Vietnam's EdTech product market ranks 3rd in Southeast Asia and 10th in terms of attractiveness to investors.

The education technology (EdTech) product market in Vietnam is growing strongly, currently ranking 3rd in Southeast Asia as well as 10th in the world's most attractive markets for investors.

Thị trường sản phẩm EdTech tại Việt Nam đứng thứ 3 Đông Nam Á, đứng thứ 10 về độ hấp dẫn với nhà đầu tư

Announcement event of White Book & Edtech Ranking 2023, August 19 in Hanoi. (Photo: Ngoc Bao)

This is the remarkable information given at the Edtech White Book & Ranking 2023 event organized by Edtech Agency on August 19 in Hanoi. Here, the Organizing Committee introduced the best products in the preschool segment, general segment, application, foreign language training, corporate training and working people.

According to Tracxn Technologies, there are more than 300 EdTech companies in Vietnam, most of which are startups and B2C companies. EdTech startups in Vietnam are currently attracting the attention of domestic and foreign venture capital funds. Startups bring many new business models to the online education market and digital transformation.

With a population of nearly 100 million people, according to statistics by 2022, the number of preschool and primary school students in Vietnam will be about 23.5 million, accounting for more than 20% of the country's population.

According to the rankings, EdTech products are quite diverse in the Vietnamese market today. However, with the number of high school students accounting for more than 20% of the population, EdTech products focusing on this segment are the largest. The second segment that stands out in terms of educational technology products is the vocational training, skills training, and training for working people segment.

Through this ranking, EdTech businesses also have the opportunity to attract and develop potential users, while also having an overview of the market and stakeholders. From there, they have the motivation to develop and improve the quality of products and services.

At the same time, it helps education managers and policy makers have the opportunity to review the whole market to have appropriate reform policies based on the absorption of new applications and solutions in the education sector.

According to Ms. Nguyen Hong Hanh - Founder and CEO of EdTech Agency, with a large and diverse product market, the quality of the educational technology system has received great attention from students, parents, investors and system developers.

The task of evaluating the quality of Edtech products needs to be studied in more detail from the user perspective because user satisfaction is one of the important issues when developing an EdTech system. Therefore, it is necessary to build effective methods for ranking EdTech systems to help users make easier choices.

Vietnam Edtech Ranking 2023. (Source: Edtech Agency)

The ranking model includes 6 criteria: information quality, user satisfaction, system stability, technological innovation, market size, and ranking in the education sector.

“The ranking standard is a powerful tool to help investors monitor the pulse of the market, see the potential of Vietnamese enterprises compared to EdTech enterprises in the region, thereby seizing opportunities and making appropriate and timely investment decisions,” said Ms. Hanh.

From the results of the Vietnam EdTech Ranking 2023, the research team recommends that businesses focus on the working segment to develop suitable content, increase updates, and practical flexibility in digital skills training programs in the new context; Develop and expand new segments for adults and the elderly to meet the needs of regular learning and lifelong learning.

Developing platform products to shift from a learning management system (LMS) approach to a learning experience platform (LXP) to increase user experience opportunities and develop endogenous data and certification for courses; Developing and diversifying new models in product distribution according to a "full subscription" approach to meet and create trust for customers.

In addition, it is necessary to develop convergent solutions that integrate technologies and services on the same platform, sharing common data to increase learning experiences, practical work experiences and lifelong learning needs.

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