(Photo: VOV)

Investment and funding for culture is important because culture is a strategic factor in a country’s development.

“Culture not only reflects national identity but also serves as a foundation for socio-economic development. In the context of globalization and booming information technology, countries around the world are seeking new ways to preserve, develop, and promote culture. Vietnam is doing the same,” said Cao Ngoc Anh, Deputy Director of the Youth Theatre.

However, in Vietnam, cultural policies focused primarily on cultural and social objectives rather than the economic aspect of culture.

“We have policies for direct investment in, and support for, culture. The bottleneck is the absence of indirect investment policies for culture, such as tax incentives or loan interest subsidies for culture or art projects or venture investments in the cultural sector. We also need to balance public and private investments in culture,” Nguyen Thi Thu Phuong, Director of the Vietnam National Institute of Culture and Arts Studies, said.

Nguyen Thi Thu Phuong, Director of the Vietnam National Institute of Culture and Arts Studies (Photo: thethaovanhoa.vn)

For years, state investment in culture has been inadequate and unfocused. Experts advise greater investment in culture, more efficient state budget allocations, more public-private partnerships, improving mechanisms and policies to attract investment, and encouraging private engagement in cultural projects.

“A long-term professional plan is needed. I think the Government should establish arts councils of curators and artists who bring fresh perspectives and a vision different from administrative agencies and provide professional assessments of art projects. Or there should be evaluation councils to guide state investment in such projects,” Musician and music producer Nguyen Quoc Trung, Director of the Thanh Viet Production Company, said.

Many countries, including France, the United States, Germany, Japan, the Republic of Korea, and China, have successfully implemented cultural investment and funding models. These countries have rich cultural ecosystems linked to diverse cultural funding systems, including funds from businesses, communities, and non-governmental organizations. Seed investors should be recognized and supported by the state, but in Vietnam there are no specific mechanisms or incentives to help such investors thrive.

Director Phuong said Vietnam should learn from France’s cultural investment. “France adopts the ‘architect’ model, in which State investment focuses on cultural infrastructure, cultural heritages, artists, and research. This investment is sustainable and long-term. It is direct but does not interfere in the creative process of artists.”

Tax policy is very important in encouraging businesses to invest in culture. Journalist Truong Uyen Ly, an independent researcher on creative cultural spaces, said in Europe, there are very different tax rates for businesses and cultural activities.

“This is not the case in Vietnam. I think the most effective approach is a dialogue of tax agencies, cultural management agencies, and related lawmakers, experts, businesses, and investors.”