Vietnam's Rise: Unlocking the Secrets of Southeast Asia's Top Format Buyer
The Entertainment Revolution in Vietnam: A Market to Watch
Vietnam has emerged as a powerhouse in Southeast Asia's TV format industry, capturing an impressive 33% of the region's unscripted format acquisitions. This revelation, presented at the Taiwan Creative Content Fest, highlights a rapidly evolving entertainment landscape in the country.
Nguyen Trang, APAC, Middle East, and Africa manager at K7 Media, emphasizes, "Vietnam is a must-watch market for anyone in the format business." Her presentation, "Navigating Vietnam's Film and TV Market: Trends and Insight," unveiled a nation of 100.9 million people undergoing a streaming revolution.
Streaming vs. Traditional Pay TV: The Battle for Vietnam's Entertainment Market
In the first half of 2025, streaming subscribers skyrocketed by 33%, reaching an astonishing 70 million, while pay TV subscriptions took a hit, dropping from 22 million to 16.5 million. This shift reflects a broader trend where streaming platforms are gaining traction while traditional pay TV struggles to keep up.
"Social media is not just a supplement in Vietnam; it's the heart of how audiences discover, consume, and engage with content," Nguyen explains. She cites a viral moment when a Vietnamese actor's best actor win at Taiwan's Golden Bell Awards sparked thousands of interactions on Facebook, even among young audiences unfamiliar with the awards.
The Asian Dominance in Vietnam's Unscripted Format Imports
Around 85% of unscripted format imports in Vietnam come from other Asian markets. South Korea leads the pack with a 35% share, followed by China (30%), Japan (15%), and Thailand (10%). Notably, formats originating from China are gaining momentum, with talent shows accounting for 30% of unscripted adaptations. Vietnam has quickly embraced shows like "Sisters Who Make Waves" and its male counterpart, "Call Me by Fire," both produced by Mango TV and adapted for VTV3 by Yeah1.
The Battle for Scripted Formats: South Korea vs. China vs. Taiwan
For scripted formats, South Korea dominates with a 55% market share, while China and Taiwan each hold 18%. However, Nguyen points out an interesting dynamic: "Chinese language drama is seen as equally important as Korean drama by many local buyers."
Nguyen recalls the nostalgic value of Taiwanese drama in Vietnam, stating, "Taiwanese dramas were hugely popular in the early 2000s." But today, Taiwanese series are often perceived as catering to an older audience, mostly through long-running family series. Despite this, Nguyen highlights a growing demand for Taiwanese drama among younger audiences, with shows like "Someday or One Day" gaining traction on Vietnamese social media.
The Cinema Sector: Steady Growth and a Diverse Audience
Vietnam's cinema sector has experienced 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 in the country. Nguyen highlights the success of "Red Rain," a historical war film that became the highest-grossing film in Vietnam, attracting grandparents to cinemas, a new and growing audience segment.
Vietnam's Television Ecosystem: A Diverse Mix of Players
Vietnam's television ecosystem is a mix of free-to-air networks, pay TV services like VTVcab and K+, and joint ventures such as SCTV with Canal+ France. Local VOD platforms like FPT Play, VieON, and TV360 compete with global giants Netflix, WeTV, and iQiyi. Production companies VFC and M&T Pictures by DatVietVAC have emerged as key players.
Co-production and Format Adaptation: A Unique Opportunity
Co-production is common in Vietnam, and format adaptation often goes beyond a simple transaction. Nguyen highlights opportunities in production services, noting that over 60% of local studios participate in global VFX and animation projects. She emphasizes the potential for collaboration, especially with Korean companies.
Economic Growth and Audience Demand: A Perfect Storm
Vietnam's economy is on an upward trajectory, with a 7.09% GDP growth in 2025 and a target of 8.3-8.5% for the year. McKinsey & Company recognizes Vietnam as Southeast Asia's best-performing economy in the first quarter of 2025. With a large population, a rising economy, and increasingly sophisticated audiences, Vietnam is driving demand for both local and international premium content across multiple platforms.
Nguyen concludes, "Vietnam is one of the major markets in Southeast Asia that cannot be overlooked. Its potential for growth and its diverse audience make it an exciting prospect for content creators and distributors alike."
And this is the part most people miss: Vietnam's entertainment industry is a dynamic and evolving landscape, offering unique opportunities for collaboration and content adaptation. What are your thoughts on Vietnam's rising influence in the TV format industry? Do you think it will continue to dominate, or will other Southeast Asian markets catch up? Share your insights in the comments below!
