The company, which operates 12 Beta Cinemas cineplexes nationwide, said in a release the investment would serve its plans to build 50 cineplexes in the next several years.

The investment puts the company at a valuation of VND1 trillion ($43 million). It had earlier raised $2.5 million from Hong Kong’s Blue HK Financial Group.

Beta Media, which launched its first cinema in 2014, plans to open the first cineplex in Ho Chi Minh City in October this year with a capacity of 1,000 seats.  

Vietnam had 200 cineplexes by the end of last year, nearly half of which belonging to South Korea’s CJ CGV.