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| Josephine Choy, vice president and general counsel Asia Pacific at Netflix, meets with Deputy Minister of Culture, Sports and Tourism Nguyen Thanh Lam in Hanoi. Photo: Giang Pham/mic.gov.vn |
Netflix is making necessary procedures in order to establish its legal entity in Vietnam, said Josephine Choy, vice president and general counsel Asia Pacific at Netflix, during a recent meeting in Hanoi with Deputy Minister of Culture, Sports and Tourism Nguyen Thanh Lam, VOV reported.
She expressed the streaming giant’s hope that competent agencies in the country would create favourable conditions in order for Netflix to complete all procedures and find a legal entity locally in the near future.
Lam for his part noted that with its potential in technology and content creation, Netflix would help fuel the development of the film industry and creative economy in Vietnam.
He also requested that Netflix urgently set up a group to work closely alongside the Ministry of Information and Communications in order to regularly update the current operation situation and draw up a development plan after establishing a representative legal entity in Vietnam.
The Ministry of Information and Communications will support Netflix as well as other foreign businesses in compliance with Vietnamese law, he said.
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| Josephine Choy, vice president and general counsel Asia Pacific at Netflix, meets with Deputy Minister of Culture, Sports and Tourism Nguyen Thanh Lam in Hanoi. Photo: Giang Pham/mic.gov.vn |
According to Decree No. 71/2022/ND-CP, foreign enterprises participating in the pay television market in Vietnam with the type of OTT service without channels, only content on request must be granted a license as a domestic enterprise, so procedures must be followed to form a legal entity in Vietnam
Netflix, Inc. is an American media company based in Los Gatos, California. Founded in 1997 by Reed Hastings and Marc Randolph in Scotts Valley it operates the over-the-top subscription video on-demand service Netflix, which includes original films and television series commissioned or acquired by the company, as well as third-party content licensed from other distributors.
Netflix is one of the world’s leading streaming entertainment services with 214 million paid members across 190 countries and territories. It first established a presence in Vietnam in 2016 before officially launching a Vietnamese version in October 2019.
Online entertainment continues to thrive with an increasing number of users every month. According to experts, the Vietnamese market is developing rapidly and is increasingly seen as a potential area that is hard to ignore.
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