HCMC TO ESTABLISH CULTURAL INDUSTRY DEVELOPMENT FUND

HCMC, the country’s largest cultural industry hub, currently has around 97,000 workers and more than 17,670 enterprises operating in related sectors - PHOTO: LE VU

• HCMC to develop 150-hectare film studio complex
• Culture seen as pillar of national development

HCMC – The HCMC People’s Committee has tasked relevant departments with establishing a cultural industry development fund and developing a 150-hectare film studio complex.

The move follows an instruction by HCMC Party Committee Secretary Tran Luu Quang. The city’s cultural industry development fund will be structured under a venture capital model.

It is expected to provide financing for startups and innovation projects in the cultural and arts sectors, while encouraging businesses to invest in developing cultural products and services that reflect Vietnamese identity.

The HCMC People’s Committee has assigned the Department of Culture and Sports to take the lead, in coordination with the Department of Finance, the Department of Planning and Architecture and other relevant agencies, to study options for jointly investing in a large scale film studio complex of around 100 to 150 hectares in the city.

The project is intended to support the development of the film and television industry and facilitate the attraction of high quality, large scale domestic and international film productions to HCMC.

Source: The Saigon Times