Việt Nam’s e-learning market projected to hit US$3 billion by 2023

Việt Nam’s e-learning market is expected to reach revenue of around US$3 billion by 2023. — Photo baochinhphu.vn

HÀ NỘI — Việt Nam’s e-learning market is expected to reach revenue of around US$3 billion by 2023 with a compound annual growth rate of about 20.2 per cent from 2019-23, according to a report by Ken Research.

Việt Nam’s educational technology (Edtech) market is said to hold high potential and is drawing attention from investors, especially in the context of the COVID-19 outbreak and its complicated developments.

Việt Nam was listed in the top 10 fastest growing Edtech markets globally, posting annual growth of 44.3 per cent, according to the Việt Nam Edtech Report 2021.

Last year, Việt Nam moved from a “pandemic response education” status to “pandemic adaption education” amid the complicated developments of COVID-19.

According to observers, in 2022, Edtech will be the pioneer technology when the demand for technology platforms in education rises.

Phạm Hồng Quất, director of the Department of Market Development and Science and Technology Enterprises under the Ministry of Science and Technology, said Việt Nam needed to promote “open innovation” to attract more resources in order to further promote the start-up innovation ecosystem and Edtech field.

He said he also hoped that universities would become more “open”, focusing on implementing cooperation agreements with foreign universities towards meeting the needs of businesses in the future. — VnExpress News