Netflix most discussed streaming service on social media in Vietnam

Netflix was the most popular streaming service in Vietnam in terms of discussions on social media, according to a report by YouNet Media for the January 1-April 15 period.

Analyzing 3.11 million discussions related to video-on-demand (VOD) services, YouNet Media said Netflix topped the list with 38.5% of the total. The two other foreign players in the top 10 were iQIYI under Chinese giant Baidu with 2.9% and Apple TV+ with 1.1%, ranked eighth and ninth, respectively.

YouNet Media is a unit of YouNet Group, a leading provider of social media analytics in Vietnam.

Vietnamese apps dominated the list, with FPT Play, under giant FPT Telecom, in second place with 17.1%; followed by VTV Giai Tri, under national TV broadcaster VTV, in third place with 15.9%; VieOn, part of media firm DatVietVAC Group Holdings with 14.2%; and others.

Ranked first, Netflix became even more trendy in Vietnam upon the release of its exclusive products, including South Korean drama The Glory, comedy Beef, and thriller Unlocked. Besides, scandals also raised the popularity of Netflix in Vietnam, including the incident of its documentary MH370: The Plane That Disappeared with false contents about Vietnam. Vietnam's Ministry of Foreign Affairs stated on April 6 that the movie did not truely reflect the country's efforts in aiding the search for the aircraft.

FPT Play, in second place, had 132,584 discussions in the period, due to sports and TV show content, including the AFF Cup 2022 football tournament, Miss Universe 2022, and the 2023 U-20 Asian Cup football event. Despite top movie content from HBO Go or K+, top discussions related to FPT Play were about football.

VTV Giai Tri passed VieOn to claim the third rank with 302,242 discussions, thanks to the greater attraction of Vietnamese dramas, attracting cinephiles.

YouNet Media pointed out that most complaints about FPT Play and VTV Giai Tri regarded service quality, including the high number of advertisements and buffering; while concerns about Netflix were about its false content.

The Vietnamese government’s Decree 71/2022 stipulates foreign over-the-top (OTT) service providers in the Vietnamese market, such as Netflix, iFlix, WeTV, and iQiYi, must set up legal entities in Vietnam. The OTT television service in Vietnam recorded revenue of VND1.55 trillion ($65.97 million) in 2022, up 26.2% year-on-year versus 2017, with 22 firms and 5.5 million subscribers, according to the information ministry.

YouNet Media also said the revenue of the VOD market in Vietnam can grow from $221 million in 2023 to $345.9 million in 2027, with a compound annual growth rate (CAGR) of 11.85%.