Giants of Korean entertainment industry enter Vietnam market
Giants of Korean entertainment industry enter Vietnam market
More and more giants of the Korean entertainment industry enter Vietnam in many different ways and are gradually coming to dominate the market.
Giants in Korean entertainment industry aim at Vietnam market
Recently, Le Thi Quynh Trang, general director of Multimedia JSC, has been working with partners from South-Korea-based YG Entertainment and Naver.com. “It is a joyful sign that Vietnam has been noticed by big entertainment corporations in Asia, especially South Korea,” she said.
Multimedia JSC is the producer of many famous TV shows, dramas, and reality shows in Vietnam. It is also a media agency for several global media groups, such as P&G and Unilever, among others. Multimedia JSC has produced more than one season of Vietnam’s Next Top Model, three seasons of Project Runway Vietnam, four seasons of Vietnam International Fashion Week, supporting and bringing many opportunities for many generations of models and designers in Vietnam.
YG Entertainment, on the other hand, is managing many of Korea’s biggest stars, such as Big Bang, 2NE1, PSY, Epik High, Choi Ji Woo, Black Pink, and Lee Jong Suk.
Naver.com is the biggest search engine as well as online media and entertainment channel in Korea.
This time, they are discussing cooperation opportunities between YGKplus, a YG Entertainment subsidiary and leading model management company in Korea, and beU Academy, a model training and management company of Multimedia JSC.
Meanwhile, Naver expressed interest in cooperating with Multimedia JSC in entertainment and fashion. They will send Korean stars to join Vietnam International Fashion Week and in turn, Vietnamese stars and models will also have a chance of performing in Korea. Although the talks are still on-going, both sides expect to have a good cooperation.
Over the years, Korean culture, especially Korean entertainment, has flourished vigorously. Many Korean stars are famous not only in their country but in all of Asia and some of them were even noticed and are sought after by international entertainment companies.
At the same time, the Vietnamese entertainment market also has been developing at a steady pace. To partake of this dynamically growing market, many Korean entertainment or media companies have entered, leading to further flourishing in recent years. Those interested in the Vietnamese entertainment market are hunting for local partners, and certainly, companies with strong reputation will be their first choice.
Hopes to dominate market
Korean investors find plenty of opportunities here as the Vietnamese entertainment market is still very young. Their optimism originates from their personal experiences, as they see Vietnam at a place where Korea was some 15-20 years ago, as both countries have several cultural similarities. It is easy for Vietnamese youngsters to catch the latest trends. There are also many fans of Korean stars.
Due to these potential and opportunities, domestic firms have to compete for attention from big Korean companies. “With the trade agreements to be signed in the future, Vietnamese entertainment companies will have to compete with their foreign counterparts. We should take the chance and realise our strengths so that we will not lose our impetus,” Trang said.
The increasing number of Korean giants entering Vietnam may enhance the market and bring about numerous professional opportunities. However, this may pose a threat to domestic enterprises if they are slow to react the Korean giants can even control Vietnam entertainment market.
The story of Korean entertainment corporation CJ CGV is a case in point. At the end of 2005, CJ CGV and Vietnamese company VIFA established a joint venture called CJ-VIFA. The first project of CJ-VIFA was the drama “Mui ngo gai.”
Then CJ CGV bought out Megastar, the largest chain of cinemas in Vietnam at the time. At the beginning of 2014, after closing the acquisition, Megastar was renamed CGV. At the moment, CGV held over a half of the Vietnamese cinema market.
It can be said that CGV has dominated the movie importing market. By showing more movies than its rivals, including many blockbusters, CGV has provided choices to customers and earn popularity.
CJ CGV’s strategy has become a precious lesson for domestic entertainment enterprises. However, Trang believes that her cooperation with giants in Korean market will induce a lot of benefits. She hopes that her company, as well as the Vietnamese entertainment market, can have a professional work environment to keep up with other countries.
