Vietnam to invest over $300m in cinema industry

Vietnam will disburse more than 6.5 trillion Vietnamese dong (VND) (roughly 309 million U.S. dollars) from the state's budget for the development of the cinema industry nationwide from now to 2020, according to the Vietnamese Department of Cinematography. Accordingly, 57 cinema complexes will be built, including two large cinema complexes with 1,500 seats in capital Hanoi and southern Ho chi Minh City. At least 49 State-owned cinemas, most of them located in provinces, will be upgraded with quality facilities and more beautiful decor. A latest survey by the Department of Cinematography revealed that the country has 97 cinema complexes with 246 cinemas, including 72 complexes with 104 cinemas owned by the government. Most of the State-owned cinemas are in poor condition and have not turned a profit for several years. In 2011, cinemas earned a total of 35 million U.S. dollars in sales, which rose to 47 million dollars in 2012. Most of that figure came from private-owned cinemas.