In an article posted on Deadline , expert Liz Shackleton commented that Lunar New Year is an important box office period in some Asian territories, but nowhere this year is competition more fierce than in Vietnam.
Tran Thanh's Mai is currently a big hit, topping the box office with a revenue of more than 463 billion VND (18.7 million USD). The film is approaching breaking the record for the highest-grossing film of all time held by Nha Ba Nu , released on the occasion of Lunar New Year 2023 with 476 billion VND (19.4 million USD).
Also released during the Lunar New Year was Meet Again Sister Bau , which ranked second at the box office. Two other domestic films, Bright Lights and Tea, were withdrawn from the box office due to their inability to compete for screenings.
Foreign films shown during Lunar New Year in Vietnam also include Spy X Family Code: White ( ranked third at the box office), followed by Madame Web and Argylle.
"Mai"'s revenue of more than 450 billion VND has attracted the attention of the American press.
Deadline said the tight release schedule reflects a strong market recovery after the pandemic. This is considered the second fastest recovery in Asia, after India.
Before Tet, the horror film Ghost Dog , directed by debutant Liu Cheng Lun, topped the box office for six consecutive weeks, earning more than VND108 billion (US$4.5 million). The film set a domestic horror film record in Vietnam, although January (solar calendar) is usually a quiet month before Tet.
“The Vietnamese film market has been unusual lately. The industry opened only about 10-15 years ago, but box office revenue had been growing steadily at 10% annually before the pandemic, surpassing Thailand, a country with a much more developed and long-standing film industry.
Last year, Vietnam’s box office revenue reached $150 million, or about 90% of pre-pandemic levels, from a total of 1,100 theaters. Not bad for a market that in 2010 had just 90 theaters and annual revenue of less than $15 million ,” said expert Liz Shackleton.
Strong market growth
This growth has been helped the most by the cinema chain building program. From the “big guys” like CJ CGV, Lotte Cinema, Vietnam has recently witnessed the development of local cinema chains like Galaxy Cinema and BHD Star Cineplex. Beta Cinemas & Cinestar, offering lower ticket prices for students and middle-income audiences.
Mr. Nguyen Tuan Linh, Director of Distribution CJ HK, said that the audience under 29 years old accounts for 80% of the audience going to the cinema.
“That age group is basically dictating the market’s tastes: from romance, comedy and horror to Korean, Thai and Indonesian films,” he said.
Justin Kim, CJ ENM's Director of International Film Production, said this audience is difficult and unforgiving: "They are very active on social media, especially TikTok and Instagram. Audiences will react quickly if they think the quality of the film is not good."
Vietnamese audiences are increasingly paying attention to Vietnamese films that exploit cultural elements.
According to the market, audiences prefer local films to Hollywood films. Only two American titles, Fast X and Elemental, made it into the top 10 grossing films in 2023, while the top Vietnamese films were Mrs. Nu's House, Flip Side 6: Fateful Ticket, Southern Forest Land... The latest installments of the two animated films Conan and Doraemon also made it into the top 10.
The 2023 box office results reflect post-pandemic Asian film trends, with US films slowing due to COVID-19 and Hollywood strikes, and Gen Z audiences demanding more culturally native content.
Local films are currently leading the market. ProductionQ CEO Nguyen Hoang Quan, who, along with director Tran Huu Tan, is behind the wave of Vietnamese horror, explains that the company has had the greatest success with stories rooted in local culture and folklore, as well as adaptations of novels by young writers with a large Gen Z audience.
ProductionQ’s recent hit film, Soul Eater, is the clearest proof. Based on the best-selling novel Tet in Hell Village, the movie Soul Eater has an additional “universe” of Tet in Hell Village, and Netflix has purchased the copyright for Southeast Asia.
"Some viewers told us that they love the series Dynasty of the Living Dead and want Vietnam to have a film with a similar ancient, horror setting. The story may originate from village life but has modern bullying themes," said Nguyen Hoang Quan.
The film industry is in its infancy but growing strongly.
Deadline commented that producers in Vietnam believe that the film industry is in its early stages of development. Investors are still cautious after the pandemic and the human resources and talents (good actors and directors) are not large enough to meet and satisfy the needs of the audience.
Trinh Le Minh Hang, founder of two production and distribution companies Silver Moonlight and Skyline Media, said producers did not have many choices between the cast to help the film create a new and different feeling when launching a new project.
“Right now, training is the key issue so that we can have more talent to choose from and the market can really develop,” said Ms. Minh Hang.
Art films like "Inside the Golden Cocoon" are expected in foreign markets.
Mr. Nguyen Hoang Hai, head of production company V Pictures, said that financial resources for film production are not what they used to be.
“Before the pandemic, Vietnam produced about 40-45 films per year, but now it is down to less than 30 because many investors come from outside the film industry and their other businesses are currently facing financial difficulties,” said Mr. Hai.
However, Mr. Hai is optimistic about the future of Vietnamese cinema, saying that the market could reach $200 million within a few years. Meanwhile, V Pictures is raising money for a series of local films and CGV is supporting new talent by funding short films.
Pham Thien An, the Camera d'Or award-winning director for Inside the Golden Cocoon, is one of the filmmakers who started his career by making a short film backed by CGV.
2023 is a proud moment for Vietnamese filmmakers at the Cannes Film Festival. Director Pham Thien An's film Inside the Golden Cocoon won the Camera d'Or award at Cannes. Since then, producers have expanded their mainstream distribution channels, especially in the US, Deadline noted.
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