BVI company joint venture inaugurates new cinema complex in Vietnam
MegaStar Media Vietnam, a cinema company which was licensed in February 2005 as a joint venture between Envoy Media Partners Ltd., registered in the British Virgin Islands, and HCMC-based Phuong Nam Corporation, has inaugurated a new cineplex in the northern port city of Hai Phong.
The inauguration which occurred last weekend, was company’s second venue in Vietnam after initial opening in Hanoi. Company’s building projects were approved by the Vietnamese government in September 2006.
The new MegaStar Cineplex on Level 5 of TD Plaza on Le Hong Phong street is equipped with eight large multi-screen theaters using Dolby surround sound systems. Development of the theater cost MegaStar Media Joint Venture Company Vietnam and Phuong Nam Company US$4 million.
MegaStar Media is the second foreign-owned cinema operator in Vietnam after Good Fellas, which operates screens in Ho Chi Minh’s Diamond Plaza. Other planned projects of the joint venture include those in Saigon Plaza in Ho Chi Minh City and Saigon Co-op Bien Hoa supermarket in Dong Nai Province. MegaStar also plans to inaugurate some 10 MegaStar cinema and entertainment centers with about 100 screens in Vietnam’s major cities like Hanoi, HCMC, Da Nang and Hai Phong.