Vietnam Corporate Training Market Outlook to 2028

A Moderately Fragmented Market With Immense Growth Potential the Corporate Training Market in Malaysia

Market Overview:

A moderately fragmented market with immense growth potential the corporate training market in Vietnam is highly competitive, with numerous players offering learning & development services. The emergence of a Blended Learning Approach and Customized Training Courses is set to change the dynamics of Vietnam’s Corporate Training Market.

The total addressable market in Vietnam for Corporate training market has been expanding. Govt. takes initiatives to boost vocational training. Demand grows for tailored soft skills and leadership training. Financial constraints impede investment in training, especially for Small and Medium Enterprises. Inefficiency of classroom-based training methods. Vietnam Corporate training industry is catered by the domestic and international players such as Pace, E&G, CTS Corporate Training Solutions are amongst the top players in the industry.

Vietnam Corporate Training Market Analysis

• Small and Medium Companies of Vietnam, of which Manufacturing and Financial Services industry dominate the market for Vietnam Corporate Training Market
• Vietnam Corporate Training Market has grown at a CAGR of 6.4% from 2017 to 2022 with the advancement in e-learning and self-paced learning platforms
• Vietnam Corporate Training Market operates mostly via Offline mode in the form of Classroom Training, Workshops, Seminars and On-site Training
• Corporate Training Centers in Vietnam cater to a large variety of end user industries in their sector specific domain and vocational courses as well
• Vietnam Corporate Training Market is expected to grow @ CAGR of 7.6% from 2022 to 2028 and is dominated by Small and Medium Enterprises and Manufacturing Industries, especially across HCMC of the Southern region

Key Trends by Market Segment:

• By Organization Size: Out of approximately 850 thousand enterprises in the country, 96% of them are classified as small and medium-sized enterprises (SMEs), while only 4% are medium and large enterprises. Private enterprises have demonstrated consistent growth in recent years, contributing around 40% to the country's GDP and employing 85% of the national labour force. Despite their significant contributions, private enterprises exhibit the lowest productivity growth rate compared to the state economy and the foreign-invested economic sector
• By Region: Northern Vietnam region is home to a significant number of corporate companies, including major players in the manufacturing, biotechnology, commerce, and electronics and technology sectors. Most Vietnamese electronics manufacturers are located in northern provinces of the country, such as Bac Giang, Hai Phong, and Bac Ninh, with two-thirds of foreign electronic manufacturers having their factories in the North. The Red River Delta, which includes Hanoi, ranks second with 161,000 firms, accounting for 31.1 percent of the total number of businesses in Vietnam. However, large companies accounted for only 1.9 percent of the total, with only 10,000 large firms. The majority (98.1 percent) of the firms continue to be small, medium, and micro-enterprise

Competitive Landscape:

• Companies follow B2B Business Models and offer multiple products, of which Leadership and English Communication Courses are the most popular
• These companies offer a diversified portfolio of training programs and conduct exclusive training from professionals across abroad
• These companies specially focus on Human Resource Management Courses and plan to adopt advanced technologies in the future
• Vietnam Corporate Training Market is Moderately Fragmented with two major market players - PACE Institute of Management and LHH
• Pace & LHH are market leaders

Recent Developments:

• LHH- Webinar lead by Kevin Tennant, Partner, Executive Interim Management
• PACE- GLP- focusing on Global leadership, REINVENT- Reinventing Business &NEXTGEN
• E&G Training provided Soft Skill, Exclusive training from The British University, Negotiation Workshop at IEC Institute
• ITD Vietnam provided Global Leadership Team Conference: Thriving Sustainability in October, 2023

Future Outlook:

• Vietnam Corporate training Market will expand at a CAGR of 7.6% between 2022 and 2028 owing to the rising middle class and online used car platforms
• Vietnam Corporate Training Market will see a shift towards Virtual Classroom Room Training and higher emphasis on Digital Skills
• Technology like Augmented & Virtual Reality and the recently developed Metaverse has the potential of completely redefining learning
• Companies may prioritize employee well-being and mental health in their training programs involving workshops on stress management, resilience, work-life balance, and fostering a healthy work environment
• More than 70.0% of the manufacturing firms are present in the vicinity of Ho Chi Minh, making the city a major market for Corporate Training Companies
• Vietnam Corporate Training Market is yet to grow at its full potential owing to the increasing number of businesses getting registered every year

 

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