Brian Jeffrey
KOLs
Proposed Advertising Regulations: Transparency in KOL Livestreaming Required
Recently, numerous KOLs have faced penalties, notably a fine of VND 7.5 million, due to inappropriate conduct and statements on social media. Some celebrities who provided incorrect information while promoting medications merely had to apologize to continue their careers in the entertainment industry.
Vo Quoc Hung from Tonkin Media criticized the fines handed to KOLs, labeling them as minimal compared to their substantial earnings. The penalty of VND 7.5 million is insignificant when juxtaposed with the sizable sums they earn monthly.
Professionals such as esteemed doctors or educators, with extensive specialist knowledge, reportedly command fees of VND 40-60 million for a single video promoting products or evaluating drug quality. Meanwhile, KOLs with moderate fame may earn hundreds of millions of dong, while top-tier KOLs can rake in billions.
Nguyen Duy Vy, CEO of Buzy Agency, emphasized that current penalties are inadequate relative to KOLs’ earnings. B-class KOLs can expect earnings ranging from VND 20-100 million each month based on their popularity and follower count, while more prominent KOLs can secure up to VND 300 million.
Furthermore, select KOLs have lucrative agreements, with each advertising deal fetching between VND 45-50 million.
Vy suggested that a comprehensive approach is essential for the effective regulation of KOLs. This includes increasing penalties for inappropriate remarks and ethical breaches online, ensuring that fines align with the substantial incomes of KOLs to instill a greater sense of accountability.
Beyond monetary fines, implementing additional sanctions is crucial. Proposed measures include temporary suspensions from advertising or a ban from social media for a set duration. Such actions, which directly affect a KOL’s work and influence, are expected to yield more significant results.
Clear definitions around inappropriate speech and conduct should be established. Training programs should be a requirement for KOLs, focused on their responsibilities when communicating online, aiding in their understanding of the importance of preserving national culture and community values.
Additionally, making a list of KOLs who violate rules publicly available would create peer pressure, encouraging them to be more cautious in their communications and endorsements.
Finally, cooperation between regulatory bodies and social media platforms is essential for closely monitoring KOL activities.
