Netflix Reportedly Plans To Open Office In Vietnam: First For A Major US Tech Giant To Have Direct Presence In The Country

Netflix Inc. NFLX is reportedly gearing up to open an office in Vietnam after years of negotiations with the authorities and completing a risk assessment. 

What Happened: The U.S.-based streaming giant is in the early stages of planning for a local entity in Vietnam, Reuters reported, citing two sources with knowledge of the matter.

Netflix did not immediately respond to Benzinga’s request for comment.

The report noted that the company completed its risk assessment in late 2022, which evaluated the security and political risks of operating an office and the handling of user data and sensitive content in the Asian nation. 

A local office in Vietnam would place Netflix as the first major U.S. tech firm with a direct presence in the fast-growing Southeast Asian country. The office could open as early as late 2023, the report said, adding that the tech giant still needs to complete a lengthy regulatory process that could take longer.

Vietnam, in January, announced a new decree that requires over-the-top media service providers to seek licenses from the authorities to operate, which would, in turn, require establishing a local office.

Check out more of Benzinga’s Europe and Asia coverage by following this link.

Read Next: Vietnam PM Met Apple CEO Tim Cook During Recent US Visit To Discuss Manufacturing

Market News and Data brought to you by Benzinga APIs
Posted In: NewsPoliticsGlobalTechGeneralEurasiaStreaming serviceVietnam
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!