CJ CGV invests heavily in cinemas

CJ CGV Vietnam, a subsidiary of Korean firm CJ Group, is planning to spend up to US$200 million expanding its cinema system in Vietnam.

The company launched another cinema at the Parkson Dong Khoi commercial complex in downtown HCMC on August 31, taking its total in Vietnam to 50 cinemas with 313 studios and around 42,800 seats.

CJ CGV is planning to spend US$200 million bringing its state-of-the-art cinema technology to its theaters nationwide as part of its growth strategy in the 2017-2020 period.

The company plans to open 12-15 new cinemas a year, including four to five in remote provinces like Yen Bai, Ha Tinh, Tra Vinh, Kien Giang and Vinh Long. With each cinema costing US$4-7 million, its total investment could amount to US$70 million this year.

In early May, the leading cinema chain launched the ScreenX immersive technology, the first of its kind in Vietnam, in Hanoi and HCMC. The technology offers moviegoers a 270-degree view from a three-dimensional angle.

Besides, CGV is working on plans to build cinemas with large screens in Hanoi and HCMC until 2020. Three to four locations have been chosen for large-screen cinemas in the two cities.

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.

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