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Vietnam MICE Industry Market Size (2024 - 2029)

The Vietnam MICE industry is anticipated to experience growth over the forecast period, driven by its strategic advantages such as stunning natural landscapes, attractive destinations, and high-quality accommodation facilities. The industry's expansion is supported by Vietnam's convenient geographical location, favorable climate, and the government's proactive measures during the COVID-19 pandemic, which spurred innovation and technology adoption. Despite the pandemic's impact, the MICE sector in Vietnam is evolving, with a focus on enhancing organizational processes and offering innovative solutions, positioning the country as a significant player in the Asian MICE market.

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Market Size of Vietnam MICE Industry

Vietnam MICE Industry Summary
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

Vietnam MICE Industry 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 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)
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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.

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Vietnam MICE Industry Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Overview

    2. 1.2 Market Drivers

      1. 1.2.1 Government Initiatives Such as Incentives Promotion, and Infrastructure Development

    3. 1.3 Market Restraints

      1. 1.3.1 Infrastructure Limitations in Certain Areas, Such as Secondary Cities and Rural Regions

    4. 1.4 Market Opportunities

      1. 1.4.1 Collaborations with Government Agencies, Tourism Boards, Local Businesses, and International Organizations

      2. 1.4.2 Adoption of Digital Technologies and Virtual/Hybrid Event Formats

    5. 1.5 Value Chain Analysis

    6. 1.6 Industry Attractiveness: Porter's Five Forces Analysis

      1. 1.6.1 Threat of New Entrants

      2. 1.6.2 Bargaining Power of Buyers/Consumers

      3. 1.6.3 Bargaining Power of Suppliers

      4. 1.6.4 Threat of Substitute Products

      5. 1.6.5 Intensity of Competitive Rivalry

    7. 1.7 Impact of Technological Innovations in the Market

    8. 1.8 Impact of COVID-19 on the Market

  2. 2. MARKET SEGMENTATION

    1. 2.1 By Event Type

      1. 2.1.1 Meetings

      2. 2.1.2 Incentives

      3. 2.1.3 Conventions

      4. 2.1.4 Exhibitions

    2. 2.2 By Sector

      1. 2.2.1 Healthcare

      2. 2.2.2 Tourism

      3. 2.2.3 Technology

      4. 2.2.4 Other Sectors (Finance)

Vietnam MICE Industry Market Size FAQs

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.

In 2024, the Vietnam MICE Industry size is expected to reach USD 7.30 billion.

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