Urbanist Hanoi

BackArts & Culture » Film & TV » Vietnam's Cinema Industry to Receive $50m Financial Boost

Vietnam's Cinema Industry to Receive $50m Financial Boost

Lack of funding has always been an issue for Vietnam's film industry.

A holding company named Vietnam Entertainment Fund (VEF) was recently established with the aim to financially support film production in the country, VnExpress reports. The fund is a joint venture between five companies in the film industry including Yeah1 CMG, Surfing Holdings, Green International, R&B Capital Group, and MBC studio. VEF's market value is US$50 million with each shareholder owning a 20% stake.

According to the initial plan, VEF will invest in 50 film projects, buy the copyrights of all the films produced between 2013-2018, and by 2020 have its advertisements in 40 theaters and own a theater franchise. A VEF representative also claims that the joint company aims to fund 20 film projects or more annually. VEF will follow the business model of many entertainment funds in other countries such as Japan's CA-Cygames Anime and the US' Marvel Studios.  

VEF will prioritize the funding of films that have more positive profit outlooks. The film selection process will be facilitated by three prominent experts in the industry including director Phan Gia Nhat Linh, producer Le Thanh Phong and Nguyen Cao Tung. For 2018 and 2019, the VEF has secured 14 projects for its fundings portfolio. 

According to Nguyen Cao Tung, a producer and chief executive of the VEF, the fund will not be heavily involved in the filmmaking process. Its role will be providing support and standardizing film studios in Vietnam. The VEF also plans to launch an initial public offering by 2020.

[Photo via VnExpress]


Related Articles:

- Outdoor Film Screenings Coming this October as Part of Hanoi International Film Festival

- Q&A: Six Space Founder Le Giang on the Hard Work of Contemporary Vietnamese Art

- [Video] Powerful, Atmospheric Short Film Explores the Lives of Hanoi’s Street Kids


Related Articles

in Film & TV

'Dao Cua Dan Ngu Cu' Actress Ngoc Thanh Tam on Her Craft and Feminism in Vietnamese Cinema

The young talent explores her transition to acting, its hectic yet colorful challenges, the films she took part in and anticipation towards the future of Vietnamese cinema.

in Film & TV

'Hai Phuong' Becomes Highest-Grossing Vietnamese Movie of All Time

Hai Phuong landed US distribution rights from Well Go USA Entertainment, and has been played in 28 cities in America and Canada since March 1.

in Film & TV

'Thưa Mẹ Con Đi' and the LGBT Films at the Forefront of Vietnamese Cinema

Personally honest, socially important and commercially sexy, modern movies about gay and transgender people are among the better works of contemporary Vietnamese cinema.

in Film & TV

6 Vietnamese TV Classics That Should Be on Netflix Instead of 'Hậu Duệ Mặt Trời'

Gone were the days of timing one’s bathroom dash exactly during commercial breaks and gathering around a neighbor’s old television set, the only one in the entire alley, to relish every minute of a ho...

in Film & TV

A 'Lao Hac' Adaptation Will Be Vietnam's First Film Starring a Dog

Film adaptations of literary works have been among the most well-received cinematic features in Vietnam in recent years, so it’s natural that ‘Lao Hac’ is coming to the big screen soon.

in Film & TV

Action Blockbuster 'Hai Phuong' Will Be Released on Netflix on May 22

Hai Phuong (Furie) follows a former gangster, played by Ngo Thanh Van, trying to save her kidnapped daughter.