The Vietnamese film market is experiencing an unprecedented boom, emerging as a new powerhouse in the Asian cultural content scene. Local films are consistently achieving box office success, injecting vitality into the entire industry. In 2024, the Vietnamese film market recorded its highest-ever revenue. Propelled by this growth, global market research firm Statista projects that the Vietnamese film market's revenue will reach $114.94 million (approximately ₩157 billion KRW) by 2030. At the heart of this remarkable growth is CJ, a global cultural content company. CJ CGV Vietnam and CJ HK, CJ ENM's Vietnamese subsidiary, are leading the transformation and growth of the local film industry, ushering in the golden age of Vietnamese cinema.
Vietnam's Film Market Enters "Golden Age" with a Surge in Local Content
Vietnamese film experts describe the current period as the "golden age of Vietnamese cinema." Compared to 2010, when total film box office revenue was around VND 500 billion (approximately ₩27 billion KRW), by May 2025, revenue has already reached VND 1.7 trillion (approximately ₩92 billion KRW). Among these, nine films have already surpassed VND 100 billion (approximately ₩5.4 billion KRW). While still in its early stages, the Vietnamese film industry is making steady progress year by year in terms of both infrastructure and content. Investment in local talent and infrastructure continues to expand, and film genres are gradually diversifying.
In particular, Vietnamese audiences' interest in local content has exploded. This is evidenced by the fact that 6 out of the top 10 highest-grossing films of all time are Vietnamese. The strong interest in local content is leading to a demand for high-quality Vietnamese films. While Vietnamese cinema was once limited to specific genres like comedy or romance, it has now expanded into various areas such as action and thriller, receiving positive responses from audiences. Currently, the average annual film viewership per person in Vietnam is low at 0.6 times, but it is expected that the development of local content will soon lead to an increase in viewership.
Recently, Vietnamese films have also achieved notable success, gaining attention at prestigious international film festivals. Development is occurring not only in commercial films but also in the art house film sector, which is considered a very encouraging phenomenon for the Vietnamese film industry, which has just entered its growth phase.
CJ, a "Game Changer" Across the Vietnamese Film Industry
CJ is playing a significant "game changer" role in the Vietnamese film market by operating across the entire film production value chain, including investment, production, marketing, and distribution. CJ HK's integrated operation of all processes allows for quick decision-making and the ability to refine distribution and release strategies. Furthermore, a team with rich experience and expertise supports the design of messages and campaigns that can resonate with the local public.
Thanks to this systematic approach, local films produced by CJ HK are consistently achieving record-breaking box office success. Notably, CJ HK's films Mai and House of No Man ranked 1st and 2nd respectively in Vietnam's all-time box office, being the first films to earn over VND 450 billion (approximately ₩24.5 billion KRW). This is considered a significant achievement, demonstrating the possibility for local films to surpass Hollywood blockbusters.
CJ is also nurturing the future of Vietnamese cinema through the CJ Vietnam Short Film Project, which discovers young film talent. Various short films completed through this project, supported by the CJ Cultural Foundation and CJ CGV, have been nominated for or won awards at over 60 internationally renowned film festivals. Directors such as Pham Thien An, Pham Ngoc Lan, and Duong Dieu Linh have even achieved the feat of winning awards at the world's top three film festivals.
Localization Strategy and Data-Driven System: The Secret to Success
CJ's secret to captivating the Vietnamese film market lies in its thorough localization strategy and data-driven system. Recognizing the paramount importance of understanding local sentiment and culture to gain the support of Vietnamese audiences, CJ has strived to listen to the voices of the audience and incorporate stories based on the lives of the Vietnamese people. Indeed, the three highly successful films—House of No Man, Mai, and Ancestral Home—all addressed the universal theme of "family" that audiences could relate to, while incorporating Vietnamese cultural traditions and values, delivering them authentically and movingly to foster broad empathy.
CJ CGV Vietnam utilizes a powerful database built from millions of ticket sales annually to understand audience preferences and trends. A key competitive advantage of CJ CGV Vietnam is its ability to formulate accurate investment plans, scenario directions, and appropriate release strategies from the initial stages based on this data.
This is also why CJ CGV Vietnam is actively involved in local film production beyond operating cinemas. Having played a pivotal role in expanding the local film market's infrastructure by opening cinemas across Vietnam until 2019, CJ CGV Vietnam recognized that securing high-quality content was essential for the continuous growth of the film industry. Consequently, since 2019, it has been actively investing in and producing local films, striving to increase the quantity and improve the quality of content. This has created a virtuous cycle where the development of the Vietnamese film market leads to more audiences seeking out cinemas, enabling long-term value creation.
Maximizing Synergy with the Establishment of Local Film Investment Company "V Pictures"
Recently, CJ has further solidified its leadership in the Vietnamese film market by establishing "V Pictures," a local film investment company. Films produced through V Pictures' investments, which have consistently and actively invested in Vietnamese films since the COVID-19 pandemic, have achieved remarkable results. Lật Mặt 7 ranked second in Vietnam's all-time box office, while Lật Mặt 6 and Núi Hồn Bạch Ti – Billion Dollar Kiss also secured spots within Vietnam's top 10 highest-grossing films. Furthermore, Kham ranked second in Vietnam's all-time horror film box office, contributing to genre diversification.
The launch of V Pictures aligns with CJ CGV Vietnam's growth strategy of "leading the Vietnamese film market by increasing high-quality local films." It signifies that CJ now has an integrated system encompassing investment, production, and distribution of local content that can resonate emotionally and capture the interest of Vietnamese audiences. This integrated system allows for faster coordination from development to distribution, maximizing release strategies. It also enables marketing, production, and distribution teams to collaborate from the outset, allowing for content creation and promotion based on actual public feedback.
New Challenges for the Globalization of Vietnamese Cinema
CJ CGV Vietnam and CJ HK are seeking to expand Vietnamese cinema's success not only into nearby Asian markets but also into Europe. CJ HK directly handling the international sales of Vietnamese films, which was previously managed by CJ ENM, is a natural progression towards the globalization of Vietnamese cinema. The organic collaboration between CJ HK and CJ CGV Vietnam is expected to play a significant role in this globalization.
CJ CGV Vietnam plans to continue providing production support as a reliable partner for local filmmakers, artists, and production companies. It is anticipated that the production of high-quality films reflecting Vietnamese identity will naturally lead to opportunities for global market entry. CJ's biggest goal in the near future is to make Vietnam a globally rising cinematic powerhouse. The continued investment and efforts of CJ are keenly watched to see if they can lead Vietnamese cinema beyond its golden age to a global leap.
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