Corporate finance information

Cultural industries to make up 3 percents of GDP by 2020

26/09/2016

This is one of the targets stated in the Vietnam Culture Industry Development Strategy, which was recently approved by the Prime Minister.

Accordingly, cultural industries will account for 3 per cent of the country’s gross domestic product (GDP) and create more jobs for society. Of the sum, the film industry will generate US$150 million of revenue (cinema industry will create US$50 million); the advertising industry (on television, radio, newspaper, magazine, internet and outdoor advertising) will bring about US$1.5 billion; and the cultural tourism sector will account for 10 - 15 per cent of US$18 - 19 billion of tourist revenues.
 
By 2030, cultural industries will contribute 7 per cent to the nation’s GDP and create more jobs for society. Particularly, the advertising industry (on television, radio, newspaper, magazine, internet and outdoor advertising) will generate US$3.2 billion; and the cultural tourism sector will grab 15 - 20 per cent of US$40 billion of tourist revenues.
 
The Government assigned some tasks and solutions to development of cultural industries and stressed core solutions of fostering human resources development, innovating contents, having training programmes to enhance capacity and improve management skills and business skills in cultural industries; and facilitating cooperation and association among higher education establishments and research institutes in human resource development in general and cultural industry development in particular.