DMC/MICE in Vietnam: exponential growth


In recent years, Vietnam has become a top destination for international events. The DMC/MICE sector (for Meetings, Incentive, Conferences, Exhibitions/ Events) has grown exponentially, with an estimated turnover of $6.4 billion in 2022.
Another point of view here : Why choose Vietnam for your MICE events?

Halong bay : Vietnam is a popular destination - Photo : Mr Linh's adventures

Highlights of 2023 in Vietnam

Vietnam hosted many major DMC/MICE events in 2023, including:
  • • The ASEAN Summit, held in Hanoi in March 2023, brought together the leaders of the 10 ASEAN member countries.
  • • In Danang in May 2023, the Asia-Pacific World Economic Forum brought together business leaders, government officials and experts from the Asia-Pacific region.
  • • More than 50 countries presented films at the Ho Chi Minh City International Film Festival in November 2023.
These events, such as the International Festival of Fashion and Crafts (HCM-city, October 2023) and the World Association of Travel Agencies (WTAAA) World Congress, held in Ho Chi Minh City in July 2023, contributed to the growth of Vietnam’s DMC/MICE sector and the country’s position as a top destination for international events.
Spoiler alert: In the coming years, Vietnam expects to host even more major DMC/MICE events. The country has established a strategy to develop the DMC/MICE sector and aims to host 100 international events by 2025.

Growth in Tourism is driving the market

statsIn line with the growth, tourism is one of the main income-generating industries in Vietnam, and the economy relies heavily on domestic travel to generate significant income. However, the average income of consumers has increased significantly today, allowing them to travel. MICE tourism in Vietnam is now a familiar concept. According to the travel department of the National Tourism Administration of Vietnam, MICE tourism is now considered to have considerable potential. For example, the MICE allowed Thanh Hoa to continue its tourism development, reaching 74% of its goal of welcoming 10 million visitors in 2022 in just six months.  The same year, in July, Ho Chi Minh City hosted a delegation of 460 guests from India, one of the largest international MICE delegations ever recorded in Vietnam.

Factors that contributed to the growth of the DMC/MICE sector in Vietnam

Several factors contributed to the growth of the DMC/M&E (Meetings & Events) sector in Vietnam, including:

Political and economic stability of the country

The DMC/MICE sector benefits greatly from Vietnam’s political and economic stability. This helps position the country as a preferred destination for international events.
International event organizers are looking for safe and reliable destinations, and Vietnam offers a combination of both. For decades, Vietnam has maintained political stability. This ensures international event organizers that their events will run smoothly.
Vietnam is a fast-growing economy. The country’s population is young and dynamic, while the workforce is skilled. This attracts foreign investors, which stimulates the domestic economy and creates jobs.
Concretely, the elements mentioned in the introduction contributed to the growth of the DMC/MICE sector

The increase in international tourism

As you know, Vietnam is a popular tourist destination, a trend facilitated by the new e-visa policy and visa exemption for some nationals. More than 18 million foreign visitors visited the country in 2022. Foreign visitors are often interested in attending local events, which has helped boost the DMC/MICE sector. In general, the country of the Blue Dragon has also spent a large amount of money to improve its tourism infrastructure. The country’s capacity to host international events has been enhanced through the construction of new hotels, restaurants and convention centers.

The development of infrastructure

In recent years, Vietnam has invested heavily in infrastructure development. This has improved the country’s accessibility and provided event organizers with high-quality facilities.

Improvement of services and services

International event organizers are looking for destinations that offer high quality services, such as luxury hotels, gourmet restaurants and modern convention centers. According to them, DMC/MICE service providers in Vietnam have improved their service in recent years. This has made it possible to meet the needs of MICE suppliers who are looking for personalized and professional services. In addition, it should be noted that this improvement in the quality of services has improved Vietnam’s position as an international event venue. It goes without saying that organizers of international events are more likely to choose a place where services are of high quality.
Although there is still some progress to be made, it should be mentioned that the country of the two Deltas an invests considerably in the training of tourism professionals, improving the quality of services offered to participants of international events while creating quality standards in the tourism sector. Standards that ensure that the services provided to participants of international events meet international standards.

Vietnam has invested heavily in infrastructure development (Hotel Melia, Hanoi) - Photo : Mr Linh's adventures

Current and emerging trends in the DMC/MICE sector in Vietnam

The DMC/MICE sector in Vietnam continues to grow and transform, as evidenced by the few current and emerging trends:
  • • Business tourism on the rise
    An important segment of the DMC/MICE sector is business tourism. Vietnam attracts more and more business tourists and is home to many multinational companies.
  • • Diversification of target markets
    Vietnam’s goal is to diversify target markets. The country aims to attract international event managers from various parts of the world.
  • • The use of new technologies
    The DMC/MICE sector is increasingly using new technologies. To make experiences more immersive and interactive for participants, event organizers are increasingly using technologies such as artificial intelligence, virtual reality and augmented reality.

Ho Chi Minh city, the major MICE destination in Vietnam - Photo : Mr Linh's Team

To conclude

As a growing sector in Vietnam, the DMC/MICE sector has the potential to become a major economic sector. This growth has been fuelled by factors such as the political and economic stability of the country, the growth of international tourism, the development of infrastructure and the improvement of the quality of services. The growth of commercial tourism, the diversification of target markets and the use of new technologies should continue to stimulate the sector in the coming years.

Source to consult : mordorintelligence

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