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VIRAL EXCLUSIVE
March 22, 2024
High Hopes for Vietnam’s Growing TV & Film Scene
Despite only recently opening up to the global scene, the television and film industry in Vietnam is growing steadily. By Ching Wai.
Vietnam - Vietnam’s television and film industry is achieving high numbers. The local box office saw 23 million admissions in the first half of 2023 as compared to the record 48 million in the year 2019. The estimated total revenue for January to July of 2023 is $92.6 million, up 58.2% year-on-year. Revenue in the Vietnamese cinema market is predicted to reach US$89.46m in 2024, and this projection is not ridiculous considering current projects and achievements.
In Vietnam, television and film had been a state-run industry. After opening up 10-15 years ago, the local box office grew steadily at 10% annually before the pandemic. It is therefore impressive that in 2023, Vietnam’s box office reached $150 million in 2023 from a total of 1100 screens, which is about 90% of pre-pandemic levels. The success continues on in 2024.
So far this year, Vietnam’s box office has already hit record numbers. 89 Group’s horror movie Quy Cau, directed by Luu Thanh Luan, topped box office records for six consecutive weeks, grossing more than VND 108 billion ($4.5 million). Tran Thanh’s Mai or Roof, produced by Tran Thanh Town and CJ HK Entertainment, topped the box office with VND500 billion ($20 million) at the time of writing. While other films did not perform as amazingly during Tet Giap Thin, a festival in Vietnam, Box Office Vietnam saw higher revenue overall this year as compared to previous years. Vietnam is also the second fastest recovery after the pandemic in Asia (following India).
Internationally, Vietnam has been gaining global recognition with wins at international award shows. Last year, Children Of The Mist by Ha Le Diem was the first Vietnamese documentary feature to be shortlisted for an Oscar. Inside The Yellow Cocoon Shell directed by Pham Thien Ah won Camera d’Or at the Cannes Film Festival. This year, Tro tàn rực rỡ (Glorious Ashes) has become an Oscar contender.
Foreign producers like South Korea’s CJ ENM and Lotte are active in financing and producing Vietnamese-language movies. Examples of such films are CJ’s Mai and The House Of No Man, as well as Lotte’s Furie and The Last Wife. Netflix has also filmed a U.S.-led English-language original, A Tourists Guide To Love, in Vietnam. The streaming service does acquire Vietnamese projects. Despite this, Vietnamese-language originals are still not a major focus for global streamers. Issues holding back foreign investment include censorship and regulations preventing foreign companies from setting up without a local majority partner. There is a lack of tax credits and incentives. Furthermore, unlike other Southeast Asian countries, Vietnam does not receive government support for overseas promotion.
On a positive note, the Vietnamese government appears to be willing to develop into this market. A new Cinema Law came into effect in January 2023, under which film ratings were updated and private companies can launch film festivals for the first time. As it so happens, a new event, Ho Chi Minh City International Film Festival (HIFF), is scheduled to happen from 6-13 April this year. Multiplex building programmes undertaken by Korean exhibitors CJ CGV and Lotte Cinema, along with local studios Galaxy Cinema and BHD Star Cineplex, are happening as well. Cinema chains like Beta Cinemas and Cinestar that offer lower ticket prices are emerging. Filmmakers and producers are also closely monitoring the local market.
Founder of sister production and distribution companies Silver Moonlight and Skyline Media, Hang Trinh, said of the still young industry, “[r]ight now, training is the key issue so we can have more talent to choose from and the market can really grow.” As Vietnam dares to progressively put its artistic scene onto the global stage, it is able to gain more exposure and experiences regardless of awards. And as Vietnam invests and improves on its domestic infrastructure and encourages local artists and film enthusiasts alike, it is well on its way to become a successful, vibrant television and film hub.
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