Aeon Entertainment Co., Japan’s largest cinema operator, opened its first movie theater in Vietnam on Sunday, marking the company’s debut international expansion into a market firmly controlled by South Korean rivals.
The Hanoi location, operating under the Aeon Beta Cinema brand through a joint venture with local operator Beta Media, launches what the partners envision as a 50-complex rollout by 2035. The venture is backed by an estimated investment of ¥20-30 billion ($134-200 million), according to earlier Nikkei reporting.
Vietnam’s cinema sector has grown rapidly alongside the country’s 100 million population and expanding middle class, but breaking into the market presents considerable hurdles. South Korean chains CGV and Lotte Cinema command roughly 71% combined market share, leaving domestic operators and newcomers fighting for the remainder.
Aeon Entertainment Chairman Nobuyuki Fujiwara cited Vietnam’s youthful demographics and sustained economic growth as key attractions. The venture plans to leverage Japanese intellectual property, including anime content, while eventually moving into film distribution.
Beta Media, founded in 2014 by entrepreneur Bui Quang Minh, operates 20 mid-range cinemas nationwide and will continue that brand separately. The company generated $13 million in revenue in 2023.
Whether Aeon can carve meaningful share from entrenched Korean competitors remains to be seen—the Japanese retailer’s broader Vietnam presence through Aeon Mall shopping centers may provide some advantage, but the exhibition business requires distinct execution.
