The entertainment market in Vietnam is showing increasing potential. Indicators are positive such as cinema audience and karaoke venues, western-style bars and nightclubs are both growing. The entertainment market in Vietnam tripled in value from 2004 to 2009. This impressive achievement is largely due to the rapidly developing economy. On the whole, as the economy of Vietnam continuingly develops, the entertainment industry can be more widespread to the population as they turn to look for leisure activities after living standard is ensured.
Favorable conditions for developing the entertainment market in Vietnam
Entertainment industry in Vietnam is able to retain a considerable size of market due to the especially young population. The median age in Vietnam is just under 28 years, and nearly 70 percent of the total population is between 15 and 64 years. Over a quarter of Vietnamese are 14 years old or younger. This young group of people is the main target population for the entertainment market and they are also the major consumers of entertainment-related goods and services.
Another feature Vietnam has that benefits the entertainment market in Vietnam is the large foreign investment the country attracts. This investment increases the infrastructure for developing the entertainment market. The southern province of Ba Ria-Vung Tau, received $922 million foreign direct investment to develop entertainment areas. Also, the Khai Tiep Investment International Joint-stock Company own by Taiwanese financed $2 billion to build the first casino in Lang Son of Vietnam, which covers 186 hectares with 12 casinos, 300 resort villas and an 18-hole gold course. As of April 2011, 126 FDI projects have been undertaken with a combined capital of $3.5 billion. Foreign investment is shaping the development of the entertainment market in Vietnam in a great way.
Digital entertainment market on the strong rise
With the increasing penetration of internet into people’s daily life, digital entertainment is also becoming a more and more common way for people to seek leisure. From 2010 to 2012, the market share of the digital entertainment and television increased from 25 percent to 30.3 percent. This figure is expected to accelerate when phones and tablets are more popular.
Despite this positive outlook, Vietnam remains in the middle ranks in the neighboring countries in terms of per capita spending on digital entertainment. Revenues last were worth $3.3 billion. Without doubt, technology innovation will drive the development of the economy. Thus more contents will go online.