V Pictures, Launched By Vietnam Arm Of Korea’s CJ CGV, Makes Market Debut In Busan With ‘Face Off 7: One Wish’, Horror Hit ‘Ma Da’
EXCLUSIVE: V Pictures, a subsidiary of the Vietnamese arm of Korean exhibitor CJ CGV, is making a big push into international sales of Vietnamese movies here at Busan’s Asian Contents and Film Market (ACFM), with a slate including recent hits Face Off 7: One Wish and Ma Da: The Drowning Spirit.
Directed by Ly Hai, Face Off 7: One Wish is the latest instalment in a blockbuster franchise and the second highest-grossing Vietnamese film of all time, taking more than $19M since its release in April 2024. V Pictures has already distributed the film in Taiwan and Singapore.
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Horror movie Ma Da, directed by Nguyen Huu Hoang, is the highest-grossing Vietnamese horror film ever at the local box office with a take of $5.1M (VND126BN). It also recently became the second highest-grossing Vietnamese film of all time in Taiwan.
“The Vietnamese film industry has been experiencing significant growth in recent years, with more high-quality productions and a rising number of successful local films,” said CJ CGV Chief Content Officer Nguyen Hoang Hai, adding that local films grossed around $60M (VND1.5TR) at the Vietnam box office in the first half of 2024.
CJ CGV is currently Vietnam’s largest exhibitor with 80 sites and 480 screens across more than 30 provinces. The Vietnam arm also distributes both Vietnamese and international films, including titles from Warner Bros, Universal and Paramount.
The company launched V Pictures in 2019 to invest in Vietnamese movies, at a time when the local film industry was growing but lacking financiers.
V Pictures’ new international sales operation aims to sell films it has invested in, as well as third-party acquisitions. Its Busan slate also includes several horror films currently in production, including Tran Huu Tan’s The Lake, Nhat Trung’s The Corpse, Jack Carryon’s The Lady In Red and Ham Tran’s The Blindfolded Soul; as well as 3D animation The Cricket & The Muddy Adventure, directed by Nguyen Mai Phuong.
The slate also includes upcoming action film 9 Hours In Firestorm, directed by Nguyen Quang Dung, and romantic dramas such as Ly Minh Thang’s Letter To Heaven.
“As a company with investment, production, distribution and cinema operation functions, we consider it an advantage to take part in international film sales,” Nguyen explained. “This creates a complete circle by integrating the final element of the film value chain – global distribution – into our business”.
Nguyen also pointed to the growing global appetite for Asian cinema, driven by the success of films from South Korea, China and Japan. “Vietnamese films, with their unique cultural narratives, could fit into this trend. It’s an ideal time for CGV and V Pictures to serve as a gateway for local films to reach international audiences, opening up new revenue streams and enhancing the global visibility of Vietnam’s film industry.”
CGV’s sister company, CJ ENM, is separately a partner in Vietnamese producer-distributor CJ HK Entertainment, which co-produced Tran Thanh’s Mai, currently the highest-grossing local film ever in Vietnam.
CGV Vietnam also recently launched a new initiative, ICECON, to bring alternative product to Vietnamese cinemas – partly to offset the reduced pipeline of Hollywood studio movies – including concerts and live performances (Stage), sports and e-sports tournaments (Play), game shows and interactive movies (Channel), and art exhibitions and educational programs (Library).
ICECON has already scored box office successes with concert films from artists including Taylor Swift, BTS and Blackpink.
Busan International Film Festival’s industry platform ACFM kicks off tomorrow (October 5) at the BEXCO convention centre and runs until October 8.
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