In a recent report titled “Technology Investment and Innovation in Vietnam 2023,” the Vietnamese EdTech landscape experienced a seismic shift in the first half of the year, surpassing the entire investment volume in 2022 with a staggering 30 million USD. This surge has instilled renewed optimism into the local EdTech scene, setting it apart from the global EdTech deceleration following the post-COVID era.
With a population approaching 100 million, Vietnam boasts a potential learning market that commands over 70% of the people ages 3 to 60. A Bain & Company study reveals that Vietnamese families allocate an impressive 20% of their income to educational investments for their children, dwarfing the 6-15% range seen in other Southeast Asian nations. Further catalyzing this trend is the government’s ambitious target to transition 90% of universities and 80% of secondary and vocational schools to online education by 2030.
Crafting a visual representation of educational investment ratios for Vietnamese children and their Southeast Asian counterparts would underscore the region’s profound interest and commitment to educational advancement.
Vietnam’s allure for EdTech investors is undeniable, with a keen focus on key segments such as language learning, notably English, and the K12 sector concentrating on content enrichment and exam preparation.
It is evident that the bulk of EdTech investments in 2023 gravitate towards burgeoning startups. The English learning segment remains the most promising, securing the lion’s share of assets. Segments interwoven with technology also capture substantial attention, particularly those harnessing artificial intelligence (AI) to deliver personalized learning experiences tailored to each student’s unique needs.
EdTech Features, User Accounts, Investors, and Development Opportunities:
1. EQuest:
– EQuest is a private education organization in Vietnam with three units: K12, Higher Education and Vocational Training (C&U), and EdTech – ESL.
– Over 30 education facilities nationwide, with 4,300 teachers and staff serving 158,000 students annually.
– Currently evaluated as one of Vietnam’s largest private education organizations with over 362,000 students from K-12 to higher education and EdTech nationwide.
Investors: KKR
2. Vuihoc:
– Offers over 500,000 dynamic and closely aligned national curriculum lessons library. Students can engage with the content through video lectures, participate in live-streamed classes, or opt for personalized one-on-one tutoring.
– Utilizes AI to enhance personalization in education.
– 1.1 million students in Vietnam, ranging from grade 1 to grade 12, primarily located in provincial areas.
Investors: Do Ventures, Bace Capital
Conducting online teaching on a large scale, attracting the most reputable teachers nationwide, thereby enhancing the learning experience for students nationwide and opening up new opportunities for the future.
3. Teky:
– Provides a STEAM (Science – Technology – Engineering – Art – Mathematics) program for children aged 4 to 18.
– 50,000 students in 22 centers nationwide, with over 1 million online learning accounts.
Investors: Sweef Capital, Strategic Year Holdings
Teky Academy ranks among Southeast Asia’s top 50 most prominent and potential EdTech companies.
4. MindX:
– Shifted to a hybrid learning model, allowing flexible in-person and online learning combinations.
– Over 40 centers nationwide, training nearly 40,000 students.
Investors: Kaizenvest
Leading the education technology and startup ecosystem in Southeast Asia.
5. Elsa:
– ELSA AI allows users to choose conversation scenarios the system suggests or create desired scenarios.
– Suggests learning paths.
54 million downloads of the ELSA Speak app globally, with users from 234 countries.
Investors: Gradient Ventures, SOSV, Monk’s Hill Ventures, Endeavour Catalyst, Globant Ventures, UOB Venture Management
International markets include Taiwan, South Korea, the Middle East, Japan, and Southeast Asia.
These EdTech product groups, marked by sizable user bases or significant download figures, coupled with their inherent potential for development, command the attention of discerning investors. Notably, technologies integrating AI and boasting high customization for flexible, adaptive learning experiences, such as ELSA, emerge as focal points of considerable interest.
In conclusion, amid the undulating currents of the global economy, the field of educational technology in Vietnam stands resilient, drawing potent investments. As elucidated by industry experts, various factors contribute to this intriguing “counterflow” phenomenon observed in Vietnamese EdTech.
Produced by Edtech Agency
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