Vietnam MICE Industry Market Size

Market Size of Vietnam MICE Industry

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 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)

Need A Different Region Or Segment?

Customize Now

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.

Explore More