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Lotte expands into Vietnam exhibition |
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Written by Han Sunhee
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Tuesday, 20 May 2008 |
SEOUL – Korean exhibition giant Lotte Cinema has moved into Vietnam, acquiring Korean exhibitor Diamond Cinema Joint Venture Company. Lotte will renovate three screens in Ho Chi Minh City and three in Danang which are currently operated by DMC. The Korean company will input its management skills and technology.Lotte will later launch new multiplexes in Vietnam building one complex in the Lotte Mart Superstore in Ho Chi Minh City that is due to open later this year. Company already has a widely spread string of convenience stores throughout the country. Korean pop culture is hugely popular in Vietnam and Korean companies see the country as an area of growth for Korean entertainment. Another Korean outfit, Good Fellas has a multiplex in Ho Chi Minh City's Diamond Plaza as a joint venture with local distributor Fafilm. CJ Media has built a TV studio in Vietnam and is now producing local series for Vietnam broadcast."2008 is the first year for us to go international market," Lotte Cinema prexy Kim Kwang-seop. "Our initiative advancement to Vietnam will be the bridgehead for Korean multiplexes to expand their business to Vietnamese market." Country is severely under-screened and is seen by hardtop developers as one of the last 'virgin territories' for exhibitors. Foreign-backed MegaStar Media has opened four 'plexes in Ho Chi Minh, Hanoi and Da Nang.
© Reed Business Information, a division of Reed Elsevier Inc. All rights reserved.
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Last Updated ( Wednesday, 21 May 2008 )
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