Vietnam witnessed the emergence of MICE tourism in the early 1990s as a result of a surge in foreign direct investment. The growth of this market has been substantial since 2008.
The MICE visitor market in Vietnam is extremely diverse, both domestically and internationally, with corporations, agencies, and organizations comprising the majority. The “S-shaped country” of Vietnam has become a recognized MICE tourism destination in the region due to its accelerated development over the past five years.
Statistics from the Ministry of Tourism indicate that MICE revenue generates four to six times the value of other sources of tourism revenue due to the specialized services and standards that MICE events demand. It combines individual tourism products with the coordination of events at economic hubs and tourist destinations in order to accommodate a substantial number of individuals. In addition to a substantial influx of tourists, the MICE tourism program attracts influential figures such as legislators, businessmen, and artists, who possess considerable purchasing power. According to the calculations of Mr. Gilbert Whelan, the director of VinaMedia, the average daily expenditure for European MICE visitors is between 700 and 1000 USD, whereas Asian MICE visitors spend over 400 USD. Gilbert Whelan stated, “MICE's influence extends beyond the financial gains for specific partners; it also provides favourable prospects for tourism destinations to engage in effective promotion and marketing.” This is an enormous benefit in the effort to establish MICE as a robust industry.” According to the World Tourism Organization, the MICE tourism sector will generate over $1.4 trillion by 2025, with a particular emphasis on the Asia-Pacific and Europe regions. Vietnam has gained recognition as the preeminent destination for emerging MICE tourism in the region. This evaluation, according to the World Tourism Organization, is predicated on Vietnam's notably alluring natural surroundings, cultural milieu, and investment climate. Vietnam was named the recipient of the 2nd World MICE Travel Awards, which were presented in June 2021. The awards recognize tourism products that integrate conference, seminar, and event management. three categories of victory in the Asian region. Therefore, Sheraton Grand Danang Resort is deemed the “Best MICE Tourism Hotel in Asia 2021,” and Vietnam Airlines is deemed the “Best MICE Tourism Airline in Asia 2021.” Ho Chi Minh City is thus deemed the “Best MICE destination in Asia 2021.”
Appealing investment region
Officials and representatives of Indian and Vietnamese travel agencies convened an online meeting in December 2021 to promote Phu Quoc island and the state of Kerala (Southwest India) as the ideal locale for an unforgettable wedding. (Graduate level). The trend of becoming a wedding destination, according to Jyoti Mayal, president of the Indian Association of Travel Agents, is one of the factors driving tourism commerce between the two countries; Vietnam has the potential to become a wedding destination of choice for Indians. This exemplifies how MICE facilitates the emergence of novel initiatives and concepts. Additionally, businesspeople are cognizant of the fact that MICE tourism in Vietnam levels the playing field for it to develop into an industry within the tourism sector.
Although there is still considerable potential for MICE tourism, the implementation and growth of this product line are confronted with numerous obstacles.
MICE tourism must initially receive more systematic and extensive investment. At present, Vietnam boasts a plethora of five-star hotels; however, the capacity of their rooms and meeting rooms remains constrained. Furthermore, only a handful of conference and exhibition spaces are adequate to host gatherings of several thousand individuals.
Furthermore, the availability and caliber of personnel catering to MICE tourism are constrained.
Thirdly, MICE tourism promotion on the international market remains limited and ineffective.
Vietnam's MICE tourism has expanded at a rapid rate over the past five years, owing to investments in contemporary technical facilities and infrastructure. In addition, Vietnam has only utilized a small portion of this variety despite its enormous potential and demand. Hence, it is imperative to sustain infrastructure investments in order to establish MICE as the predominant tourism sector in Vietnam.
By revisiting the MICE strategy outlined in the plan to recommence tourism in Vietnam in 2022, a correlation can be observed between the advancement of transport infrastructure, opportunities to develop valuable product lines, and tourism real estate. Such an exceptional value. Therefore, tourism business locations and units must invest in comprehensive facility and infrastructure renovations, as well as professional innovation, in order to foster the growth of MICE tourism. Given that corporations allocate substantial financial resources towards premium tourism and resort real estate in developed tourism regions deemed promising (e.g., Phu Tho, Thanh Hoa, Thai Nguyen, Tuyen Quang, Son La, Phu Tho, Ninh Thuan, Binh Dinh, Phu Yen), it is imperative that opportunities be integrated with trade promotion, advertising, and investment in these areas. This is the introduction to the product line. Travel companies specifically discuss the MICE, which stands for the Travel Industry Association.
It is time for businesses to foster stronger relationships with local authorities and one another in order to capitalize on their respective strengths, which may include advertising, tourism promotion, and MICE service to a large number of visitors. Conversely, MICE facilitates investment space, thereby expanding business prospects.
