Lunar New Year is a time when most movie theaters across Asia are packed with people. In Vietnam, according to author Liz Shackleton, the success of Tran Thanh's film "Mai" has brought in 400 billion VND (16.4 million USD), ranking it as the top-grossing film at the box office.
Photo: Tran Thanh Town, CJ HK Entertainment
Also released during the Lunar New Year holiday, the comedy film "Meeting the Pregnant Woman Again," directed by Nhat Trung, ranked second with a revenue of 3 million USD. Two other domestic films that also premiered on February 10th were "Lights Up," a music- themed film by Hoang Tuan Cuong, and "Tea," directed by Le Hoang – both of which withdrew from theaters after a few days due to poor box office performance.
The packed release schedule reflects a vibrant market in Vietnam that has witnessed an outstanding recovery after the Covid-19 pandemic. According to some, the Vietnamese market has the second fastest recovery rate in Asia after India, along with a young and dynamic domestic film industry.
Before Tet (Lunar New Year), the horror film "The Devil Dog" - the debut film of director Luu Thanh Luan - topped the box office for 6 consecutive weeks, grossing over 108 billion VND (4.5 million USD). The film set a record for domestic horror films in Vietnam, even though January is usually a quiet month before Tet.
The horror film "Demon Dog" - the directorial debut of Luu Thanh Luan. Photo: 89s Group
Although the Vietnamese film industry only opened up 10-15 years ago, box office revenue had been growing steadily at 10% annually before the pandemic, surpassing Thailand – a country known for its 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. This is considered a significant step forward for the Vietnamese film market, given that in 2010 there were only 90 theaters and annual revenue was under $15 million.
Growth factors
According to author Liz Shackleton, the development of Vietnamese cinema is partly due to the cinema system, implemented by the South Korean companies CJ CGV and Lotte Cinema, along with local film companies Galaxy Cinema and BHD Star Cineplex. Recently, Vietnam has also seen the emergence of new cinema chains, such as Beta Cinema and Cinestar - which offer affordable ticket prices for students and low-income audiences.
As a film market experimenting with new genres and producing a wider variety of films, the achievements also stem from the efforts of private companies that entered the film market in the mid-2000s. Among them, CJ ENM and Lotte stand out for their active sponsorship and production of Vietnamese-language films such as "Mai, Mrs. Nu's House" (CJ ENM), "Hai Phuong, The Last Wife" (Lotte).
The Last Wife, directed by Victor Vũ. Photo: Lotte Entertainment
Furthermore, according to Nguyen Tuan Linh, Director of Film Distribution at CJ HK, 80% of moviegoers are under 29 years old. Essentially, this younger audience is shaping market trends. They prefer romantic comedies, horror films with local elements, as well as films from South Korea, Thailand, and Indonesia.
"This age group is also very active in sharing on social media, especially TikTok and Instagram, and will quickly have a strong impact," said Justin Kim, international film production director at CJ ENM.
Currently, audiences seem to prefer domestic films over Hollywood movies. In 2023, only two American films, Fast X and Elemental, made it into the top 10 highest-grossing projects of the year, while six domestic films made the list, led by Mrs. Nu's House (directed by Tran Thanh), Lat Mat 6: Tam Ve Dinh Menh (Ly Hai), and Dat Rung Phuong Nam (Nguyen Quang Dung).
These results reflect new trends among Asian audiences post-Covid-19, where the supply of new films from American studios has slowed due to the combined impact of Covid and Hollywood strikes. Generation Z (those born between 1997 and 2012) tends to prefer films that are more culturally relevant while also showcasing Asian pop culture trends and stars.
When it comes to imported films from abroad, South Korea, Thailand, and Indonesia are currently among the most popular. Therefore, to promote the development of the film industry, production value, marketing strategy, and storyline content will be key factors in the success of a film in Vietnam.
The Vietnamese film industry is in its early stages.
While there is clearly no shortage of ambition in the Vietnamese film industry, producers and filmmakers alike acknowledge the same issues – the industry is still in its early stages, investors remain cautious after the pandemic, and the talent pool is not yet large enough to satisfy audience demand.
Hang Trinh, founder of Silver Moonlight and Skyline Media, a film production and distribution company, said: "When starting a new project, we don't have many choices among the cast and crew to make the film feel fresh and different. Right now, training personnel is a key issue so that we can attract more talent to truly drive market development."
Meanwhile, Nguyen Hoang Hai, Content Director of CJ CGV Vietnam, said that before the pandemic, Vietnam produced about 40-45 films per year, but now there are fewer than 30 projects because many investors are facing financial difficulties.
Mr. Hai also expressed optimism for the future, as V Pictures - a company that invests in, produces Vietnamese films, and distributes foreign films, with Nguyen Hoang Hai as CEO - plans to raise funds for a series of domestic projects, while CGV is supporting young filmmaking talent by sponsoring short films.
Pham Thien An, the director who won the Camera d'Or at the 2023 Cannes Film Festival, is one of the filmmakers who began his career by making the short film "Stay Awake and Be Ready (2019)" with the support of CGV.
Unlike other Southeast Asian markets, Vietnam was not a primary focus for global streamers even before the current decline in local language production.
According to Deadline, several factors hinder foreign investment in Vietnam, such as censorship, limited tax incentives, and inadequate support for film production.
However, recently, the government has shown greater interest in the film industry, seemingly more willing to listen to the industry regarding what is needed to develop the market. Under the new Film Law, effective from January 2023, the country's film rating system has been updated, making classification more transparent and easier to cooperate with, and private companies have been allowed to organize film festivals for the first time.
The Ho Chi Minh City International Film Festival (HIFF) is also scheduled to take place from April 6-13, alongside existing film festivals in Hanoi and Da Nang.
"The film industry has gone through a challenging period throughout the pandemic, but we have had great stories to tell and there are certainly opportunities," said Ngo Bich Hanh, founder and senior vice president of BHD.
Access the North American market and beyond.
Last year was a proud moment for Vietnamese filmmakers within the film festival, with Pham Thien An's "Inside the Yellow Cocoon Shell" screening in North America and director Tran Anh Hung's French film "The Taste of Things" making it into the top 15 nominations for Best International Film at the Oscars. Vietnamese films are also beginning to expand into mainstream distribution channels, especially in the US.
The movie "Inside The Yellow Cocoon Shell". Photo: Cercamon
Vietnamese producers are now beginning to experiment with remakes and co-productions as a means of accessing the international market. Justin Kim, CEO of CJ HK Entertainment and Head of International Film Production at CJ ENM, is exploring opportunities to remake Vietnamese films and aims to adapt them into English.
"Vietnamese films could also follow this path in the future, and CJ, with its international network, can help make that happen," Justin Kim commented.
In addition, Hang Trinh - the founder of the film production and distribution company Silver Moonlight and Skyline Media - is also working on a series of co-productions with countries including the United States, South Korea, and Mongolia.
"Our main concern is that other countries have not fully recovered from the Covid-19 pandemic, but we believe that if we control costs and have the right trade and international factors, we can access more international markets," Ms. Hang emphasized.
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