Expectations for investment funds for cultural industries

VHO - Recently, the Vietnam Association for the Development of Cultural Industries was officially launched, in which one of the main focuses of action is to build an investment fund for the cultural industry. This opens up many opportunities as well as expectations for organizations and individuals to multiply their "soft power" and develop the country's cultural industry.

Not commensurate with potential

Assessing the potential of our country's cultural industry, MSc. Kieu Cong Thuoc (Chairman of the Board of Directors of the Creative Startup Fund Development and Investment Joint Stock Company - VNFUND) said: Vietnam has rich cultural resources, from tangible and intangible cultural heritages recognized by UNESCO to artistic, historical and national values. However, the development of cultural industry in Vietnam is still not commensurate with its potential, much lower than that of other countries in the region.

Besides, infrastructure and human resources are limited, most localities do not have enough necessary infrastructure to develop the cultural industry, while the workforce in the industry still lacks skills and expertise.

Recently, the Vietnam Association for the Development of Cultural Industries was officially launched.

People's Artist Vuong Duy Bien commented: Currently, the whole country has about 70,000 enterprises operating in the field of cultural industry, employing more than 3 million workers, contributing about 7% of GDP. Some localities such as Hanoi and Ho Chi Minh City have issued resolutions and separate policies to support the development of the industry.

The Capital Law 2025 also establishes for the first time clear incentives on tax, land, and finance for cultural industry enterprises – opening up great expectations for a breakthrough. However, this development is still scattered, fragmented, and lacks a national-level organizational focal point.

Vietnam is entering a new development period with a vision to become a developed, high-income country by 2045. In that process, developing the cultural industry is not only a trend, but an urgent requirement. The cultural industry is where traditional values - modern creativity - digital technology converge. From here, Vietnamese identity is not only preserved but also spread, transformed into products of economic, cultural and soft diplomatic value.

Cultural industry is a convergence of traditional values - modern creativity - digital technology . Illustration: K. TRINH

Talking about the importance of the cultural industry in the current period, Mr. Nguyen Canh Binh (Chairman of Alpha Books) said that the cultural industry is the foundation of the creative economy, where knowledge, emotions and identities are transformed into tangible values - not only in terms of economy, but also in terms of national influence, and paving the way, providing excellent support for other fields.

Around the world, many countries have established their position on the global map not only through technology or finance, but also through cinema, music, publishing, performing arts, and other cultural products. Popular cultural products only truly have depth and global vitality when built on a solid intellectual and cultural foundation.

In the context of deep international integration, developing the cultural industry into one of the key economic sectors is an urgent requirement. The cultural industry not only creates economic value but also contributes to building the national brand. This is also the industry that helps preserve, disseminate and develop traditional cultural values in the digital age, thereby enhancing international status, promoting cultural exchange and global economic cooperation - Mr. Kieu Cong Thuoc said.

Cannot be placed solely on the shoulders of artists

People's Artist Vuong Duy Bien also emphasized that creative artists want to move towards the cultural industry, not just operate alone: "Vietnam's cultural industry cannot develop if it is only on the shoulders of artists. It needs to be supported by creative entrepreneurs, scientists, policy makers, technology experts, good managers... and the participation of the community."

Sharing this view, Mr. Nguyen Canh Binh also stated that the cultural industry needs people who know how to do culture – businessmen and organizers with leadership and creative abilities. For a long time, culture and art have been mainly placed in the hands of artists, actors, and writers – those who create spiritual values.

Therefore, according to People's Artist Vuong Duy Bien, the establishment of the Vietnam Cultural Industry Development Association is a necessary "support". He also believes that the Association is a place where everyone gathers - a Vietnamese creative alliance, where art - knowledge - technology - market join hands for one goal: Developing the cultural industry to become a pillar of the economy and national soft capacity.

People's Artist Vuong Duy Bien, Chairman of the Vietnam Cultural Industry Development Association, shares about the Association's 5 key actions in the next 5 years.

To develop the cultural industry – a true “industry” – requires stronger participation from entrepreneurs with organizational capacity, knowledge, culture, but above all, those who are capable of building business models and leading creative ecosystems. They are the ones who know how to turn knowledge into products, turn inspiration into markets, and connect resources into spreading values – Mr. Nguyen Canh Binh emphasized.

Immediately after being elected as Chairman of the Vietnam Cultural Industry Development Association, People's Artist Vuong Duy Bien said that from 2025-2030, the Association will identify 5 key areas of action, namely: Developing cultural - artistic - creative human resources: coordinating with schools, institutes and businesses to train thousands of teachers, artists, designers, organizers, programmers, digital cultural engineers...

Next is to establish local cultural industry centers, especially in Hanoi, Ho Chi Minh City, Da Nang, Hue, Ninh Binh, Lam Dong - places with strong potential for heritage, traditional arts and creative spaces.

Along with that is building a "Vietnam Cultural Data Map": connecting museums, libraries, publishing, heritage... into open data sources serving the production of films, games, music.

Along with that, we organize large-scale international exchange events: Film, music, fashion, design, and fine arts festivals; bring Vietnamese artists to the world, and welcome international artists to Vietnam.

And one of the highlights in the focus of action of the Vietnam Cultural Industry Development Association in the next 5 years is to build an investment fund for the cultural industry, in coordination with creative funds, sponsors, technology enterprises and the state.

Present at the founding congress of the Vietnam Association for the Development of Cultural Industries, many delegates expressed their joy and expectations for the establishment of an investment fund for the cultural industry. This will be an opportunity for potential ideas to overcome capital barriers and become real cultural industrial products in the future.

Source: https://baovanhoa.vn/van-hoa/ky-vong-vao-quy-dau-tu-cho-cong-nghiep-van-hoa-152327.html