Seminar looks at public-private partnerships in cultural development

Addressing the seminar, MSc Do Quang Minh from the Ministry of Culture, Sports, and Tourism pointed out a key challenge in attracting private investment in culture, including the lack of tax incentives for businesses investing in cultural industries. He emphasized the need for tailored tax policies, such as considering cultural funding as a tax-deductible expense, to attract investors.

“There must be other incentives included to create a package to attract investors. If we simply call on businesses to invest in a theater, it will be difficult to attract them,” said Minh.

Meanwhile, Assoc. Prof. Dr. Nguyen Van Thang Long from RMIT University suggested establishing a dedicated agency to support the creative industry, similar to the Korea Creative Content Agency (KOCCA) which promotes Korean cultural content globally.

He noted that such an agency could help develop a cultural industry network, foster dialogue among stakeholders, and provide financial support to small and medium enterprises in the industries.

In conclusion, experts agreed on the necessity for targeted investment and policy changes to stimulate the cultural industries, suggesting a model like the Republic of Korea’s focus on key enterprises and significant funding for major cultural projects.