Japan's Aeon expands cinema business into Vietnam through joint venture with Beta Media

Aeon Entertainment, a subsidiary of Japanese retailer Aeon Group, is set to open its first movie theater in Vietnam this year, marking the company’s expansion into the Vietnamese market through a joint venture with local company Beta Media.

According to Nikkei Asia, the Japanese movie theater operator, aims to make its first cinema in Vietnam profitable within three years, with plans to invest between JPY20-30 billion ($134-200 million) over the next decade.

The first cinema is expected to be located in southern Vietnam, potentially in Ho Chi Minh City, and will span 4,000-5,000 square meters - larger than the typical Aeon Entertainment facilities in Japan.

The Japanese side hopes to expand the number of cinemas to 21 by 2030, with some locations outside shopping malls, while cinemas within shopping centers will be operated by Aeon Mall.

A representative from the company stated that Vietnam represents Aeon Entertainment's first international market, as Japan's market matures and leaves little space for more theaters, forcing it to look overseas for a distributor of Japanese anime movies.

Vietnam’s population of over 100 million currently has relatively few cinemas. As of the end of 2023, there were about 1,100 cinemas with over 6,000 screening rooms, primarily concentrated in Ho Chi Minh City and Hanoi, according to the Vietnam Film Distribution Association.

Aeon Mall, which operates 12 shopping centers in Vietnam, reports sales exceeding VND7 billion ($273,064) and total profits of VND2 billion a day, from a range of sectors including supermarkets, food and beverage, rental spaces, events, and cinemas.

Founded in 1991, Aeon Entertainment is a prominent player in Japan’s movie exhibition, distribution, and broadcasting sectors, operating 96 cinemas. The company invests around JPY3 billion ($20 million) annually to improve existing facilities and open smaller cinemas.

In August 2024, Aeon Entertainment and Beta Media officially announced the creation of a joint venture to develop and operate a new chain of high-quality, premium cinemas. The venture will also focus on investing in film production and distributing Vietnamese, Japanese, and international films in Vietnam.

By 2035, the two companies aim to establish over 50 cinema complexes across the country under the Aeon Beta Cinema brand, offering a fresh approach to the Vietnamese cinema landscape.

Beta Media, part of the Beta Group ecosystem, was founded in 2014 by entrepreneur Bui Quang Minh (Shark Minh Beta) with a focus on developing mid-range cinemas. Currently, Beta Media operates 20 cinema complexes and ranks as the fourth-largest player in Vietnam’s cinema market, behind CGV, Lotte Cinema, and Galaxy.