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The revenue of Apax Leader is still at the top of the ELT market despite being "exposed"

In recent years, Vietnamese demand for English learning has tended to expand in terms of client background diversity. Not only limited to young age learner groups, learners wishing to obtain international certificates to graduate or study abroad but also working and elderly people who want to improve their foreign language knowledge.

A reason for this trend is the high level of "openness" of the economy in the integration period into the global economy, which provides an ideal setting for multinational corporations to make significant investments in Vietnam. This promotes the need to equip Vietnamese workers with foreign language skills, especially English, to be ready to participate in a international working environment with attractive income at foreign enterprises.

However, the speaking English skills of Vietnamese people are still quite weak. In 2019, according to the ranking of English First (Sweden) company, Vietnam only ranked 69th out of 112 countries on the English Proficiency Index. This statistic also shows that Vietnam has dropped continuously since 2015.

On the other hand, with a scale of nearly 100 million people, the golden population structure and the increasing demand for foreign language learning to access better job opportunities in the future. These two factors contribute to creating a potential English language training (ELT) market for businesses both at home and abroad. Some of the Top names have entered into this market in recent years such as Apax Leader, VUS, ILA, Apollo Vietnam, British Council, ACET, Wall Street English, etc...

However, two years of the Covid-19 pandemic have forced many non-public educational institutions in general and English centers in particular to close and/or switch to online training. As a result, this has had a huge impact on the business performance of the market players.

Apax Leaders

Apax Leaders is developed and invested by Apax Holdings Investment Joint Stock Company, operating mainly in the field of training, teaching English, and developing comprehensive thinking skills for the young generation in Vietnam. Although it is a relatively young and late-emerging brand, Apax Leaders has quickly expanded its network of facilities. Despite being entangled in many controversies recently, in 2023, Apax Leaders initially successfully restructured the system with 34 centers nationwide reopening with 12,000 students. According to the announcement, this brand aims to increase the number of learning centers to 133 by 2026..

In terms of business results, Apax Leaders is still at the top of revenue in the English market. Although the brand is "exposed" in 2022, Apax's revenue still reaches nearly VND 1000 billion. However, this revenue scale decreased by 36% compared to 2021 and by 43% compared to 2020. Notably, the after-tax profit of Apax Leader in 2021 plummeted by nearly 97% compared to 2020, dropping to just below VND 2 billion.

Vietnam USA Society

VUS is a long-standing English language center system, with many branches spread throughout Ho Chi Minh City. In addition, the Vietnam USA Society English Center is also a strategic cooperation partner with CUNY University of America - a leading public university in the US with more than 450,000 students studying. Despite facing a series of challenges, VUS still affirms its position with more than 50 operating facilities in key cities such as Ho Chi Minh City. Ho Chi Minh City, Hanoi, Da Nang, Binh Duong, Dong Nai, Vung Tau... keep 70,000 students.

VUS revenue is always at the top among English training centers in Vietnam. In 2020, revenue recorded more than VND 1,200 billion. This number decreased to 24% in 2021 and continued to increase by 42% over the same period in 2022, reaching nearly VND 1400 billion. VUS's profit in recent years has only fluctuated slightly, with a net profit margin of around 11%-12%. This profit margin is quite good compared to many other rivals. However, this level has decreased significantly compared to the 18%-23% range in the years before the pandemic.

Apollo Vietnam

Apollo English is the first 100% FDI English training center in Vietnam, established in 1995. Apollo is a member of International House - a prestigious and longstanding English organization of the United Kingdom. With the slogan "Where the best become better", Apollo currently has more than 50 modern English learning centers in major cities such as Ho Chi Minh City, Hanoi, Hai Phong, Da Nang, Quang Ninh, Nghe An,...

Apollo's revenue scale reached around VND 700 billion in 2020. And its revenue was the least volatile compared to its rivals in 2021. Although the profit decreased significantly in 2021, it quickly recovered (up 36%) in the following year.

British Council

The British Council is an international educational and cultural cooperation organization of the United Kingdom established in 1934 with offices in more than 100 countries and has been present in Vietnam since 1993.

The brand operates at six locations in both Hanoi and Ho Chi Minh City. Ho Chi Minh. Each year, the British Council connects with thousands of students, educators, and academics to support and find opportunities to learn English, access high-quality education and earn globally recognized qualifications.

In the two years 2020-2021, the British Council's revenue decreased by 16% from more than VND 460 billion, but its profit after tax dropped sharply by 350%.


Founded in 2009, YOLA Education has grown to 17 centers nationwide, and more than 100,000 students are committed to unleashing every Vietnamese student's potential power. With flexibility in designing a comprehensive English learning path that helps develop language, critical thinking, value shaping, and academic skills for all ages, YOLA students have earned a series of top English scores in Vietnam in international certification exams.

In the context of the strong outbreak of the Covid pandemic, Yola English Center was also inevitably affected. Accordingly, Yola's business picture also became darker from 2020 through 2022. Specifically, the revenue of this center in 2022 was only about VND 190 billion (down 8% compared to 2020 and down 25% compared to 2019). Meanwhile, profit after tax was also at negative growth and recorded an increase in loss year by year.

Wall Street English

Established in 1972 and experienced more than 47 years of development, Wall Street English is now the leading English language center in Vietnam with modern and effective teaching methods. Launched in Vietnam in 2013, the brand now has 7 branches, mainly in Ho Chi Minh City and Binh Duong.

Although it is one of the long-established foreign language training brands in Vietnam, WSE's revenue scale remains relatively small compared to other players (around VND 190 billion in 2021), and it has continued to record significant accumulated losses after many years of operation.

Language Link

Language Link was established in 1975 in London, focusing on training in English as a preparation for students on their academic and career paths. Language Link came to Vietnam in 1996 and immediately chose Hanoi as an office. After 27 years of development in Vietnam, up to now, the brand has 14 branches concentrated in the northern provinces such as Hanoi, Hai Duong, Hung Yen, Thai Binh,... of which there are 3 main branches in the central and southern regions.

Language Link is a brand that recorded remarkable profit growth in 2022. The revenue of this center system also experienced a 35% decline in 2021 from VND 200 billion in the previous year, but quickly recovered in 2022. Similarly, although it did not incur losses, its after-tax profit was severely affected during the lock-down period, but it quickly rebounded and regained its growth momentum in 2022, reaching VND 17 billion.


RES is an international English school system established in 2007 specializing in IELTS, English for Children and Teenagers. Being the Cambridge International Standard English Center system and recognized by the Australian Council IDP as an excellent partner for 8 consecutive years.

Currently, RES Center has a total of 38 branches nationwide. It holds the record for the center with the largest number of students studying for international certificates of IELTS in the country (22,300 students, statistics in 2018) and also has always held the record for the number of students achieving high IELTS scores nationwide for 12 consecutive years.

In the past three years, RES's revenue has consistently achieved positive growth. Notably, in 2022, RES's revenue surged to twice that of 2021 and more than ten times that of 2020, reaching nearly VND 190 billion. RES's profit in 2022 also increased positively compared to the previous two years, although the profit scale remains modest compared to other competitors.

The ability to communicate in English is becoming almost "mandatory" for everyone, especially for the younger generation in the integration era. This trend creates a vibrant English training market with great opportunities. However, the advantage still goes to English-language systems that have a methodical investment in curricula, and high-quality teachers, and bravely implement cutting-edge technology. From there, help learners not only confidently communicate in English but also develop comprehensive thinking capacity and necessary skills to become a global citizen.

Source: Vietdata's 2022 Vietnam English Language Training Market Report


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