Copyright Variety
Vietnam has solidified its position as Southeast Asia’s leading buyer of international TV formats, with the country now accounting for 33% of the region’s unscripted format acquisitions, according to data presented at the Taiwan Creative Content Fest. “If you are in the format business, Vietnam should absolutely be on your radar,” said Nguyen Trang, APAC, Middle East and Africa manager at K7 Media, during her presentation Navigating Vietnam’s Film and TV Market: Trends and Insight at TCCF. The session revealed a rapidly evolving entertainment landscape in the nation of 100.9 million people, where streaming platforms are experiencing explosive growth while traditional pay TV continues to decline. In the first half of 2025, streaming subscribers surged 33% to reach 70 million, while pay TV subscriptions fell from 22 million to 16.5 million. “Social media isn’t just supplementary in Vietnam, it’s central to how audiences discover, consume and engage with content,” Nguyen explained. She cited how a Vietnamese actor’s best actor win at Taiwan’s Golden Bell Awards in October swept across Facebook with thousands of interactions from young audiences who had never heard of the awards. Around 85% of unscripted format imports come from other Asian markets, with South Korea leading at 35%, followed by China at 30%, Japan at 15%, and Thailand at 10%. “Formats originated from China are surging,” Nguyen emphasized. Talent shows account for 30% of unscripted adaptations, with Vietnam quickly adapting “Sisters Who Make Waves” and its male spin-off “Call Me by Fire” from Mango TV, both produced for VTV3 by Yeah1. For scripted formats, South Korea commands 55% of the market, with China and Taiwan each at 18%. “What’s particularly important to note here is that Chinese language drama is seen as equally important as Korean drama by many local buyers,” Nguyen said. Nguyen noted that Taiwanese drama holds nostalgic value in Vietnam, recalling that “Taiwanese dramas were hugely popular” in the early 2000s. However, “today, Taiwanese series are currently perceived as being pitched more towards an older housewife audience, mostly sustained through long-running family series.” Despite this, significant opportunity exists. “We have spotted demand for Taiwanese drama beyond these long-running family series, particularly among young audiences,” Nguyen said, citing “Someday or One Day” as gaining “strong traction on Vietnamese social media.” Several Taiwanese dramas including “The Only One” and “The Victim’s Game” have made it into Netflix Vietnam’s top 10. Vietnam’s cinema sector has maintained steady 10% year-on-year growth since the 2010s, expanding from nearly 90 screens in 2010 to over 1,200 today. Korean-owned CJ CGV is the largest chain. She highlighted September’s “Red Rain,” a historical war film that “quickly became the highest grossing film in the country,” noting it brought grandparents to cinemas – “a new growth of audiences.” Vietnam’s television ecosystem features free-to-air networks, pay TV services including VTVcab and K+, and joint ventures like SCTV with Canal+ France. Local VOD platforms include FPT Play, VieON, and TV360, competing with Netflix, WeTV, and iQiyi. Production companies VFC and M&T Pictures by DatVietVAC have emerged as key players. “Co-production is common in Vietnam. Format adaptation often goes beyond a straight sell-and-buy transaction, particularly with Korean companies,” Nguyen said. She pointed to opportunities in production services, noting over 60% of local studios participate in global VFX and animation projects. Vietnam posted 7.09% GDP growth with a 2025 target of 8.3-8.5%. The country is recognized as Southeast Asia’s best-performing economy during the first quarter of 2025, according to McKinsey & Company. Nguyen characterized Vietnam as “one of the major markets in Southeast Asia you simply cannot ignore,” with its large population, rising economy, and increasingly sophisticated audiences driving demand for both local and international premium content across multiple platforms.
