Netflix set to make official presence in Vietnam
Streaming giant Netflix is studying conditions and requirements to set up a wholly-owned subsidiary in Vietnam, according to a Monday meeting between its executives and Vietnamese officials.
Vishal Sarin (L), vice president, Netflix Asia Pacific, meets with Nguyen Van Doan, chief of the Ministry of Planning and Investment office, in Hanoi on December 5, 2022. Photo courtesy of the ministry.
Nguyen Van Doan, chief of the Ministry of Planning and Investment (MPI) office, urged Netflix to soon establish a legal entity in Vietnam amid the ministry’s plans to commemorate 35 years of attracting foreign investment in 2023.
He added MPI always facilitated Netflix and U.S. businesses to invest and operate in the country, in order to deliver products fulfilling customer demand, amid the growing Vietnam-U.S. relationship.
Netflix entered Vietnam in 2016 and debuted its Vietnamese version in October 2019. Though without an official representative office in the Southeast Asian nation, the streaming service has invested in Vietnam by licensing over 200 local movies and contracting Vietnamese partners to produce localized audio and subtitles for its products, said Vishal Sarin, vice president at Netflix Asia Pacific.
Netflix, with over 214 million subscribers in 190 nations, is willing to cooperate with Vietnamese partners to develop and introduce local creations to the global stage, Sarin added.
About 30 foreign service providers, such as Microsoft, Facebook, Netflix, and TikTok, had registered to pay taxes of $22.2 million in Vietnam via the portal of the General Department of Taxation from March 21, according to a Ministry of Finance report this June.
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