A high-risk gamble

TPO - In the first quarter of 2026, every month saw Vietnamese films achieving box office revenues of hundreds of billions of dong. However, that figure doesn't guarantee profitability for investors. Making commercial films is like a risky gamble, heavily reliant on the producer and director's keen market sense.

The film is easy to win.

Le Thien Vien's film " Meet Me on the Day of the Eclipse " crossed the 100 billion VND mark last week. This is the 7th film to achieve this milestone this year, following "Blood Paradise" (Hoang Tuan Cuong), "Rabbit, Oh Rabbit" (Tran Thanh), "My Father's House, One Room " (Truong Giang), " Heaven's Gift" (Le Thanh Son), "Talent" (Mai Tai Phen), and "The Corpse Possessed 2 " (Pom Nguyen).

In the first quarter, every month saw films grossing over 100 billion VND. January saw "Blood Paradise ," released late last year but with most of its revenue coming this year. February had "Rabbit, My Father's House Has One Room," "Heavenly Treasure," and March had "Talent," "The Corpse Possessed 2," and "Meet Me on Eclipse Day ." With strong ticket sales in its opening weekend, the horror film "Phi Phong" is also likely to join the 100 billion VND club. Thus, there could be up to 8 films reaching the 100 billion VND mark before the end of April. For comparison, only 14 films in the whole of 2025 surpassed this milestone.

Every month, Vietnamese films surpass the 100 billion VND box office mark.

The total number of films grossing over 10 billion VND this year is likely to surpass last year, as many strong contenders like "Guardian of the Spirits," "Detective Kien 2," and "Summer Vacation Meets Retirement" have yet to be released. Since the beginning of the year, Vietnamese films grossing over 10 billion VND have spanned many genres, from action, psychological thrillers, horror to romance. This demonstrates the immense demand for films among Vietnamese audiences, as long as the works are emotionally resonant.

More than 10 years ago, during the era of films like " To Mai's Love 2" (directed by Charlie Nguyen, 2014) or "You Are My Grandma " (directed by Phan Gia Nhat Linh, 2015), the 100 billion VND mark was always a "dream" for many filmmakers. However, recently, many directors have easily surpassed this milestone with their first films, such as Mai Tai Phen, Truong Giang, Duong Minh Chien ( "Searching for Long Dien Huong" ) or Hoang Nam (" The Ghost Lamp ").

Besides the objective factor of steadily increasing ticket prices year after year, Vietnamese films have also undergone many internal changes that have helped improve revenue. Notably, the selection of themes has become increasingly refined to suit audience tastes. Since the pandemic, many directors have achieved success with horror films that incorporate folk elements, contributing significantly to box office revenue. Films about national spirit and patriotism are also finding more mainstream approaches and attracting greater attention. After many years, producers seem to have a better understanding of the "100 billion VND formula" for creating compelling products.

Young, inexperienced directors are no longer at a disadvantage in the box office game.

Furthermore, the quality of Vietnamese films has also improved significantly in terms of technique and camera angles, approaching international standards and gaining audience support. With better economic conditions and expanded networks, filmmakers have the opportunity to access advanced technologies from abroad. Many productions in the past two years, such as "Detective Kien," "Battle in the Air," "Rabbit, Oh Rabbit," and "Phi Phong," show clear progress in visuals, sound, and pacing.

Hidden corner

Despite Vietnamese films consistently reaching the 100 billion VND mark, the actual profit margin for producers is no longer as high as before. The reason is the ever-increasing production costs. Currently, an average Vietnamese film has a budget of around one million USD (approximately 27 billion VND). With a revenue of 100 billion VND, producers only receive about 30-40 billion VND after deducting taxes, theater fees, distribution costs, and other expenses.

Therefore, not every film that earns over 100 billion VND (100 billion VND) brings huge profits to investors. Even when reaching this milestone, the profit sometimes falls short of 50% of the initial investment. For large-scale projects like "Detective Kien ," the producers once announced that 100 billion VND was only the break-even point. A large-scale project like "Guardian of the Valiant Warrior" is said to have a budget of around 100 billion VND, meaning it needs to achieve over 200 billion VND in revenue to break even.

For large-scale projects, the producer has previously stated that 100 billion VND is only the break-even point.

"Continuously earning hundreds of billions of dong" is also just the tip of the iceberg, masking the asymmetry of Vietnamese cinema. According to distributor CGV, by 2025, the percentage of films grossing less than 50 billion dong will reach 70%, much higher than the average of 50% in previous periods. This shows that the number of successful films is still in the minority compared to the number of failed projects.

The increasing disparity in box office revenue among films is also a noteworthy phenomenon. Some films have grossed over 400 billion VND, like "Rabbit, Oh! ", while others haven't even earned 20 billion VND, or even less than 5 billion VND, such as "The Godfather Returns," "Chien Nam," and "Bus: One-Way Journey." Making commercial films can be described as a risky gamble, heavily reliant on the producer and director's keen market sense.

The number of successful films remains in the minority compared to the number of failed projects.

This year, around 70-80 Vietnamese films are expected to be released. These works, with their distinct styles, are highly anticipated, but in terms of box office revenue, not all will be successful. The differentiation will continue to be evident, putting pressure on producers to invest more in scripts, acting, and visual quality to help their projects stand out in the competitive market.

​

Source: https://tienphong.vn/canh-bac-nhieu-rui-ro-post1836858.tpo