Developing the art market in Vietnam: From identifying practices to shaping sustainable strategies

The Vietnamese art market is gradually taking shape, but still faces many challenges. At the workshop “Developing the art market in Vietnam: Current situation and solutions” held recently in Hanoi, experts, managers, businesses... discussed directions to build a professional, healthy and integrated art market.

In recent years, the Vietnamese art market has begun to take shape more clearly, with products and services increasingly rich in content, form and quality. From painting, cinema, to live art programs, Vietnamese art is gradually expanding not only domestically but also towards international audiences. However, according to experts at the conference, the market is still in the early stages of development, with many "bottlenecks" in terms of institutions, operating mechanisms and competitiveness.

Overview of the Scientific Workshop "Developing the art market in Vietnam: Current situation and solutions".

In his opening remarks at the workshop, the representative of the Organizing Committee emphasized that in order for the Vietnamese art market to develop sustainably, it is necessary to focus on perfecting institutions, policies and market infrastructure, while improving the quality of management and autonomy of creative entities. The market can only truly develop when its constituent elements – from artists, producers, organizers, businesses to audiences and managers – are connected in a synchronous and transparent ecosystem.

Three key groups of content discussed at the workshop include: Clarifying the theoretical and practical basis for art market development, with three representative fields being cinema, painting and live music programs and events; Assessing the current situation and development trends, focusing on identifying opportunities - challenges, business models, management capacity and the impact of digital transformation; Referring to international experience, drawing lessons from art market models of countries with developed creative industries, thereby proposing mechanisms and solutions suitable for Vietnam.

The workshop is part of the national research project on "Developing the art market in Vietnam", chaired by Associate Professor Dr. Do Thi Thanh Thuy - Vietnam Institute of Culture, Arts, Sports and Tourism.

Speaking at the workshop, Associate Professor Dr. Do Thi Thanh Thuy emphasized that the development of the art market should be seen as an important component of the national cultural industry, where creative values, economic values ​​and social values ​​converge. She emphasized that art is only truly sustainable when it operates in a healthy market mechanism, with a database, tax policies, support funds and a legal framework suitable to the characteristics of artistic creation.

Associate Professor, Dr. Do Thi Thanh Thuy, representative of the Organizing Committee, spoke at the Workshop.

However, experts at the workshop said that the Vietnamese art market is still in its infancy, lacking professionalism and a synchronous operating mechanism. Fundamental factors such as policies, infrastructure, distribution systems, human resource training and legal framework have not yet kept up with the pace of development of creative life.

The presentations at the conference focused on three representative areas: cinema, painting and live music programs and events.

In the film industry, many opinions say that it is necessary to have a mechanism to support the production and distribution of independent films, while at the same time developing a domestic cinema system and online film screening platform to form a healthy competitive market.

Regarding fine arts, experts propose building a public art trading floor, standardizing valuation and copyright activities, thereby creating trust for collectors, investors and young artists.

Regarding the music event organization market, delegates pointed out great potential but also emphasized risks in management, copyright and tax, and proposed issuing a more transparent control mechanism to encourage private enterprises to invest long-term in performing arts.

Presentation by Dr. Pham Lan Huong (Ho Chi Minh City University of Culture) at the Conference.

At the workshop, Dr. Pham Lan Huong (Ho Chi Minh City University of Culture) shared about the journey of repatriating Vietnamese paintings from France, notably 29 paintings by Le Thi Luu and 236 works by Le Ba Dang. She emphasized that this is not just a collection or preservation activity, but a return of memories and heritage, demonstrating the faith and love for the homeland of the overseas Vietnamese community. According to her, the cooperation model between the State - academia - overseas Vietnamese in this process is a testament to the enduring vitality and integration of Vietnamese fine arts in the global cultural flow.

MSc. Nguyen Cao Tung (Founder, CEO of 1-All Stars) presented a paper at the Workshop.

Mr. Nguyen Cao Tung (Founder, CEO of 1-All Stars) emphasized the importance of quantifying commercial risks and professionalizing the film production process. He proposed applying Test-screening as a scientific tool to predict success. This method uses the Average Test-screening Score as a key metric, thereby determining: films with a score of over 8/10 have "blockbuster" potential (revenue of over 40 billion VND), while films with a score below 7.5/10 are considered high risk and low revenue. This framework also includes Financial (ROI, Revenue) and Media (Sentiment Score, WOM) indicators, aiming to shape a Vietnamese film market that operates based on data rather than emotions.

• The creative music market faces the copyright problem

Some opinions also mentioned technology and digital transformation as indispensable tools for Vietnamese art to integrate with global trends. The application of digital platforms, blockchain, NFT, open data or virtual reality can become a lever to help Vietnamese artworks reach new audiences, increase economic value and promote culture more effectively.

At the end of the workshop, the Organizing Committee affirmed that this is an important academic forum, creating a scientific and practical foundation for building a strategy to develop the Vietnamese art market in the coming period. The recommendations and proposed solutions will be the basis for reference to complete the project to develop the Vietnamese art market, contributing to the realization of the goal of cultural revival and development of the national cultural industry by 2030, with a vision to 2045./.

Source: https://bvhttdl.gov.vn/phat-trien-thi-truong-nghe-thuat-tai-viet-nam-tu-nhan-dien-thuc-tien-den-dinh-hinh-chien-luoc-ben-vung-20251025191237158.htm