Movie-goers in Vietnam are enjoying a new high tech viewing experience this holiday season. CJ CGV Vietnam has officially launched the new ScreenX cinema technology in Hanoi and Ho Chi Minh City. The first two ScreenX cinemas are at CGV Hung Vuong Plaza in Ho Chi Minh City and CGV Aeon Long Bien in Hanoi. One auditorium at both cinemas has been renovated to use the new technology with seating of up to 250 viewers.
ScreenX technology was developed exclusively by South Korean company, CJ CGV in May 2017. The technology is a milestone in the movie industry by offering movie-goers a strong sense of immersion from every visual angle while watching a film. The 270-degree technology projects footage onto the front main screen and two side walls, providing those in the audience with a cinema experience to remember.
CGV plans to invest an estimated $200 million from 2017 to 2020 to bring state-of-the-art cinema technologies to its cinema network nationwide. The investment strategy is among CGV’s mission of contributing to the integration of Vietnam’s cinema industry globally.
Pirates of the Caribbean: Salazar’s Revenge, the fifth film in the iconic Walt Disney Pictures franchise was released locally in ScreenX and is to be the first film with the new technology in Vietnam.
In addition to launching ScreenX, CGV will also install more large screens in Hanoi and Ho Chi Minh City from now through 2020. It has already secured at several locations. By the end of 2017, it will be operating 54 or 55 cinemas nationwide including in remote areas. It will invest in building 12-15 new cinemas each year, with an investment of $4-7 million per cinema, totaling around $70 million USD.
“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.
“During the last ten years in Vietnam, our investment in infrastructure and technology is more than four to five-times our operating profit,” he added. “More importantly, the investment goes towards the development of Vietnam’s film industry. We believe that with the potential market growth, together with the right direction and investment by all stakeholders in the industry, Vietnam will be positioned among the Top 5 developed film markets in the world within the next five to seven years.”