The Sports & Entertainment industry in Vietnam is developing at a rapid pace and the sector has seen substantial growth in both foreign and domestic investment over the past decade. With a young, urban, digitally-fluent population of approximately 100 million, a booming economy and emerging middle class, an ever-increasing number of Vietnamese people find that they have additional time and money for leisure activities. In 2021 Vietnam’s arts, entertainment and recreation sector accounted for 0.59 percent of the country’s total GDP, equivalent to just under 50 trillion Vietnamese dong. In addition, Vietnamese culture has traditionally been focused on individual health and well-being, especially in the post-Covid era, and football (followed by badminton) are the two main sports (fuelled by the recent international successes of the national football team). Investors, from construction contractors to film production and gaming businesses, have taken notice of Vietnam’s sport and entertainment potential. Further, the government of Vietnam has offered tax incentives for sport and artistic activities as well as related infrastructure.
Sports & Entertainment law generally covers a wide variety of laws and regulations concerning the needs of individuals and organizations such as entertainment production companies, sports venues, online platforms, marketing firms and apparel manufacturers, amongst many others. In Vietnam, there are numerous laws and regulations that relate to the field, such as the Law on Investment, Intellectual Property, Taxation, Construction, and Advertising and is overseen by a number of ministries, such as the Ministry of Culture, Sports and Tourism and the Ministry of Planning and Investment. However, the laws are still evolving and businesses have to be attuned to the latest developments. An illustration is the changing laws on casino gambling and online betting which, while still highly restricted, have witnessed a more permissive approach by Vietnam’s government in recent years, such as the conditional opening of licenced gambling activities to Vietnamese nationals.
Businesses and individuals operating in the Sports & Entertainment sector in Vietnam and internationally face a broad range of complex regulations, as well as overlapping, and sometimes conflicting, ministerial and bureaucratic authorities. Concurrent with the navigation of the laws, companies in the industry strive to secure and expand their success through financing, borrowing, and investment, production and rights acquisition, contract development and disputes, media rights, and intellectual property protection and enforcement. In this fast-paced industry, it is critical that businesses retain a solidly reliable legal partner that is both fluent in all competencies of the Sports & Entertainment sector and flexible enough to adapt to changing circumstances and new opportunities.
With over a decade of multidisciplinary experience in the field, Corporate Counsels is at the forefront of legal developments in the Sports & Entertainment industry. In addition, we operate at an international level, assisting our clients in markets all over the world and can provide support to your organization for all of its business and legal requirements. Corporate Counsels’ clients include production companies, sports organizations, fitness centers, athletes and celebrities, investors, artists and musicians, online platforms and esports, entertainment and sports venues, gaming organizations and casinos, and many others. We provide a wide array of premier services to our clients such as contract negotiation and drafting, tax consultation, intellectual property protection, employment and labor, and assistance with investment and financial transactions. This all-encompassing approach results in creative, flexible strategies and solutions that not only meet our clients’ needs but assist them to reach their business goals.
- Advertising and publishing contracts;
- Anti-competition compliance;
- Commercial and consumer contracts;
- Consumer finance and investment;
- Corporate formation, governance and compliance;
- Digitization including data protection, privacy and cybersecurity;
- Endorsement transactions and royalties;
- Entertainment finance, investment, development and production agreements;
- Intellectual property;
- IT and FinTech solutions;
- Labor, employment and immigration;
- Licensing, sales and distribution agreements;
- Market entry counselling;
- Manufacturing advice and strategies;
- Merchandising agreements;
- Real estate and leasing;
- Talent arrangements;