Brian Jeffrey
Nguyen Manh Hung, the Minister of Information and Communications, highlighted that traditional media must not try to compete directly with social media, as this approach will likely lead to its decline. Instead, he urged traditional media to focus on its fundamental principles and embrace digital technology to win back its audience and boost advertising income.
Deputy Ta Thi Yen from the Dien Bien delegation expressed worries regarding the fierce rivalry between traditional media and the internet, particularly over the rampant misinformation on social platforms. She questioned how traditional media could maintain its pivotal role in culture and ideology while supporting the nation’s sustainable development amidst these hurdles and the challenge of monetization.
She emphasized that media economics holds substantial profit potential and is a vital sector in various countries, benefitting from robust production, governmental strategies, and advanced technologies.
In response, Minister Nguyen Manh Hung stated, “for journalism to thrive, it needs to uphold revolutionary values.” Unlike earlier decades where advertisers heavily relied on newspapers, the introduction of social media now diverts 80% of online advertising away from traditional media. This shift has significantly impacted the financial viability of over 800 media organizations in Vietnam.
He questioned, “What happens when the number of media agencies increases, but the revenue continues to decline?”
According to the Prime Minister’s directives, all levels of government must take responsibility for media communication by proactively allocating annual budgets for these purposes. Minister Hung noted that there has been an uptick in media budgets since the last year, marking significant progress.
The upcoming revisions to the Press Law will address media economics, allowing prominent media organizations to generate income from content production and related activities, focused solely on journalistic objectives.
He underscored that traditional media should not merely mimic social media but should prioritize its core values of authenticity, precision, accountability, and ethical journalism while utilizing digital tools to enhance readership and advertising revenue.
A crucial part of the national media strategy involves investing in six prominent media institutions to form a “media powerhouse” that can effectively shape public opinion. The revisions to the Press Law will enable the government to establish tailored economic support frameworks for these key media organizations, and Minister Hung expressed optimism for receiving support from the National Assembly for this initiative.
During further discussion about media revenue, Deputy Do Chi Nghia from the Phu Yen delegation pointed out Minister Hung’s keen interest in journalism economics. “Why must revolutionary media rely on government funding?” he inquired.
The deputy suggested that while policy communication is a potential revenue stream for media, it shouldn’t be the only one supporting its existence. He emphasized that revolutionary media should act in the public’s interest, maintain truthful reporting to build trust, and remain competitive with social media, questioning how much funding is actually necessary to sustain all media agencies.
In his explanation, Minister Hung noted that revolutionary media used to receive full state funding. However, with the evolution of the market economy, advertising revenues supplemented government support. Currently, about 30% of the media’s income comes from government budgets, with the remaining 70% sourced independently. Some notable media outlets operate entirely based on market revenues, raising the question of whether these organizations can still be considered revolutionary media, as pointed out by Minister Hung.
He questioned whether the government should offer media communication budgets and engage media agencies in commissioning. He proposed that if revolutionary media were completely funded by the state, additional commissions might be unnecessary, yet for those needing to cover expenses, government support through commissions should be reasonable.
Minister Hung concluded by stressing that media organizations must strike a balance between public financing and market participation, thus ensuring their relevance and authority.
