The total box office revenue of the highest-grossing movies in 2024 is about VND1,032 billion, including “Mai,” directed by Tran Thanh, which reached VND551 billion, and Face Off 7: One Wish, directed by Ly Hai, which achieved VND482 billion. This is nearly equivalent to the entire revenue of Vietnamese films in 2019, which was around VND1,150 billion.
The box office revenue of Vietnamese films in 2024 has exceeded VND1,800 billion and is expected to account for more than 40 percent of the total box office revenue.
Mr. Nguyen Hoang Hai, Content Manager of CJ CGV Vietnam, said that Vietnamese films currently account for approximately 44 percent of the domestic market. This is significantly higher than Asian films' 29 percent and American films' 25 percent.
There are also two films that have surpassed the VND100 billion mark, including “Lam Giau Voi Ma” (Betting with Ghost) directed by Nguyen Nhat Trung gaining VND128 billion, and Ma Da (Ghost of the River) by director Nguyen Huu Hoang earning VND127 billion.
Although revenues of the pictures, “Cam” by director Tran Huu Tan and “Gap lai chi bau” (A destinated Encounter) by director Nguyen Nhat Trung did not reach over VND100 billion from the domestic market, both have also exceeded the VND100 billion mark when cumulative revenue is generated from ticket sales abroad.
This year’s market is expected to surpass VND4,400 billion, presenting an increase of about 20 percent compared to VND3,700 billion in 2023.
The horror movie titled “Linh Mieu: Quy nhap Trang” (Spirit Whisker: The Revenant) directed by Luu Thanh Hoa and the comedy film “Co dau hao mon” (The Trophy Bride) directed by Vu Ngoc Dang earned VND70-80 billion while the state-produced war film, “Dao, Pho va Piano” (Peach Blossoms, Pho and Piano) by director Phi Tien Son achieved barely VND21 billion, contributing to creating excitement in the market.
According to a distributor, the Vietnamese film market is becoming increasingly diverse in terms of types, ranging from comedy and romance to action, meeting the needs of different audiences. Vietnam is still one of the fastest-growing film industries in the world, with a growth rate of 21 percent in recent years. With the advantage of a large population and a growing economy, Vietnam has the potential to become one of the top 10 countries with the highest box office revenues in the coming years.
There are still regrets
In 2024, a total of 28 films were released in theaters. Among them, five films earned less than VND1 billion in revenue, including “Cu Li khong bao gio khoc” (Cu Li Never Cries), “Domino: Loi thoat cuoi cung (Domino: fnal escape), Doa hong mong manh (A frafile flowers), and others.
Therefore, box office revenue doesn't always correlate with the quality of a film. "Cu Li Không Bao Gio Khoc” (The Crying Worker) is the first Vietnamese film to win the Best Debut Film award at the 2024 Berlin Film Festival.
The movie “Ben Trong Vo Ken Vang” (Inside the Yellow Cocoon Shell) by Vietnamese director Pham Thien An, won the Camera D'or award at the Cannes Film Festival 2023, and the movie “Tro Tan Ruc Ro” (Glorious Ashes) by director Bui Thac Chuyen won the "Golden balloon" award (Montgolfière d'or) at the Festival des 3 Continents 2022 and earned only over VND4 billion.
The number of films produced and released in 2024 is still low. The figure of 28 films is much lower the years 2019 and 2020, with more than 40 films released annually.
Mr. Nguyen Hoang Hai, Content Manager of CJ CGV Vietnam, said that some countries in the region, such as Thailand and Malaysia, produce around 50 films a year. Notably, Indonesia produces over 160 films annually. The modest number of Vietnamese films reduces the competitiveness and opportunities.
For sustainable development, especially in 2025, the film industry needs to address existing issues such as improving the quality of scripts, investing in marketing and promotion, and diversifying funding sources.
