Platinum cineplexes to be shut down
The Platinum chain of cinemas, one of the largest in Vietnam, will stop operations at three Vincom shopping centres from February 24 due to debts and weak services.
Tran Mai Hoa, director of Vincom Retail Company said they would terminate the contract with Platinum cineplex founded by MVP Group from Indonesia. She said, "This is just a normal business. If the initial goals can't be met anymore then the co-operation can't continue. Platinum is searching for another partner after their contracts are terminated."
According to Hoa, the cinema was a highlight of a shopping centre so they had given MVP favourable condition to operate. However, after several years, MVP hasn't improved their services.
"Their quality is no longer match our standards," she said.
After several meetings without results, Vincom Retail decided to end the lease that is also in accordance with the terms in their contracts.
Hoa said, "We've fulfilled our responsibilities and procedures. We also agreed to extend the deadline to return the slot for MVP. As a retailer, we had considered everything carefully before reaching this decision in compliance with the law and in accordance with the contract as well as the interests of the parties."
Hoa refused to disclose the number but said Vincom Retail would make compensation for MVP.
"We want to settle everything peacefully. We have sufficient legal basis so if MVP wants to go to court, we may sue them in return if they are uncooperative and cause damage to us," she said.
Talking with Zing News, MVP's Chief Financial Officer Sunil Taparia confirmed that their contract was terminated ahead of its scheduled expiry. Taparia said they received the notification that they only had three days to move the equipment out of Vincom centres after a failed negotiation on February 20 or the equipment will be sold. If they are forced to close, MVP will lose 60-70% of the investment in Vietnam. Taparia said they had invested in many countries but never encountered similar problem. He went on to say that they would file a lawsuit against Vincom.
Tran Mai Hoa, director of Vincom Retail Company said they would terminate the contract with Platinum cineplex founded by MVP Group from Indonesia. She said, "This is just a normal business. If the initial goals can't be met anymore then the co-operation can't continue. Platinum is searching for another partner after their contracts are terminated."
According to Hoa, the cinema was a highlight of a shopping centre so they had given MVP favourable condition to operate. However, after several years, MVP hasn't improved their services.
"Their quality is no longer match our standards," she said.
A Platinum cineplex in Hanoi
After several meetings without results, Vincom Retail decided to end the lease that is also in accordance with the terms in their contracts.
Hoa said, "We've fulfilled our responsibilities and procedures. We also agreed to extend the deadline to return the slot for MVP. As a retailer, we had considered everything carefully before reaching this decision in compliance with the law and in accordance with the contract as well as the interests of the parties."
Hoa refused to disclose the number but said Vincom Retail would make compensation for MVP.
"We want to settle everything peacefully. We have sufficient legal basis so if MVP wants to go to court, we may sue them in return if they are uncooperative and cause damage to us," she said.
Talking with Zing News, MVP's Chief Financial Officer Sunil Taparia confirmed that their contract was terminated ahead of its scheduled expiry. Taparia said they received the notification that they only had three days to move the equipment out of Vincom centres after a failed negotiation on February 20 or the equipment will be sold. If they are forced to close, MVP will lose 60-70% of the investment in Vietnam. Taparia said they had invested in many countries but never encountered similar problem. He went on to say that they would file a lawsuit against Vincom.
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