The latest report of the Ministry of Information and Communications (MIC) showed that in 2023, the total revenue of the press was VND3,744,214 billion, an increase of 1.49 percent over 2022. 

Press agencies paid VND99.323 billion in tax to the state budget, up 1.31 percent. The information and communications sector made up VND887,398  billion of the country’s GDP, up 1.34 percent. The total number of workers in the sector was 1,767,766, up 2.72 percent.

The noteworthy feature was that revenue from communications nearly hit the $4 billion threshold, which showed the strong rise and great potential of the communications sector in creating economic value.

Also according to MIC, the span of press agencies’ revenue was wide, from VND200-300 million to VND4-5 trillion. However, only one or two press agencies had revenue of trillions of dong.

Under the digital transformation in journalism strategy in the 2025-2030 period approved by Deputy PM Pham Hong Ha in April 2023, Vietnam’s press agencies need to optimize their sources of revenue, and 30 percent of press agencies are expected to see their revenue increase by at least 20 percent.

Organization and division of labor

The division of labor in journalism and communications is moving towards specialization and diversification, thereby helping eliminate conservatism and stagnation of the closed press and communications model, and accelerating the process of socializing production and labor. 

The rapid development of high technologies, especially digital technology and AI, have helped promote the process of labor division and specialization of the press and media to an unprecedented level.

Today’s press agencies comprise many divisions which undertake different functions, such as divisions in charge of research and development (idea creators, program format providers and production process technology innovators); divisions in charge of producing content (media firms that produce and supply documentary films, thematic programs and reportage); divisions in charge of providing equipment (selling or leasing cameras, signal transmission lines, storage devices, digital content distribution infrastructure), production logistics (sound, lighting, stage equipment) and service providers (ad agents, communications services, and sponsorship campaigning). 

The economic links between the links of the chain have closer ties, and increasing interdependence. Once the specialization level grows, the cooperation between companies, centers, and press and media agencies will become more and more intimate, and the cooperation in exchanging products will be more sustainable.

Forms of ownership of means of production

Making a media product is a complex process because it requires specialized equipment, high technology and high production costs.

A media firm, for example, may own a single specialized device with high configuration level (for example 4k-8k camera used to film ads) and the value of the device is equal to or higher than the value of an e-newspaper equipped with a small studio to produce direct audio and video content (livestreams).

With the rapid growth of the national economy, people’s living conditions and capability of spending on press and media services have increased considerably.

Meanwhile, in the context of rapid development new communications technologies, the operations and tasks which once needed to be carried out with specialized devices now can be conducted with usual everyday equipment. For example, instead of specialized equipment, reporters now can take pictures with smartphones and process images with laptops. 

Alongside with the increased popularity of communications equipment, the amount of specialized devices for the communications industry, including computers, software, video recording equipment, film editing, sound recording, lighting systems and specialized materials are also increasingly popular in systems, production centers and businesses of different scale. 

The ownership of the means of content production arises due to the development requirements of the productive forces as well as the process of socialization in general.

Forms of ownership of means of production in this field are mainly concentrated in the following forms: state ownership (central and local press agencies), collective ownership (of unions, associations, or from individuals who voluntarily contribute), mixed ownership (joint venture, coordination of socialization between state agencies and non-state organizations) and private ownership (model small production or capitalist ownership).

Regarding the forms of ownership of means of production, there are some ownership modes, such as state ownership (central and local press agencies), collective ownership (owned by unions or groups), mixed ownership (joint venture, socialization, i.e combination of state agencies and private organizations), and private ownership (small production model or capitalist ownership).

Bui Chi Trung (Hanoi University of Social Sciences and Humanity)