attend local events, contributing to the growth of the DMC/MICE industry. In general, the nation of the Blue Dragon has also made significant financial investments to upgrade its infrastructure for tourists. Building additional hotels, restaurants, and convention centers has increased the nation's ability to host international events.
Vietnam MICE Industry Overview
The Vietnamese MICE industry is semi-fragmented. The competitive landscape of the MICE industry in Vietnam is characterized by a diverse range of players, including international hotel chains, local hospitality groups, convention centers, and event management companies. Major players in this market are EXO Travel, ACT Vietnam Travel, Asia Top Travel, Vietnam MICE Travel, and Vietnam Alive.
Vietnam MICE Market Leaders
-
EXO Travel
-
ACT Vietnam Travel
-
Asia Top Travel
-
Vietnam MICE Travel
-
Vietnam Alive
*Disclaimer: Major Players sorted in no particular order
Vietnam MICE Market News
- October 2023: Vietnam implemented a new policy that allows MICE tourist e-visas to be valid for 90 days instead of 30 days and allows multiple visits. Travelers from certain countries can also stay without a visa for a maximum of 45 days.
- July 2023: A new exhibition area, WTC Binh Duong New City Expo (WTC Expo), was unveiled in Binh Duong, Vietnam. The WTC Expo was constructed on a 22,000 square-meter piece of land, featuring an 11,617 square-meter indoor exhibition space for hosting MICE events in the Binh Duong province.
Vietnam MICE Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Government Initiatives Such as Incentives Promotion, and Infrastructure Development
4.3 Market Restraints
4.3.1 Infrastructure Limitations in Certain Areas, Such as Secondary Cities and Rural Regions
4.4 Market Opportunities
4.4.1 Collaborations with Government Agencies, Tourism Boards, Local Businesses, and International Organizations
4.4.2 Adoption of Digital Technologies and Virtual/Hybrid Event Formats
4.5 Value Chain Analysis
4.6 Industry Attractiveness: Porter's Five Forces Analysis
4.6.1 Threat of New Entrants
4.6.2 Bargaining Power of Buyers/Consumers
4.6.3 Bargaining Power of Suppliers
4.6.4 Threat of Substitute Products
4.6.5 Intensity of Competitive Rivalry
4.7 Impact of Technological Innovations in the Market
4.8 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
5.1 By Event Type
5.1.1 Meetings
5.1.2 Incentives
5.1.3 Conventions
5.1.4 Exhibitions
5.2 By Sector
5.2.1 Healthcare
5.2.2 Tourism
5.2.3 Technology
5.2.4 Other Sectors (Finance)
6. COMPETITIVE LANDSCAPE
6.1 Market Concentration Overview
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
6.2.6 National Convention Center (NCC)
6.2.7 Saigon Exhibition and Convention Center (SECC)
6.2.8 Destination Asia Vietnam
6.2.9 Meli Hanoi
6.2.10 Vietnam MICE Club*
- *List Not Exhaustive
7. FUTURE MARKET TRENDS
8. DISCLAIMER AND ABOUT US
Vietnam Mice Industry Segmentation
The Vietnamese MICE industry encompasses meetings, incentives, conferences, and exhibitions held in the country. It involves hosting business events, conferences, exhibitions, and incentive travel programs for various industries and sectors. The Vietnamese MICE industry is segmented by event type and sector. By event type, the market is segmented by meetings, incentives, conventions, and exhibitions. By sector, the market is segmented by healthcare, tourism, technology, and other sectors (finance). The report offers market size and forecasts for the Vietnamese MICE industry in value (USD) for the above segments.
| By Event Type | |
| Meetings | |
| Incentives | |
| Conventions | |
| Exhibitions |
| By Sector | |
| Healthcare | |
| Tourism | |
| Technology | |
| Other Sectors (Finance) |
Vietnam MICE Market Research FAQs
How big is the Vietnam MICE Industry?
The Vietnam MICE Industry size is expected to reach USD 7.30 billion in 2024 and grow at a CAGR of 6.67% to reach USD 10.09 billion by 2029.
What is the current Vietnam MICE Industry size?
In 2024, the Vietnam MICE Industry size is expected to reach USD 7.30 billion.
Who are the key players in Vietnam MICE Industry?
EXO Travel, ACT Vietnam Travel, Asia Top Travel, Vietnam MICE Travel and Vietnam Alive are the major companies operating in the Vietnam MICE Industry.
What years does this Vietnam MICE Industry cover, and what was the market size in 2023?
In 2023, the Vietnam MICE Industry size was estimated at USD 6.81 billion. The report covers the Vietnam MICE Industry historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Vietnam MICE Industry 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
Vietnam MICE Industry 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 Intelligenceā¢ 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.
Vietnam MICE Industry Report Snapshots
