Opportunities for Lifelong Learning in Vietnam’s Edtech market
For people interested in what we are doing at MỞ and in the online education industry
Hi! Welcome back to my blog. For those who don’t know me, I am currently designing online cohort-based courses at MỞ. I find the world of online learning a promising land with many current missing elements such as human interaction, community, and interactivity. I care about how we can make online learning more fun and transformational. If that’s also what you care about, let’s connect!
A look at the online education scene globally
According to HolonIQ’s 2023 education outlook, governments, employers, and consumers together will spend over $7T on education and training in 2023. According to Statista, revenue is projected to reach $166.60B in 2023 and is expected to show an annual growth rate (CAGR 2023-2027) of 9.37%, resulting in a projected market volume of $238.40B by 2027.
Towards the end of 2022, many Edtech companies experienced mass layoffs because many overestimated the growth of the industry after COVID-19 and thus overhired. However, the industry is overall projected to experience growth in the next few years.
A look at the online education scene in Vietnam
We see similar trends in the online education market in Vietnam as in the global market. According to Statista, revenue in online education is projected to reach $328.20M in 2023. Revenue is expected to show an annual growth rate (CAGR 2023-2027) of 10.40%, resulting in a projected market volume of $487.60M by 2027.
With the growing availability of smartphones and high-speed Internet1, more and more people in Vietnam have access to learning resources and information online. They are participating in the first wave of online education.
Furthermore, government and families have a long-standing tradition of valuing investment in education. The government typically spends 17-18% of the budget on education every year on average. Vietnamese parents often allocate 47% of the total household expenditure towards education.
Thought leaders and business leaders in online education will need to convince and communicate effectively the value and impact of online learning to the government and families if we aim for further growth and adoption of online learning in the country.
An opportunity for lifelong learning solutions
Many Edtech solutions in Vietnam at the moment focus on the following topics
Language learning and specifically English learning
K-12 learning: additional support for the traditional subjects taught in K-12 schools such as Maths, Science, Literature
Corporate learning: management or leadership training for different companies
Technology education: coding or programming schools supporting a high demand for technology workers in the country
There is a lot of untapped potential in the lifelong learning segment. A promising target group of this segment is young professionals who:
(1) have the ability to pay
(2) search for a community after losing their close-knit high school/undergraduate community
(3) care about learning for themselves and upgrading themselves both professionally and personally
An opportunity for online learning experience design
Besides the type of content taught, there are many opportunities in the methodology behind online teaching and learning.
Since online education has just started growing, the way it should be conducted remains a question for many people today and in the future. What tools should we use? How can we conduct an engaging live class? How should we design the hands-on projects? How can we maintain a sense of community in an online setting?
At MỞ, we are trying to figure out these questions every day. We are riding the second wave of online education to design learning experiences that aim at high transformation and impact.
How I envision MỞ
We serve young adult learners who seek continuous, lifelong learning and community beyond traditional schools. We deliver our value to these learners through online cohort-based, community-driven courses.
What are other opportunities you see in the online education space? What companies do you recommend I look further into? I would love to know more:)
See you next time!
Yesterday I read this Vnexpress article published on February 9th on the state of Internet in Vietnam. The article shows that the number of Internet users in Vietnam is booming rapidly; however, the country still needs to work a lot on developing and sustaining Internet infrastructure to facilitate the rapid growth of users.