The decision of inspecting the equitization of Vietnam Feature Filmstudio (VFS) was just announced.
Vietnam Film Studio's headquarters
The inspection period was calculated from the beginning of the equitization of VFS in 2014 to the establishment of the Vietnam Film Company in June, 2017. In addition, it is possible to consider the time before or after this period if necessary.
According to Dang Cong Huan, Deputy General Inspector of Government, the purpose of this inspection is to check the equitization process of Vietnam Film Company in order to determine whether this equitization was implemented in accordance with the law or not and to consider what should be removed or adjusted.
Huan also requested the inspection and supervision team must work with high quality, transparency, strict implementation of the regulation and confidentiality of documents as prescribed.
Vivaso bought VFS at a cheap price of about VND50 billion (about US$2.2 million) while the fact that according to Decision No. 4126/QĐ-BVHTTDL dated 26/11/2015 of the Ministry of Culture, Sports and Tourism, the actual value of the VFS in September 2014 was over VND91.7 billion (nearly US$4 million).
Many film artists submitted proposal to stop the equitization, especially when the VFS brand for nearly 60 years was determined by 0 dong. In a business valuation, a 50-year-old filmstudio had no brand valuation.
In addition, after two months of equitization, Vivaso has been criticized by a lot of artists for failing to meet its commitment to pay salary and to produce films.
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