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Vietnam’s EdTech

White Paper
August 2023

Copyrighted material Conducted by EdTech Agency

130
Copyrighted material

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© EdTech Agency 2023
Table of content
Introduction 134 List of figures 137

List of abbreviations 135 List of case study 139

Part I. EdTech Report 2023

Research Methodology 142

Key insights 143

1. Overview of the Global EdTech Market

1.1. Global EdTech Market 145

1.2. EdTech Market in Asian 160

2. Vietnam EdTech Market

2.1. History of EdTech Vietnam 164

2.2. Conditions and environment for EdTech development in Vietnam 167

2.3. Overview of Vietnam Edtech Market 177

2.4. Content aspects in Vietnam's EdTech products 185

2.5. Technology Factors in Vietnam's EdTech Products 189

2.6. Investment in EdTech in Vietnam 197

132
 3. The potential of the EdTech market in Vietnam
3.1. Forecast of the EdTech Market in Vietnam 210
3.2. Potential of the Market in Each Segment 214

4. Conclusion and Recommendations

4.1. Conclusion 230
4.2. Recommendations 233

Part II. Ranking of Vietnam's EdTech Products

1. The Meaning of EdTech Product Ranking 237
2. Methodology for Ranking EdTech in Vietnam 2023 243
3. Ranking Council 2023 246
4. Results of EdTech Ranking in Vietnam 2023 248
5. General Observations on EdTech Products from Ranking Activities 251

References 254
Appendix 256

133
Introduction
EdTech Agency is the Vietnamese leading expert team with 18 years of experience in the servicing of EdTech, E-learning,
educational digital content, and copyright. We have facilitated connections and distribution of education products and
technology from overseas markets into Vietnam and other Southeast Asian countries, and also released annual Vietnam
EdTech reports for the last 8 years.

Our team has been in the industry for years to witness EdTech’s immense impacts in Vietnam and other Asian, therefore we
embark on a journey to connect and redistribute worldwide EdTech resources in order to serve people from all walks of life,
companies of different sizes, and countries at different stages of development.

We are the first in Vietnam & we serve worldwide clients.

Perpetually, the EdTech Ranking & White Paper of Vietnam signifies the diligent efforts of a committed team.

We hold in high regard those individuals who toil anonymously, undertaking the essential tasks of data collection, analysis, and
other seemingly mundane responsibilities.

Equally, we extend our utmost appreciation to those who take the forefront, providing their expertise and guidance to bring
the Ranking & White Paper to fruition.

Our commitment endures as we embark on the consistent release of data-driven Rankings & White Papers, along with other
insightful EdTech reports.

On behalf of the Team

Nguyen Hong Hanh

Founder & CEO of EdTech Agency

134
List of abbreviations
Terms Full form of word

ADB Asian Development Bank

AI Artificial Intelligence

App Application

AR Augmented reality

ASEAN Association of SouthEast Asian Nations

B2B Business-to-business

B2C Business-to-customer

CAGR Compound Annual Growth Rate

E-Learning Electronic Learning

EdTech Education Technology

FDI Foreign Direct Investment

135
List of abbreviations
Terms Full form of word

GDP Gross domestic product

ICT Information & Communication Technologies

IMF International Monetary Fund

K-12 Kindergarten through 12

LMS Learning Management System

M&A Merging and Acquisition

MOET Ministry of Education and Training

MOOC Massive Open Online Course

OECD Organization for Economic Co-operation and Development

VR Virtual Reality

136
List of figures
No. Content Page
Figures 1 Market Value of EdTech Companies 146
Figures 2 Global EdTech Market Size 147
Figures 3 Venture capital investment in EdTech globally in the period of 2015 - 2022 149
Figures 4 M&A activities of the global EdTech market 2019-2023 150
Figures 5 HolonIQ Product Classification System 152
Figures 6 Global EdTech Venture Capital Ratio by Product Feature Classification 153
Figures 7 AI Applications in EdTech Product Segments 157
Figures 8 EdTech Development in Vietnam 166
Figures 9 GDP in Vietnam from 2013 to 2023 168
Figures 10 Regular Education Budget Expenditure from 2018 to 2023 169
Figures 11 Vietnam’s labor structure in 2022 170
Figures 12 Average per capita income by provinces 171
Figures 13 The average expenditure for learners in the period 2012-2022 172
Figures 14 Internet and technology usage in Vietnam 173
Figures 15 Estimated scale of Vietnam's digital economy by 2025 and 2030 174

137
List of figures
STT Nội dung Trang
Figures 16 Statistics on schools and number of students in the school year 2021 - 2022 175
Figures 17 Statistics on educational attainment (2019) and school enrollment rates at the appropriate age (2020) 176
Figures 18 Market share of cloud services in Vietnam 180
Figures 19 Virtual Laboratory products by BASF 196
Figures 20 Average investment structure per learner at different levels in Vietnam 198
Figures 21 Statistics on venture capital investment in the EdTech sector in Vietnam from 2018 to 2023 199
Figures 22 Forecast of the revenue of the online education market in Vietnam 211
Figures 23 Forecast of the user scale in the online education market in Vietnam 212
Figures 24 Statistics of preschool students during the period 2018 - 2022 215
Figures 25 Statistics of the number of students by education level during the period 2017 - 2022 217
Figures 26 Statistics of the number of university students during the period 2016 - 2021 218
Figures 27 The chart of distribution of Vietnamese international students in various countries in 2020 219
Figures 28 Statistics on the number of vocational training institutions in 2022 and projections for 2025 - 2030 220
Figures 29 Statistics on the number of businesses by scale in 2020 and their revenue 224
Figures 30 Statistics on the proportion of laborers aged 15 and above by educational level 226

138
List of case study
List Page
Case Study 1. TalkCampus 155
Case Study 2. Meadow & Greenlight 155
Case Study 3. Khan Academy 156
Case study 4. ProctorExam 156
Case study 5. ASU, Google & Labster 156
Case study 6. HeyHi 159
Case Study 7. Videa EdTech 181
Case Study 8. Hanoi Smart Education Operations Center 184
Case Study 9. Amazon Web Services (AWS) 191
Case study 10. CMC Telecom 192
Case Study 11. The Coach 193
Case Study 12. ELSA Speak 194
Case Study 13. Smart Education Project 194
Case Study 14. Virtual Reality Technology Pilot 195

139
List of case study
List Page
Case Study 15. Metaverse Virtual Classroom 195
Case Study 16. Geniebook's Launch in Vietnam, 2022 202
Case Study 17. Schola ($15M, 2022) 203
Case Study 18. Edupia ($14M, 2022) 204
Case Study 19. Prep ($2M, 2022-2023) 205
Case Study 20. MindX ($15M, 2023) 206
Case Study 21. Technology Center and Digital Transformation Solutions in Education at Hanoi University of Science and Technology ($1.5M, 2022) 207
Case Study 22. Vuihoc.vn 216
Case Study 2 . nschool
3 O 221
Case Study 2 . le idata
4 F x 222
Case Study 25. e tGen Education Solutions
N x & 223
Case Study 26. Talent Gate 225
Case Study 27. nt Edu
A 227
Case Study 28. GlobalE amx 228

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 Copyrighted material

Part I.
EdTech Report 2023

Conducted by EdTech Agency

141
 Research Methodology
Macro Analysis using the PEST Model
The PEST Model (Francis Joseph Aguilar, 1967) focuses on analyzing the Economic, Social, and Technological aspects.

Political Economic Social Technological

Market Segment Analysis

Data analysis
Secondary data from governmental bodies such as the Government, Ministries, and the General Statistics Office, as well
as international organizations like the World Bank and ADB. Additionally, data from foreign private consulting firms such
as HolonIQ, McKinsey, Dealroom, Statista, and information from press releases by various businesses.
Primary data: Research conducted by EdTech Agency, including survey reports, questionnaires, and in-depth interviews
with experts in the field of education, educational technology (EdTech), and education policymakers in Vietnam.

Analysis methods
Both qualitative and quantitative analysis techniques are employed.
142
Key insights
The global market for educational technology surpasses $300 billion, positioning it as a highly potential and sustainable market with
significant demand

The United States, China, and India emerge as the three major EdTech powerhouses worldwide. The US hosts prominent education
conglomerates and multimillion-dollar EdTech unicorns, while India attracts significant venture capital investments due to its rapid
growth and large population

The two largest segments in the EdTech industry are K-12 students and businesses. The K-12 segment witnessed a surge in
popularity, particularly in developing markets like China, India, and Southeast Asia, driven by online exam preparation platforms and
virtual tutoring. On the other hand, corporate training remains the most lucrative segment in well-established EdTech markets like the
US and Europe

The integration of AI technology, especially through advanced language models like Chat GPT4, is set to deeply penetrate the EdTech
landscape in 2023

Vietnam possesses favorable conditions to become one of the major EdTech markets in Southeast Asia, supported by steady
economic growth, significant prospects in the digital economy, and a strong emphasis on education and technology by the
government and society

The EdTech market in Vietnam has witnessed remarkable growth over the past three years, primarily driven by the proliferation of e-
learning platforms and English language learning products. However, the quality of these products is still uneven, many new products
apply technological elements in the most primitive stage, such as websites, lecture videos, or available chat/video call tools such as
Skype, Zoom, and Zalo..

Vietnamese EdTech startups have successfully secured over $400 million in funding from 70 domestic and international private
investors as of June 2023, and the sector shows significant promise in attracting further investment, as well as engaging in mergers
and acquisitions (M&A) activities in the foreseeable future

While K-12 education remains the largest and most promising EdTech segment in Vietnam, there are untapped opportunities in less
explored markets such as higher education, vocational training, and workforce training. The integration of practical experience and
career advancement is not only a prevailing trend in Vietnam but also a global phenomenon.

143
 01
Overview of the Global EdTech Market

144
Copyrighted material 1. Overview of the Global EdTech Market

1.1 Global EdTech Market

1.2 Asia EdTech Market

145
 Market size
Unlisted company Listed company
The EdTech market has crossed the
$400B
$300 billion mark in 2022 and is
projected to reach $400 billion in
$43B -49% compared to 2021 2023, with a compound annual
$85B growth rate (CAGR) of
$300B
approximately 14% from 2023 to
$259B 2032 (Global Market Insights, 2023).
+13% compared to 2021
(Global Market Insights, 2023).

$200B
$183B
$332B However, the business performance
$294B of EdTech companies in 2022 was
relatively discouraging, with notable
$100B players such as Coursera, Kahoot,
and 2U experiencing a decline in
revenue. This resulted in a 49%
decrease in the market valuation of
$0B listed EdTech companies (Dealroom,
2019 2020 2021 2022 2022).

Figure 1. Market Value of EdTech Companies in USD Billions

Source: Dealroom 146

 Global EdTech market share
While North America remains the dominant player in the EdTech market with a staggering total value of around 150 billion USD,
the Asia-Pacific region is poised to experience the highest growth rate. Projections suggest an estimated Compound Annual
Growth Rate (CAGR) of 16% in this region (GrandViewResearch, 2022). Notably, India and China stand out as the two major
contributors to the overall market value in this thriving area.

Europe

>$100B
US
China
$70B - $100B

Occupying approximately India $35B - $70B

40% of the global EdTech
market share $0B - $35B
The fastest-growing
region

Figure 2. Global EdTech Market Size

Source: Dealroom 147

 Venture capital investment
The total global venture capital investment in EdTech reached 10.6 billion USD in 2022, a 49% decrease compared to 2021
(HolonIQ, 2022). This decline can be attributed to the fact that 2020-2021 witnessed a record growth period in the history of
the EdTech industry due to the surge in online learning demand. Entering 2022, this trend slowed down as the world
transitioned into a new normal, and the challenges of integrating technology into teaching and learning became more
evident, leading investors to exercise caution, particularly those from China. Additionally, investors are still wary in their search
for truly disruptive technology-driven products. 

Global EdTech venture capital investment dropped by 80% from Q1 2022 to Q1 2023, mainly due to a decrease in large-scale
deals (over $100 million) and a slowdown in global investment activities. (HolonIQ, 2023). However, according to some
unofficial sources, recently in May, India's leading EdTech company BYJU'S is reportedly in the process of finalizing a new
funding round valued at $700 million. (Techcrunch, 2023)

148
 Venture capital investment

$20.8B

-49%
+22% $16.1B

$10.6B
$8.2B
$7.0B

$4.2B $4.4B
$3.5B
$3.2B

2015 2016 2017 2018 2019 2020 2021 2022 Q1 2023

Figure 3. Venture capital investment in EdTech globally in the period of 2015 - 2022 in USD billions

Source: HolonIQ 149

 M&A
According to data from Dealroom, it is estimated that there were approximately 246 mergers and acquisitions of EdTech
startups worldwide in 2022, with a total value of around 7.1 billion USD. This represents a decrease of approximately 30%
compared to 2021.

12 300

10 246 250
227
8 200

6 150
106 103
4 100 100

2 6.4 6.5 10.3 7.1 50 Deals

0.4
Amounts ($B)
0 0
2019 2020 2021 2022 H1 - 2023

Figure 4. M&A activities of the global EdTech market 2019-2023

Source: Dealroom 150

 M&A
Prominent M&A Deals:

Vedantu acquired Deeksha $40M upGrad acquired Harappa $37.5M

Byju's acquired Hello English $25M upGrad acquired Insofe $30M
PhysicsWallah acquired iNeuron $30.2M Gostudent acquired Seneca Learning and Tus Media Group

Furthermore, the education market as a whole has been vibrant with major deals from listed education companies and corporations:

Veritas Capital acquired education publisher Houghton Mifflin Harcourt $2.8B

Roper Technologies acquired Frontline Education, a school management software provider $3.4B
KIRKBI acquired BrainPOP, a digital education brand $875M
Sanoma Oyj acquired Pearson's K-12 digital content business $204M
Cengage Group acquired Infosec, a cybersecurity training company $190.8M

Data source: Berkery Noyes Releases Education Industry M&A Report For Full Year 2022 151
 Key market segments
While there is no universally fixed classification for Horizontal segmentation Vertical Segmentation
EdTech, two popular approaches for segmenting
the market are horizontal segmentation (based on Preschool education Test Preparation and Tutoring
customer groups) and vertical segmentation (based General education Platforms and Tools
on product functionality). Here are examples of Higher education Language Learning
various segments within each dimension: Corporate & workforce training Publishing
... ...

HolonIQ utilizes a comprehensive classification system comprising 55 distinct groups:

Figure 5. HolonIQ Product Classification System

Source: https://www.holoniq.com/
global-learning-landscape

152
 Key market segments
Educational institutions Regardless of the classification method, the EdTech
3.0% market primarily focuses on two major segments:
Content 3.8%
1.6% Assessment General education (including the ecosystem of
products serving students in this segments) and
International Corporate Training. 

4.2% Management Over the past three years affected by the pandemic
New model (2019-2022), the EdTech market has witnessed a
8.3% 23.9% surge in Learning Management Systems (LMS/
LCMS) and teaching resources for general
education. According to HolonIQ, these two
Labor 9.6% product categories accounted for over 45% of the
total market investment in 2022. Test preparation
and online tutoring products are prominent in
11.1%
22.3% emerging or developing markets such as China,
India, Eastern Europe, Southeast Asia, etc.

Support
Experiential 12.3% The North American and Western European markets
are characterized by a significant focus on B2B and
B2C EdTech products catering to businesses and
Skills & Professions working professionals. The demand for upskilling
and reskilling to enhance skills and facilitate career
Figure 6. Global EdTech Venture Capital transitions remains prevalent. The prominence of
Ratio by Product Feature Classification these segments becomes evident when examining
the top global EdTech unicorns in 2023.
Source: HolonIQ 153
 The Top EdTech Giants of 2022
As of March 2023, there have been 30 remarkable EdTech unicorns worldwide, collectively valued at an impressive 89 billion
dollars (HolonIQ, 2023). Retaining its leading position, BYJU'S, the renowned Indian online education company, boasts a
staggering valuation of 22 billion USD.
Top 10 Global EdTech Unicorns:
Company Country Segmentation Year of the unicorn Valuation
ByJu’s India General education 2017 $22B
BetterUp United States Corporate training 2021 $4.7B
Guild Education United States Corporate training 2019 $4.4B
Articulate United States Corporate training 2021 $3.75B
Course Hero United States Higher Education 2020 $3.6B
Handshake United States Recruitment 2021 $3.5B
GoStudent Austria General education 2021 $3.4B
Unacademy India General education 2020 $3.4B
Eruditus India Corporate training 2021 $3.2B
ApplyBoard Canada Recruitment 2020 $3.5B
Note: 30 EdTech unicorns are accredited according to HolonIQ's evaluation criteria, but primarily have to meet 2 criteria:

(1) being a private company that has not issued shares to the public and (2) having a valuation of over $1 billion.
In 2022, the EdTech sector witnessed the rise of six noteworthy EdTech companies, namely ClassDojo (USA), Multiverse (UK),
Physics Wallah (India), Paper (Canada), Lead School (India), and Domestika (USA).
154
 The global trends in educational technology
Emerging topic
Learning for the elderly (mainly in Europe
Education and mental health support for students, learners, and educators, through methods such as social-emotional
education, support groups, counseling, teletherapy, etc. There is great potential in the field of school counseling, which is
currently lacking both in quantity and quality. The trend of educational services and counseling through technology is in its
early stages and holds significant potential for future development
EdTech and Fintech Integration: Examples include financial education for children, university student loans, financial
management for students, ect.

Case Study 1. TalkCampus

TalkCampus is an app designed to connect millions of students, offering mutual support for their psychological well-being and academic challenges. Beyond
that, TalkCampus also provides a tailored solution for educational institutions to establish student counseling systems within the app. These systems
integrate various customizable features and tap into a wealth of available resources, drawing from cutting-edge research conducted by renowned
institutions, including Harvard, MIT, and Cornell University. As of now, nearly 250 universities worldwide have embraced TalkCampus for their student
communities. According to surveys, 86% of students reported a significant boost in their willingness to seek emotional support after using TalkCampus.

Case Study 2. Meadow & Greenlight

Meadow is a platform that facilitates easier tuition fee payments for university students and helps universities comply with financial transparency
requirements. Recently, Meadow announced securing $3.5 million in venture capital funding within only 6 weeks.

Greenlight is a banking and investment app designed for children and teenagers, boasting 6 million users. It allows parents to set up debit cards for their kids,
monitor expenses, and set spending limits. Greenlight also provides educational resources on financial literacy and enables children to invest in stocks and
ETF funds.

155
 The global trends in educational technology
Emerging technologies that will have an
impact in the coming years: AI, AR/V
ChatGPT: For educators, ChatGPT can Case Study 3. Khan Academy
Case study 4. ProctorExam

provide support in lesson planning, grading

assignments, writing emails to parents, and
suggesting homework. For students, In March 2023, Khan Academy launched ProctorExam is a company based in Amsterdam,
ChatGPT can serve as a personalized tutor a pilot of Khanmigo, an online 1:1 tutor the Netherlands. The company utilizes facial
powered by GPT-4. Students using recognition technology to verify the identity of
at a reasonable cost, revolutionizing Khanmigo can ask any learning-related test-takers. With up to three monitoring options,
personalized learning on a large scale. questions, and the system will respond ranging from screen sharing to a 360 view of
Additionally, businesses can utilize ChatGPT and provide advice using natural the test-taker’s workspace through a
language, just like a human tutor. As for smartphone, ProctorExam can adapt to various
for market research, marketing ideas, and teachers, Khanmigo can serve as a assessment contexts. This includes academic
sales, and as a powerful online consulting practical assistant, saving time in lesson examinations, professional certification tests,
partner planning and evaluating students' work. and recruitment processes.

AI, AR/VR: In addition to its application in

personalization, AR and VR have introduced
immersive learning methods. Educators will Case study 5. ASU, Google & Labster
create a world of experiential learning as
digitization merges with augmented reality.
Furthermore, emerging gaming Arizona State University (ASU) has introduced the world's first 100% online biology degree program
using Virtual Reality (VR). This collaboration between ASU, Google, and Labster allows students to
technologies and AR-based assistants, conduct laboratory experiments remotely through VR. With this innovative program, students can
along with VR experiences, will revolutionize access the virtual laboratory at any time and for any duration they desire. The program has been a
the learning experience for students tremendous success, attracting thousands of students to participate and benefit from this
immersive learning experience.
Biometric Recognition: Examination and
Proctoring

156
 The global trends in educational technology
In February 2023, the survey results conducted by HolonIQ on 464 EdTech business leaders revealed that AI is expected to
have the most significant impact on the segments of language learning and testing and assessment.

Early education 5.6

K-12 7.3

Vocational training 8.0

Foreign language training 8.6

Assessment 8.8

Higher Education 8.2

Reskill & Upskilling 8.3

Figure 7. AI Applications in EdTech Product Segments

Source: HolonIQ’s survey, 2/2023, n = 464 157

 The global trends in educational technology
Trend Analysis
In the context of slow global economic growth, with even major economies like the US and Europe projecting negative or near-zero
growth (IMF, 2023), the global EdTech market in 2023 will witness a further decline in venture capital investments
The trend of mergers and acquisitions (M&A) continues to develop significantly. Financial reports indicate that sales and marketing
costs for some of the largest EdTech companies have ranged from 20% to 60% of revenue in recent years (McKinsey, 2022). This
drives the need to reduce costs in acquiring new customers, and one of the most effective and efficient ways is through mergers and
acquisitions to achieve economies of scale
Expansion of B2B Products: In 2021, 14 out of the top 15 adult education companies that received the most funding in the US had
products targeting businesses (McKinsey, 2022). Even Coursera, originally focused on B2C, has significantly increased its revenue
from corporate clients in recent years
Following the wave of technology layoffs at the end of 2022, which is predicted to continue into 2023, training linked to job
opportunities and career development will be in high demand in 2023 and the coming years. Services such as personal coaching,
interview preparation, and job search support will be embraced not only by students but also by professionals. For instance, upGrad
has acquired a recruitment and human resources firm to help students increase their employment opportunities Additionally, Arizona
State University provides free counseling, advising, and crisis intervention support for students through a combination of direct and
online learning
Mike Malefakis, University Partnerships President at Emeritus, predicts: "2023 will be the year of ChatGPT. Some of the smartest
people in the world have already used it, so let's embrace it instead of fearing it."
Before the pandemic, online learning was only an option or even a privilege for those with the condition. However, during the
pandemic, it has become an essential need for students and employees As people gradually adapt to new technologies, blended
learning combining both in-person and online education will become the "new normal." Vivian Wu, Managing Partner at the Ventures
Chan Zuckerberg Initiative, said: "Now is the ideal time to bring personalized education through blended learning methods." She also
suggests that integrating technology into education will promote long-term innovation and enhance personalized learning outcomes.

158
Case study 6. HeyHi
HeyHi is a unique AI-enabled assessment & personalized learning system
in a collaborative learning space. HeyHi currently works closely with
schools, learning centers, publishers, and individual private tutors, trusted
by hundreds of thousands of users in over 30 countries, consisting of 50+
enterprise customers in over ASEAN and Hong Kong.

HeyHi offers three unique features: HeyHi Assessment, HeyHi

Collaboration, and HeyHi Academy.

HeyHi Assessment is a holistic e-assessment and diagnostic solution that

consists of a reliable Question Bank-based Content Management System,
AI Worksheet Generator for personalised & adaptive assessment, auto-
marking with instant feedback, and detailed analytics reports to identify
learners’ learning gaps.

HeyHi Collaboration, on the other hand, is a one-stop solution to combat

online environment learning barriers that provide educators with an
interactive online whiteboard for collaborative and engaging learning,
integrated video conferencing, and synergistic teaching tools such as
ease of drag-drop file access from personal library and live interaction via
intuitive writing tools.

Lastly, HeyHi Academy is a centralised content library suitable to scale

teaching efficiently & seamlessly through high accessibility, enabling
organization and productization of contents & materials and facilitating
different modes of delivery – DRIP-FEED, self-paced, and adaptive
learning mode.

Website heyhi.sg Contact [email protected]

Companion units of Vietnam’s EdTech White Paper 2023 159

Copyrighted material 1. Overview of the Global EdTech Market

1.1 Global EdTech Market

1.2 Asian EdTech Market

160
 EdTech Market in Asia
While North America currently dominates the global EdTech market with a share of around 40%, the Asia-Pacific region has
emerged as a fertile land for both startups and investments over the past 5 years, with an estimated compound annual
growth rate of 16.1% during the period from 2023 to 2030 (GrandViewResearch, 2022).

Asia, with a population of 4.75 billion, is the world's largest market in terms of education investment and spending. The
continent possesses all the conditions to rise as a leading EdTech hub globally. According to Rory Gopsill, an analyst at
GlobalData, “Asia Pacific will be the world's largest education technology market by 2030.” 

Examining the EdTech product structure of typical regions such as East Asia (China, South Korea, Japan...) and Southeast Asia
(Singapore, Indonesia, Vietnam, Thailand...), some common trends become evident Tutoring, test preparation, English
language learning, and STEAM education products are highly favored, accounting for over 50% of the EdTech market, with a
strong focus on the K-12 segment (HolonIQ, 2022).

Direct-to-customer distribution is the most prevalent business model, with up to 3/4 of startups adopting this approach
(HolonIQ, 2022). However, based on data from the past 3 years (2019-2022) and expert opinions, the B2B model is
experiencing growth momentum and has significant room for development due to the increasing demand for Learning
Management System (LMS) services from businesses and schools.

A notable point is the new regulations in China's education policy related to extra-curricular tutoring since 2021, which has led
to a rapid deceleration of the EdTech market in the country in terms of scale, investment capital, and growth rate. This shift
has given way to India, which has become a leading EdTech player in the region.

161
 02
Vietnam EdTech Market

162
Education statistics of Vietnam
Population (2022) 99.5M Forecast over 100 million in 2023

Number of students in general education 17.9M Non-public 4.8% = 859K students

segment

Number of students and apprentices 3.8M 66/242 non-public universities

~ 300 technology companies

Number of EdTech Companies in Vietnam

~ 450 companies operate in a digital
(Including domestic companies & foreign More than 750 companies environment but do not have high-technology
companies doing business in Vietnam)
content in their products/services

GDP per capita (2022) 4,680 USD

Currently accounting for 15% of Education spending accounts for 4-5%

Public expenditure on education total budget expenditure, the of GDP

target is 20%

Average spending per person attending 700 – 1000 USD Public expenditure is $400, and household
school each year spending is $300.

Percentage of household income spent on 20-30% (after housing and food expenses)
education

Top 10 fastest-growing EdTech countries in the world.

Top 3 most promising EdTech countries in Southeast Asia: Singapore, Indonesia, and Vietnam.

163
Copyrighted material 2. Vietnam EdTech Market

2.1 History of EdTech Vietnam

2.2 Conditions and environment for EdTech development in Vietnam

2.3 Overview of Vietnam Edtech Market

2.4 Content aspects in Vietnam's EdTech products

2.5 Technology Factors in Vietnam's EdTech Products

2.6 Investment in EdTech in Vietnam

164
History of EdTech Vietnam
Phase 1 (2000-2005) | Emergence of EdTech research and applications in schools

2005 The first scientific conference on E-learning in Vietnam

"Research and Implementation of E-learning" organized by the Institute of Information Technology (Vietnam National
University, Hanoi) and the Faculty of Information Technology (Hanoi University of Science and Technology) 

Phase 2 (2005-2010) | Introduction of the first EdTech & E-learning products

Introduction of initial forms of digital content 2007 2008

CD-ROMs, DVDs containing lectures, games, English language learning software...
hocmai.vn Topica

Phase 3 (2010-2015) | The market becomes vibrant with the participation of large state-owned and private corporations

2010 2011 2013 2014 2014

VTC Online VnEdu Viettel Study Zuni.vn Online university FUNiX
Organized the Online VNPT VNG FPT
English Olympic

165
History of EdTech Vietnam
Phase 4 (2015-2020) | Explosion in the number of EdTech startups

The popularity of mobile devices and 4G networks changes learning habits.

Many mobile learning applications are developed
Monkey Junior, KidsOnline, Edupia…

By 2019, Vietnam had more than 100 startups active in the education technology sector

Phase 5 (2020-present) | Online education is increasingly popular and attracts more investment

2021 80% of Vietnamese students studied online due to social distancing

Numerous investment deals and mergers with capital >$1M

In 2022, the total venture capital investment in edtech startups officially surpassed $200M

Figure 8. EdTech Development in Vietnam

166
Copyrighted material 2. Vietnam EdTech Market

2.1 History of EdTech Vietnam

2.2 Conditions and environment for EdTech development in Vietnam

2.3 Overview of Vietnam Edtech Market

2.4 Content aspects in Vietnam's EdTech products

2.5 Technology Factors in Vietnam's EdTech Products

2.6 Investment in EdTech in Vietnam

167
 Vietnam's economy and investment budget for education
According to data from the IMF, Vietnam's GDP growth rate has been relatively stable, maintaining at 6%-7% per year, with
only a slight impact from COVID-19 in the years 2020 and 2021. However, there was an impressive recovery in 2022 with a
growth rate of 8%. In 2023, the IMF forecasts Vietnam's GDP growth rate to be at 5.8%.

9 %
8
7
6
5
4
3
2
1
0
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 (forecast)

Figure 9. GDP in Vietnam from 2013 to 2023

Source: IMF 168
 Vietnam's economy and investment budget for education
Education budge
Public investment in education has been steadily increasing over the years, with the goal of reaching at least 20% of the
state budget each year
In 2022, the regular budget expenditure for education and training was 275 trillion VND (equivalent to 11.7 billion USD),
accounting for 15.45% of the state budget. The investment budget was 55 trillion VND (equivalent to 2.3 billion USD),
representing a 49% increase compared to 2021 (16.6%). (Ministry of Finance, 2023)

300,000 Central Budget

Local Budget
250,000

200,000
When considering the GDP ratio, Vietnam's
education expenditure is approximately

260,000
150,000

249,109
239,504

4.11% of GDP, which is the highest among

221,000
227,397
215,538

100,000 ASEAN countries in 2020 and comparable to

the average of low- and middle-income
50,000
countries. However, there is still a
0 considerable gap compared to OECD
2018 2019 2020 2021 2022 2023 countries (IMF, 2023).

Figure 10. Regular Education Budget Expenditure from 2018 to 2023 in VND billions

Source: State budget public portal - Ministry of Finance 169

 Social Characteristics and Household Expenditure on Education
According to the General Statistics Office, Vietnam's population reached 99.5 million people by the end of 2022.
Abundant labor force: More than two-thirds of the population are in the working age group
GDP per capita (as of October 2022): USD 4,680 (IMF, 2023
9 Rapidly growing middle class: Currently comprising 13% of the population and expected to reach 26% by 2026 (Ministry
of Labor - Invalids and Social Affairs, 2022) → The development of the middle class will boost consumption, serving as
an economic driving force. Additionally, the middle-class places greater emphasis on education and is willing to spend
more on educational products and services in general.
According to the 2022 Survey of Household Living Standards, Binh Duong province has the highest average per capita
monthly income and also leads the country in average income for the top 5 (20% of the most wealthy people).

9%
Children (under age of 15)
23% 37.3%
49.9% 51.1% Above age of 65

67% 62.7%
In working age

(Age 15-64)

Male Female Contryside City

Figure 11. Vietnam’s labor structure in 2022

Source: General Statistics Office, World Bank 170

 Social Characteristics and Household Expenditure on Education
Top 10 provinces with the highest average income of the Map of provinces based on the average per capita
middle class nationwide. income per month of group 5

(Survey of living standards of the population in 2022).

The average income of the
9 No. Province
richest group (USD/person/month)

1 Binh Duong $779

2 Dong Nai $580

3 Hanoi $570

4 Ho Chi Minh City $547

5 Da Nang $536

6 Hai Phong $510

7 Can Tho $474

8 Bac Ninh $462

9 Ba Ria - Vung Tau $456 2000 9000

10 Quang Ninh $450

Figure 12. Average per capita income by provinces

171
 Social Characteristics and Household Expenditure on Education
Education expenditure of households
According to the results of the 2022 Residential Living Standards Survey, the average education expenditure per person
attending school in 2022 was 7,001,000 VND/person/year (~$298), which decreased by 1% compared to 2020, marking
the first decrease in 10 years of surveying. The average education expenditure in urban areas is twice as high as in rural
areas, with 10,111,600 VND/person/year (~$430) compared to 5,079,000 VND/person/year (~$216)
According to Bain & Company, Vietnamese family spends about 20% on average of their disposable income on children's
education, compared to 6%-15% in other Southeast Asian countries.

400
301
282 298
300
232
194
200 174

100

0
2012 2014 2016 2018 2020 2022

Figure 13. The average expenditure for learners in the period 2012-2022 in USD

Source: General Statistics Office 172

 Technology environment

Vietnam has the potential to become one of the largest digital economies in the Southeast Asian region.

Internet user rate

79.1%

Smartphone Ownership Rate

98.1%
(Age 16-64)

Desktop/Laptop Ownership Rate

58.5%
(Age 16-64)

Average Daily Internet Usage Time

6h23’
(Age 16-64)

Percentage of Schools with Internet Connectivity 100%

Figure 14. Internet and technology usage in Vietnam

Source: Datareportal (01/2023)

173
 Technology environment

The scale of Vietnam's digital economy is estimated to be about 23 billion USD in 2022, and it is forecasted to have the fastest
growth rate in the Southeast Asian region in the next 3 years (CAGR=31%), reaching 49 billion USD by 2025 (e-Conomy SEA, 2022).

2019 13

CAGR 15%

2021 18

CAGR 28%

2022 23

CAGR 31%

2025 49

2030 120-200

Figure 15. Estimated scale of Vietnam's digital economy by 2025 and 2030 in USD billions

Source: e-Conomy SEA report 2022

174
 Education environment
The education segment in Vietnam has a large scale, with over 25 million students.

Number of schools in 2021 - 2022 Number of students at all levels 2021-202221`

685 17,921,100
25,662
Public schools
3,326
Non-public schools
12,159

5,800,000
*

683
66
1,222 1,915,500
176 1,906,000
Preschool K12 Higher
Vocational Preschool K12 Higher
Vocational
Education Education Training Education Education Training
Figure 16. Statistics on schools and number of students in the school year 2021 - 2022

* Estimated figures of the MOET in 2022

Source: General Statistics Office, MOET, Ministry of Labor, War invalids and Social Affairs
175
 Education environment
The results of the 2019* Population Census show that high school graduates make up 36.5% of the total population aged 15 and above.

After adjusting for the duration of education, Vietnam's average years of schooling are 10.2 years, ranking second only after Singapore
among ASEAN countries, and the human capital index of Vietnam is 0.69 compared to the maximum level of 1, which is the highest
among low-middle-income economies. The expected years of schooling are 12.2 years - more than the years of schooling at all levels of
K12 education. This figure represents a positive sign for the future of education and opportunities for advanced education access Many
education experts also acknowledge that Vietnam's greatest achievement in education over the past 20 years has been the effort to
bring the general education program to all segments of the population.
Highest Educational Attainment in 2019 Rate of school attendanceat the right age (2022)
Percentage of 3.3%
population aged 9.2%
15 and over 95.8%
90.5%
77.2%
23.9%

Higher Education College High School Below High School Primary Secondary High school
school school
Figure 17. Statistics on educational attainment (2019) and school enrollment rates at the appropriate age (2020)

Source: General Statistics Office

* The census of population and housing is conducted nationwide and is 176
taken every 10 years. The last time was in 2019.

Copyrighted material 2. Vietnam EdTech Market

2.1 History of EdTech Vietnam

2.2 Conditions and environment for EdTech development in Vietnam

2.3 Overview of Vietnam Edtech Market

2.4 Content aspects in Vietnam's EdTech products

2.5 Technology Factors in Vietnam's EdTech Products

2.6 Investment in EdTech in Vietnam

177
 The EdTech Market Landscape in Vietnam
The EdTech market in Vietnam is estimated to be around 3 billion USD by 2023. The growth rate of EdTech in Vietnam is
recorded at a relatively high level, approximately 20.2% annually during the period from 2019 to 2023, making Vietnam one of
the top 10 fastest-growing EdTech markets globally (Ken Research, 2019).

According to data compiled by the EdTech Agency, by June 2023, about 70 domestic and foreign investment funds have
invested more than $400 million in EdTech startups in Vietnam. According to data compiled by the EdTech Agency, as of June
2023, there are about 70 investment funds both domestic and foreign that have invested over 400 million USD in EdTech
startups in Vietnam.

While there is no complete statistical data, it is estimated that there are no fewer than 400 EdTech companies with their
proprietary technology in the Vietnamese market. If we include companies with EdTech products operating on third-party
technology platforms, this number could reach 700 companies. 

State-owned enterprises primarily participate in the K-12 platform and learning management segment, with major players
such as Viettel, VNPT, and Mobifone.

According to the data sample (n=215 companies) compiled and analyzed by EA, private enterprises account for nearly 90% of
the total number of EdTech companies in the market, mainly focusing on the K-12 segment and foreign language learning,
especially English.

Foreign companies excel in the technology and hardware segment. Viewsonic, and Samsung, are among the few companies
providing smart classroom solutions in the Vietnamese market.

178
 The EdTech Market Landscape in Vietnam
Preschool Education

The EdTech product segment for early childhood education has seen strong development in recent years. With nearly 5 million children in
the early childhood age group, this is a promising market with great potential. The most common platforms in this segment are for
teaching math, English, STEAM/robotics/programming. Applications developed for this age group require careful content research and
investment in appearance, often incorporating gamification elements and featuring direct instruction or 1:1 tutoring with teachers or
mentors.

General Education

This is currently the most vibrant market in Vietnam's EdTech industry. In this segment, most products are learning management
platforms (LMS/LCMS), online resources to support review and exam preparation, or foreign language learning applications. The
demand for educational technology products in the general education market boomed during the COVID-19 pandemic, and although
there have been signs of cooling down, it will remain the hottest market for EdTech in Vietnam in the coming years.

Higher Education

Currently, there are 16 higher education institutions in Vietnam granting Bachelor's degrees through 100% online training. (Previously,
many of these programs were known as distance learning). Some advanced technologies, such as virtual reality have also been initially
tested in certain institutions, for example, Duy Tan University has a Second Life platform that allows students to do group interaction
exercises through virtual reality simulation games. 

Additionally, there is the blended learning model, which combines online and in-person learning, either for regular degrees from
Vietnamese universities or in collaboration with foreign universities.

179
 The EdTech Market Landscape in Vietnam
Corporate training

The corporate training market is receiving increasing attention as recruitment and employee retention costs continue to rise, prompting
businesses to focus on providing vocational training and upgrading skills for their employees to meet job demands. The top skills that
businesses prioritize in their employee training include job-specific expertise, processes (especially in industries like banking, hospitality,
and restaurants), digital transformation, foreign languages, project management, and leadership. Currently, many large corporations in
the power sector, banks, telecommunications, and aviation have implemented a relatively thorough training system (in person and online)
for personnel, including EVN, Viettel, Vietcombank, and Vietnam Airlines... Currently, many large corporations in the energy, banking,
telecommunications, and aviation sectors have implemented a relatively thorough training system (both in-person and online) for their
workforce, including notable examples like EVN, Viettel, Vietcombank, and Vietnam Airlines. EdTech products designed for businesses can
be categorized into two main groups: 

Platform providers: VietED, Amber, Huong Viet

Course providers: Agile Academy, PACE Management Academy, Edtexco…

Training for Working Professionals

The trend of upskilling or reskilling is considered an essential path for adult education, towards a lifelong learning model. According to a
PwC survey conducted in Vietnam in 2020, Up to 84% of surveyed working professionals expressed a desire to learn new skills or
undergo retraining to enhance their employability in the future. In response to this demand, numerous EdTech companies have emerged
to offer courses on office computer skills and Business English, both considered essential for every modern office employee.
Additionally, in recent years, there has been a growing trend among working professionals to learn programming at various training
centers in hopes of career transition or job position change. Compared to early-stage self-learning platforms like Edumall, and Kyna, the
new products in the working professionals' training segment tend to focus and specialize more on some specific skills and "hot"
industries such as web programming, mobile application development, and data analysis, etc.

180
Case study 7. Videa EdTech

Videa EdTech is a dynamic company at the forefront of digital

transformation in the education sector. Established in 2019 through a
strategic collaboration between investors from Taiwan and South Korea, our
primary objective is to deliver high-quality digital solutions that cater to the
growing demands of online education and elevate the educational
experience for universities, educational institutions, training centers,
businesses, and more, both in Vietnam and around the globe.

Central to our EdTech solutions is the exploitation of an open-source

ecosystem. At Videa, we place great emphasis on harnessing the power of
open-source technology, and our flagship product built from Moodle, is a
world-renowned open-source Learning Management System (LMS). With
Moodle as our core and the additional products like Cloud based LMS, E-
Proctoring, Learning Analytic, Content Repository, SSO solution, Video
Streaming system, Virtual Classroom SaaS, OER portal, Administration
dashboard & advanced features for Higher Ed's operation, etc.

At Videa, our passion for excellence and the abundance of experience

drives us to confidently offer the most advanced and tailor-made solutions
to cater to the diverse needs of our valued clients. We are committed to
continuous growth and actively contribute to the progress of global
education. Thank you for choosing Videa EdTech as your trusted partner on
your journey of educational excellence and digital transformation.

Website videabiz.com Contact [email protected]

Companion units of Vietnam’s EdTech White Paper 2023 181

 EdTech development policies in Vietnam
General Directions:

Developing a national data system for Education & Training

Developing and utilizing open educational resources and digital learning environments
Establishing smart education operation centers in province
Building and implementing digital competency frameworks for the population;

These directions are concretized through two Government schemes:

Project 1373 of the Government on Building a Learning Society in the period 2021 - 2030

General Goal: Ensuring that by 2030, all citizens have equal opportunities to access a diverse, flexible, interconnected, and
modern education system with various models, methods, and training levels.

Strategies

Strengthening the construction, exploitation, integration, and sharing of open educational resources with educational
institutions, organizations, and individuals both within and outside the country. Actively participating in the Vietnam Digital
Knowledge System Initiative and localizing international open educational resources
Promoting work-study training, distance learning, and guided self-learning to facilitate access and enhance vocational skills
for workers, especially those in rural areas, people with disabilities, homemakers, and the elderly
Establishing a repository of open learning materials to support self-learning and lifelong learning through educational
television channels according to the approved Scheme
Promote international cooperation in adult education, lifelong learning, and building a learning society.

182
EdTech development policies in Vietnam

Project 131 of the Government on enhancing the application of IT and digital transformation in education and
training in the period of 2022 - 2025, orientation to 2030

General Goal: Leveraging technological advancements to promote innovative teaching and learning, improve the
quality and accessibility of education, enhance educational management efficiency; building an adaptable open
education system on digital platforms, and contributing to the development of a digital government, digital economy,
and digital society.

Strategies

Ensuring the necessary infrastructure and equipment: Prioritizing the use of cloud-based service models;
Ensuring all educational institutions have access to fiber-optic Internet connection; Establishing and developing
smart interactive classrooms and modern laboratories.
Developing a digital transformation ecosystem for teaching, learning, examination, evaluation, and scientific
research: Developing digital learning repositories and open educational resources shared across the entire
education sector; Developing and implementing digital platforms for teaching and learning and piloting digital
higher education models
Synchronously deploy a comprehensive information management system for education and training and a sector-
specific database
Mobilizing resources to participate in the application of information technology and digital transformation in
education and training.

183
 Chính sách phát triển EdTech tại Việt Nam
Some initial results
Case Study 8. Hanoi Smart Education Operations Center
In the school year 2021-2022, the Ministry
of Education and Training provided Hanoi was the first province to establish a Smart Education Operations
guidance and support to localities and Center to serve the management and operation of educational
educational institutions to conduct online activities citywide. This center is equipped with an integrated support
teaching to adapt to the pandemic system for administration and operation, utilizing customizable control
situation. It was also the first year that panels based on different periods. The project was supported by
12th-grade students registered for the Quang Ich Software Company
high school graduation examination online Through this center, the entire education and training sector will
through the examination management implement school management, including preschool, K12, and
system.
continuing education, using the sector's database. It also implements
electronic student records and transcripts, and deploys information
In 2022, many localities across the country technology applications to connect, interact, and exchange
have built and put into operation the information between parents and schools. All educational
Intelligent Education Operation Center management information is updated in real-time, ensuring accuracy
(IOC Edu). These centers are considered and data security
the "digital brain" of the education sector, Other features include organizing online meetings, real-time
capable of integrating and connecting monitoring through cameras at school gates and playgrounds,
data from the sector with national providing the latest information about the education and training
databases, specialized databases, and sector on the electronic information portal, and monitoring
local data, facilitating smooth and efficient information on the network environment and educational facilities.
educational management and operations.

184
Copyrighted material 2. Vietnam EdTech Market

2.1 History of EdTech Vietnam

2.2 Conditions and environment for EdTech development in Vietnam

2.3 Overview of Vietnam Edtech Market

2.4 Content aspects in Vietnam's EdTech products

2.5 Technology Factors in Vietnam's EdTech Products

2.6 Investment in EdTech in Vietnam

185
 Digital content and Digital content in education
Digital content (or digital media) is the general term for any content in digital form, including but not limited to audio, video,
and images, as well as articles, dictionaries, and courses. Digital content can be stored, accessed, and downloaded on the
Internet or distributed through optical media such as CDs or DVDs.

The term "digital content" is commonly used in the media and entertainment industry, but it is also widely applied in
education. The most common form of digital content in education is online materials and courses.

186
 Content classification in Vietnam's EdTech products
Based on the current EdTech products in the Vietnamese market, digital content can be classified according to distribution
methods, content types, and target customers.
According to distribution methods
Physical devices: Data storage discs such as CDs/VCDs/DVD
Television: Programs delivered through television channels
Mobile Ap
Web Ap
Website: content stored on the cloud or a server.
According to content types
Digital content repositories: Collections of digitized materials in the form of texts, images, and videos. For example, vietjack, violet,
tienganh123
Learning Forums/Social Networks: Content contributed by the community in various forms, including sharing materials, answering
questions, and providing study advice. For example, hocmai, VnEdu
Online courses: Providing video lectures on specific topics, and users can receive certificates upon completion. For example,
edumall, kyna, Vuihoc
Curriculum-based learning programs: Comprehensive content developed as a curriculum to build a suitable learning path for
learners based on their level and goals. For example, Monkey Junior, Clevai, Geniebook
E-books and Augmented Reality E-books: Digitized books Some augmented reality e-books include animations audio, augmented
reality, note-taking tools, and exercises to enhance the user experience. For example, eTextbook by NXB Giáo dục, Augmented
Reality E-books by Umbalena.
According to target customers:
Preschool: Content focusing on early education, such as numbers, colors, writing practice, and communicative English
K12: The main content currently available in the market includes solutions, lectures, exercises, and exam preparation
Higher Education: Content of interest to students includes textbooks, reference materials, and sample exams.
Working professionals: Diverse content covering various industries, but the current trend for working professionals is to enhance
their knowledge and skills in technology and foreign languages
187
Considerations when developing content for EdTech products in Vietnam

Copyright issu
If the EdTech product uses any part or all of its content from foreign sources, it is essential to ensure that the content
has clear and credible origins and that the content's usage is legally authorized
The digital content copyright of EdTech products should be protected by all possible means, including but not limited to
registering the product's copyright with the Intellectual Property Office; registering the copyright of the author with the
National Office of Copyright; expressing copyright statements in written form or recordings (for audio products) in the
product and strictly prohibiting any copyright infringements; using technologies (such as DRM, paywall, account
authentication requirements) to restrict unauthorized access.

Content Quality Issue

It is necessary to carefully study the content and syllabus to ensure that the content is suitable in terms of knowledge,
culture, and psychology for each target audience
There should be a board of advisors or content experts
If the content is for high schools and universities, it is necessary to comply with the regulations on quality accreditation
of the State, avoiding the occurrence of legal consequences later.

Digital advertising business issu

Managing advertising content in the product, ensuring that the advertising content does not violate the law, is not
offensive, and does not contradict educational goals in EdTech products
Minimizing advertisements in the revenue structure of EdTech products and instead, exploring sustainable business
models that provide more value to users.

188
Copyrighted material 2. Vietnam EdTech Market

2.1 History of EdTech Vietnam

2.2 Conditions and environment for EdTech development in Vietnam

2.3 Overview of Vietnam Edtech Market

2.4 Content aspects in Vietnam's EdTech products

2.5 Technology Factors in Vietnam's EdTech Products

2.6 Investment in EdTech in Vietnam

189
 Cloud technology
According to CafeF's compilation, Vietnam currently has 39 cloud service providers, with Vietnamese enterprises holding a
market share of 19.68%, while foreign enterprises account for over 80%. Among the 80% market share held by foreign
providers, Amazon Web Services (AWS) maintains the largest share with 33%, followed by Google and Microsoft with 21% each.

Many schools and institutions are also moving towards migrating their data infrastructure to cloud storage systems to reduce
infrastructure costs, reduce dependence on physical servers, enhance data security and privacy, and increase accessibility
anytime, anywhere.

AWS Google Microsoft Other comapnies

25%
33%

80,32%
21%
21%
19,68%

Domestic company Foreign comapny

Figure 18. Market share of cloud services in Vietnam

Source: CafeF
190
Case study 9. Amazon Web Services (AWS)
Amazon Web Services, Inc. (AWS) is the world’s most comprehensive and broadly adopted cloud platform, offering over 200 fully
featured services from data centers globally. Millions of customers—including the fastest-growing startups, largest enterprises, and
leading government agencies—are using AWS to lower costs, become more agile, and innovate faster. AWS enables education
technology (EdTech) companies to accelerate the development of secure and scalable technology solutions that support students and
educators every day. AWS helps EdTechs realize the full potential of cloud computing with dedicated business and technical resources to
support their growth. From idea to IPO and beyond, AWS supports EdTechs as they start, grow, and optimize their business to deliver on
their mission for education. Our passion for equity in education is rooted in our leadership principles. We are curious and have a desire to
help all learners succeed.

Duolingo is a great example of an AWS education customer, using AI to teach 300 million people.

It is an exciting time in the EdTech industry and an excellent time to launch your company. As an EdTech startup, AWS is here to help you.
Below are a few resources to get started.

1. AWS Cloud for EdTech

Education technology (EdTech) companies are accelerating the development of scalable and secure technology solutions that support students and
educators with AWS. With dedicated business and technical resources to support growth, AWS supports EdTechs to start, expand, and optimize their
business as they deliver on their mission for education.

2. AWS Activate for Startups

Join AWS Activate, the leading startup program, helping you bring your idea to market - backed by the most trusted cloud platform.

3. AWS Partner Network (APN)

Get help from our comprehensive network of Partners, from consulting to technology. We have experienced delivery Partners that can help your
business get the most out of the AWS Cloud, and deliver on your specific cloud objectives.

Website aws.amazon.com Contact [email protected]

Companion units of Vietnam’s EdTech White Paper 2023 191

Case study 10. CMC Telecom
CMC Telecom is a company member of CMC Corporation and is
the only telecommunications infrastructure enterprise in Vietnam
with a foreign shareholder, TIME dotCom, Malaysia's No. 2
telecommunications corporation. In 2017, CMC Telecom was
recognized as one of five Internet Services Providers (ISPs) in
Vietnam that had a significant influence on the development of the
Internet in a decade (2007-2017).

As a telecommunications company that provided basic

transmission services for 15 years, CMC Telecom has successfully
morphed into a Converged Service Provider (CSP) offering a
complete range of services, from infrastructure to digital
transformation, to meet the demands of enterprises. CMC Telecom
has strengthened its market position through five primary core
activities: Internet, Datacenter, Cloud, ITO, and Security.

CMC Telecom has led the market in Digital Infrastructure for the
past 15 years, offering services to 100% of Vietnam's banks as well
as the top businesses and corporations in Vietnam’s 500 largest
enterprises (VNR500). CMC Telecom reaffirmed its position in early
2023, garnering international recognition as the only Vietnamese
representative to be awarded in the Asian Telecom Awards 2023 for
Cloud Initiative of the Year and Infrastructure Initiative of the Year.

Website cmctelecom.vn Contact [email protected]

Media sponsor of Vietnam’s EdTech White Paper 2023 192

 ChatGPT
AI is used primarily for personalized learning purposes
Identifying learners' weaknesses to provide support and reinforce their knowledge
Suggesting contents and exercises suitable to learners’ level, receptivity, and objectives of learners, recommending
appropriate content and exercises based on learners' levels, receptivity, and objectives
Provide timely feedback and reminders to motivate learners and maintain a regular study routine
Recording the learning process and progress and extracting reports, data, and charts for teachers and students to refer to.

In the Vietnamese market, currently, only about 8.5% of EdTech products surveyed are reported to use AI technology, and
most of these products are developed by foreign parent companies such as Geniebook (Singapore), and Qanda (South Korea)
(EA, 2023). Since Open AI officially commercialized ChatGPT at the end of 2022, many applications utilizing this technology
have emerged in education, particularly in the K-12 segment, for tasks such as solving exercises and lesson planning.

Case Study 11. The Coach

The English communication application developed by StepUp English Center integrates AI and ChatGPT to create
natural conversational situations for learners to practice communication reflexes as if they were talking to a native
speaker. Additionally, the app also has the ability to personalize the learning path suitable for each user.

193
 Voice recognition Smart Classrooms

Mainly used in English learning applications Smart classrooms are funded through pilot projects but have not
been widely scaled yet.

Leading providers of smart classroom equipment include ViewSonic

and Samsung.
Case Study 12. ELSA Speak

Case Study 13. Smart Education Project

ELSA is considered an intelligent

language learning application that
focuses on improving listening and
speaking skills. It provides a The Smart Education project, a collaboration between VNPT
structured learning path and utilizes and NTT (Japan), is currently being piloted at Archimedes
AI-powered speech recognition Elementary School in Hanoi. After over a year of testing,
technology to accurately correct the survey results show that 87% of teachers believe that smart
pronunciation of each syllable. ELSA lessons bring positive and effective outcomes to students,
Speak is a software ranked among and they desire to continue using them in the upcoming
the top language learning products semesters. Approximately 92.6% of surveyed students
that excel in AI technology mentioned that smart classes are easier to understand than
applications at present.
regular lessons, convenient for expressing their opinions, and
nearly 98% of students wish to continue this platform in the
next semester.

194
 AR/VR/MR Metaverse
VR, Virtual Reality, is a technology that describes the simulation This technology allows students to access
or virtualization of an environment through specialized software, knowledge visually through 3D modeling and virtual
controlled by smart software and devices. AR, Augmented reality tools such as VR (Virtual Reality) glasses. The
Reality, is a technology that allows the integration of virtual metaverse environment creates a lively learning
information into the real world (and vice versa), enabling users to space where students can learn knowledge and
interact with digital content in reality (such as touching or immediately apply them in practice.
overlaying objects). AR is simpler technology and more easily
applicable to education with significantly lower costs as it does
not require special devices like goggles or gloves. Case Study 15. Metaverse Virtual Classroom
The metaverse virtual classroom has begun its
Case Study 14. Virtual Reality Technology Pilot

trial run at some schools in Ho Chi Minh City

since late 2022, provided by EMG Education.
In 2021, the project "Pilot Application of Virtual Reality and At the initial stage of implementation, students
Augmented Reality (XR) Technology in Early Childhood and will be familiarized with learning in a metaverse
Secondary Education in Vietnam," sponsored by UNICEF, environment. In 2023, EMG will implement the
selected Umbalena as the partner to develop the first use of VR glasses in the classroom.
Augmented Reality (AR) application book set, with the
technology led by a team of Vietnamese software engineers
and graphic designers. The first free AR augmented reality
book set, comprising 20 volumes for children, was released Recently, a Vietnamese startup called Elite Meta
on the Umbalena book reading app. has received $100,000 to develop an online
metaverse classroom model.

195
 Educational robots Virtual labs
Educational robots are physical Virtual laboratories comprise multimedia resources designed to simulate physical,
products that integrate various sensors, chemical, biological phenomena, etc., occurring in nature or a laboratory setting.
speakers, microphones, and pre- Virtual experiments help minimize the common challenges faced in teaching and
programmed content, or can download learning due to a lack of equipment and laboratory conditions.

content from the manufacturer's app

store. Educational robots are primarily The providers of virtual laboratories are mainly from foreign countries: EduMedia,
used by children as a tool for learning ClassIn, Viewsonic, ScholAR, PhET, BASF Kids Lab, etc. However, most of this
and playing, aiming to enhance content has been localized when introduced to the Vietnamese market.

interaction and learning interest.

Currently, the market mainly consists of

imported educational robots from India,
China, South Korea, etc. There have
been no recorded instances of
educational robots being produced in
Vietnam. However, some products have
been localized with software and
content to suit the Vietnamese market.

In 2020, OpenClassroom introduced Tri

Nhan, the first artificial intelligence
robot in Vietnam aimed at serving
education through answering
questions, solving maths, and teaching Nguồn: https://basf.kids-interactive.de/vi

assistants. However, up to now, this

product has not been commercialized.
Figure 19. Virtual Laboratory products by BASF
196
Copyrighted material 2. Vietnam EdTech Market

2.1 History of EdTech Vietnam

2.2 Conditions and environment for EdTech development in Vietnam

2.3 Overview of Vietnam Edtech Market

2.4 Content aspects in Vietnam's EdTech products

2.5 Technology Factors in Vietnam's EdTech Products

2.6 Investment in EdTech in Vietnam

197
 Investment structure of Vietnamese education
Investment in education in Vietnam, in general, and educational technology in Vietnam, in particular, can be divided into three
main sources
Government budge
Private investmen
Aid loans from individuals both within and outside the country.
Public Expenditure
Kindergarten 471 174
Household Expenditure

Primary school 366 156

Secondary school 414 232

High school 408 351

College 670 1163

Vocational training 184 604

0 500 1000 1500 2000

Figure 20. Average investment structure per learner at different levels in Vietnam (USD/per learner/per year)
Source: EdTech Agency calculated based on data from Government budget, 198
Population Living Standards Survey results and UNICEF’s report

 Investment structure of Vietnamese education

Government budget
Private investment:

Every year, the government This refers to legal investments from organizations and individuals, also known as investors,
announces the budget allocation for both within and outside the country
education, including regular Household Expenditur
spending and development Organizations and individuals investing in the establishment of the compan
investment. However, there are no Organizations and individuals contribute capital and buy shares. In particular, the
specific statistics on the spending common form of investment in EdTech is venture capital, usually from large domestic and
category for educational technology. foreign investment funds. The value of publicly disclosed deals often reaches millions or
Typically, spending on educational tens of millions of USD.
Amount ($M) Deals
technology falls under development 150 12
investment, specifically in 143.8
infrastructure construction (e.g., 143.2 10
building computer labs) and
procurement of equipment 100 8
(computers, projectors, screens, 6
etc.). According to the state budget
settlement data from 2011-2017, the 50 4
53.9
proportion of expenditure on 50
equipment is only about 3-5 trillion 2
VND per year, which is less than 2% 0 14.5 20
0
of the total regular education 2018 2019 2020 2021 2022 H1/2023
spending. This is a relatively small
proportion and does not meet the Figure 21. Statistics on venture capital investment in the EdTech sector in Vietnam from 2018 to 2023

equipment needs for teaching and Note: In May 2023, Equest announced that it had successfully raised $120M to develop the
learning in schools. K-12 education system and offline colleges and universities.

Source: Summarized from press release by EdTech Agency 199

 Investment structure of Vietnamese education
According to statistics from the Foreign Investment Agency (Ministry of Planning & Investment), the total registered FDI
capital in the education and training sector by November 2022 reached USD 4.59 billion, mainly through capital contribution
and share purchase.

Borrowed and Aided Capital from Organizations and Individuals both within and outside the Country

According to the report from the Ministry of Education and Training, during the period of 2015-2020, the Ministry
implemented 24 programs and projects funded by Official Development Assistance (ODA), of which 13 out of 24 projects
were completed. The total estimated allocated capital was over 11,500 billion VND (equivalent to 490 million USD). 

Một số dự án tiêu biểu:

Project Lender Time Total loan capital

Strengthening Skills and Knowledge for ADB 2020 - 2024 $75M

Comprehensive Economic Growth

Higher Education Quality Enhancement World Bank 2017 - 2023 $174.6M

Project (SAHEP)

Enhancing Teacher Education Program World Bank 2016 - 2022 $100M

(ETEP)

Renovation of General Education Project World Bank 2016 - 2020 $77M

(RGEP)

200
 Regulations on Education Investment in Vietnam
Vietnam's education cooperation and investment policies have contributed to enhancing the quality of education and improving
Vietnam's ranking on the world education map. Vietnam's education system achieved a ranking of 59 in the international rankings
in 2021. In order to enhance the quality of human resource training to meet the requirements of industrialization, modernization,
and international integration, the Government of Vietnam attracts, encourages, and provides favorable conditions for both
domestic and foreign investors to invest in education and training at all levels and degrees through clear policies and legal
frameworks. (List of relevant laws and decrees in the appendix)

Investment Procedure in Vietnam for Foreign Investors

Business establishment Procedure
Step 1: Apply for a business license (for certain regulated fields)

Step 2: Apply for an investment registration certificate (15 days)

Step 3: Apply for business registration (7 days)

Step 4: Complete other procedures (seal carving, opening a bank account, tax registration, etc.)
Capital Contribution, Share Purchase, Equity Acquisition Procedure: (For cases where acquiring less than 50% of shares, step 1 is not required).

Step 1: Complete procedures for capital contribution, share purchase, or equity acquisition in Vietnamese companies at the Investment
Registration Authority (15 days)

Step 2: Implement procedures for amending the Certificate of Business Registration to add foreign individuals to the company's

registration dossier, submitted to the Business Registration Office - Department of Planning and Investment (3 days)

Step 3: Carry out the procedures for applying for an Investment Registration Certificate (15 days)
Branch and Representative Office Establishment Procedure for Foreign Companies in Vietnam
Step 1: The foreign company submits the application directly/by post/online (if eligible to apply) to the Ministry of Industry and Trade.

Step 2: Wait for the application to be processed, supplemented (if any), and receive the results (15 days)
201
 Notable Investments in the 2022-2023 Period
Case Study 16. Geniebook's Launch in Vietnam, 2022

Company receiving
investment
Geniebook Vietnam Co., Ltd

Type of investment Singapore-based parent company establishes subsidiary in Vietnam

Year of establishment

(in Vietnam)
August 2020 (according to Business Registration Certificate)

Geniebook offers an online platform for teaching Math, English, and Science (using the English
Product
language) for students aged 6 to 15.

Segment General education

Number of Users 220,000 users across Southeast Asia

Growth rate Tripled revenue over the past 2 years (2020-2022)

Strategies and Product Reach 1 million users in Vietnam.

Development Goals Focus on improving academic performance and equipping students with essential 21st-century skills.

Reasons for Vietnam is a promising market with over 20 million students and is an emerging economy in the
investment Southeast Asian region with significant demand and spending on education.

202
 Notable Investments in the 2022-2023 Period
Case Study 17. Schola ($15M, 2022)

Company receiving
investment
Schola Co. Ltd.

Type of investment Brightchamps acquires Schola for $15M (cash + stock swap)

Year of establishment

(in Vietnam)
2018

Schola offers an online 1:1 platform for teaching English skills to children aged 4-15 (communication,
Product
presentation, leadership, etc.).

Segment Foreign language learning, early education

Schola is a profitable company with a sustainable business model and low operating costs, sharing
Reasons for
investment
many similarities with Brightchamps' operational approach. Additionally, Schola is currently operating
in 12 countries, which provides favorable conditions for Brightchamps' market expansion plans.

203
 Notable Investments in the 2022-2023 Period
Case Study 18. Edupia ($14M, 2022)

Company receiving Educa Education Joint Stock Company

investment

Type of investment Received $14M in venture capital from Jungle Ventures (Singapore), ThinkZone Ventures (Vietnam), and eWTP Capital (China)

Year of establishment
2018
(in Vietnam)

Product Online English language learning program following international standards for children aged 3-15.

Segment Foreign language learning, general education

Number of Users 5 million users (including 400,000 paid users)

Growth rate Revenue in 2021 tripled compared to 2020 and increased nine times compared to 2019.

Strategies and To effectively support millions of children in rural areas in learning English. Proceed to expand to the Southeast Asian market
Product Development and add subjects such as mathematics and programming.

Goals Revenue Target: $100 million within the next 3 years (by 2025).

There is a high demand for English language learning in rural areas, as well as in second and third-tier cities, which has
not been adequately met
Reasons for Educa possesses a strong technological platform that allows for large user access and provides a good user experience
investment The customer retention rate is nearly 60%
The company has a large and high-quality team of experts and offline support instructors.

204
 Notable Investments in the 2022-2023 Period
Case Study 19. Prep ($2M, 2022-2023)

Company receiving
investment
Prep Technology Joint Stock Company

Received $2 million in venture capital from Touchstone Partners (Vietnam), East Ventures
Type of investment
(Singapore), and Cercano Management.

Year of establishment

(in Vietnam)
2020

Product A test preparation platform for standardized language exams such as IELTS, TOEIC, etc.

Segment Foreign Language

Achieve a milestone of half a million users. Provide test preparation services for other standardized
Strategies and Product language exams such as Japanese (JLPT), Chinese (HSK), and Korean (TOPIK). Develop and perfect
Development Goals the VSR - the first virtual Speaking exam room in Vietnam, which will serve as a premise for the
development of a virtual Writing exam room.

The test preparation market for English language exams in Vietnam has significant potential with an
Reasons for investment estimated value of around $1.6 billion, and there is ample opportunity for technology application.
The founding team at Prep has prior experience in operating IELTS test preparation centers.

205
 Notable Investments in the 2022-2023 Period
Case Study 20: MindX ($15M, 2023)

Company receiving
investment
MindX Technology School Joint Stock Company

Type of investment Received $15 million in venture capital from Kaizeninvest (Singapore).

Year of establishment

(in Vietnam)
2015

Product Hybrid Technology Schools (Online + Offline)

Segment Skills training

Number of Users About 40,000

Growth rate The number of centers has tripled in just one year, with over 30 centers by the end of 2022.

Expand the scale and portfolio of products and services, and optimize user experience and data
Strategies and Product
Development Goals
systems. Expand the network of business partners to connect Vietnamese technology personnel
with employers in various countries around the world.

MindX is in a relatively favorable position to lead the technology education market in Vietnam and
Reasons for investment aims to target the Southeast Asian market, where there is a growing demand for technology
learning.

206
 Notable Investments in the 2022-2023 Period
Case Study 21.

Technology Center and Digital Transformation Solutions in Education at Hanoi University of Science and Technology ($1.5M, 2022)

Company receiving Technology Center and Digital Transformation Solutions in Education at Hanoi University of Science and
investment Technology.

Type of investment Invested by Sun Asterisk (Japan).

Year of establishment
2022
(in Vietnam)

Product Research and development of digital transformation solutions in education, MOOCs: daotao.ai.

Segment Skills training

Number of Users Approximately 20,000 users.

The EdTech center aims to provide high-quality and effective education through experts in the field of digital
Strategies and Product education transformation, both domestic and international. Additionally, Sun* will implement knowledge,
Development Goals training, research, and application of digital transformation in education at Hanoi University of Science and
Technology, along with other organizations.

Sun inherited the HEDSPI (*1) project from the ODA funding of the Ministry of Foreign Affairs in 2014 and is
Reasons for investment currently developing technology human resources through an educational cooperation project with Hanoi
University of Science and Technology.

Note: (*1) HEDSPI stands for the Hanoi University of Science and Technology School of Information and Communication Technology. 207
Notable Investment Funds in Vietnam's EdTech
According to statistics from the Project Office "Supporting the National Startup and Innovation Ecosystem by 2025" (Project 844), the
current Vietnamese startup and innovation ecosystem has around 100 active venture capital funds, including approximately 20
domestic funds. 

Moreover, according to the statistics of the Ministry of Science and Technology (2021), there are 108 active Investment Funds
considering Vietnam as a target market, out of which 23 Funds are Vietnamese legal entities and 23 Funds are purely Vietnamese.

Top 10 prominent investors in Vietnam's EdTech sector over the past 5 years (2017-2022)
No. Investor Investees Head Office Website
1 EduSpaze Schola Singapore eduspaze.com
Wellspring, ELSA, VTC Academy,
2 Vietnam Investments Group OMT, BRIS, Silvan Learning, Kid’s Vietnam vigroup.com
Club
3 Northstar Group Topica EdTech Group Singapore nsgroup.com
4 Kaizeninvest YOLA, MindX Singapore kaizenvest.com
5 ThinkZone Ventures Edupia, eJOY, Dicamon, Smulie Vietnam thinkzone.vn
6 Do Ventures Manabie, Azota, Vuihoc.vn Vietnam doventures.vc
7 RareJob Kyna for kids Japan rarejob.co.jp
8 KKR EQuest US kkr.com
9 Antler Elite Meta, Kyons Singapore antler.co
10 Mekong Enterprise Fund III YOLA Vietnam mekongcapital.com

208
 03
The potential of the EdTech market in Vietnam

209
Copyrighted material The potential of the EdTech market in Vietnam

3.1. Forecast of the EdTech Market in Vietnam

3.2. Potential of the Market in Each Segment

210
 In terms of scale and growth rate
According to Statista, the revenue of the online education market* in Vietnam is expected to grow at a rate of 10.4% per year
during the period 2023-2027, reaching US$487.60 million by 2027.

The average revenue per user is estimated to be around US$43.25 in 2023 (Statista, 2023).

500 487.57

423.69
397.59
400
364.71
328.25

300 284.45
246.37

202.44
200
153.22
131.64
116.36
100

0 Source: Statista
2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027

Figure 22. Forecast of the revenue of the online education market in Vietnam in USD millions

* Statista's data is only for reference and reflects a part of the EdTech market in Vietnam.

Statista's metrics only track the revenue and user growth of online education platforms and websites across B2C or both B2C and B2B sales channels.
211
 In terms of scale and growth rate
The number of users on online education platforms is projected to reach 10.71 million by 2027 (Statista, 2023).

10
8.80
9 8.36

8 7.79

7.07
7 6.30

6 5.39

5 4.59

4 3.64

3 2.26 2.67
1.99
2

0
2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027

Figure 23. Forecast of the user scale in the online education market in Vietnam (millions people)
Source: Statista 212
 Regarding products and segments
B2C customer segments with higher affordability are likely to receive more attention and have good growth potential in the
future. These segments include early childhood education (children under 6 years old), upskilling/reskilling, and study abroad
consultancy

The B2B customer group in the near future may experience temporary stagnation or even a slight decline due to the
emergence of signs of economic recession. The challenging business situation may cause companies to hesitate in investing
in internal training 

In the K-12 segment, the products will shift from pre-recorded video lectures to interactive online classes (limitations of pre-
recorded videos, challenging competition with offline classes after the pandemic). The model of online tutoring and classes is
also prevalent in Asian countries with advanced EdTech ecosystems, such as China and India, indicating that EdTech in
Vietnam is likely to follow this trend in the future.

Regarding investment Regarding technology

The trend of mergers and acquisitions (M&A The application of Chat GPT.
The number of investments may decrease, Increased investment in AI for personalized learning pathway
but the scale is expected to increase. More investment in smart infrastructure and devices, aiming to
enhance the educational experience through augmented
learning models.

213
Copyrighted material The potential of the EdTech market in Vietnam

3.1. Forecast of the EdTech Market in Vietnam

3.2. Potential of the Market in Each Segment

214
 Preschool education
Conditions and Context
Early childhood education is a level of schooling that mobilizes significant resources from the government and encourages social participation. The
target is to achieve 25% of non-public early childhood education facilities and 30% of children attending non-public facilities by 2025 -> creating
substantial opportunities for foreign investors.
There is a policy to enhance digital transformation in the organization and management of early childhood education institutions
The focus is on implementing English language standards for preschool children, with an emphasis on listening and speaking skills.

2018 - 2019 5173 Source: MOET

2019 - 2020 5306

2020 - 2021 5357

2021 - 2022 5800

Figure 24. Statistics of preschool students during the period 2018 - 2022 (thousands people)

Potential products Difficulties and challenges

Trends: homeschooling, early teaching of English, Mathematics, and Early childhood education is currently not mandatory, and
Programming for children only middle to high-income families in major cities are
Bilingual kindergarten willing to invest in technology-based early education
Self-learning English applications at home with 1:1 tutors upon reques products
Homeschooling education model combined with remote teacher support Products mainly target B2C customers, leading to high
through online platforms and communication tools customer acquisition costs and low revenue per customer,
Software for early childhood education institutions in management, posing challenges to profitability.
nurturing, care, and education of children
Early education applications through interactive games.

215
Case study 22. Vuihoc.vn
VH EDTECH Joint Stock Company (Vuihoc. vn) takes pride in
being the leading online learning platform in Vietnam today.
Beginning with the belief that online education is the key to
enhancing the quality of education in Vietnam, the VUIHOC
online platform was born with the desire to bring interesting
and effective learning programs to students across the
country, helping them excel in their studies.

Furthermore, VUIHOC aims to instill in students a passion for

exploration and a continuous awareness of learning and
knowledge enrichment. Aspiring to widely disseminate high-
quality education to all corners of the nation, the company
aims to provide equal learning opportunities for all students
from elementary to high school.

We believe these qualities are essential for their success in a

rapidly changing world. VUIHOC offers high-quality online
learning solutions with the most advanced technological
platform for students ranging from elementary to high
school, covering all main subjects (Mathematics,
Vietnamese/Literature, English, Natural Sciences, ...) and
utilizing all the official textbooks provided by the Ministry of
Education and Training.

Website vuihoc.vn Contact [email protected]

Companion units of Vietnam’s EdTech White Paper 2023 216

 General education
Conditions and Context Potential products
This is the largest market segment in EdTech with nearly 20 million students Platforms for knowledge and exam
preparation for K12 students
It accounts for almost 67% of the state budget for education
LMS, SM
Nearly 80% of EdTech companies in Vietnam are currently focusing on the K-12 segment.
Online tutoring and classes
Smart Classroom Solution
20,000 Language learning applications and
international language certificate
2751.6 2781.7 preparation
15,000 2563.4 2648.7 Study abroad consulting and
2508.6
mentoring services
5599.9 5910.4 5924.4
5455.9
10,000 5373.6 Difficulties and challenges
The market is crowded, with fierce
competition from paid products to
5000
8885 9212 free, from domestic and foreign. The
8041.8 8506.6 8718.4
market is crowded, with intense
competition from both paid and free
0 products, both domestic and foreign
2017 - 2018 2018 - 2019 2019 - 2020 2020 - 2021 2021 - 2022 Both families and schools have a low
willingness to pay for EdTech
Highschool Secondary school Primary school products and services.
Figure 25. Statistics of the number of students by education level during the period 2017 - 2022

(thousands people)

217
Source: General Statistics Office
 Higher education
Conditions and Context
The number of students tends to increase over the years. In 2020, there were approximately 1.9 million students studying at universities and colleges in Vietnam
The demand for high-quality human resources training for society is increasingly urgent. Many universities are building LMS systems and offering undergraduate
degrees through 100% online learning
From 2008 to 2018 (10 years), the contribution from households to higher education doubled.

2016 - 2017 1523.90 243.98

Students of public schools
2017 - 2018 1439.50 267.53

2018 - 2019 1261.53 264.58 Students of non-public schools

2019 - 2020 1359.40 313.48

Source: General Statistics Office

2020 - 2021 1540.60 365.36

0 500 1000 1500 2000

Figure 26. Statistics of the number of university students during the period 2016 - 2021 (thousands people)

Potential products Difficulties and challenges

Online or hybrid degree programs in partnership Low completion rates for online courses
with foreign universities The cost of higher education is becoming more expensive, putting pressure on
Career guidance and support for students in households. Many universities have financial autonomy, resulting in increased tuition
finding internships and jobs. fees. Private and international universities often have significantly higher fees than
public universities.
218
 The potential of the study abroad market
The potential of the study abroad marke
In 2020, there were approximately 190,000 Vietnamese students studying abroad (International Cooperation Department, Ministry of
Education and Training). Additionally, there were about 500 programs with partnerships in more than 30 countries, providing
opportunities for students to study abroad during their final year.
Diverse forms of studying abroad: direct enrollment, exchange programs, and on-site learning
The main study-abroad destinations are in Europe, Japan, South Korea, the United States, Australia, and Canada.

Asia
40,000
70,000 Americas

Europe
50,000
50
Oceania

Africa
32,000

Figure 25. The chart of distribution of Vietnamese international students in various countries in 2020

219
Source: International Cooperation Department, MOET
 Vocational training *
Conditions and Context
The government has set policies and created conditions to develop vocational education to enhance the quality of human resources, increase labor productivity, and
improve national competitiveness in the new situation.
The government's target by 2025 is to reduce at least 20% of public vocational education institutions compared to 2020, increase the proportion of non-public
vocational education institutions to about 45%, and raise this figure to 50% by 2030
The target by 2030 is to have 50-55% of high school students enroll in the vocational education system, with about 90 high-quality vocational education institutions
The societal perspective on vocational education is gradually improving. Many high school students are choosing vocational education from the beginning instead of
pursuing higher education because vocational education offers early employment opportunities, more chances for internships and work in developed countries, and
higher income. Specifically, in 2022, Hanoi recruited and trained 252,286 individuals, achieving 112.4% of the annual plan, an increase of 13.58% compared to the same
period in 2021.
Potential products
Public Vocational Institutions Non-Public Vocational Institutions Digital vocational training centers for technical skills
such as programming, graphic design, multimedia
communications, etc., guaranteeing employment
2022 after graduation (VTC Academy, MindX, Codegym,
1222 683 Arena Multimedia...)
Synchronous solutions (equipment, machinery,
2025

Goal 980 820 platforms, learning materials, etc.) for vocational

training institutions
Vocational education institutions with foreign
2030

Goal 850 850 investment, investing in high-tech equipment such

as VR/AR, Robotics...

0 500 1000 1500 2000 Difficulties and challenges

Source: Ministry of Labor, War invalids and Social Affairs The EdTech ecosystem for vocational
education in Vietnam is still underdeveloped.

Figure 28. Statistics on the number of vocational training institutions in 2022 and projections for 2025 - 2030

* From January 1, 2017, the Ministry of Labor, Invalids and Social Affairs shall perform the state management of the 220
entire field of vocational education (except for teacher training schools and teacher training branches).
Case study 23. Onschool

Online School Education Technology Joint Stock Company (referred to

as Onschool) is a pioneer in providing comprehensive digital
transformation solutions in the education industry in Vietnam. Onschool
was created and developed in order to serve and push education to its
fullest potential when coupled with modern technology.

Onschool's product ecosystem ranges from K12, Undergraduate,

Postgraduate to skill courses, encompassing four main products

ONK12: Online teaching program for students from grade 1 to grade 12

ONUNI: Online Bachelor's Degree Program
ONMASTER: Online Master's Degree Program
ONSKILL TALENT: Online skills training program.

Onschool's online learning programs are implemented based on

advanced technology and multimedia learning systems, aiming to
optimize the learning experience and deliver the most effective
educational outcomes for students.

With the orientation of developing a complete online education Onschool’s partners

ecosystem, Onschool constantly strives to create international quality
educational products to develop technology capacity for schools and
businesses in Vietnam.

Up to now, Onschool has been establishing cooperative relationships

with more than 20 customers and partners to implement and operate
online learning programs, and create conditions for nearly 80,000
learners to improve their knowledge and skills.

Website onschool.edu.vn Contact [email protected]

221
Companion units of Vietnam’s EdTech White Paper 2023
Case study 24. Flexidata
Flexidata is a dynamic technology company with the mission of consulting and
implementing digital transformation for Enterprises and Educational Institutions
- with a mission to help organize and optimize operations through the
application of innovative and effective technology, thereby allowing each
person more time to build meaningful relationships at work, with clients, and for
their own families.

Through Flexidata our customers will benefit

The #1 local partner in Vietnam: international experience with local knowledge,
understanding the context of digital transformation of Educational Institutions in
Vietnam (over 11 years of providing solutions
Access to our LMS experts, consists of lecturers and experts at well-known
institutions in Vietnam and Australia, providing practical perspectives on the
application of LMS and consulting on implementation strategies
Integration expertise ensures data integrity as well as helps customers' software
systems work together seamlessly as a unified whole.

The number of customers who have integrated Canvas LMS into their systems
tells the most truthful story about Canvas's success. For the K–12 customer, The
Olympia School (Hanoi), Sky-Line Educational System (Da Nang), and Đinh Thiện
Lý (Ho Chi Minh). Higher education like RMIT, Fulbright University, British
University Vietnam (BUV), VinUniversity, Dong Nai Technology University
(DNTU), and CFVG in Vietnam.

Flexidata is proud to be a trusted partner of Instructure (the maker of Canvas

LMS) and we are certified to consult & deploy Canvas LMS globally. Our mission
is to transform and enable institutions across Viet Nam and the APAC (Asia
Pacific) region to embrace the digital age and cultivate a culture of continuous
learning and growth.

Website flexidata.vn Contact [email protected]

Companion units of Vietnam’s EdTech White Paper 2023 222

Case study 25. NextGen Education & Solutions

Established after the end of the COVID-19 pandemic,

NextGen Education & Solutions (NES) is an EdTech startup
focusing on solving human resource related issues in the
Enterprise market in Vietnam and in the region. with the
purpose of providing practical knowledge of the profession
along with the necessary skills for students to survive in the
corporate environment.

By providing professional training programs to help

students of working age equip themselves with a system of
practical skills in addition to professional knowledge about
the profession, helping students to be able to survive well in
the real working environment, through Teaching programs
designed according to Micro-credentials method, Project-
Based Learning with a combination of Blended Learning
method. NES became one of the young EdTech companies
in the market in Ho Chi Minh City today for adapting with
the development of market and requirements from
segment. Currently, Nextgen Education & Solutions is
providing career-oriented courses directly to students and
coaching staff in the company; including: Business
communication, SEO, SEM digital marketing, Marketing
foundation, Data Analyst, Graphics Design & Video Editing.

Website nextgenes.edu.vn Contact [email protected]

Companion units of Vietnam’s EdTech White Paper 2023 223

 Corporate training
Conditions and Context
Some large corporations (Viettel, VNPT, commercial banks) place a strong emphasis on training their employees and have established internal LMS systems.
The Ministry of Information and Communications is promoting the "SMEdx" program to support small and medium-sized enterprises in digital transformation,
with the goal of supporting 30 thousand businesses in their digital transformation
The B2B model has higher revenue potential than B2C.

Potential products Difficulties and challenges:

LM 98% of businesses in Vietnam are small and medium-sized enterprises

Management-level trainin (SMEs). These businesses have limited resources and may not prioritize
Potential industries for EdTech in corporate training in Vietnam are investing in employee training due to financial constraints and the inability
mainly those with well-structured processes and procedures, to provide sufficient training equipment for their staff (SMEs contribute
such as banking, tourism, restaurants, and hotels less than 1/4 of the total revenue of businesses nationwide)

Number of Enterprises by Scale in 2020 Revenue in 2020 by Enterprise Scale in USD billions
478,601 859.6

163,760
161.7
23,895 114.9
18,004 29.8
Micro Enterprises Small Enterprises Medium-sized Large Enterprises Micro Enterprises Small Enterprises Medium-sized Large Enterprises
Enterprises Enterprises
Figure 29. Statistics on the number of businesses by scale in 2020 and their revenue
Source: Vietnam Business White Paper 2022 224
Case study 26. Talent Gate

With the slogan "Unlearn to learn.", Talent Gate JSC. is proud to be

an online training enterprise that provides creative eLearning
solution for businesses. With a team of innovative, experienced
experts in training, Talent Gate is honored to accompany more than
100 large enterprises and banks in Vietnam on the journey of digital
transformation, with a customer satisfaction rate of up to 98%.

Focusing on the effectiveness of training for learners, Talent Gate

applies Bloom's Taxonomy model with the highest goal of helping
learners apply knowledge to create new things. With captivating
storytelling, vivid design, graceful animation movement, and
engaging gamification, Talent Gate is confident in providing learners
with a brand-new, fun, and appealing learning experience.

In 2023, Talent Gate is proud to be the only representative from Asia

in the Top 10 nominees for the Global EdTech Award in the category
of Best Collaboration between Schools and Businesses. This global
achievement is thanks to the constant innovation efforts of Talent
Gate team, with the aim to create a diverse learning environment
centered around the well-being, intellect, and creativity of learners,
improve the performance of businesses, and foster education
development in Vietnam, and worldwide.

Website talentgate.vn Contact [email protected]

Companion units of Vietnam’s EdTech White Paper 2023 225

 Upskilling
Conditions and Context
The trend of shifting professions and skills is causing workers to have a demand for job hopping, especially towards jobs that can improve their income
Employed individuals with an income should be willing to invest more in self-training, many people also consider education as a lucrative investment
In the future, as the digital economy continues to develop and Vietnam gradually becomes an attractive destination for many foreign investors, the
demand for high-level technical and technological labor becomes increasingly urgent.
According to the first-quarter data from the General Statistics Office, there are currently 52.2 million laborers aged 15 and above, an increase of 1 million
compared to the same period in 2022. Thus, the labor force accounts for nearly 50% of Vietnam's population
Laborers without specialized technical qualifications make up nearly 74% of the labor force aged 15 and above.

100% Higher Education Potential products

10.6% 11.1% 11.7%
Online courses, but the trend should focus on
College high-quality, well-structured, and scientifically
80%
Intermediate Level planned content
60% The most sought-after skills by businesses are
Elementary Level foreign languages and information technology.
77.2% 76.0% 73.9%
Additionally, communication, critical thinking,
40% No Technical and leadership skills are essential at all levels.
Qualification
20%
Difficulties and challenges
0%
2019 2020 2021 Employed individuals face difficulties in finding
time to study after work, leading to a high
dropout rate

Figure 30. Statistics on the proportion of laborers aged 15 and above by educational level.

Source: General Statistics Office 226

Case study 27. Ant Edu

Ant Edu Education and Training Joint Stock Company is a company

providing high quality English educational products. We are proud to
be a pioneer in personalizing learners' pathways based on technology.
Ant Edu is an ecosystem that provides many options for English
learners
Providing the best online language learning environment for more than 90
million Vietnamese people
Connecting learners with high-quality teachers regardless of geography
Connecting the community, sharing knowledge, contributing to improving
the foreign language of Vietnamese people
Be consulted on development orientation after completing the course

Curriculum
The Real IELT
Lingo Spea
Real IELTS on Video

We are committed to
Providing the best online language learning environment for more than 90
million Vietnamese people
Connecting learners with high-quality teachers regardless of geography
Connecting the community, sharing knowledge, and contributing to
improving the foreign language of Vietnamese people.

Website ant-edu.vn Contact [email protected]

Companion units of Vietnam’s EdTech White Paper 2023 227

Case study 28. GlobalExam
GlobalExam: Unlock Your Language Success!

GlobalExam was founded in response to Charles-Eliott Debourdeau’s determination to

overcome the setback of failing his TOEFL exam twice while studying in France. Established
in 2013, this platform began as a preparation tool for language certificate exams like TOEIC,
TOEFL IBT, and HSK.

Rapidly evolving, GlobalExam expanded its offer in 2015, partnering with prestigious schools
like Mines-Télécom and broadening its language preparation programs to include TOEFL ITP,
IELTS, and Linguaskill (Bulats). The platform's growth skyrocketed in 2017, achieving
100,000 users and extending its educational collaborations worldwide. Now, GlobalExam
offers courses for 12 certificates in five languages: English, French, Spanish, German, and
Chinese. 2018 marked a significant international leap with partnerships established in
countries spanning the globe - from Taiwan to Brazil and Morocco.In 2019, GlobalExam
reached an astounding 500,000 registered users across 37 countries, solidifying its
position as a leading language learning platform. Embracing the new decade in 2020,
GlobalExam unveiled "Business English," a specialized solution to cater to professional
language development needs. Sandrian Ltd arrived in 2021, buying the rights to distribute
GlobalExam in Vietnam.

Today 37 language preparations and six languages are available on the platform, present in
80 countries worldwide with over 2 million live users.

Top universities, language centers, and Service Providers use GlobalExam to make a
difference, giving their students the best online educational experience available. 

At GlobalExam, we believe in your dreams and potential. Whether you seek to explore new
horizons, advance your career, or expand your business, we are here to support your journey
to language proficiency. Join us and unlock your language success with GlobalExam!

Website global-exam.com Contact [email protected]

Companion units of Vietnam’s EdTech White Paper 2023 228

 04
Conclusion and Recommendations

229
Copyrighted material 4. Conclusion and Recommendations

4.1 Conclusion
4.2 Recommendations

230
 Policy Opportunities Assessment
In general, the Ministry of Education and Training will focus on implementing 4 fundamental issues:
Developing a nationwide data system for Education & Training;
Developing and utilizing the digital learning materials and environment;
Establishing and implementing a digital literacy framework for K12 students.
Developing high-level human resources in the fields of information technology and digital transformation.
Additionally, the Government is also making efforts to create favorable conditions and build a stable legal framework for
the business environment in general and specifically for the startup ecosystem to foster development, innovation, and
creativity
Creating conditions for foreign investors: amending and issuing laws regarding investment, M&A, and venture capital
Supporting digital transformation, technology application in production, business, and operations of enterprises,
especially for small and medium-sized enterprises
Government agencies and organizations are playing an increasingly active role in promoting incubation programs and
accelerating startups (e.g., the National Innovation Center of Vietnam has started collaborating with investment funds
like Do Ventures and major technology corporations like Google to implement startup support programs).
This will present significant opportunities for EdTech service providers and investors in EdTech businesses during the
period 2023-2025
231
 Product potential and market capacity
Education is one of the essential needs of human beings, receiving significant attention, investment, and care from both the
State and society. Therefore, the potential of EdTech products is immense, and there is a stable (if not increasing) demand
regardless of economic and social fluctuations. The recent COVID-19 pandemic is the clearest evidence of this.

Currently, in the Vietnamese market, with over 20 million students and representing the majority of the country's education
and training needs, the K-12 segment remains the most promising and attracts a large user base in a short period. 

Moreover, the improving income and rapid growth of the middle class also indicate the emerging potential of the self-learning
segment, targeting the concept of lifelong learning. People seek to acquire new knowledge and skills not only to enhance
their professional abilities but also for personal development and self-discovery (following Maslow's hierarchy of needs).

The market capacity is significant, but the majority of users are using free services. Transforming users into long-term
customers is still a challenging task that EdTech businesses need to find solutions for.

232
Copyrighted material 4. Conclusion and Recommendations

4.1 Conclusion

4.2 Recommendations

233
 For investors in The Vietnam EdTech market
Before entering the Vietnamese market, investors need to conduct thorough research not only on the economic and legal
environment but also on the culture and society since education is closely tied to the human factor. If investors lack
knowledge and experience in Vietnam, they can seek assistance from professional and reliable EdTech consulting services

Invest in EdTech companies that offer products aligned with market trends and demands, ensuring high competitiveness
against existing free products. It is especially crucial to have passionate founders or operators who are deeply committed
to education
Diversify the portfolio of EdTech products and services for potential investments, such as hardware and software
solutions, K-12 education, and upskilling programs.
Education is a long-term and patient investment field; therefore, investors should prioritize investing in companies with
sustainable business models, emphasizing content quality, even if profitability might not be the primary focus in the initial
stages
Consider niche products that fit into the comprehensive EdTech development strategy and explore services that leverage
open-source and/or low-cost technologies to add value for customers. EdTech services should be designed as innovative
holistic solutions that can adapt their scope and content to specific customer needs.

234
 For EdTech users For EdTech enterprises
Plan the SMS / LMS / LCMS technology system for the Consider collaborating with educators and education experts
organization, outlining a clear roadmap for to develop content rather than solely focusing on the platform. 

implementation and allocating appropriate resources Create differentiation and core value compared to other
(human, financial, and material) that match the scale companies in the increasingly competitive EdTech landscape.
and value of the EdTech system.
In a market with numerous free education technology
applications, EdTech businesses seeking to charge fees need to
Provide training to all staff members (teachers,
demonstrate superiority in terms of features over free
students, administrators, etc.) to ensure they know
alternatives.

how to use EdTech devices and software effectively.

Invest more in design, user experience, and marketing

Establish and apply mechanisms to operate the activities, as Gen Z represents the largest user group of current
EdTech system efficiently, encouraging active EdTech products. Therefore, companies need to think like this
participation from both teachers and students. generation to attract and retain customers.

Regularly evaluate the effectiveness of the EdTech

system and make timely adjustments as needed.
Collaborate closely with users (schools, teachers, parents,
students, businesses, etc.) during the digital transformation
Research the synchronous application of teaching and process.

learning technologies across subjects, instead of the

Participate in training the EdTech workforce through
current fragmented and uncoordinated approach
partnerships with universities, involving curriculum
prevalent in many schools.

development and refinement, offering internships and job

Be creative, flexible, and innovative in utilizing the opportunities for graduates, providing EdTech product
features and devices of technology to achieve desired experiences for students, and sponsoring and mentoring
teaching outcomes. student research projects in the field.

235
 Copyrighted material

Part II.
Ranking of Vietnam's EdTech Products

Conducted by EdTech Agency

236
 01
The Meaning of EdTech Product Ranking

237
 The Meaning of EdTech Product Ranking
In the realm of EdTech products, currently, Vietnam is witnessing a vigorous surge, securing the third position within Southeast Asia and
ranking tenth globally as one of the most appealing markets for investors. According to insights from Tracxn Technologies, Vietnam
boasts a robust ecosystem of over 300 EdTech companies, predominantly composed of startups and consumer-oriented enterprises
(B2C). This wave of Vietnamese EdTech startups has managed to captivate the interest of both local and international venture capitalists.

These pioneering startup endeavors are not only reshaping the landscape of online education but also propelling digital transformation
through innovative business models. Evidently, companies like Topica, Edumall, Forever Learning, Azota, and Vietjack have magnetized
attention not exclusively from domestic investors but also from global players such as Do Ventures, Genesia Ventures, Chiba Dojo, Kaizen
Private Equity, and Spring Through Pte (Singapore).

As of 2022 statistics, Vietnam boasts a population nearing 100 million people, with a significant demographic comprising approximately
23.5 million K-12 students, collectively representing over a fifth of the country's populace. Within the educational milieu, the focal point
revolves around products intricately tailored to the curriculum delineated by the Ministry of Education and Training. Remarkably, a
substantial slice of these educational tools is dedicated to English language teaching, encompassing preparation for internationally
recognized language proficiency exams such as IELTS and TOEFL. In tandem with these offerings, an array of supplementary resources
emerges, spanning exam support systems, review aids, tutoring services, and even virtual schooling platforms.

Amid this diverse and expansive landscape of offerings, the spotlight inevitably falls upon the quality of EdTech systems. This focal point
draws considerable attention not only from students and parents but also from discerning investors and system developers. As such, a
comprehensive evaluation of EdTech product quality necessitates an immersive, user-centered research approach. The crux lies in the
fact that user satisfaction stands as a cornerstone in the development of robust EdTech systems. Moreover, aligning with user requisites
while concurrently appealing to potential investor backing stands as a paramount consideration. Consequently, the pursuit of establishing
effective methods for assessing and ranking EdTech systems takes center stage, aiding users in making informed choices.

238
 Objectives of EdTech Product Ranking in Vietnam
The collection and measurement of data, rooted in criteria endorsed by esteemed systems, offer users a discerning ranking
formula to gauge the distinct worth of products. Simultaneously, this framework aids experts in the meticulous evaluation of
EdTech products during the subsequent, more profound stages. The core objectives of ranking EdTech products in Vietnam
encompas
Facilitating users in identifying top-tier products and services existing within the EdTech domain. This initiative ensures
users' welfare by furnishing a benchmark for comparison and evaluation of the products and services they are engaging
with
The ranking mechanism also extends the avenue for EdTech enterprises to attract and cultivate potential users,
concurrently furnishing a panoramic view of the market and pertinent stakeholders. This impetus propels them to elevate
the caliber of their products and services
An inherent aspect lies in ensuring the steadfastness of quality. This endeavor not only aids educational managers and
policy formulators in conducting holistic market assessments but also equips them with insights vital for devising apt
reform policies. These policies, grounded in the adoption of novel applications and solutions, fortify the education sector
The standards employed for ranking function as potent tools, facilitating investors in their vigilant monitoring of market
dynamics. By discerning the potential of Vietnamese enterprises compared to EdTech businesses in the region, investors
seize opportunities and make well-considered, timely investment decisions.

239
 History of EdTech Product Ranking in Vietnam
2021 First Ranking
The first-ever ranking of Vietnamese EdTech products was published by the Education Technology Village at the Techfest
2021 event. The ranking was established with the participation of an advisory board comprising experienced experts and
educators, in collaboration with EdTech Agency, a unit providing statistics on educational businesses across Vietnam. 

The Education Technology Village selected over 100 EdTech products in the Vietnamese market based on the following
criteria:
Technology that caters to a large number of user accesse
Attractive content that draws a significant number of regular and long-term user
Website rankings of products based on global ranking systems such as Searanking, Neipatel...

The advisory board worked based on databases from tracxn, crunchbase, publicly available data from businesses, and
evaluations from online ranking tools like Alexa, and Neipatel... All of which were quantifiable data and metrics for evaluation.

240
History of EdTech Product Ranking in Vietnam
2021 First Ranking

241
 History of EdTech Product Ranking in Vietnam
2022 Second ranking

On July 28, 2022, EdTech

Agency chaired the
announcement of the
ranking results for
exemplary EdTech
products in the K12
sector in the Vietnam
market. This event was
part of the activities
chain of the Education
Technology Village at
Techfest 2022.

242
 02
Methodology for Ranking EdTech in Vietnam 2023

243
 Ranking of Vietnam's EdTech Products 2023
Methodology for Rankin
The methodology for evaluating technology products has predominantly been shaped by the DeLone & McLean model
[5], [6], enriched with additional elements like interaction, learner support, learning tasks, and information. These factors
contribute to the assessment of eLearning systems. Recent trends in evaluating EdTech systems have shifted towards
understanding learner perceptions and their experiences. This shift emphasizes the utilization of algorithms such as
Fuzzy Theory. These algorithms consider multiple criteria, encompassing interactivity, user interface, user-friendliness,
navigation, content comprehensiveness, security, appropriateness, and comprehensibility
The EdTech ranking methodology in the market of Vietnam for 2023 marks an advancement in the measurement criteria
compared to 2022. A fresh set of criteria has been meticulously crafted for the ranking process. These criteria can be
quantified using SEO metrics via renowned ranking systems like Alexa, Neipatel, and SEA, yielding precise measurement
values. Subsequently, each criterion of eLearning products is assigned specific weight values.

2023 Third ranking

The evaluation criteria for this ranking have been enhanced with the scoring of new technologies, aiming to incorporate new
technologies into product improvements to align closer with the world's development trends in the context of the 4th
Industrial Revolution. This ranking model consists of 6 criteria, including Information quality, user satisfaction, system stability,
technological innovation, market scale, and educational sector ranking.

244
 Criteria and measuring
Criteria Meaning Variable
Ensuring the stable operation of the system with a large number of concurrent users
(monthly access count). This factor indicates good technology and infrastructure of the
System Stability (Tech) system, ensuring quality. Additionally, evaluating the application of modern technology Tech
solutions such as blockchain, and machine learning to address challenges like voice
recognition, personalized learning, etc., to enhance the system's capabilities.
Information Quality (Infor) Rich content with diverse search keywords. Infor
User Satisfaction (U_sas) Regular and stable number of frequent users over 6 months - 1 year. U_sas1
The number of shared backlinks reflects user interest and willingness to introduce the
User Satisfaction (U_sas) U_sas2
system to others for use.
Market scale in this context means the number of users and global interest from various
Market Scale (Scale) Scale
countries, showcasing the system's customization, flexibility, and scalability.
Technological Innovation The system integrates trending technologies like deep learning, recognition, ChatGPT,
Inno
(Innovation) etc.
Ranking in the Education
The system is ranked by another pla orm like Similarweb. Edu_rank
Sector (Edu_rank)
tf

Th e r du t ran ing rmula is measured based n t e riteria as ll

p o c k fo o h c fo ow s :

Where Represents the ranking score of product i in the existing EdTech list.

245
 03
Ranking Council 2023

246
Ranking Council 2023

Dr. Ton Quang Cuong Dr. Nguyen Thị Thu Ha

Dean Faculty of EducationTechnology University Data Lead of EdTech Agency

of Education VNU Hanoi Lecturer at the University ofGreenwich Vietnam

Nguyen Tri Hien

Nguyen Hong Hanh
President of EdTech
Founder & CEO of EdTech Agency
AgencyCEO of GETjsc

Do Nguyen Hung Assoc. Prof. Le Hieu Hoc

Head of Vietnam EdTech Village
Dean of School of Engineering Pedagogy

CEO of ENVIVA TechnologyConsulting JSC Hanoi Univeristy of Science and Technology

Nguyen Van Nghiem

Master in educational measurement and Evaluation

Vice Principal Chu Van An Binh Phuoc High School

247
 04
Results of EdTech Ranking in Vietnam 2023

248
 EdTech Vietnam Ranking Results 2023
Within this section, the report orchestrates the classification of products, meticulously organizing them according to age
segments and distinct product attributes. This strategic categorization bestows a panoramic view of the EdTech product
landscape within Vietnam. Each product finds its place within a comprehensive two-dimensional matrix defined by the
following pivotal attributes:

ForeignLanguage

LMS Content Tools/ Platforms STEAM/STEM App

training

Preschool x x x x x x

General education x x x x x x

Corporate & Workforce

x x x x x x
Training

249
Organizer Companion units Media sponsor

Ranking of Vietnam's EdTech Products 2023

general education
Content LMS Platforms/tools steAm/STEM

preschool education Corporate & Workforce Training

content LMS Platforms/tools

applications (APP) Foreign language training

250
 05
General Observations on EdTech Products

from Ranking Activities

251
 General Observations on EdTech Products from Ranking Activities
Within the vibrant Vietnamese market, a rich array of EdTech products flourishes. Yet, with over 20% of the populace
constituting students in P-12 education, the paramount attention is directed toward this segment. The prominent focal point
of EdTech products within this category is content provision. Following this, platform products, tools facilitating tutor
discovery, networking, and Learning Management System (LMS) tools trail in significance. However, the most remarkable
contender in the sphere of P-12 education is content development. This entails curricular-aligned lesson content endorsed by
the Vietnamese Ministry of Education and Training, supportive materials for self-learning, review materials, and assessment.

The second prominent segment in the educational technology product landscape is vocational training, skill development, and
training for working individuals. General product lines in this segment include digital content and learning materials
development, platform products, Learning Management System (LMS) training solutions, and platforms/tools. The content
development products in this segment mainly focus on supporting the enhancement of skills and professional development,
catering to diverse individual needs. They encompass lectures, digital learning materials, open educational resources on
business management, certification training, and some programming lectures.

A distinctive juncture in Vietnam's EdTech evolution pertains to the promising prospects of crafting application solutions and
platforms targeted at higher education and university administration. This terrain holds unique attributes tailored to the
discerning demands of well-educated clients with diverse requisites. It's crucial to note that the relatively limited publicity of
products in this domain does not inherently indicate any deficiencies in the ranking system's "competitiveness." Instead, it
accentuates the nuanced intricacies within EdTech's participation in higher education. These intricacies encompass intricate
institutional administration systems, specialized training domains, intricate user preferences, limited distribution avenues, and
sharing capabilities—resulting in a certain degree of "closed" and "latent" nature within this segment.

252
Some suggestions for Product Development in the Market.
Concentrate on the realm of working professionals, devising content that resonates with their needs. Cultivate programs
that not only impart digital skills but also exude relevance, adaptability, and pragmatic applicability, aligning seamlessly
with the contemporary landscape

Expanding into uncharted territories catering to adults and seniors, addressing the insatiable demand for perpetual
learning and lifelong education

Develop platform products transitioning from Learning Management Systems (LMS) to Learning Experience Platforms
(LXP), increasing user experience opportunities and developing intrinsic data and mini-credential certification for courses

Develop and diversify new distribution models adopting a "subscription package" approach to cater to and instill users'
confidence

Develop convergent solutions, integrating technologies and services within the same platform, and sharing common data
to enhance the learning experience, real-world work experience, and lifelong learning needs.

253
References

Report on Vietnam's Educational Technology 20211 (EA x OCD

General Population and Housing Census 2019 (GSO)
Results of the Survey on Household Living Standards in 2022
Statistical Yearbook 2021 (GSO)
Vietnam Enterprise White Paper 202
Education for Growth - Revisiting Repo
Internal Summary on Trends in Public Expenditure for Environment and Social Issues in Vietnam (2018-2020), UNICEF (11/2021
Report: Vietnam Human Capital: Educational Achievements and Future Challenges, World Bank, August 202
World Bank Development Index: https://databank.worldbank.org/source/world-development-indicators
E-Conomy SEA 2022 report (Google, Temasek, Bain & Company): https://www.bain.com/insights/e-conomy-sea-2022
Vietnam Digital Readiness Report (PwC, 2021): https://www.pwc.com/en/publications/vietnam-publications/digital-readiness.htm
Public Budget Portal: https://ckns.mof.gov.vn
Improving the Performance of Higher Education in Vietnam: Strategic Priorities and Policy Options. Improving the Performance of Higher Education in
Vietnam: Strategic Priorities and Policy Options. Higher Education Sector Report (World Bank, 2020
An introduction to doing business in Vietnam 2023 (Dezan Shira & Associates
IMF Data on Vietnam: https://www.imf.org/en/Countries/Vietnam
Report on Innovation and Technology Investment in Vietnam 2023 (NIC x Do Ventures
Vietnam Startup Report 2022 (Nextrans
Summary Report on Vietnam Education 2022 MICS-EAGLE (UNICEF
EdTech Landscape Report, South and Southeast Asia 2022 (Kaizeninvest x EdTechAsia)

* The census of population and housing is conducted nationwide and is taken every 10 years. 254
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20. https://www.holoniq.com/notes/2022-EdTech-vc-funding-totals-10-6b-down-from-20-8b-in-2021

21. https://www.holoniq.com/notes/EdTech-vc-down-83-on-record-high-2021-and-80-on-q1-2022-1-1b-of-venture-capital-for-q1-2023

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27. https://www.holoniq.com/notes/2022-southeast-asia-EdTech-50

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29. https://www.holoniq.com/notes/tackling-mental-health-in-education-and-the-workforce

30. https://www.gminsights.com/industry-analysis/elearning-market-size

31. https://www.timeshighereducation.com/depth/after-torrid-year-can-EdTech-firms-crack-professional-education

32. https://emeritus.org/blog/online-learning-EdTech-trends-2023/

33. https://www.mckinsey.com/industries/education/our-insights/five-trends-to-watch-in-the-EdTech-industry

34. https://www.holoniq.com/notes/artificial-intelligence-in-education-2023-survey-insights

35. https://edu.google.com/future-of-the-classroom/emerging-technologies/

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255
Appendix Top 30 active investors in education technology in Vietnam & Southeast Asia

No. Investor Investees Head office Introduction

EduSpaze is Singapore's first EdTech startup accelerator supported by

Enterprise Singapore, an enterprise development agency dedicated to

nurturing a vibrant EdTech startup ecosystem serving the education sector in

1 EduSpaze Schola Singapore
Singapore and Southeast Asia. Eduspaze helps early-stage EdTech startups

access the market, accelerating their pace of development to address the

specific challenges of the education sector.

VI (Vietnam Investments) Group is an enterprise investment fund specializing in

investing in growing industries in Vietnam. Founded in 2006 with an initial

Wellspring, ELSA, VTC
Vietnam Investments capital of $600 million, VI Group has invested in various sectors, including
2 Academy, OMT, BRIS, Silvan Vietnam
Group industrial manufacturing, transportation & logistics services, tourism and
Learning, Kid’s Club
hospitality, and education (preschools, primary schools, secondary schools, and

English training centers)...

Northstar Group is a private equity firm established in 2003 and headquartered

in Singapore. It manages over $2.5 billion in committed equity capital for

3 Northstar Group Topica EdTech Group Singapore
investments in growth-stage companies in Indonesia and other Southeast

Asian countries.

Kaizeninvest is an asset management firm in emerging markets, focusing on

the future of learning and work, private equity, and private debt fund

4 Kaizeninvest YOLA, MindX Singapore management in South Asia, Southeast Asia, and sub-Saharan Africa. The

investment philosophy emphasizes utilizing technology to transform education

and enhance access to education for all.

ThinkZone Ventures is a venture capital fund that focuses on early-stage

technology startups in a variety of industries. With domestic and international

resources, ThinkZone Ventures invests in two ways: (1) Venture capital: investing
Edupia, eJOY, Dicamon,
5 ThinkZone Ventures Vietnam in startups from Seed to Series A rounds with a scale of $3 million USD/startup;
Smulie
(2) Startup accelerator program: investing in startups from Pre-seed to Seed
through the Global Minds Accelerator program with a scale of $200,000 USD/

startup.

256
Appendix Top 30 active investors in education technology in Vietnam & Southeast Asia

No. Investor Investees Head office Introduction

Do Ventures is an early-stage venture capital fund that plays the role of a

strategic partner for both startups and investors. The fund seeks investment

6 Do Ventures Manabie, Azota, Vuihoc.vn Vietnam opportunities in technology startups that provide technology products/

services to address critical business issues and improve consumers' lives in

Vietnam and Southeast Asia.

RareJob is a leading online English school in Japan with a large number of

students. RareJob is also actively investing in the EdTech sector, particularly in

7 RareJob Kyna for kids Japan
the segment of English language teaching and learning in the Southeast Asian

market.

KKR & Co. Inc., also known as Kohlberg Kravis Roberts & Co., is a global

investment firm in the US that manages various alternative assets, including

8 KKR EQuest US
private equity, energy, infrastructure, real estate, credit, and through its

strategic partners, investment funds.

Antler is a 10-week startup incubator and accelerator supporting developing

startups. Since 2018, Antler has invested in over 750 companies across 6
9 Antler Elite Meta, Kyons Singapore
continents. The founders come from 145 countries, and 32% of the companies

have at least one female co-founder.

The Mekong Enterprise Fund III (MEF III) was launched in May 2015 with a total

committed capital of $112 million USD, doubling its predecessor, Mekong

10 Mekong Enterprise Fund III YOLA Vietnam
Enterprise Fund II. MEF III is the first fund solely focused on investing in

consumer businesses in Vietnam.

ESP Capital is an early-stage venture fund with a mission to support technology

11 ESP Capital MindX Vietnam
startups in Vietnam and Southeast Asia

Hendale invests in later-stage companies that have the potential for significant

12 Hendale Capital Everest Education Hongkong growth, supported by core technology. The initial investment commitment

ranges from $1-15 million USD.

257
Appendix T 30
op active investors in education tec h nolog y in Vietna m& Sout h east Asia

No. Investor Investees Head office Introduction

Founded in 2016, VIISA has been actively involved in supporting Vietnam's

startup ecosystem from its early days. VIISA seeks investment opportunities in
13 VIISA SHub Classroom, Ella Study Vietnam
FinTech, SaaS, B2B, and other technology business models. To date, VIISA has

invested in over 40 startups in Vietnam, Indonesia, Singapore, and South Korea.

Established in 2014, Monk's Hill Ventures (MHV) is an early-stage venture capital

firm investing in early-stage technology startups in Southeast Asia. MHV has

14 Monk's Hill Ventures CoderSchool Singapore invested in over 20 fast-growing startups spanning various business models

and sectors. They aim to work with founders in the early stages of business

development and primarily invest at the Series A stage.

Forge Ventures is a seed-stage venture capital firm partnering with the

15 Forge Ventures Marathon Education Singapore
founders to build the future in Southeast Asia.

BEENEXT is a venture capital fund focusing on supporting founders with

experience, network, trust, vision, and capital. The group invests in early-stage

tech startups focused on building new digital platforms based on data

16 Beenext Edmicro Singapore networks. BEENEXT aims to establish a foundation of founders, by founders,

and for founders across the globe, primarily in Southeast Asia, India, and Japan.

Since its establishment in 2015, the group has invested in over 180 companies

globally.

Altara Ventures is a technology venture capital firm based in Singapore,

investing across Southeast Asia. Altara invests in pre-Series A, Series A, and

17 Altara Venture Clevai Singapore
Series B companies developing innovative solutions in Fintech, L ogistics &
Delivery, Consumer, Enterprise So ft ware, D
eep Tech, Healthcare, and EdTech.

258
Appendix Top 30 active investors in education technology in Vietnam & Southeast Asia

No. Investor Investees Head office Introduction

Surge is a program that provides founders access to up to $3M in funding,

community, company-building support, and cross-border experience they

need to start or scale their companies. Surge takes place twice a year, catering
18 Surge Virtual Internships India
to companies based in or targeting the Indian and Southeast Asian markets.

Each Surge cohort consists of 10 to 20 participating companies and runs for 16

weeks in an online format.

Wavemaker Group is a cross-border venture capital firm founded in 2003. The

company has raised over $600 million across multiple funds. Wavemaker is one
19 Wavemaker Partners MindX Singapore
of the most active early-stage investors in Southern California and Southeast

Asia, having invested in over 400 companies in the past 18 years.

Gaw Capital Partners is a well-placed private equity fund management

20 GAW Capital Partners Point Avenue Hongkong
company focused on the real estate market in China.

Touchstone Partners is an early-stage venture capital fund committed to

investing in technology startups with the potential to make a significant impact

21 Touchstone Partners Prep Vietnam
on people and the environment in Vietnam, with investment sizes ranging from

$50K to $1M.

BAce Capital, supported by Ant Group and established in 2019, is an early-

stage venture capital fund investing in Southeast Asia and India. The company
22 BAce Capital Vuihoc Japan
also assists technology companies in their development through their expertise

and resources across China, India, and Southeast Asia.

DSG Consumer Partners is an investment firm focused on identifying, investing

23 DSG Consumer Partners Marathon Education Singapore
in, and developing consumer businesses in India and Southeast Asia.

EWTP Capital invests, accelerates, and helps companies in key markets grow

through technological innovation. The company focuses on high-growth

24 eWTP Capital Edupia China
potential markets in industries revolving around technology innovation and

improving consumer experiences.

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Appendix Top 30 active investors in education technology in Vietnam & Southeast Asia

No. Investor Investees Head office Introduction

Hambro Perks is an international investment firm supported by leaders in the

25 Hambro Perks Virtual Internships UK finance and technology sectors. Hambro Perks catalyzes innovation by

investing in high-growth and breakthrough technology companies.

Gakken Holdings Group is a leading brand in the education sector in Japan.

Established in 1947, Gakken Holdings has a rich history and a proud team of

DTP Education Solutions specialists. To date, the group has owned 54 subsidiaries and 16,000
26 Gakken Holdings Japan
(Đại Trường Phát) educational establishments worldwide. In Vietnam, Gakken Holdings Group has

been expanding its Gakken Classroom mathematics centers in Hanoi and Ho

Chi Minh City. Hanoi and HCMC. Ho Chi Minh City

XA Network is a network of investments by top technology executives in

27 XA Network CoderSchool, OOOLab Singapore
Southeast Asia

Nextrans is a venture capital firm based in Korea, investing in early-stage

startups in Vietnam, Korea, and the United States. Nextrans has supported over
28 Nextrans Azota, Vuihoc.vn Korea
100 startups worldwide since 2004 and began investing in Vietnamese

startups in 2015.

Founded in 2014, iSeed Ventures is an early-stage venture capital firm based in

CoderSchool, Marathon
San Francisco, California. The company prioritizes investments in companies at
29 iSeed Ventures Education, Virtual US
the seed, early, and later stages operating in the fields of health technology, the
Internships
Internet of Things, and consumer technology.

Jungle Ventures is the largest independent venture capital investor from

30 Jungle Ventures Edupia Singapore Singapore in Southeast Asia and India, with an estimated total managed assets

of over $1 billion

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Appendix Regulations on Education Investment in Vietnam

Policy Name Date of issue Main content regarding education investment

Higher Education Law 10/12/2018 Article 31 regulates the tasks and powers of higher education institutions with foreign investment.

Article 54 stipulates the rights and responsibilities of investors in conducting investment activities in the
Education Law 2019 14/06/2019
education sector, and the permissible forms of investment.

Regulations on the transfer and withdrawal of investment capital in higher education institutions

Higher education institutions are empowered to promulgate and implement internal regulations on

Decree 99/2019/ND-CP guiding the admission, training, science and technology activities, and domestic and international cooperation in

implementation of the amended 30/12/2019 accordance with the law

Higher Education Law Universities have the autonomy to decide on opening new faculties and establish collaborations with foreign

institutions for their member universities and affiliated units when meeting the conditions for opening

faculties as prescribed.

Conditions and procedures for the establishment, operation, dissolution, merger, and division of preschool,
Decree 46/2017/ND-CP stipulating
primary, continuing education, foreign language, computer, intermediate, college, and university
investment and operation conditions 21/04/2017
educational institutions and educational accreditation organizations
in the education sector
Conditions and procedures for licensing overseas study consulting services.

Regulations on education and training cooperation with foreign countries (subjects, forms of cooperation,

Decree No. 86/2018/ND-CP conditions for facilities, lecturers, curriculum, assessment, degrees, etc.)

regulating on cooperation and Regulations on conditions, procedures for establishment, operation, and quality assurance of educational
06/06/2018
investment of foreign countries in the institutions with foreign investment; representative offices of foreign educational institutions in Vietnam

education sector Allows increasing the number of Vietnamese students studying foreign programs in educational institutions

with foreign investment from 10% (for primary level) and 20% (for secondary level) to 50%.

Regulations on the establishment, division, separation, merger, and dissolution of public and private
Decree No. 143/2016/ND-CP of the
vocational education institutions; establishment, permission to establish, and termination of operation of
Government: Regulations on
branches of public and private technical schools and college
conditions for investment and 14/10/2016
Conditions and procedures for registration of vocational education activities
operations in the vocational
Conditions and procedures for the establishment, division, separation, or merger of foreign-invested
education sector
vocational education institutions.

261
Appendix Regulations on Education Investment in Vietnam

Policy Name Date of issue Main content regarding education investment

Circular 04/2020/TT-BGDĐT Regulations on the integration of Vietnam's preschool and general education programs with foreign

provides detailed regulations on educational programs, including regulations on compulsory education for learners who are Vietnamese

certain provisions of Decree No. citizens to study in foreign-invested preschool and general education institutions. - Regulations on

86/2018/ND-CP dated June 6, 2018, 18/03/2020 integrating preschool and K12 education programs of Vietnam with foreign education programs, specifying

of the Government on cooperation compulsory education content for Vietnamese citizens studying in educational institutions with foreign

and investment of foreign countries investment at preschool and K12 levels

in the education sector Procedures for appraisal and approval of integrated education programs.

Circular 38/2020/TT-BGDDT

Regulations on online and blended

Regulations on online and blended learning with international training cooperation in higher education,
learning with international training 06/10/2020
including content such as training programs, scale, facilities, equipment, teaching staff, and technical support.
cooperation with foreign universities

for master and doctorate degree

Conditions and procedures for the establishment, operation, dissolution, merger, and division of preschool,
Decree 46/2017/ND-CP stipulating
primary, continuing education, foreign language, computer, intermediate, college, and university
investment and operation conditions 21/04/2017
educational institutions and educational accreditation organizations
in the education sector
Conditions and procedures for licensing overseas study consulting services.

5/2018/ND-CP of the
Decree No. 13

Government: Amending and

supplementing a number of articles Simplify legal requirements, and operations, and shorten administrative procedures.
of Decree No. 46/2017/ND-CP dated 04/10/2018 Specifically, simplifying 121/212 business conditions, accounting for 57.1% of the total business conditions in
April 21, 2017, of the Government the field of education and training, exceeding the target of cutting and simplifying conditions by 5.2%.

regulating investment and operation

conditions in the education sector

Decree 24/2022/ND-CP amending Amending some conditions, procedures, and registration dossiers for vocational education activities
and supplementing decrees Adding regulations on the minimum land area for facilities construction: for vocational education centers,
regulating investment and operation 06/04/2022 the minimum area is 1,000 m2; for technical schools, it is 10,000 m2 for urban areas or 20,000 m2 for areas

conditions in the vocational outside urban areas; for colleges, it is 20,000 m2 for urban areas or 40,000 m2 for areas outside urban

education sector areas.

262
The Vietnam-Australia Education Technology Alliance
The alliance represents a collaborative network of non-profit organizations in education technology and online education sectors in
Vietnam and Australia. This partnership has been established with the valuable support of Austrade. The primary aim of this network is to
establish a sustainable platform for member organizations to engage in information and foster partnerships. These efforts are
strategically aligned with Vietnam's ambitious goals for the digital transformation of its education sector.

The core objective of the alliance is to provide Australian education technology entities with avenues to access and expand their
presence within Vietnam. This is achieved through active participation in an official platform designed for sharing information and
catalyzing market development.

Furthermore, the alliance strives to create an environment conducive to the exchange of up-to-date market insights, innovative
solutions, and groundbreaking products between businesses from Australia and Vietnam. In doing so, it endeavors to uncover
collaborative opportunities and unexplored prospects for cooperation.

The alliance's founding members:

Australia Vietnam

EduGrowth Moodle Language Confidence Magic Edutech Prosper Education EdTech Agency GETjsc BHub Group OneSpace

HANISA Pythaverse Entropolis MVV Academy VMCG Faculty of EducationTechnology University of Education VNU Hanoi OTM

263