HANOI, July 25 (Xinhua) -- Financial group Blue HK from China's Hong Kong has signed an investment agreement to back Vietnamese cinema startup Beta Media.
Under the agreement, Beta Media is valued at 600 billion Vietnamese dong (some 26.5 million U.S. dollars), reported local newspaper Vietnam Economic Times Tuesday.
With the funding from Blue HK, the Vietnamese company will open six more multiplex cinemas in more localities and screen its self-made films this year.
Established in 2015, Beta Media currently has four cinemas in Hanoi, northern Thai Nguyen province, and southern Dong Nai province.
As of late 2016, Vietnam's cinema market was dominated by five major players, which held a market share of 98 percent, namely CJ-CGV (43 percent), Lotte (30 percent), Platinum (10 per cent), Galaxy (9 per cent), and BHD (6 percent), according to a report from South Korean securities company KDB Daewoo.