Solving the journalistic economic issues for scientific journals

Within the current journal system in Vietnam, apart from the media agencies that serve as an official voice of the Party, States and provinces, cities operating as public agencies funded (fully or partially), there are 70 media agencies under VUSTA’s system, the majority of which are implementing a fully autonomous financial mechanism.

According to Doctor Pham Ngoc Linh, VUSTA’s Vice President, VUSTA has a large media system that has great potential to strongly develop informational activities, disseminate knowledge, provide critical advice. This system is also an important channel in spreading the Party's guidelines and directions, as well as the policies and laws of the State.

Doctor Phạm Ngọc Linh, VicePresident of Vietnam Union of Science and Technology Associations

In recent times, the media within the VUSTA system has continuously improved its content and journalistic methods, effectively meeting the increasing demand for information from scientists, intellectuals, and readers across the country. However, the tasks set for the media agencies in the current period are substantial, particularly in the realm of media economics.

Discussing the digital transformation of journalism, Nguyen Thanh Loi, Editor-in-Chief of the Economic and Urban Newspaper and a member of the Executive Committee of the Vietnam Journalists Association, stated: "Amidst the trend of digital transformation, alongside their political tasks, media agencies need to perform well and keep up with the developments and trends of the digital technology era. If media agencies successfully transition to digital platforms, they must have technological solutions and support from management agencies as well as collaboration among media entities. Therefore, the economics of journalism in the context of digital transformation is gradually approaching the term 'digital media economics'."

Mr. Nguyen Thanh Loi, Editor-in-Chief of the Economic and Urban Newspaper

To develop the economics of journalism in the current competitive landscape, according to Nguyen Thanh Loi, it's necessary for journalism to change its mindset and value technology as a cornerstone of modern journalism. The alignment of content and technology is not coincidental; media agencies worldwide have embraced the philosophy of the new journalism: Content and technology must not separate. The perspective that "Technology is Queen" or "Audiences come first" has been and is dominating the global media market, with Vietnam being no exception.

In addition, media and communication agencies need to establish departments and teams of professional communicators and advertisers. They should enhance event organization and engage in charitable activities for the community. These socially responsible activities contribute to boosting the credibility and brand of media agencies, forming one of the four important points in the long-term development strategy of media organizations in the future.

According to Ms. Tran Thi Giang, Deputy Editor-in-Chief and Secretary of the Editorial Board of Automation Magazine, media within the VUSTA system should prioritze a synchronized approach to content innovation and publication. They should develop a revenue-generating strategy for media agencies, establish reasonable policy mechanisms to mobilize collective resources, enhance proactivity, creativity, professional expertise, and ethical conduct of employees within media editorial boards. Furthermore, they should build suitable financial management mechanisms that align with the unique nature of media activities is crucial.

Mr. Dao Quang Binh, Secretary of the Editorial Board of Vietnam Economic Times

Mr. Dao Quang Binh, Secretary of the Editorial Board of Vietnam Economic Times, said: As market economy develops, the demand for product promotion grows stronger and larger. With a dual-market nature generating revenue from both readers and producers-advertisers, the revenue sources of the media are becoming more diverse, providing favorable conditions for robust media development. The two main pillars supporting the economics of journalism and media economics are media products and advertising services across media platforms. The economics of journalism has become a driving force for media development.

The discussion of participants

During the seminar, the participants also discussed various topics, including multi-platform digital transformation as a tool for developing the economics of journalism and enhancing financial autonomy for media agencies. Delegates put forth numerous solutions for the self-governing media units within VUSTA to overcome challenges. These solutions include emphasizing synchronized content innovation and distribution, establishing financial management mechanisms that align with the unique nature of media activities, and strengthening connections with state management agencies for media and publishing.