Netflix leaders met with representatives of Vietnam's Ministry of Planning and Investment (MPI) to discuss conditions for establishing a wholly-foreign-owned enterprise in Vietnam.
|Netflix is considering opening a representative office in Vietnam. Photo: MPI |
On the afternoon on December 5, 2022, Vishal Sarin, Netflix vice president, met Nguyen Van Doan, chief of MPI's Office, to discuss the opening of a representative office in Vietnam.
Nguyen Van Doan said he appreciated the impressive growth of Netflix during 2020-2021 and the cooperation between Netflix and Vietnam's Ministry of Culture, Sports and Tourism, and Vietnam Association of Film Promotion and Development (VFDA) contributing to the development of the film industry and creative economy in Vietnam.
Netflix believes its comprehensive partnership with Vietnam is growing in depth and effectiveness, Doan said. This is a favourable time to promote exchanges and develop all aspects of the economy between the two countries, including information, communication, cinema, and culture.
"The MPI always accompanies and creates favourable conditions for the US business community, including Netflix, to invest and do business, meeting the needs of Vietnam and the world's market," Doan said.
Vietnam has issued and is implementing the Foreign Investment Cooperation Strategy for 2021-2030. In 2023, the MPI will celebrate the 35th anniversary of investment mobilisation to enhance the national reputation and attract more FDI.
"We hope that Netflix will soon establish a legal entity in Vietnam and contribute to Vietnam's economy," Doan added.
A representative of the MPI's Foreign Investment Agency provided information related to the foreign investment policies in Vietnam and regulations of the Law on Investment related to establishing a legal entity and a wholly-foreign-owned enterprise in Vietnam.
Vishal Sarin also shared the impression of the MPI's effort on FDI mobilisation and highlighted the creative economy and its impact. Netflix is one of the world's leading streaming entertainment services, with 214 million paid members across 190 countries and territories.
"Netflix currently does not have a representative office in Vietnam but has gradually invested in Vietnam by licensing more than 200 local movies, hiring Vietnamese partners to dub and make subtitles for these movies," said Vishal.
"We are willing to work with Vietnamese partners to support and develop creativity and deliver local products to the global markets."
Netflix was present in Vietnam in 2016 and officially launched the Vietnamese version in October 2019. Netflix Corporation and the VFDA signed a Memorandum of Understanding to develop the film industry and the creative economy in Vietnam and promote local movies and culture to the world.
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