Creative industries, investment trends and their impact on the economy and financial sectors: A study from Vietnam

Abstract

Creative industries have been seen to become increasingly important to economic well-being, with proponents suggesting that "human creativity is the ultimate economic resource, " and that "the industries of the twenty-first century will depend increasingly on the generation of knowledge through creativity and innovation. " The term creative industries, refers to a range of economic activities which are concerned with the generation or exploitation of knowledge and information. Development of creative industries will contribute to the awareness and protection of intellectual property rights and copyrights in the creative industry, in order to meet the WTO's requirements on intellectual property rights. Government support for creative industries will help create a healthy competitive environment for businesses in the industry. It is important for Vietnam's businesses to select a proper orientation and gain a suitable position in the global creative economy. The creative service sectors of great strength in Vietnam, which are also in need of investment are: design, art, education, tourism, performing arts, fashion, handicraft, culture, foods, and others. Additionally, empirical investigations in the present study reveal that creative industry indicators have a positive and significant influence on the economy and financial sectors. This study's findings are highly recommended to government officials, economists, and anyone else working to make strategic decisions to achieve better economic results.