Vietnam’s a land of opportunity for this edtech startup

Education can open doors to new opportunities, so it’s no surprise that investments into edtech companies are on the rise.

Vietnam, for one, is emerging as a hot market for the sector. In 2023, the country’s edtech scene was an outlier in the face of the ongoing funding winter. It raised over US$30 million in the first half of the year alone, more than what was raised in 2022 as a whole.

Vietnamese citizens are also keen on the benefits that edtech platforms can bring, whether it’s learning a new language, gaining greater exposure to STEM subjects, or upskilling to improve their job prospects.

Neo Zhizhong, co-founder and CEO of Geniebook / Photo credit: Geniebook

To that end, edtech startups from abroad have set their eyes on Vietnam. One such company is Singapore-based Geniebook, which expanded into the county in 2021.

At our upcoming Saigon Summit, Geniebook CEO Neo Zhizhong will be sharing his experience venturing into the Vietnamese market. Ahead of the event, we spoke to him about his perspectives on edtech, Vietnam, and being a founder.

The following interview has been edited for clarity and brevity.

How did Geniebook get started?

Fifteen years ago, my co-founder Alicia and I established a chain of learning centers providing mathematics and science lessons for students from grades one to 10 – typically those between seven and 16 years old – in Singapore. The student base grew swiftly thanks to our unique approach where each topic catered to an individual student’s weaknesses. As the center continued to scale and class sizes increased, personalization became difficult.

This roadblock turned out to be a catalyst for the creation of Geniebook, an education platform that aims to provide students with personalization at scale. Geniebook leverages the combined strength of AI, live and pre-recorded online classes, as well as chatrooms to deliver high-quality education to students across Singapore, Vietnam, and Malaysia. Notably, our platform features a proprietary AI algorithm that uses over 1 million data points to recommend questions to maximise students’ improvement.

Neo with co-founder Alicia Cheong / Photo credit: Geniebook

Our ambition is to scale world-class education in a personalized way. We have been able to provide students with exactly what they need at scale, with hundreds of teachers helping 200,000 students across the region achieve academic excellence.

Why is Vietnam an exciting market for Geniebook?

Vietnam has a young and vibrant demographic, with over 60% of its population under the age of 35. This tech-savvy generation is hungry for high-quality education and readily embraces innovative learning solutions.

The country’s education sector is experiencing a period of rapid growth. The government’s investment in education has increased by 12% annually over the past five years, reflecting a strong national commitment to developing the next generation’s skills.

Moreover, Vietnamese parents are increasingly prioritizing their children’s education. A recent study by the National Centre for Socio-Economic Information and Forecast under the Ministry of Planning and Investment showed that on average, education accounts for 34.7% of total household spending in the country.

Photo credit: PFP House / Shutterstock

Our target segment is parents who aspire to give their children access to world-class education. In Vietnam, we’ve observed that many parents have a strong desire for their children to receive quality education with English as the main mode of instruction. They want their children to be confident in using English in a variety of learning contexts to prepare them for higher education or even the Ivy Leagues. This has guided our strategy as we scale in Vietnam.

Geniebook originated from Singapore, the country with one of the highest quality of education in the world – in fact, Singapore ranks top in the world in the Programme for International Student Assessment. By combining Singapore curricula with AI-powered solutions, we believe Geniebook can become the bridge to international opportunities for students in Vietnam.

How has Geniebook’s expansion into Vietnam been going?

Our initial foray into Vietnam has exceeded our expectations. Here are some highlights:

• We’ve had a strong response from students and parents, witnessing a surge in user registrations, indicating a significant demand for our personalized learning approach.
• Feedback from students and parents has been positive, with many reporting improved academic performance and increased engagement with the learning materials.
• We’ve established strategic collaborations with key educational institutions in the country, further solidifying our presence and commitment to the local education landscape.
• We’re experiencing steady revenue growth in Vietnam, demonstrating the market’s receptiveness to our offerings.

While we can’t disclose specific numbers at this stage, the initial results are highly encouraging. We’re actively expanding our team, building strong relationships with local stakeholders, and continuously improving our platform to cater to the specific needs of Vietnamese students.

What is one thing you wish you knew before starting your company?

I wish I knew about the importance of having tough conversations early. Delaying difficult discussions – whether about performance, strategic direction, or conflicts – often compounds problems rather than resolve them. Addressing issues head-on not only clears misunderstandings but also builds trust and fosters transparency.

What will you be speaking about at Tech in Asia’s Saigon Summit and why is it important?

Geniebook started seriously investing in the Vietnam market a few years before media and investor attention really grew. At the Saigon Summit, I’ll be sharing our journey of entering and scaling in the country, why and how we decided to enter Vietnam among other Southeast Asian markets, and the insights we’ve gleaned from our experience.

Vietnam is definitely a promising market, but it’s not without its challenges. I hope that what I’ll be sharing would be of value to other companies looking to enter and grow in Vietnam, and I look forward to learning from my fellow panelists too.

Hear from Zhizhong, as well as a host of other exciting speakers, at Tech in Asia’s upcoming Saigon Summit. Held on May 30 at GEM Center, Ho Chi Minh City, we’re bringing together some of Southeast Asia’s best and brightest to chart Vietnam’s tech future together.

Get your tickets to Saigon Summit today.

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This content was produced by Tech in Asia Studios, which connects brands with Asia’s tech community. Learn more about partnering with Tech in Asia Studios.