Nguyễn Thị Anh Thi, vice chairwoman of the People’s Committee of Đà Nẵng City, and Đinh Bá Thành, founding chairman of DatVietVAC, sign a memorandum of understanding to develop the city’s cultural industries. — Photo courtesy of DatVietVAC

HCM CITY — The People’s Committee of Đà Nẵng City and DatViet VAC Group Holdings JSC have signed a memorandum of understanding to promote the development of the city’s cultural industries, with DatVietVAC serving as a strategic partner in the sector.

The MoU was signed on the sidelines of the Conference on Promoting the Development of Đà Nẵng’s Cultural Industries on October 2.

Under the agreement, DatVietVAC will advise on and participate in implementing the city’s cultural industry development strategy and plans for 2026–32 and subsequent periods. It will also work with the city to organise national and international music festivals.

The partnership aims to combine Đà Nẵng’s strengths in tourism, culture, cuisine and the night-time economy with DatVietVAC’s capabilities in content production, intellectual property (IP) development and event organisation.

A DatVietVAC representative said the company was expanding beyond concerts as a secondary commercialisation channel for television programmes into solo concerts, artist fan meetings and events linked to local tourism. The company also plans to work with local authorities, infrastructure developers and tourism businesses to organise large-scale cultural events.

According to the company, each programme could generate more than VNĐ50 billion (US$1.9 million) in revenue. With the capacity to organise around 10–15 events a year, the segment could generate around VNĐ500–800 billion in annual revenue while creating additional economic activity for local tourism.

The model allows DatVietVAC to combine its IP, artists, fandom communities, production capabilities and media ecosystem with the tourism resources of each locality, turning concerts into catalysts for broader economic activities beyond ticket sales.

DatVietVAC’s mega concerts have been held in cities and provinces across Việt Nam. — Photo courtesy of DatVietVAC

DatVietVAC has already pursued similar local partnerships. Under the National Tourism Year 2026, it became the strategic production and media partner of Gia Lai Province.

The cooperation with Đà Nẵng comes at a time when DatVietVAC enters a new phase in the capital market. Its initial public offering (IPO) attracted subscriptions exceeding the number of shares offered. The company offered more than 11.15 million shares at VNĐ54,800 each, expecting proceeds of more than VNĐ611 billion ($23.5 million), and plans to list its shares in October 2026.

Following the IPO, DatVietVAC plans to focus capital on its core businesses and targets revenue of around VNĐ5 trillion ($192.3 million) by 2030, equivalent to average annual growth of about 15 per cent. It also aims to raise the share of revenue generated directly from consumers from around 15 per cent to 20–30 per cent.

The strategy is supported by the commercialisation of IP and artists owned and developed by the company. In 2026, DatVietVAC is continuing to expand its concert and live-event activities, including plans to bring the Vũ trụ “Say Hi” and HIEUTHUHAI’s “Mắt Nhắm Mắt Mở” concerts to Las Vegas in November. — VNS