Vietnam Allows Foreigners to Hold 51 per cent Stakes in JV to Make Films
Vietnam’s National Assembly, the country’s top legislative body, has recently approved the amended law on cinema to allow foreign investors to hold a maximal of a 51 per cent stake in a joint venture with Vietnamese partners to produce and shoot films.
The holding rate for foreigners pledged by Vietnam is in line with its WTO commitments, the government said on its Website.
The local film market is too small and Vietnam is still applying the quota on foreign film imports, a senior official of Thien Ngan Firm Co told the online VietnamNet newswire.
Between 2007 and 2008, Vietnam produced less than 20 big-screen movies. All failed to meet tastes of local viewers, it said.
The amended cinema law is among the five laws, including the law on cultural heritage, the law on representatives abroad, and the law on housing and land that lawmakers have passed with overwhelming votes during this working session. (chinhphu.vn, VietnamNet)
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