VietNamNet Bridge – Together with records of revenue earned from cinemas, many box offices have been built in Hanoi.
Six years ago, Hanoi did not have just a single cinema that meets international standards, but now the number of modern box offices is five.

In late April 2006, the first MegaStar cinema complex in Vietnam inaugurated in Hanoi, with eight projection rooms. The appearance of this cinema, with American investors, has made a great change in Vietnam’s movie market. Most importantly, it has helped form a new habit: enjoying movies at box offices, not on television.

Though the ticket prices are high, compared to Vietnamese average incomes, and increase annually, MegaStar has drawn a large number of audiences. MegaStar has become a big rival of other cinemas in Hanoi. Some cinemas had to close and the remaining have had to upgrade their facilities to compete with the new rival.

The State-owned National Cinema Centre and August Cinema are in the second group. The two cinemas have upgraded their projection rooms and imported 3D equipment to catch up with the world trend. The two cinemas are running stably, since it focuses on popular audiences.
The most severely competitive segment is high-class market. Two years ago, MegaStar Vincom Hanoi built two more projection rooms to have a total of 10 rooms to meet the rising demand in Hanoi.

MegaStar’s high revenue has urged other investors to build luxurious cinema complexes in Hanoi. Platinum opened in early 2011 and Lottecinema Landmark Hanoi opened in early 2012. At the same time, MegaStar inaugurated another cinema complex – MegaStar Pico, with 7 projection rooms. Lottecinema is about to open another cinema complex in My Dinh.

Korean-invested Lottecinema proves to be a “dangerous” rival of Platinum and MegaStar because its tickets are much cheaper. LotteCinema Landmark owns the largest 3D projection room in Vietnam, with 301 seats. This projection room is equipped with the latest technology while ticket prices are lower than Platinum and MegaStar’s.

To compete with Lottecinema and MegaStar, Platinum is building its second cinema complex at Vincom Long Bien building, with 7 projection rooms. This cinema will open in late March 2012 and only screen digital 3D and 2D movies.

In a short period of time, foreign investors have built cinema complexes worth millions of USD in Hanoi, giving the audience more options.

Hanh Phuong