India’s edtech unicorn upGrad eyes Vietnamese market
India’s edtech unicorn upGrad has earmarked $30 million for expansion in Southeast Asia, including Vietnam, Deal Street Asia quoted Ronnie Screwvala, co-founder and executive chairman of the app, as saying.
The app, specializing in offering offline and online training courses and professional skill improvement, has been expanding its operation via merger and acquisitions (M&As). So far in 2022, upGrad has purchased six edtech startups, including Exampur, Harappa Education, and WOLVES India.
In August, upGrad successfully raised $210 million amid India's school reopening post pandemic. In 2021, its number of students hit 2 million. The startup aims to increase its teachers from 4,800 to 7,600 this year.
(from left) Phalgun Kompalli co-founder; Ronnie Screwvala, executive chairman & co-founder; and Mayank Kumar, co-founder & MD, upGrad. Photo courtesy of the company.
The value of the edtech market in Vietnam is expected to rise from $2.08 billion in 2021 to $3 billion in 2023, a world's top 10 highest growth, according to Ken Research, an India-headquartered market research company. The growth is expected to average 20.2% in the years 2019-2023.
As of 2021, 179 foreign edtech businesses have registered in Vietnam, with notable players like snapask, duolingo, ELSA, Quizlet, and Moodle.
Vietnam attracted $4.57 billion in registered foreign investment capital for 605 educational projects as of June 2022, according to the Ministry of Education and Training. By the end of the academic year 2020-2021, foreign-invested establishments accounted for 17% of 3,800 non-public educational institutions in the country. Notable foreign investors are RMIT University Vietnam, British University Vietnam, American International School Vietnam, among others.
- Related News
- Read More
Why Vietnam chose a single nationwide textbook series for schools
Vietnam will adopt a single nationwide textbook series, “Ket noi tri thuc voi cuoc song” (Connecting knowledge with life), starting from the 2026-2027 academic year, as part of a broader education reform strategy aimed at standardizing teaching materials and eventually providing free textbooks to all students by 2030.
Companies - Wed, May 27, 2026 | 9:35 pm GMT+7
EVNGENCO3 completes 31% of 2026 power output target in first 4 months
EVNGENCO3 reported electricity output of 9.77 billion kilowatt-hours in the first four months of 2026, up 2.06% from a year earlier and equivalent to 30.67% of its full-year target, according to an investor report released by the company.
Companies - Wed, May 27, 2026 | 9:05 pm GMT+7
Former Vietnamese health minister sentenced to 6 years in prison over hospital project losses
Nguyen Thi Kim Tien, former Minister of Health, was sentenced to six years in prison on Tuesday and ordered to pay compensation of VND108 billion ($4 million) in a major corruption and wastefulness case linked to two large-scale hospital projects.
Society - Wed, May 27, 2026 | 5:51 pm GMT+7
Novatek explores LNG-to-power opportunities in Vietnam
Russian energy giant Novatek is seeking opportunities to engage in Vietnam’s LNG-to-power sector in line with the Southeast Asian country’s development strategy.
Energy - Wed, May 27, 2026 | 5:26 pm GMT+7
Petrovietnam opens bidding for offshore block in Cuu Long basin
State-owned Petrovietnam has launched bidding for Block 17 in the offshore Cuu Long basin as Vietnam accelerates efforts to secure new oil and gas resources amid declining output from aging fields.
Energy - Wed, May 27, 2026 | 4:19 pm GMT+7
How Thai capital deepens its roots in Vietnam’s economy
Leading Thai corporations are rapidly strengthening their footprint in Vietnam through large-scale investments in manufacturing, retail, energy, logistics, finance, and industrial real estate.
Investing - Wed, May 27, 2026 | 3:58 pm GMT+7
Building high-performing organizations through trust, empowerment and people-first leadership
As businesses navigate increasingly complex market conditions, the conversation around high performance is also evolving. Beyond speed and execution, organizations today are under growing pressure to remain agile, resilient, and people-centered at the same time.
Companies - Wed, May 27, 2026 | 3:38 pm GMT+7
Vietnam stocks to offer opportunities across sectors in H2
Vietnam’s stock market is expected to retain growth potential in the second half of 2026 despite mounting pressures from inflation, geopolitical tensions and increasingly cautious capital flows, according to market analysts.
Finance - Wed, May 27, 2026 | 3:12 pm GMT+7
Trung Nam Renewable Energy raises $73 mln in private bond issuance
Trung Nam Renewable Energy Corporation has successfully raised VND1.93 trillion ($73.28 million) through a private bond issuance with a four-year tenor and annual interest rate of 10.7%.
Companies - Wed, May 27, 2026 | 2:32 pm GMT+7
Vinhomes gold-for-property scheme sparks debate over liquidity boost and financial risks
A new program allowing homebuyers to exchange gold for real estate is drawing attention in Vietnam as developers seek to channel idle household gold holdings into the property market through a structure tied to gold valuation and guaranteed returns.
Real Estate - Wed, May 27, 2026 | 9:03 am GMT+7
PVFCCo expands agricultural cooperation in Laos
As Vietnam and Laos continue to strengthen bilateral ties, agricultural cooperation between the two countries is expanding, with Petrovietnam Fertilizer and Chemicals Corporation (PVFCCo or Phu My) seeking to reinforce the position of Vietnamese fertilizer products in supporting Lao farmers to improve productivity and develop modern agriculture.
Companies - Tue, May 26, 2026 | 9:37 pm GMT+7
PV Gas posts record revenue equal to 1.1% of Vietnam’s GDP
At its 2026 annual general meeting of shareholders last Friday, PV Gas, a key subsidiary of stated-owned Petrovietnam, received strong shareholder backing after reporting record growth in 2025 despite heightened volatility in global energy markets.
Companies - Tue, May 26, 2026 | 8:35 pm GMT+7
Thaco eyes logistics, urban rail development in central Vietnam investment expansion plans
Vietnamese conglomerate Thaco has proposed a large-scale expansion of its investment footprint in the central province of Lam Dong as local authorities push to accelerate regional economic restructuring.
Industries - Tue, May 26, 2026 | 5:21 pm GMT+7
Vietnam's MBBank digital charity platform wins 2025 World Summit Awards
The Digital Charity Platform, a solution developed and operated by Vietnam's Military Commercial Joint Stock Bank (MB), was recognized at the 2025 World Summit Awards (WSA) in the Government & Citizen Engagement category.
Companies - Tue, May 26, 2026 | 4:34 pm GMT+7
Vinhomes raises $76 mln in latest bond issue amid debt restructuring push
Vinhomes, the housing subsidiary of Vietnam’s conglomerate Vingroup (HoSE: VIC), has raised an additional VND2 trillion ($75.9 million) through a domestic bond issuance, extending a recent fundraising streak as the property developer ramps up debt restructuring efforts and secures fresh capital.
Companies - Tue, May 26, 2026 | 3:16 pm GMT+7
Phat Dat Real Estate shares hit ceiling after tie-up with Lotte on mega project in HCMC
Shares of Phat Dat Real Estate Development Corporation (HoSE: PDR) rose to the daily limit on Tuesday after the company announced a cooperation agreement with Lotte Properties HCM to pursue the VND50 trillion ($1.9 billion) Thu Thiem Eco Smart City project in Ho Chi Minh City.
Companies - Tue, May 26, 2026 | 2:03 pm GMT+7
