Growing Video Production in Vietnam: Insights from our CEO

Vietnam has emerged as one of Asia’s most attractive markets for video production, driven by economic growth, a rapidly expanding middle class, and a robust digital ecosystem. We recently opened a representative office in Hanoi to showcase Vietnam’s untapped potential for global clients.

“It’s not going to happen overnight,” Andrew Psarianos, CEO notes, describing his company’s long-term view for Vietnam, where he sees “a field of fertile soil” with rich growth potential.

Vietnam’s Economic Transformation

Over the past decade, Vietnam has been recognised for its impressive economic resilience and progress. Growing its GDP by 6–7% annually since 2016, Vietnam has solidified its reputation as one of Asia’s strongest emerging markets. This economic trajectory is backed by increasing foreign direct investment (FDI), which, despite pandemic-related dips, exceeded USD 16 billion in 2019. Vietnam’s revenue in the TV & Video market alone is projected to reach USD 2.78 billion by 2024, with a steady 4.77% annual growth rate, likely hitting USD 3.51 billion by 2029. Andrew emphasises, “The economy is growing, the GDP is going up, a lot of international companies are looking at Vietnam and we want to be that conduit to help them not only produce their content and help them tell their story, but also help their businesses grow as well.”

Vietnam’s Emerging Middle Class and Digital Economy

As Vietnam’s middle class is projected to reach 95 million by 2030, with a GDP per capita expected at USD 7,000 by 2035, economic growth is sparking interest from multinational companies and video production firms like Picture Perfect Productions. This expansion is creating a market of digitally savvy consumers with increasing purchasing power, ready to engage with high-quality, relevant content. For brands looking to establish a presence in Vietnam, effective, locally produced video content is essential for resonating with this growing consumer base.

In tandem, Vietnam’s internet penetration—currently at 79.1% and projected to rise to 98% by 2029—cements the nation as one of Southeast Asia’s fastest-growing digital economies. This digital surge highlights the need for compelling video content across advertising, brand storytelling, and influencer-driven campaigns. By tapping into Vietnam’s distinct culture and combining international quality with local insights, production companies can effectively connect brands with Vietnam’s diverse, tech-oriented audience, making it a high-potential destination for video production investments.

Video Production in Vietnam: Hanoi’s Competitive Edge

Hanoi video production is gaining international attention as companies tap into Vietnam’s creative talent and growing market for high-quality digital content. When asked why Picture Perfect Productions chose Hanoi over Ho Chi Minh City (HCMC), the CEO highlighted that competition is saturated in the populous city, “There are so many video production companies there,” the CEO noted, “and anybody who’s got a camera is calling themselves a production company, killing themselves on price war.” This intense competition highlights the importance of differentiating based on quality rather than solely on cost. Picture Perfect Productions’ strategy focuses on elevating quality to stand out, prioritising the value they bring to clients over just competing on price.

While HCMC is often seen as Vietnam’s business centre,  Hanoi has become an increasingly attractive destination for creative ventures and video production. Noting the capital city’s unique potential for growth in creative industries, our CEO shares that one way Picture Perfect Productions can help is by facilitating international companies with their production logistic needs “Because we can offer them the full resources, which are all based on the connections that we’ve had built up over many years.”

The Future Vision for Picture Perfect Productions in Vietnam

Currently, Picture Perfect Productions in Hanoi operates as a representative office of its Singapore office, allowing our company flexibility as it grows its Vietnamese market presence. “[It’s] not a Vietnamese company per se,” Andrew clarified, but down the road, Picture Perfect Productions may consider a joint venture to establish a more permanent entity in Vietnam. This approach allows us to adapt to market demands, ensuring they provide valuable production services in the region.

Our CEO acknowledges that opening this representative office was made easier with help from Enterprise Singapore, which offered grants for SMEs aiming to establish a presence in Asia. This backing from Singapore demonstrates the potential for cross-border support in developing Vietnam’s media sector.

In the end, Picture Perfect Productions is cultivating Vietnam’s potential by connecting global clients with the country’s vast creative possibilities. As Andrew describes, “There’s fertile soil here, and though it’s a slow process, we’ll see it grow and flourish in the years to come.”