Long-term direction for the Vietnamese journalism economy

However, according to the results of the 2023 Vietnam Journalism Survey, press agencies are still heavily reliant on traditional revenue sources such as advertising, print circulation, support from the state budget/management agencies, and media contracts.

According to Mr. Nguyễn Quang Đồng, Director of IPS Institute, press agencies need to focus more on new revenue sources from readers. To achieve this, journalism must understand the news consumption behaviors of readers and produce content that meets those needs, emphasizing in-depth analytical content rather than chasing the quantity of news articles.

In addition, in light of the growing trend of readers getting news from social media, press agencies need to diversify their approaches to reach audiences on these platforms. Mr. Đồng believes that if journalism does not effectively establish its presence on social media, it will not achieve breakthroughs or competitive advantages in revenue sources.

Regarding policy recommendations to support the development of Vietnam's journalism economy, Mr. Đồng proposed both short-term and long-term solutions. In the short term, he suggested that relevant ministries propose tax reduction mechanisms for journalism products and press agencies, allowing them to invest more in technology and content. Additionally, there is a need for simplified procedures and disbursement processes for revenues from policy communication. A post-audit mechanism for comments has also been proposed to reduce the obligations of user interaction control on social media platforms.

In the long term, mechanisms need to be established to promote socialization in order to increase investment sources, particularly in technology and business capabilities for press agencies. Furthermore, the Ministry of Information and Communications should create forums to connect social media platforms with press agencies to foster collaboration in revenue generation.

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On the morning of March 16, 2024, Mr. Nguyễn Quang Đồng presented a discussion on the diversification of revenue sources for press agencies at the National Press Festival 2024 held in Ho Chi Minh City. At this event, results from the 2023 Journalism Survey conducted by the Vietnam Journalists Association and the Vietnam Digital Communications Association, in collaboration with the Department of Journalism and the Department of Broadcasting, Television, and Electronic Information, with the IPS Institute as the implementing agency, were shared with press agencies and attendees.