Vietnam MICE Market to Grow at 4.5% during 2024-2032, Stimulated by Continual Technological Advancements in Event Management Software

December 14, 2023 | Other Reports

According to the latest report by IMARC Group, titled “Vietnam MICE Market Report by Type (Meetings, Incentives, Conventions, Exhibitions), and Region 2024-2032,” the Vietnam MICE market size is projected to exhibit a growth rate (CAGR) of 4.5% during 2024-2032. Meetings, incentives, conferences, and exhibitions (MICE) represent a specialized sector within the tourism and hospitality industry, focusing on the organization and management of corporate and business events. It plays a vital role in facilitating professional interactions and networking. The meetings component involves small to medium-sized gatherings, primarily aimed at discussing business strategies, training, or making critical decisions. MICE events serve as platforms for cultural exchange and enhancing global business connectivity. Attendees from various countries bring diverse perspectives, fostering cross-cultural understanding and international collaborations, which can be beneficial for global business relations and cultural enrichment. They increase demand for local hospitality services, such as hotels, restaurants, and transportation, leading to higher job creation and providing a boost to the local businesses.  

Vietnam MICE Market Trends:

The increasing Vietnamization of businesses, necessitating cross-border interactions and collaborations, is majorly driving the market in Vietnam. This dynamic has led to a rise in international meetings and conferences, fueling the demand for MICE services. Concurrently, continual technological advancements in communication and event management software enable more efficient planning and execution of MICE events, enhancing their appeal and accessibility. Moreover, the recovery from the COVID-19 pandemic has unleashed pent-up demand for in-person events. With easing restrictions and increased vaccination rates, organizations are keen to resume face-to-face interactions, boosting the MICE industry. Additionally, the growing emphasis on experiential meetings and the integration of leisure and tourism with business events add to the allure of MICE activities. This trend has led to an increase in incentive travel, where companies use travel rewards as a motivational tool. Apart from this, the introduction of favorable government initiatives in the form of improved visa policies, investment in infrastructure, and promotional campaigns to promote the country as a premier MICE destination are contributing to the market significantly. Besides this, the MICE sector is increasingly integrating advanced technology to enhance the event experience. This includes the use of virtual reality (VR) and augmented reality (AR) for immersive presentations, online platforms for virtual meetings, and mobile apps for easier event navigation and networking, which is stimulating the market. Furthermore, the growing trend towards sustainability leading to a higher adoption of eco-friendly practices and credentials, is acting as a significant growth-inducing factor for the market.

Market Summary:

  • Based on the type, the market has been segmented into meetings, incentives, conventions, and exhibitions.
  • Region-wise, the market has been segmented into Northern Vietnam, Central Vietnam, and Southern Vietnam.
  • The competitive landscape of the market has also been examined in the report, along with the detailed profiles of the major players operating in the industry.

Report Scope:

Report Features Details
Base Year of the Analysis 2023
 Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Million
Scope of the Report Exploration of Historical Trends and Market Outlook, Industry Catalysts and Challenges, Segment-Wise Historical and Future Market Assessment:
  • Type
  • Region
Types Covered Meetings, Incentives, Conventions, Exhibitions
Regions Covered Northern Vietnam, Central Vietnam, Southern Vietnam
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 3699
Five User License: US$ 4699
Corporate License: US$ 5699
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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Vietnam MICE Market to Grow at 4.5% during 2024-2032, Stimulated by Continual Technological Advancements in Event Management Software
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