The Vietnamese publishing sector skilled a major downturn in 2023, signaling a worrying pattern for the trade’s future. Director Nguyen Nguyen of the Authority of Publication, Printing and Distribution highlighted a stark lower in each the variety of printed books and total income, underscoring the challenges confronted.

Revealing the Numbers: A Sharp Decline

In a revealing comparability, the overall income of the publishing trade dipped from VND3,994 billion in 2022 to VND3,700 billion in 2023, with the variety of guide titles and copies seeing a discount of 11 % and 16 % respectively. This downturn is additional evidenced by the efficiency of Ho Chi Minh Metropolis E book Road, which, regardless of an preliminary income improve in 2023, witnessed a decline within the latter half of the 12 months. Mr. Nguyen Tuan Binh of Binh Ban E book Bookstore displays on the unprecedented drop in gross sales, marking it as a historic low for the trade.

‘Revenge Shopping for’ and Its Impression

Chairman Vu Trong Dai of Thoi Dai Science and Schooling Publishing Firm (TIMES) attributes a part of the trade’s wrestle to the phenomenon of ‘revenge shopping for,’ a surge in shopper spending post-Covid-19 lockdowns which then sharply declined. The publishing sector, not immune to those broader financial challenges, confronted dwindling buying energy and an extra of stock. Dai warns of the exacerbated impression on bigger publishing items as a result of these compounded difficulties.

Trying Forward: Adaptation and Alternatives

In response to those challenges, the trade is urged to adapt and innovate. The Taipei E book Truthful, attended by Director Tran Hoai Phuong of Omega Plus Firm, emphasised the rising significance of digital publishing and the necessity for publishers to prioritize content material that caters to readers’ pursuits. Moreover, platforms like TikTok are highlighted as potential avenues for gross sales promotion, suggesting a shift in advertising methods for Vietnamese publishers. These insights current each a reference and a lesson for the trade to navigate by its present predicaments.

Because the Vietnamese publishing trade stands at a crossroads, the trail ahead entails a strategic reevaluation of manufacturing, shopper traits, and digital integration. The challenges of 2023 might effectively set the stage for modern approaches and renewed progress within the years to come back, providing a silver lining in an in any other case daunting state of affairs.