MICE tourism could bring in nearly 8 billion USD for Vietnam

Global trends

MICE tourism is one of the fastest growing sectors of the tourism industry. According to a report from the World Tourism Organization (UNWTO), revenue from MICE tourism is expected to reach about 1,400 billion USD by 2025, in which the Asia-Pacific region plays a key role.

MICE tourism is a global trend.

Forecasts from The Business Research Company also indicate that the market will grow from $978 billion in 2024 to $1,063 billion in 2025, at a compound annual growth rate (CAGR) of 8.3%.

As sustainability and wellness become increasingly important, advanced technologies like artificial intelligence (AI) usher in a new era of optimized scheduling and smart connectivity, hybrid meetings and live events are making a strong comeback.

Personalized experiences are no longer optional, but becoming the new standard for destination class, to meet the unique needs of customers.

The latest report from Crowne Plaza by IHG in collaboration with YouGov, Stylus and Material shows that the business travel trend is booming globally. Five-star hotels are also implementing comprehensive renovations between now and the end of 2026 to seize the opportunity.

More than 90% of event organizers surveyed expressed optimism about a strong recovery for live events and predicted budget growth in 2025.

Mr. Vo Hoai Phuong, representative of a tourism business in District 1, Ho Chi Minh City, said that a meal for a group of guests usually costs only 300,000 - 400,000 VND, but MICE guests can spend 1-2 million VND/meal.

In addition, MICE guests often choose 4-5 star accommodation facilities and many other services such as dinner parties, group games... This also brings better revenue to travel agencies and service providers.

“Each MICE group can have up to 500 – 1,000 people. They are very large and willing to spend a lot of money. These groups often stay for a long time and are not affected by time factors, they can come all year round,” said Mr. Phuong.

Impact of MICE on Vietnam

Currently, Vietnam is a potential destination for MICE tourism in the region. According to data from the Vietnam National Administration of Tourism, by the end of August 2024, the cumulative number of MICE visitors reached nearly 11.4 million. The number of MICE visitors and revenue in the first quarter of 2024 increased by 35% compared to the same period in 2023.

Business tourism can bring good income to Vietnam

Mordor Intelligence also forecasts that the MICE tourism industry in Vietnam could reach 7.8 billion USD by 2025 and continue to grow at a CAGR of 6.67%, reaching 10.75 billion USD by 2030. With strong infrastructure development and support policies from the Government, Vietnam is becoming an attractive destination for international MICE events.

This research unit also stated that the hotel industry plays an important role in promoting the development of MICE in Vietnam. Large corporations and chains of accommodation facilities are constantly upgrading to meet MICE events.

In addition to the opportunities, MICE tourism also has many big challenges for businesses. Research by Connect2Asia (C2A) shows that the challenge of MICE tourism in Vietnam is the strong competition from leading MICE countries in the region. Typically, compared to Singapore, Vietnam has not fully integrated sustainable factors. This limits the ability to attract organizations that care about the environment.

Ms. Vo Thao Trang, a tourism expert in Ho Chi Minh City, assessed that investing in infrastructure, improving service quality and developing a strategy to attract MICE visitors will help Vietnam affirm its position on the international conference tourism map, contributing to enhancing the image and promoting the local economy.

However, businesses also need to pay special attention to improving service quality, building unique, special services, "one-of-a-kind" as well as protecting the environment to the maximum. This is the best way to retain tourists in a long-term, sustainable way.

Source: https://vtcnews.vn/du-lich-mice-co-the-mang-ve-gan-8-ty-usd-cho-viet-nam-ar934708.html