Join hands to take the Vietnamese gaming industry to a billion-dollar milestone.

"Last year, we dreamed of the Vietnamese gaming industry reaching a billion-dollar mark. This year, we need to work together to make that dream a reality."

This statement was made by Mr. Le Quang Tu Do, Director of the Department of Radio, Television and Electronic Information ( Ministry of Information and Communications ), at the Vietnam Game Forum 2024, within the framework of the Vietnam Game Festival – Vietnam GameVerse 2024, held from May 11-12 in Ho Chi Minh City.

To achieve billion-dollar revenue, the Vietnamese gaming industry needs collective effort. Photo: Le My

According to Mr. Le Quang Tu Do, for the Vietnamese game industry to reach $1 billion in revenue by 2030, the most important thing is to build a solid foundation, starting with training. In 2023, the Ministry of Information and Communications (MIC) collaborated with various units to implement game industry training in two directions. The first is to cooperate with the Vietnam Post and Telecommunications Academy to provide formal university-level training in game technology; the second is to cooperate with VTC Corporation to provide training programs for professionals in the field. Secondly, there is the issue of new policies for games. Previously, many viewed the game industry as one that needed to be restricted and subject to special consumption tax to hinder its development. However, this view is incorrect. Mr. Le Quang Tu Do stated that over the past year, the MIC, together with businesses in the Vietnam Game Alliance, successfully persuaded the Government not to include a clause on special consumption tax for games in the amended Tax Law. At the same time, it was pointed out that this is an industry that needs to be encouraged, nurtured, and given incentives for development. The government not only removed the gaming industry from the list of industries subject to special consumption tax but also tasked the Ministry of Information and Communications with developing a strategy for the gaming industry to benefit from tax incentives. The third foundation for the development of the gaming industry is connecting with foreign businesses and investors. In recent times, policymakers have persuaded partners such as Google and Meta... to attend the Vietnam GameVerse event to see the industry's development. Finally, the Ministry of Information and Communications has also coordinated with relevant units to launch communication campaigns to break down social prejudices about the gaming industry. This is not an addictive activity but an industry that generates income and revenue, bringing foreign currency into the country. In addition, the Ministry also has effective solutions to limit the negative aspects of gaming. According to the Director of the Department of Broadcasting, Television and Electronic Information, the journey of Vietnamese gaming is in its early stages but has passed the difficult phase. This is an opportunity to accelerate. "Last year, we dreamed of the Vietnamese gaming industry reaching a billion-dollar mark. This year, we need to work together to make that dream a reality," said Mr. Le Quang Tu Do.

The goal of Vietnamese game companies is to create high-quality products that serve a large number of gamers. Photo: Le My

Ms. Emily Nguyen, Director of Google Ads, Gaming, and Apps Business in Vietnam, also assessed that Vietnam has many competitive advantages in the global gaming market. Accordingly, the gaming industry has undergone clear changes, from government direction to the implementation by relevant agencies and organizations. This has led to significant changes in the gaming industry. The Google representative cited figures such as Vietnam ranking in the top 5 for game downloads worldwide, and having a high number of game developers with 35,000 developers, approximately the same as China. The game development team in Vietnam is young, highly skilled, and proficient in subjects such as mathematical analysis and programming. Another advantage is the relatively low cost of publishing a game, making labor costs competitive. Furthermore, Vietnamese game companies are able to grasp trends well, creating games that meet market demands. For example, during the Covid-19 period, companies continuously released many game series to meet the demand for home entertainment, helping to increase the download numbers of Vietnamese games globally.

To build a successful gaming ecosystem, businesses need a lot of support. Photo: Le My

According to Emily Nguyen, Google believes that building a successful gaming ecosystem requires many factors, such as government support, talent attraction, and capital. The most important of these is government support. In many countries like Finland, Turkey, and China, the government provides significant support for the development of the gaming industry. In Turkey, with a market value of $1.8 billion, developers receive tax breaks; startup studios are tax-exempt and receive 60% support for investment in production tools, and access to technical analysis technologies. In Vietnam, the gaming industry is now receiving attention and support from the government. La Xuan Thang, Director of online game publishing at VNG Games, believes that the Vietnamese gaming industry is developing rapidly, as evidenced by the data shared by Google. However, it must be acknowledged that the product lifecycles are relatively short, and there are no world-class products yet.

The gaming industry needs support, nurturing, and incentives to thrive. Photo: Le My

However, this is understandable; the Vietnamese gaming industry cannot suddenly produce large companies like Riot or Tencent. It requires a gradual development process. For example, the Vietnam GameVerse is a step in building the foundation for the industry. Vietnamese game businesses need to do better to participate strongly in the global value chain, exporting and supplying games. The crucial factor in developing the gaming industry comes from the vision of the leaders of these organizations. To succeed, companies in the gaming industry need products that are recognized by the community. Mr. La Xuan Thang believes that money is not the primary factor in developing the gaming industry; rather, it's the achievements the industry reaps when it succeeds. Companies in the industry are eager to find good products to accompany and serve the Vietnamese people; initially, they aim to make money, but their greater aspiration is to be recognized on a global scale.

The game's immediate priority is to satisfy players; the ultimate goal is to expand globally. Photo: Le My

According to Mr. Nguyen Ngoc Bao, General Director of VTC Multimedia Corporation, Vietnamese game production studios currently have many opportunities for development. They have the support of the Government, but this also creates pressure, as recognition demands that game developers perform even better. Mr. Nguyen Ngoc Bao's solution is that studios need to collaborate and gain practical experience. Lessons learned from real-world experience will serve as a foundation to support training institutions and lay the groundwork for the game industry. Mr. Nguyen Ngoc Bao believes that the Ministry of Information and Communications will lead the game industry towards greater health. This is the biggest direction this year and the prerequisite for Vietnamese games to aim for a billion-dollar market in the future.

Vietnamnet.vn

Source: https://vietnamnet.vn/cung-chung-tay-de-dua-nganh-game-viet-den-hanh-trinh-ty-usd-2279806.html