Vietnam’s theatre, film firms re-invest profits in new sites
With major revenues generated from the growing popularity of the film industry in Vietnam, movie and film companies are moving to erect new complexes to meet the demand of the increasing number of movie-goers.
Moviegoers in Ho Chi Minh City now frequent existing high-grade cinemas like the Diamond Cinema, Dong Da, and Cinebox filling them to capacity, thus generating interest in building new venues.
In the city, the Hoa Binh Theater is to be transformed into a new 2,300-seat cinema, while the Thien Ngan Film Studio’s new VND20 billion Galaxy cinema is set to screen its first films next month. The European-styled cinema includes 1,000 seats, a coffee bar, shops, and a beauty salon that covers a total area of 2000sq.m.
Meanwhile, the Vietnamese Phuong Nam Company and British Envoy Media Company are cooperating on the future construction of a series of Cineplex trademarked cinemas nationwide.
The total investment for the Cineplex project is US$16 million, with the first $4 million cinema complex featuring 9 projection rooms, to be built by the end of 2005 in Hanoi.
Paradox
However a paradox exists in the fact that while joint-venture cinemas are experiencing growth, many state cinemas have digressed to become coffee shops, dance halls or restaurants.
Ho Chi Minh City currently has 10 such ‘transformed’ state cinemas under the management of Ho Chi Minh City’s Cinematography Company.
However, according to Mr. Le Van Tron – General Director of the Sai Gon Culture Company, due to profitability, the state cinemas adopted new business philosophies, which could change again if the popularity of the film industry continues.
Reported by Uyen Nhi – Translated by Quynh Nhu
Story from Thanh Nien News
Published: 22 May, 2005, 20:19:27 (GMT+7)
Copyright Thanh Nien News
