Cable television in Vietnam has undergone a long journey of development and achieved significant accomplishments. From the early days with only a few providers and a limited number of channels, the cable TV market has now become vibrant with fierce competition among major providers such as VTVcab, HTVC, SCTV, FPT Telecom, etc. The robust development of cable TV has provided Vietnamese viewers with a plethora of diverse entertainment choices with hundreds of domestic and international channels in various genres such as movies, sports, news, entertainment, music, etc., meeting the increasingly high entertainment demands of the people. However, alongside its advantages, cable TV is also facing challenges such as competition from OTT (Over-The-Top) television services like Netflix, FPT Play, VieON, etc., and the proliferation of smart devices like smartphones and iPads, giving viewers more entertainment choices. To maintain their position in the increasingly competitive entertainment market, cable TV providers are also undergoing transformations to enhance their competitiveness in the market. In general, cable TV remains a popular entertainment medium in Vietnam and plays an important role in the spiritual life of the people.
According to a report from the Authority of Broadcasting and Electronic Information, Vietnam currently has 35 businesses operating in the field of pay television. The number of monthly paid subscriptions reached 13,8 million, including 10 million cable TV subscriptions, 200,000 terrestrial TV subscriptions, 1 million satellite TV subscriptions, 1 million Internet TV subscriptions, and about 480,000 mobile TV subscriptions.
In terms of revenue, in 2019, the entire pay TV market in Vietnam was estimated to reach 8,600 billion VND. However, compared to the first 9 months of 2022, 2023 only showed modest growth, with total pay TV subscription revenue estimated at 7,500 billion VND, an increase of 1.4%. The number of pay TV subscriptions reached 18,6 million nationwide, an increase of 12.3% compared to the same period last year. From 2019 to the present, the number of traditional TV providers in Vietnam has remained stable, with only 2 businesses ceasing operations.
VTVcab
VTVcab, also known as the Vietnam Cable Television Corporation, is a leading cable TV service provider in Vietnam, under the Vietnam Television (VTV). With over 28 years of development, VTVcab has become a beloved and trusted brand nationwide, with distinctive and diverse program content, always updated according to modern television technology trends.
VTVcab provides pay TV services and other value-added services on nationwide cable TV. For pay-TV services, VTVcab is doing business through two forms: cable TV and internet TV with over 200 channels, including 100 HD channels. In addition, VTVcab also produces and distributes diverse content, from sports, movies, entertainment, education, to news. VTVcab is leading in producing Sports content, bringing to the audience exciting and dramatic sports matches and events. With continuous development and expansion, VTVcab has now covered nationwide for more than 12 million households.
Regarding the business situation of VTVcab in 2022, the company’s revenue slightly increased to over 2,4 thousand billion VND, up nearly 7% compared to the same period last year. This figure has helped VTVcab continue to surpass SCTV in terms of revenue, however, VTVcab’s after-tax profit is lower than SCTV. Specifically, VTVcab’s net profit revolves around more than 60 billion over 3 years, with a slight increase to nearly 68 billion in 2021, up more than 6% compared to 2020, and then decreased nearly 10% to more than 61 billion in 2022.
SCTV
The Saigontourist Cable Television Company (SCTV) is one of the leading cable TV service providers in Vietnam, established in 1992. SCTV was the first company allowed by the Prime Minister to conduct research, application, design, investment, and construction to exploit two-way cable TV networks (HFC) with broadband and multi-service use. SCTV offers customers high-quality experiences at reasonable prices, thanks to its technical and technological superiority. As of now, SCTV has provided more than 200 television channels nationwide, including 60 standard HD channels. In addition, SCTV also provides high-speed internet services, meeting the increasing demands of customers.
The year 2022 continued to be a year witnessing a decline in SCTV’s revenue when from over 2,5 thousand billion VND achieved in 2020, it continuously decreased to over 2 thousand billion VND in 2022, corresponding to a decrease of 20% compared to the same period in 2020. The company’s after-tax profit also showed a decrease when it only reached nearly 79 billion VND in 2022, compared to 2020, SCTV’s net profit decreased nearly 40%.
FPT Telecom
FPT Telecom, a member of the FPT Corporation, is known as a major provider of Telecommunications and Internet services in Vietnam. The company was established from the FPT Online Exchange (FOX) on January 31, 1997, in Hanoi.
With over 25 years of operation, FPT Telecom has strongly developed and expanded its network to 63 provinces and cities nationwide with nearly 316 transaction offices and 90 branches. FPT Telecom provides a range of services, including:
Fixed broadband Internet access service with FTTH/xPON technology.
Pay-TV service (IPTV cable TV, Internet TV - OTT) with nearly 200 diverse channels, rich content.
Content services and applications on the Internet such as FPT Play Box (Voice Remote), FPT Play, Fshare, Fsend,…
IoT/Smart Home products and services such as FPT Camera and iHome.
For organizations and businesses, FPT Telecom provides data transmission services, Internet Leased Line services, voice services, online data services, management services, and cloud computing services.
FPT Telecom’s revenue and after-tax profit have recorded continuous growth over three years. In 2020, FPT Telecom’s revenue reached nearly 11,5 thousand billion VND. This figure increased by nearly 11% in 2021 and continued to increase by more than 16% in 2022, reaching over 14,7 thousand billion VND. In terms of after-tax profit, FPT Telecom’s profit in 2020 reached over 1,6 thousand billion VND. This figure increased to nearly 2 thousand billion VND in 2021 and recorded a net profit of over 2,2 thousand billion VND in 2022, an increase of nearly 20% compared to the same period last year.
The above financial figures are for the entire operation of FPT Telecom, including its subsidiary companies. Vietdata does not have detailed information about the operation of the television service segment.
HTVC
HTVC is a cable television company established on July 1, 2003, with the aim of providing diverse cultural and entertainment products to audiences both domestically and internationally. The company offers a range of services including pay-TV services, design consulting, and cable TV network installation. In addition, HTVC also constructs, exploits, and controls the technical equipment system of the cable television transmission network. The company also produces, buys, sells, and provides program channels, pay-TV programs broadcast on its network. Specifically, HTVC provides three different television service packages: Basic Digital Television which includes over 130 channels, Premium Digital Television which provides over 100 channels, including nearly 70 HD channels, and Cable Television including 65 channels. In addition, HTVC also provides internet access services through the cable television network. All these services create a diverse and flexible entertainment system for users.
In the period from 2020 to 2022, HTVC’s revenue showed a gradual decline over the years. Specifically, HTVC’s net revenue in 2020 reached over 400 billion VND, then decreased by more than 13% to over 350 billion VND in 2021, and continued to decrease by another 13% in 2022 to over 304 billion VND. In terms of after-tax profit, HTVC witnessed a significant decline in 2022 when it decreased by nearly 60% to over 6 billion VND compared to the same period in 2021.
K+
K+ is a pay TV service owned by the Vietnam Satellite Digital Television Company (VSTV) - a joint venture between Vietnam Television (VTV) and Canal+ of the Vivendi Group (France). K+'s television service operates based on the Direct To Home (DTH) satellite television system and OTT (over-the-top) internet connection. K+ uses digital technology to transmit image and sound signals, allowing the broadcasting of SD and HD channels covering the entire territory of Vietnam. To ensure the safety of channel packages and protect intellectual property rights, all channels provided by K+ are encrypted with Nagravision’s technology. In addition, K+ offers three flexible subscription packages to meet the diverse entertainment needs of viewers, including Access+, Premium+, and HD+. Recently, K+ launched K+ ACTION, the first local television channel in Vietnam dedicated to the action genre, aiming to provide viewers with diverse and high-quality television experiences.
In terms of business performance, K+'s revenue has not changed much over the years. In 2021, K+'s revenue slightly increased, reaching over 1,071 billion VND, up 1.5% compared to 2020 before decreasing by more than 4% in 2022. In terms of after-tax profit, although revenue has remained stable over the years, K+'s net profit in 2020 reached a negative level of over 265 billion VND and continued to report losses in the next two years. Specifically, the losses in 2021 and 2022 were over 342 billion VND and over 379 billion VND, respectively. K+ is the only television unit that has not made a profit after many years of operation.
Hanoicab
Hanoicab, officially known as Hanoi Cable Television Joint Stock Company, was established in 2002 in Dong Da district, Hanoi City. It is a company with over 20 years of experience operating in the field of television broadcasting. Currently, Hanoicab is broadcasting 52 channels on the Analog cable network, 144 channels on the DVB-C cable system, and 188 channels on the DVB-T2 cable system. The broadcasting scope of Hanoi Cable Television mainly focuses on the capital Hanoi, including inner-city districts and some suburban districts. The company is also gradually expanding its network to other cities. In addition, Hanoicab is developing cable Internet services. The company utilizes optical cable lines and invests in upgrading the network to two-way to transmit high-speed Internet signals to customers’ computers.
Along with the general downward trend, Hanoicab’s revenue recorded a significant decline in the period from 2020 to 2022. The company’s revenue decreased by nearly 30% from 2020, reaching nearly 100 billion VND in 2022. The company’s net profit also showed negativity when in 2022 it recorded a record loss of more than 35 billion VND, while in 2021 the company still had a positive net profit of more than 110 million VND.
BHTVC
Binh Duong HTVC Cable Television Company Limited (BHTVC) was established in 2014, as a collaboration between Binh Duong Radio - Television and HTV Technical Media Services Company Limited (HTV – TMS). BHTVC specializes in cable television services, digital television, and fiber optic Internet, with 164 television channels serving audiences both domestically and internationally.
In 2022, BHTVC’s revenue reached over 17,5 billion VND. This figure decreased by 5.6% compared to 2021 and increased by nearly 2.5% compared to 2020. BHTVC’s after-tax profit has fluctuated strongly over the years. Specifically, the company’s profit in 2020 was over 4 billion VND. However, in 2021, BHTVC reported a loss of over 4,6 billion VND and ended 2022 with a loss of over 266 million VND.
In the context of the increasingly strong wave of online television, cable television companies in Vietnam are facing significant challenges. Revenue from cable television services is trending downward, challenging businesses to adapt and innovate. However, with strong investment in technology and content, along with the search for innovative business solutions, Vietnamese cable television companies are still striving not only to survive but also to develop in this new era. The competition between cable television and online television will continue, but one thing is certain, the ultimate beneficiary will be the consumer, as they have more choices for quality entertainment content.
Source: Vietdata's 2022 Vietnam Cable Television Market Report.
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