Vietnam Education Technology Market - Opportunities for Finnish Companies
The education technology market in Vietnam is witnessing a robust growth in recent years and poses great potentialities. Being known as a “rising star” for education technology in Southeast Asia and of the top ten fastest-growing education technology markets worldwide, Vietnam education technology has been exploding with a significant growth of 44.3% (Vietnam Edtech Report 2021) as well as an online teaching market hitting the threshold of US$3 billion (Vietnambiz2021). According to Tracxn Technologies, there are 299 EdTech businesses in Vietnam, most are start-ups and business-to-consumer (B2C) businesses. The outbreak of Covid-19 has been accelerating digital education dramatically, making it an evitable trend and also contributing to the rapid improvement of digital education infrastructure, helping Vietnam move quickly and be relatively ready for digital transformation in education.
Vietnam education technology market is experiencing a digital revolution and with the top priority in the National Digital Transformation Program given to the work in education and training. The scheme “Strengthening the Application of Information Technology and Digital Transformation in Education in the period 2022–2025, with a Vision towards 2030” was approved by the Prime Minister in Decision No.131/QD-TTg on January 25, 2022, aiming at maximizing the applications of advanced technologies to promote innovation in teaching and learning; to enhance the quality and opportunities for accessing education; to strengthen education management effectively; and to build an education system that is open and adaptable to digital platforms, all of which will contribute to a digital government, digital economy and digital society. The scheme defines clearly the goals by 2025 as strongly innovating the education methods, turning teaching and learning in the digital environment into essential and daily educational activity for teachers and learners. Regarding online learning, the scheme targets that 50% of pupils, students and teachers have qualified for learning and teaching online, including required knowledge for using software to join e-learning activities. The scheme also includes the targets: 100% of educational institutions apply the school management system based on digital data and technology and 80% of facilities, equipment and other resources for education, training, and research are managed by digital records.
Vietnam has favorable conditions for the development of education technology, with a population of around 99 million, of which around 70 percent are under 35 years of age. A large proportion of young population, high internet penetration, and a tech-savvy community, accompanied by the rising demand for multimedia content as well as learning options that are low-cost and time-efficient, all are making education technology market in Vietnam lucrative and attractive for many corporations/ investors.
In Vietnam, the development of education technology has been creating new education methods and models. New technologies of the industrial revolution 4.0 are penetrating more and more deeply into curriculums at all levels and different learning environments with a focus on three main areas such as digital content, learning management systems (LMS), and integrating advanced technologies such as augmented reality (AR), virtual reality (VR), and artificial intelligence (AI). The digital content market is notable with various products such as English language subjects and game-based learning content, test preparation, self-study options, e-books, and tutoring services searches. Apart from digital content provision, EdTech businesses also provide LMS platforms ranging from school administration, teaching and learning innovation, to tutoring and assessment services, and so on. Education technology segments in Vietnam are varied, including Early Childhood Education, Learning Management Systems, Next-Gen Study Tools, Broad Online Learning Platforms, Tech Learning, Language Learning, Enterprise Learning, Online to Offline, Test Preparations, and School Administration (Acclime Vietnam 2022). According to EdTech Agency 2022, top trends of EdTech in Vietnam are personalization of learning, AI applications; mobile learning; blended learning; blockchain in education; augmented reality app, AR to content; gamification; STEM/ STEAM.
Vietnam EdTech market is holding high potential and promising a variety of opportunities for Finnish companies in different segments where Finnish EdTech offerings are strong: (1) general education/ K-12 showing potentialities in digital contents, particularly in STEM/STEAM subjects, e-textbooks, teacher training, and assessment of products, particularly for English language training; (2) higher education with opportunities in blended learning, which combines traditional face-to-face teaching and e-learning with computer-mediated supports; (3) early childhood education as a niche market offering potential business opportunities in designing digital contents for children to learn a foreign language as well as fundamental soft skills, teacher training solutions provided on digital platforms, digital agenda implementation management and so on; (4) and corporate training with online training products for business customers and Learning Management Systems – LMS.
Mac Le Thu Hong
Embassy of Finland, Hanoi