SINGAPORE : U.S streaming giant Netflix Inc is making preparations to open an office in Vietnam after years of negotiations with authorities and completing a risk assessment, two sources with knowledge of the matter said. A local office would make Netflix the first major U.S tech firm with a direct
SINGAPORE : U.S streaming giant Netflix Inc is making preparations to open an office in Vietnam after years of negotiations with authorities and completing a risk assessment, two sources with knowledge of the matter said.
The company is in the early stage of planning for a local entity in Vietnam after completing an assessment in late 2022 that evaluated security and political risks of operating an office in Vietnam and the handling of user data and sensitive content, the sources said.The office could open as early as late 2023 but will require a lengthy regulatory process that could take longer, according to one of the sources.
Although Vietnam's cybersecurity law of 2018 requires all foreign businesses earning income from online activities in Vietnam to open a local office, only TikTok owner ByteDance has so far complied, even though several other social media providers count Vietnam as one of their top-10 global markets. Nguyen Van Doan, a senior official at the ministry,"expressed his wish that Netflix soon establish a legal entity in Vietnam and contribute to the development of the Vietnamese economy," the statement said.With the fastest growing middle class in Southeast Asia, Vietnam has become a key market for tech giants.
The authorities announced last month that they had collected 1.8 trillion dong in taxes from Google, Meta, Netflix and TikTok in 2022.
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