India offers $300 million loan to build up Vietnam's maritime security, saying it is a key partner
ASHOK SHARMA
Thu, August 1, 2024
Indian Prime Minister Narendra Modi, right, receives his Vietnamese counterpart Pham Minh Chinh as the latter arrives for talks, in New Delhi, India, Thursday, Aug. 1, 2024.
NEW DELHI (AP) — India on Thursday offered a $300 million loan to build up Vietnam’s maritime security, as the two sides said they want to double their trade and investment within five years.
Prime Minister Narendra Modi told visiting Vietnamese Prime Minister Pham Minh Chinh that India considers Vietnam a key pillar of its policy toward Southeast Asian nations and an important partner in its Indo-Pacific vision.
After their talks, Chinh told reporters the world faces fierce security challenges but there are opportunities for cooperation.
"The Asia Indo-Pacific region is a locomotive for growth, but it is also where major politics is taking place fiercely," he said. "We need an approach and methodology that is global and upholding multilateralism."
The prime ministers said both sides wanted to further their cooperation in defense and other areas such as semiconductor and green technology, artificial intelligence, cloud computing and climate action.
Modi and Chinh virtually inaugurated the “Army Software Park” in Vietnam, an educational facility set up with India's help to train Vietnamese soldiers in digital skills.
Bilateral trade between the two countries in 2022 grew 27% and reached $14.14 billion. Indian exports to Vietnam touched $6.7 billion, while Indian imports from Vietnam amounted to $7.44 billion in the same period, India's Ministry of External Affairs said.
Indian exports to Vietnam include iron and steel, cotton, cereals, meat and fishery products, electrical machinery and equipment, automobile parts, cement, chemicals and pharmaceuticals.
India’s import basket from Vietnam mainly includes electrical and electronic equipment, inorganic chemicals, machinery and mechanical appliances, copper and rubber, coffee and tea, spices, iron and steel.
India’s investments in Vietnam are estimated at around $1.9 billion in energy, mineral exploration, agriculture, information technology and other areas, according to the country's External Affairs Ministry.
Vietnam has invested over $28.55 million in India, mainly in pharmaceuticals, information technology, chemicals, and building materials.
Vietnam’s Beta Media, Japan’s Aeon Entertainment Strike $200m Deal For Cinemas, Production & Distribution In Vietnam
Prime Minister Narendra Modi told visiting Vietnamese Prime Minister Pham Minh Chinh that India considers Vietnam a key pillar of its policy toward Southeast Asian nations and an important partner in its Indo-Pacific vision.
After their talks, Chinh told reporters the world faces fierce security challenges but there are opportunities for cooperation.
"The Asia Indo-Pacific region is a locomotive for growth, but it is also where major politics is taking place fiercely," he said. "We need an approach and methodology that is global and upholding multilateralism."
The prime ministers said both sides wanted to further their cooperation in defense and other areas such as semiconductor and green technology, artificial intelligence, cloud computing and climate action.
Modi and Chinh virtually inaugurated the “Army Software Park” in Vietnam, an educational facility set up with India's help to train Vietnamese soldiers in digital skills.
Bilateral trade between the two countries in 2022 grew 27% and reached $14.14 billion. Indian exports to Vietnam touched $6.7 billion, while Indian imports from Vietnam amounted to $7.44 billion in the same period, India's Ministry of External Affairs said.
Indian exports to Vietnam include iron and steel, cotton, cereals, meat and fishery products, electrical machinery and equipment, automobile parts, cement, chemicals and pharmaceuticals.
India’s import basket from Vietnam mainly includes electrical and electronic equipment, inorganic chemicals, machinery and mechanical appliances, copper and rubber, coffee and tea, spices, iron and steel.
India’s investments in Vietnam are estimated at around $1.9 billion in energy, mineral exploration, agriculture, information technology and other areas, according to the country's External Affairs Ministry.
Vietnam has invested over $28.55 million in India, mainly in pharmaceuticals, information technology, chemicals, and building materials.
Vietnam’s Beta Media, Japan’s Aeon Entertainment Strike $200m Deal For Cinemas, Production & Distribution In Vietnam
Liz Shackleton
Fri, August 2, 2024
Vietnam’s Beta Media has entered into a joint venture with Japan’s Aeon Entertainment to operate a chain of premium cinemas as well as engage in production and distribution activities in Vietnam.
The two partners will jointly develop and operate more than 50 premium cinemas under the Aeon Beta Cinema brand by 2035, with investment of more than $200m. They will also work together on film production as well as distribute Vietnamese, Japanese, and international films in the Vietnamese market.
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Founded in 2014 by Vietnamese entrepreneur Minh Bui, known as “Shark Minh Beta” due to his appearances on the local version of Shark Tank, Beta Media already operates a chain of 20 “affordable theatres” targeting Vietnam’s Millennials and Gen Z consumers.
Featuring Instagrammable design and selling tickets for $2, rather than the $4-5 pricing common in high-end multiplexes, the company grew revenues to $13M in 2023 – outperforming the market’s post-pandemic recovery. It has also expanded into producing Vietnamese films and distributing international films in Vietnam.
Aeon Entertainment, the exhibition arm of Japanese retail giant Aeon Group, currently operates 96 cinemas in Japan and is making its first steps into the international exhibition market with the Beta Media deal.
Attending a press conference in Ho Chi Minh City to announce the deal, Nobuyuki Fujiwara, chairman of Aeon Entertainment, described Beta Media as “the perfect partner due to their deep understanding of the Vietnamese market, superior marketing knowledge, and strong local network. Cinema has the power to connect people and souls. We believe in that power and will continue to challenge ourselves to bring surprise and excitement to customers in Vietnam.”
Minh Bui said: “This joint venture is the fruitful result of shared vision, aspirations, and core values to bring new experiences and sustainable values to the community. The combination of Aeon Entertainment, with their strong capabilities and extensive experience in the film industry, and Beta Media, with their local insights and innovative capabilities, will create groundbreaking development opportunities for both sides.”
The first cinema under the Aeon Beta brand is expected to be open in 2025 with all the cinemas deploying “a modern style harmonizing with the traditional values of Vietnam and Japan”. Beta will continue to operate its existing cinema chain as a separate brand aimed at mass market consumers.
Vietnam has a thriving cinema market that has grown from $15m and less than 100 screens in 2010 to around $150m and 1,100 screens last year. Other big players in the exhibition space include Korea’s CJ CGV and Lotte Entertainment and local companies Galaxy Cinema and BHD Star Cineplex.
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