M&A Situation in the Education Sector in Vietnam

09May2025

B&Company

B&Company is the first Japanese company specializing in market research and investment consulting in Vietnam since 2008.

In this section “Vietnam Briefing”, young researchers of B&Company will provide timely information of Vietnam’s industrial trends, consumer trends, and social movements.

This article is written in English and automatic translation is used for other language versions. Please refer to the English version for accurate content. Although we strive to ensure the accuracy of the original information, please check separately for each information. Interpretations and future prospects are the personal opinions of each researcher.

In recent years, Vietnam’s education sector has undergone significant transformation, emerging as a key area of interest for mergers and acquisitions (M&A). As both domestic and foreign investors seek to expand their market presence and improve educational quality, M&A has become a strategic tool for scaling operations and meeting the growing demand for high-quality education. This article examines the current M&A landscape in Vietnam’s education sector, the key factors driving this trend, notable developments, and the outlook for the coming years.

Overview of the Education Sector in Vietnam

Vietnam’s socio-economic development plans have placed education at the center of national progress. Under Decision No. 1705/QD-TTg, issued in December 2024, the country’s Education Development Strategy to 2030—with a vision toward 2045—aims to improve education accessibility across all levels while aligning training programs with labor market demands.

With rising enrollment rates and growing expectations for education quality, the Vietnamese government is actively promoting the growth of private education providers. The national education system is structured across multiple tiers: kindergarten, primary (Level 1), lower secondary (Level 2), upper secondary (Level 3), vocational education, colleges, and universities. While public institutions continue to dominate the primary and secondary levels, private entities are increasingly prominent in kindergartens, vocational schools, higher education, and supplementary education services ([1]). This trend, supported by favorable policies, reflects a broader shift toward diversified and market-responsive education offerings across the country.

Student in a public school in Vietnam

Source: baochinhphu.vn

M&A Trends and Investor Profiles

On a global scale, M&A activity in education is experiencing strong momentum. Private equity funds are playing a particularly active role, accounting for 50–70% of total investment portfolios. Among the most attractive segments is educational technology (EdTech), especially digital solutions targeting K-12 and higher education. The accelerated adoption of digital learning tools—fueled by technological advancement and shifting educational needs—has created an environment ripe for consolidation and innovation.

In Vietnam, the education market can be categorized into three main segments: (1) K-12 education (kindergarten through grade 12), (2) Foreign language training, and (3) technical/vocational skills and online education. Of these, the K-12 segment is considered the most promising, attracting large-scale investment from the major private sector ([2]).

Within the K-12 and tertiary education segments, investors generally fall into four main categories:

– Real estate developers, such as Vingroup, invest in education as a value-add strategy to enhance the appeal of residential and commercial real estate projects. For this group, education is not a core business but rather a complementary service.

– Investment funds, including foreign private equity firms. While these funds have shown strong interest in Vietnam’s education market, many are short-term players, seeking returns within three to five years. However, education investments typically require a longer-term commitment of at least five to seven years to yield sustainable results.

– Reputation-driven investors, who enter the education sector primarily to boost personal or corporate image. These ventures are often driven by branding rather than long-term operational goals.

– Dedicated education investors, which include both domestic and international firms that focus exclusively on education. These organizations are committed to long-term development, quality assurance, and the establishment of sustainable education models.

Recent M&A activity in Vietnam’s education sector has primarily focused on areas such as K-12 education, preschool, and edtech startups. Many deals involve early-stage startups and are driven by investment funds from countries like Japan, Singapore, and South Korea.

Some notable investment projects in the education sector in Vietnam

Investor	Investment receiver	Time	Investment Amount	Description
Nutifood (Vietnam)	Anne Hill International School	Aug-24	NA	Founded in 2015 by experienced educators from Singapore, Anne Hill International School began as an English-medium international school. By 2023, the Anne Hill Education Group expanded to include a bilingual school offering high-quality programs in both English and Vietnamese.
KKR-backed Taylor’s Education Group (Malaysia)	Koala House	Aug-24	NA	Koala House is a pioneering preschool in Hanoi that applies the Reggio Emilia project-based learning approach, integrating real-world learning experiences, Montessori life skills, and age-appropriate STEAM activities.
Hong Kong Private Equity Fund Excelsior Capital Asia	Kapla English learning centres	Apr-24	NA	Kapla is an innovative U.S.-based English learning system for kids aged 3–11, offering a STEAM curriculum with native English-speaking teachers.
Kaizenvest Fund (Singapore)	MindX	Apr-23	15 million USD	MindX is a Hanoi-based EdTech startup specializing in technology skills training for all ages. It plans to expand its services and scale operations with a broad network of global business partners.
Vingroup (Vietnam)	Brighton College Vietnam International School System	Apr-22	NA	Brighton College Vietnam is a premium UK education brand entering Vietnam through a partnership with Vingroup. Brighton oversees recruitment and curriculum, while Vingroup handles infrastructure and operations.
KKR Investment Management Company (USA)	Equest Education Group	May-21	100 million USD	EQuest operates a diverse education ecosystem across K-12, higher education, English centers, and EdTech.
Do Ventures (Vietnam)	Manabie	Mar-21	3 million USD	Manabie offers a Japanese-style OMO model combining an e-learning app and physical study centers with tutor support. The company focuses on scaling its model and improving learner outcomes at affordable costs.
Navis Capital Partners (Malaysia)	Thanh Thanh Cong Education (TTC)	Jun-19	NA	Thanh Thanh Cong Education is a private school chain with 17 schools and English centers, owned by TTC Group.

Source: B&Company

Rising Opportunities and Future Outlook

In Vietnam, M&A activity is expected to remain vibrant throughout 2025, propelled by supportive investment policies and increasing demand for private education. The market is witnessing strategic investments in higher education and vocational training, both of which are critical for workforce development in an evolving economy. These investments are helping to enhance educational infrastructure and teaching quality, especially in underserved regions beyond Hanoi and Ho Chi Minh City.

Additionally, there is a growing demand for specialized education services, particularly in science, technology, engineering, and mathematics (STEM). As Vietnam integrates more deeply into global supply chains and moves toward a knowledge-based economy, the need for skilled workers is rising. This trend is opening opportunities for investors in both formal academic institutions and vocational training centers to fill the gap between industry demand and available talent ([3]).

Some Education Startups and Schools in Vietnam

Name	Year of est.	Segment	Target group	Brief on the business model	Investment info.
MindX Technology School JSC	2015	STEM DX/IT skills	6 – 17 y.o 18 y.o and above	MindX specializes in training technology and programming skills, digital art, data analysis, and UI-UX design for Vietnamese people of many ages. Currently, MindX has expanded with more than 42 facilities nationwide	(2021) Wavemaker Partners – series A round: 03 mil. USD (2023) Kaizenvest in series B round: 15mil. USD
EDUPIA Corporation Education JSC	2018	Language Education Extra Classes/ tutoring (online)	6 – 14 y.o	Edupia is an edtech platform providing various solutions for students, focusing on math and English. Users can choose to learn English for students from 1 – 9 grade, prepare for the IELTS exam, online math tutor, or online	(2022) – Series A: total 14 mil.USD Jungle Ventures (Singapore) eWTP Capital (China), ThinkZone Ventures (Vietnam)
TEKY Technology School (TEKY Holdings JSC)	2016	STEAM DX/IT skills	4- 18 y.o	TEKY Edu focuses on building platforms which help children in the age of 4 – 18 can online self-study. The platform also provides courses for specific skills such as programming, robotics, 3D design, multimedia etc.	(2023) Sweef Capital (Singapore) Series A: 05 mil. USD (Made up total investment 10 mil. USD without disclosing other investors)
Nguyen Hoang Group (Hoa Sen and Hong Bang University)	Hoa Sen University -1991 Hong Bang University -1997	University	18 yo+	Hoa Sen University and Hong Bang International University are major revenue drivers for Nguyen Hoang Group, generating VND 918 billion and VND 886 billion respectively in the 2022–2023 academic year.	Nguyen Hoang is seeking to raise up to $400 million by selling them, with Deloitte and Viet Capital advising.

Source: B&Company

Conclusion

Vietnam’s education sector is at a transformative juncture, presenting significant opportunities for long-term investment and innovation. With a robust policy framework, favorable demographic trends, and an increasing demand for quality education, the country is set to emerge as a premier destination for education-related M&A in Southeast Asia. B&Company is strategically positioned to guide investors looking to capitalize on these opportunities. Our specialized M&A consulting services are designed to help clients navigate this dynamic landscape and unlock value in this burgeoning sector. With our expertise, investors can confidently engage in Vietnam’s education market and contribute to its growth and development.

[1] https://b-company.jp/vietnam-education-development-targets-to-2030-and-opportunities-for-foreign-investors/

[2] https://www.tinnhanhchungkhoan.vn/cuoc-dua-dau-tu-giao-duc-tu-nhan-mon-hoi-khong-danh-cho-tay-mo-sieu-luot-post273612.html

[3] https://b-company.jp/vietnam-education-development-targets-to-2030-and-opportunities-for-foreign-investors/#_ftn20

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