18:38 (GMT +7) - Wednesday 20/09/2017

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CGV receives investment certificate in Hanoi

Released at: 15:42, 27/06/2017

CGV receives investment certificate in Hanoi

Mr. Tommy Sim, CGV's CFO received the IC. Photo: CGV

Company aims to invest $15 million in eight new cinemas in capital.

by Khanh Chi

CJ CGV Vietnam (CGV) was honored to receive an investment license from the Hanoi People’s Committee at the “Hanoi 2017 - Investment & Development Cooperation” conference on June 25 in Hanoi.

With investment capital of around $30 million in nine international standard cinemas in Hanoi so far (including a new cinema launched in this month in Thanh Xuan district), CGV was one among 48 enterprises presented investment licenses at the conference.

After eleven years of investment and development in Vietnam, CGV had invested about $200 million in Vietnam through building 46 cinema complexes with 283 screens in 16 cities and provinces.

CGV plans to invest in 12-15 new cinemas each year, including four of five in remote areas. It expects to invest about $15 million in building eight cinema complexes in Hanoi by the end of this year.

The “Hanoi 2017 - Investment and Development Cooperation” conference was attended by 1,000 participants, including leaders of the Party, the State, and central ministries, as well as international delegates, provincial and municipal leaders, enterprises, international organizations, embassies, business associations and about 600 domestic and foreign investors.

The purpose of the conference was for those in attendance to meet together and discuss solutions for attracting investment capital to Hanoi and create the best conditions for investors and businesses in the city.

CGV is a unit of the CJ Group and is one of the Top 5 largest cinema chains in the world and the largest cinema chain in Vietnam.

It has created a unique concept of transforming traditional cinema into a cultural complex called “Cultureplex”, where audience members not only come to enjoy cinema through advanced technologies such as ScreenX, Starium, Imax, 4DX, and Dolby Atmos but also to enjoy the different services and food available at CGV.

CGV last month launched the new ScreenX cinema technology, the first of its kind in Vietnam, in both Hanoi and Ho Chi Minh City, kicking-off its technology investment strategy for the 2017-2020 period.

“The continuous expansion of cinemas around the country as well as the strategic cinema technology investment plan has once again reaffirmed our long-term commitment to the development of quality cinema infrastructure in Vietnam,” said Mr. Dong Won Kwak, CEO of CGV Vietnam.

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