CJ CGV Vietnam (CGV) officially launched the new ScreenX cinema technology, the first of its kind in Vietnam, in both Hanoi and Ho Chi Minh City on May 26, kicking-off its technology investment strategy for the 2017-2020 period.
The birth of ScreenX technology, which is developed exclusively by CJ CGV, is a milestone in the South Korean movie industry in particular and the world in general, giving movie-goers a strong sense of immersion while watching a movie.
The launch ceremony welcomed a host of celebrities and film directors. The first two ScreenX screens 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 expected at 200-250.
“Pirates of the Caribbean: Salazar’s Revenge”, the fifth film in the now iconic franchise from Walt Disney Pictures, which was also released locally on May 26, is to be the first film screened with the technology in Vietnam. CGV plans to invest around $200 million from 2017 to 2020 in bringing 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 into the world.
The 270-degree technology projects footage onto the front main screen and the two walls, providing those in the audience with an immersive cinema experience.
In addition to launching ScreenX, CGV will also install more large screens in Hanoi and Ho Chi Minh City from 2017 to 2020. It has already secured three or four locations.
By the end of this year, it will be operating 54 or 55 cinemas nationwide, including in remote areas. It will invest in building 12-15 new cinemas each year, four or five of which will in remote areas. With total investment of $4-7 million per cinema, total investment will reach $70 million.
“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.”