S Korea cinema chain CGV strengthens Vietnam footprint with new Hung Yen province facility

CGV Vietnam, under South Korean conglomerate CJ Group’s cinema arm CJ CGV, has opened a new theater in Hung Yen province as part of its push to expand in Vietnam’s growing film market.

The new venue, CGV Vincom Mega Mall Ocean City, spans 1,501 square meters within the Vinhomes Ocean Park 2 development. It features four screening rooms with a total of 420 seats.

Speaking of the opening, CJ CGV Vietnam’s CEO Ko Jae Soo said the cinema is expected to become a recreational hub for the northern province, citing rising local demand and the booming film industry.

With the opening, CGV now operates 84 cinemas in Vietnam, comprising 483 screens and more than 63,000 seats. The South Korean chain holds about 45% of the country’s market share.

CGV Vietnam posted revenue of KRW202.7 billion ($141.4 million) and operating profit of KRW26.3 billion ($18.3 million) in 2024, up 12% and 89% year-on-year, respectively, according to its report.

The 2024 revenue and operating profit are the highest levels recorded by CGV since its entry in Vietnam, surpassing pre-pandemic levels.

Hung Yen was recently merged with neighboring Thai Binh to form the new Hung Yen province.

In May, the Trump Organization and local developer Kinh Bac broke ground on a $1.5 billion golf, eco-tourism, and urban complex in Hung Yen province.

The complex, named Trump International Hung Yen, is the first Trump-branded project in Vietnam. The mega project spans nearly 990.43 hectares across six communes in Khoa Chau district. Construction is scheduled to be completed by Q2/2029.

Following provincial merger, Hung Yen province attracted $6.05 billion in investments in the first seven months of this year, including 88 foreign-invested ones valued at $1.48 billion, according to the local authorities. So far, the locality has had nearly 3,900 valid projects totaling $41 billion.

A $2.56 billion LNG-fueled power project in Hung Yen province is set to break ground in September, said local authorities.

The timeline was mentioned at a July 23 meeting chaired by Nguyen Quang Hung, Vice Chairman of the provincial People's Committee, on the Thai Binh LNG-to-power project progress. The 1,500 MW facility is located in former Thai Binh province, which is now part of Hung Yen after the recent merger of the two provinces.

Approved in December 2023, the project is jointly invested by Tokyo Gas, Kyuden Group (both from Japan), and Truong Thanh Vietnam Group.

Meanwhile, Japanese conglomerate Sumitomo plans to expand its Thang Long Industrial Park II (TLIP II), one of the largest industrial parks in northern Vietnam.

In early July, Singapore-based real estate developer Soilbuild International broke ground on a $60 million ready-built industrial facility in Hung Yen.

In late June, a groundbreaking ceremony was held for the Con Vanh Golf Course and Ba Lat Liquid Cargo Port projects in the former Thai Binh province (now Hung Yen province).