Ministry of Culture requests to stop auctioning assets of Vietnam Feature Film Studio

In response to the artists' reaction, the Ministry of Culture, Sports and Tourism has stopped the auction of Vietnam Feature Film Studio's assets during the inspection process.

On October 30, the Ministry of Culture, Sports and Tourism requested Vietnam Debt Trading Company Limited to temporarily stop the auction of Vietnam Feature Film Studio's assets.

The Ministry of Culture, Sports and Tourism requests that Vietnam Debt Trading Company continue to manage and preserve the transferred assets in accordance with current regulations.

The Ministry's document proposes to stop the auction of assets at Vietnam Feature Film Studio.

Previously, on October 25, Vietnam Debt Trading Company sent a dispatch to Vietnam Feature Film Studio, announcing the auction of unsold, unused, and liquidated assets that had been excluded from the enterprise value. The auction was conducted directly by Thanh An Auction Joint Stock Company.

Artists working at Vietnam Film Studio reacted strongly when receiving this notice.

Sharing with Zing.vn, director Quoc Tuan affirmed that the Government has decided to inspect, meaning that all the equitization processes have issues that need to be clarified. Therefore, only after the inspection process is completed, the unit is allowed to change the status quo, including bidding for assets.

"However, taking advantage of the 'twilight' moment, they planned to sell the items to make money. It is possible that they saw that they were losing so they had to take advantage of it. Currently, there is no specific list of items put up for auction, however, all of them are not included in the film studio's asset valuation record," said Quoc Tuan.

"For us, these are very valuable items, for example, hats of old French soldiers. We cannot recreate these props. They value them at 800 million VND, but for us they are priceless," he affirmed.

There are many assets of the Film Studio that are not included in the enterprise value, but according to the artists, they are all valuable artifacts.

Currently, after receiving the official dispatch from the Ministry, Vietnam Debt Trading Company has requested Thanh An Auction Joint Stock Company to stop and not auction the assets at the film studio. Currently, the inspection process of the film studio is still continuing, with results expected before December 1.

Vietnam Feature Film Studio was the first film studio to produce films in Vietnam. The studio was founded in 1953. In 1959, the film Chung mot dong song was released, marking the first brick of the classic revolutionary film genre.

After more than 50 years of existence, the studio has produced more than 300 films, many of which are considered the pride of Vietnamese cinema such as: Con chim Vanh Khuyen, Vi tuyen 17 ngay va dem, Chi Dau, Dem hoi Long Tri, Den hen lai len... However, in recent years, many film projects of the studio have continuously suffered losses, and the films have struggled to sell tickets when released in theaters.

On June 29, 2010, the Ministry of Culture, Sports and Tourism issued Decision No. 2238/QD-BVHTTDL approving the plan to convert Vietnam Feature Film Studio into Vietnam Feature Film One Member Limited Liability Company.

In 2016, Vietnam Feature Film Studio offered to privatize. After that, artists spoke out to "accuse" the privatization process of not being transparent. After many scandals, Vivaso Water Transport Corporation completed the acquisition of this unit in June 2017.

Currently, the Company's name is Vietnam Feature Film Investment and Development Joint Stock Company.

According to Zing