CGV invests an additional US$200 million in Vietnam
CJ CGV Vietnam (CGV) wants to help Vietnam become one of the five countries with world-class cinema in 2025.
CGV cinema system.
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The investment amount is planned to be spent on building international-standard cinema facilities nationwide, especially in the remote or mountainous provinces; supporting the development of Vietnamese films and film talents in Vietnam; diversify the film genres, according to Sim Joon Beom, CEO of CGV Vietnam
“CGV will open 12 - 15 cinemas each year, including 4 - 5 cinemas in remote provinces/cities in order to bring the opportunity to experience high quality cinema to country-wide audience,” Sim told Hanoitimes.
The two main activities of CGV are film distribution and screening. CGV strives to concentrate maximum resources to accompany Vietnamese directors and producers from content development, distribution to screening in movie theaters.
In the future, CGV will focus on developing a strategic cooperation plan to participate directly with partners in all three main activities: production, distribution and screening, according to Sim Joon Beom.
CJ CGV, an entertainment platform operator under CJ Group, is the largest film distributor and cinema operator in Vietnam and one of the top five cinema chains in the world. CGV entered the Vietnamese market in 2011, which was marked by the US$73.6 million deal to become the largest cinema operator in Vietnam in place of MegaStar.
As of February, 2018, CGV has opened 55 cinema complexes in 19 provinces and cities nationwide, with 338 movie theaters and over 46,910 seats, including the following theater types: two IMAX, four 4DX, ten GOLD CLASS, one STARIUM, three Dolby Atmos, four L'AMOUR and two PREMIUM and two ScreenX.
In just a few short years, CJ CGV has now grown to control an approximately 40% share of the movie theatre segment in Vietnam. Meanwhile, Lotte Cinema with 29 cinemas across the country, the biggest rival of CJ CGV, holds a 30% share of the market. Galaxy Cinema has 10 outlets across the country while its competitors own 55 and 29, respectively. Galaxy is Vietnam’s third-largest cinema chain after South Korean franchise CGV and Lotte Cinema.
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