Korean film venture focuses on Vietnam

The school, the very first foreign-owned project of its kind in Vietnam, would have courses in directing, acting, photography and special effects (including make-up).
Choi Cheong-Un, ITOI’s film production and marketing manager, told Vietnam Investment Review last week the company had signed a memorandum of understanding with its local partner for the project last December, and the two sides were now discussing the project in more detail.
Choi is also a well-known director of many commercial films made to promote the World Cup 2002 hosted in South Korea and for the presidential election campaign for Busan’s mayor Roh Moo Hyun.
Last week, Choi led an ITOI delegation visit to Vietnam to conduct market research and to promote the project.
He said his company will most likely seek one more Vietnamese partner besides Dat Sang Media Ltd to join in the project.
“While researching the market here, many people advised us to choose one more Vietnamese partner.
“We have now two options in mind, namely the Cinema and Stage College and Military Zone No.7 Art Department,” he told VIR.
The negotiation process is on track but Choi and other ITOI involved executives said they hoped the partner selection would be made after Tet (Lunar New Year) holidays when they returned to Vietnam.
“We will submit our project to the relevant Vietnamese authorities for consideration and approval as soon as all things including partner selection, cooperation form and capital contribution are clear,” he said.
“We hope this project, the very first foreign-invested one of its kind, will help boost Vietnam’s film industry. I really look forward to the government’s support for our project,” he said.
The location for the school remains unknown, but Oh Hyun Yong, an adviser to ITOI, said the training courses will last one or two years depending on categories.
“Vietnamese students will possibly be sent to South Korea for training for six months with the support of the international cinema fund under South Korea’s Ministry of Culture,” he said.
ITOI, a subsidiary of Sumsung Group, also plans to join forces with Dat Sang Media Ltd to produce TV commercials, films, and entertainment programmes in Vietnam.
“This project is the most feasible and expected to be operational soon as the demand is increasing,” said Choi, disclosing that Happy Cook and another South Korean company have already ordered ITOI to produce commercial films.
ITOI is also seeking a local partner to establish a joint venture to provide services for leasing cinema equipment and offer post-production facilities.
“Giai Phong Film Agency is in our mind for selection,” he said.
Prior to ITOI, South Korea’s Good Fellas had already invested in the local film industry, joining forces with Fafilm Vietnam to establish two multicomplex cinemas in Ho Chi Minh City and Danang.