American media reports: 'The Vietnamese film market has been unusual lately'

VTC News•25/02/2024

In an article published on Deadline , expert Liz Shackleton noted that Lunar New Year is a crucial box office period in several Asian territories, but nowhere is the competition more intense than in Vietnam this year.

Tran Thanh's film "Mai" is currently a huge success, topping the box office with revenue exceeding 463 billion VND (18.7 million USD). The film is close to breaking the record for the highest-grossing film of all time, currently held by "Nha Ba Nu ," released during the Lunar New Year 2023, which grossed 476 billion VND (19.4 million USD).

Also released during the Lunar New Year holiday was "Meeting the Pregnant Woman Again ," which ranked second at the box office. Two other domestic films, "Lighting Up" and "Tea," withdrew from the box office due to their inability to compete for screening slots.

Other foreign films released during the Lunar New Year in Vietnam include Spy X Family Code: White ( ranked third at the box office), followed by Madame Web and Argylle.

"Mai's" revenue of over 450 billion VND has attracted attention from the American press.

Deadline notes that the packed film release schedule reflects a strong post-pandemic market recovery. This is considered the second fastest recovery in Asia, after India.

Before the Lunar New Year, the horror film "Ghost Dog," directed by Luu Thanh Luan in his debut, topped the box office for six consecutive weeks, grossing over 108 billion VND (4.5 million USD). The film set a record for a domestic horror film in Vietnam, even though January (Gregorian calendar) is usually a quiet month before the Lunar New Year.

"Lately, the Vietnamese film market has been unusual. The industry only opened up about 10-15 years ago, but box office revenue had been growing steadily by 10% annually before the pandemic, surpassing Thailand, a country with a much more developed and long-established film industry."

Last year, Vietnam's box office revenue reached $150 million, equivalent to about 90% of pre-pandemic levels, from a total of 1,100 theaters. Not bad for a market that in 2010 had only 90 theaters and annual revenue under $15 million ,” commented expert Liz Shackleton.

The market is experiencing strong growth.

This growth has been greatly aided by the cinema chain development program. From major players like CJ CGV and Lotte Cinema, Vietnam has recently witnessed the development of local cinema chains such as Galaxy Cinema and BHD Star Cineplex. Beta Cinemas & Cinestar offer lower ticket prices for students and middle-income audiences.

Mr. Nguyen Tuan Linh, Director of Distribution at CJ HK, stated that audiences under 29 years old account for up to 80% of moviegoers.

"That age group is essentially determining the market's tastes: romance, comedy, and horror, all the way to Korean, Thai, and Indonesian films," he said.

Justin Kim, Director of International Film Production at CJ ENM, stated that this is a demanding and unforgiving audience: “They are very active on social media, especially TikTok and Instagram. Audiences will react quickly if they think the film quality is not good.”

Vietnamese audiences are paying increasing attention to Vietnamese films that explore cultural elements.

According to market trends, audiences prefer local films over Hollywood films. Only two American films, Fast X and Elemental, made it into the top 10 highest-grossing films of 2023, while Vietnamese films topped the list, including Mrs. Nu's House, Flip Face 6: The Fateful Ticket, and Southern Forest Land... The latest installments of the animated series Conan and Doraemon also ranked in the top 10.

The 2023 box office results reflect post-pandemic trends in Asian cinema. This includes a slowdown in American film releases due to the impact of COVID-19 and Hollywood strikes. Simultaneously, Gen Z audiences are demanding more content that reflects their home culture.

Currently, local films are leading the market. ProductionQ CEO Nguyen Hoang Quan, who, along with director Tran Huu Tan, is behind the Vietnamese horror wave, explains that the company achieves its greatest success with stories rooted in local culture and folklore, as well as adaptations of novels by young writers with a large Gen Z audience.

ProductionQ's recent success, *The Soul Eater*, is the clearest example. Based on the bestselling novel *Lunar New Year in Hell*, the *The Soul Eater * film incorporates the * Lunar New Year in Hell* universe and has been licensed by Netflix in Southeast Asia.

"Some viewers told us that they loved the Zombie Dynasty series and wanted Vietnam to have a similar historical horror film. The story could be set in a rural village but with themes of modern-day bullying," said Nguyen Hoang Quan.

The film industry was in its nascent but rapidly developing stage.

Deadline notes that Vietnamese film producers believe the film industry is in its early stages of development. Investors remain cautious after the pandemic, and the human resources and talent pool (skilled actors and directors) are not large enough to meet and satisfy audience demand.

Trinh Le Minh Hang, founder of the two production and distribution companies Silver Moonlight and Skyline Media, said that producers don't have many choices among the cast to help the film feel fresh and different when launching a new project.

"Right now, training is key so that we can have more talent to choose from and the market can truly grow," said Ms. Minh Hang.

Art films like "Inside the Golden Cocoon" are highly anticipated in overseas markets.

Mr. Nguyen Hoang Hai, head of the production company V Pictures, argues that the financial resources for film production are not what they used to be.

"Before the pandemic, Vietnam produced about 40-45 films a year, but now it's down to under 30 because many investors from outside the film industry and their businesses are currently facing financial difficulties," Mr. Hai said.

However, Mr. Hai is optimistic about the future of Vietnamese cinema and believes the market could reach $200 million within a few years. Meanwhile, V Pictures is raising funds for a series of local films and CGV is supporting emerging talent by sponsoring short films.

Pham Thien An, the director who won the Camera d'Or for his film Inside the Golden Cocoon, is one of the filmmakers who began his career by making a short film supported by CGV.

2023 was a proud moment for Vietnamese filmmakers at the Cannes Film Festival. Pham Thien An's film, *Inside the Golden Cocoon*, won the Camera d'Or at Cannes. Following this, producers expanded their mainstream distribution channels, particularly in the US, according to Deadline .

(Source: tienphong.vn)

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