Good Fellas, a Korean exhibition company, is to open its second cinema in Vietnam in May with a dozen more in the pipeline, confirming Vietnam as one of the most promising, untapped international cinema markets.
The new venue, to be part of the company's Diamond Cinema (DMC) joint-venture multiplex chain, will be located in Da Nang, a port city in the central region of the country, and will have three screens and 500 seats. Next November the company plans to open a six-screen, 1,000 seat cinema in Hanoi, the most expensive cinema development in Vietnam.
Last year, at the opening of the company's first cinema in Vietnam, a three-screen, 432-seat theatre in Ho Chi Minh City, Diamond Cinemas' managing director Hyun-Yong Oh, said "Our investment license will last 25 years. In this period we plan to build some 15 cinemas in Vietnam's major cities such as Hanoi, HCM City, Haiphong, Nha Trang, Can Tho, Danang and Dalat."
"Furthermore, we also plan to invest and make movies in Vietnam with the participation of both Korean and Vietnamese artists," said Oh.
With 12 screens and close to 2,000 seats nationwide, DNC is expected to take its place as a leading exhibitor in Vietnam with a considerable market share. Good Fellas CEO Kim Tae-hyung also anticipates that this will serve as an impetus for the importation of more Korean films, which currently enjoy strong popularity in Vietnam.
There are currently some 250 cinemas in the country, serving a population of 80 million.
In addition, Good Fellas is preparing to open its sixth cinema in Korea, a 7-screen, 911-seat venue in Busan. Together with its other venues located in regional areas such as Pyungchon and Jeju Island, the company now boasts 28 screens nationwide.