Building movie complexes by a joint venture involving a British Virgin Islands-registered company has been approved by the Vietnamese government.
MegaStar Media JV Vietnam (JVC) got not only the approval for the USD 20 million project, but also permission to open representative offices in Ho Chi Minh City, Hai Phong and Dong Nai province. New cinemas will be built in TD Plaza in Hai Phong city, Hung Vuong Plaza and Saigon Plaza in Ho Chi Minh City and Saigon Co-op Bien Hoa supermarket in Dong Nai Province.
MegaStar’s shareholders which have invested over USD 5 million in the cinema company are Vietnam-registered Phuong Nam Corporation and BVI-registered Envoy Media Partners Ltd.
MegaStar Media JV Vietnam is the 2nd joint venture opening cinemas and importing movies to Vietnam. It is also the sole distributor for 2 large Hollywood movie production companies – United International Pictures and Buena Vista International showing all films in their original language with Vietnamese subtitles. Its 1st 8-screen cineplex opened in April 2006 on the 6th floor in Hanoi’s Vincom City Towers. MegaStar plans to open 10 multiplexes and entertainment centres with up to 100 screens in other Vietnamese locations.