Japan’s Aeon, Vietnamese partner plan 50 high-end cinemas by 2035

A joint venture between Japan’s Aeon Entertainment and Vietnam’s Beta Media plans to build 50 high-end cinemas by 2035, with the first one opening next year.

Bui Quang Minh, chairman of Beta Group, said Wednesday that the joint venture, Aeon Beta Cinemas, expected to spend VND100 billion ($3.96 million) per motion-picture theater.

At an event held to announce the joint venture’s establishment, he said it will focus on developing and operating a chain of premium cinemas, investing in film production and distributing Vietnamese, Japanese and international films in the Vietnamese market.

“To build a truly high-end cinema, the figure of $100 billion ($3.96 million) is quite modest. However, with the project management and cost optimization capabilities of Aeon Entertainment and Beta Media, we believe we can build the most beautiful and best cinemas possible with a certain budget," Minh said.

Aeon Entertainment CEO Nobuyuki Fujiwara said the Aeon Beta Cinemas will be present in provinces across Vietnam, offering audiences "the best movie-watching experiences" with the first one expected to open next year.

Under the agreement signed by both sides, the joint venture also aims to make a strong entry into film production and distribution. Film production and distribution projects will be carried out under the Aeon Beta brand that will deliver high-quality films "rich in artistic and entertainment value."

"We will not only invest in cinema complexes but also in film production and distribution to develop the business of this joint venture. In addition, in terms of films, we will also have other services, such as live broadcasting of football tournaments and other major events. These factors will contribute to returns on our investment capital," Fujiwara said.

"Vietnam has a young population and high economic growth rate. The country's population is almost equal to Japan's. In Japan, the cinema market is saturated, we are looking to the international market and we chose Vietnam because we see the market has a lot of potential," Fujiwara told The Investor.

On choosing its Vietnamese partner, Fujiwara said the Beta team had a very strong spirit to taken on new challenges. Aeon “highly appreciates” the enthusiasm of Minh, the leader of Beta, he added.

Founded in 2014, Beta Media is part of the Beta Group ecosystem established by Minh. It has developed 20 Beta Cinema theaters across the nation, targeting the mid-range segment.

Alongside the new Aeon Beta Cinema brand developed by the joint venture, the Beta Cinemas brand will continue to be promoted by Beta Media to serve the mass market segment in Vietnam, Minh said.

Aeon Entertainment is a subsidiary of the Aeon Group in Japan. Established in 1991, Aeon Entertainment currently operates 96 cinemas, making it the largest cinema chain in Japan (as of July 2024).

Establishing a joint venture in Vietnam demonstrated Aeon Entertainment's capability and efforts to expand in the international market, Fujiwara said.