High-end entertainment segment swarming with activity

October 25, 2016 | 09:15

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Numerous domestic investors have poured capital in high-end entertainment services, especially international-standard parks due to the increasing demand in the segment that calls for new suppliers.

BRG Group and Sanrio Wave Hong Kong, which owns the world-famous Hello Kitty character, signed a memorandum of understanding (MOU) to develop Hello Kitty Park—the first international-branded park in Vietnam.

Hello Kitty Park will provide visitors the opportunity to experience first-hand the premium quality of BRG Group’s range of products and services. In addition to the Hello Kitty character, other popular characters among children, such as My Melody, PomPomPurin, Cinnamoroll, Bad Badtz-Maru, and Kerokerokeroppi, are also expected to be featured at the park.

The project’s construction is expected to kick off in the fourth quarter of 2018, however, BRG has yet to release specific information.

Nguyen Thi Nga, chairwoman of BRG, said that the co-operation between with Sanrio Wave is directed at the development of a unique, creative entertainment market, accommodating a so-far unfulfilled demand among Vietnamese children.

In Vietnam, high-end entertainment services are considered to hold great potential due to the increasing demand and the limited supply. There are still no world-class entertainment and shopping centres like Universal Studios or Disneyland in Vietnam, while in other countries in the region, including Singapore, Hong Kong, Malaysia, and Thailand, investments are continually rising to attract local and international leisure groups. According to Vietnam Tourism Association’s statistics, approximately 5 million Vietnamese people have been travelling abroad annually in the last few years, spending about $6 billion, while in 2012, the figure was recorded at only $3.5 billion.

Established in 1993, BRG Group is a multi-sector economic group, providing services in real estate, hotels, resorts, golf courses, trade, retail, and manufacturing, with famous brands, including Intimex Vietnam, the Hilton five-star hotel chain, and a series of real estate projects and resorts dotter around major cities in Vietnam.

The group has recently become known for its urban area construction, with a highlight being the financial, trade, and urban complex capped off with a 108-storey tower along the Nhat Tan-Noi Bai Highway (also known as Vo Nguyen Giap Highway) in Hanoi.

Sanrio Wave owns various famous characters, including Hello Kitty, which has millions of fans of all ages. It currently owns over 50,000 branded products in more than 70 countries around the world.

In another move, in early September, Vietnam’s leading real estate developer Sun Group held the ground-breaking ceremony of the Kim Quy (Golden Turtle) cultural, tourism, and amusement park, featuring both the traditional culture of Hanoi and the modern design of Universal Studios and Disneyland.

Covering more than 100 hectares, the project has an initial investment capital of VND4.6 trillion ($209 million) and was designed by ITEC Group from the United States.

Kim Quy Park was inspired by the story of the Co Loa spiral-shaped citadel (located in Dong Anh district of Hanoi now) which was built by King An Duong Vuong in the third century before Christ (B.C.) with the help of the legendary Golden Turtle God.

The first phase of the project would be completed in 18 months, as per schedule, ensuring international quality standards.