Ou Ning of the Alternative Archive (China) posts an excellent essay on his blog, Being as Surrealistic as Reality: Chinese Independent Cinema after the Fifth Generation. Even for cinerati who can distinguish between the fifth generation (Zhang Yimou, Chen Kaige) and the sixth (Wang Xiaoshuai, Lou Ye, Jia Zhangke), there's a lot of insight to be had. I particularly like the part when the author writes:

A huge number of film productions are pirated, copied, illegally imported, and thus help fill this market void. Whether it is a cinema classic or a never-heard-of, marginal film, you can get a copy for only 10 RMB. Given the thirst endured for such a long time, Chinese cinema amateurs have enthusiastically devoured large quantities of films in a short span of time. Furthermore, thanks to the Internet, they have also started to develop their own opinions on films, resulting in a considerable amount of amateur film criticism. Some of them have even started making films, and have become dynamic amateur filmmakers. Since 1999, groups of cinema buffs have formed throughout China. These groups regularly organize film screenings at some non-cinematic places (such as bars), exchange ideas and opinions, discuss film projects, and even edit and publish film magazines, and play a tremendously important role in the promotion of cinema in China. 

Not so long ago, I'd buy stacks of DVDs in Saigon for 17,500 dong each (around a $1.10). About half of them worked but I'd at least get some of the film. (I recall Iranian film director Abbas Kiarostami once saying in an interview that he enjoyed the films he slept through, because each viewing would be a new experience). Several of my friends have wanted to organize film screenings and critiques. Maybe in the near future, but for now, these activities fall into the legal gray area. Certain gatherings of over certain numbers of people still need official permission.

I wonder, for Vietnam, when the next generation of filmmakers will arise with a unique and creative voice? For now, it's mostly restricted to the emulation of other genres and styles; for example, Hong kong films, formulaic romances and nostalgic documentaries regurgatating official memory.

Further reading
Ou Ning. Being as Surrealistic as Reality
Translated from Chinese by Yu Hsiao-Hwei
Metropolis M, October 2004, Amsterdam