Market Trends of Vietnam MICE Industry
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.
