Japan's Aeon Entertainment and Vietnam's Beta Media have signed an agreement to form a joint venture aimed at building and operating a premium cinema chain across Vietnam.
The partnership also includes plans to produce and distribute films in the country.
The company, which operates under the Aeon Beta Cinema brand, aims to open more than 50 luxury cinema complexes by 2035. The first location is scheduled to open in 2025. While specific financial details have not been disclosed, the total investment is estimated to be around 5 trillion dong ($198.2 million).
Aeon Entertainment, a subsidiary of Japan’s Aeon Group and the largest cinema operator in its home market with 96 locations, sees Vietnam as a key growth market. Nobuyuki Fujiwara, chairman of Aeon Entertainment, cited Beta Media’s knowledge of the local market and its network as crucial factors in the partnership.
For Beta Media, part of Vietnam’s Beta Group, the joint venture complements its existing Beta Cinema brand, which will continue to serve the mass market segment. The company currently operates 20 cinemas nationwide.
Bui Quang Minh, Chairman of Beta Group, emphasized the potential for “leading development opportunities” by combining Aeon’s industry expertise with Beta’s local insights.
The joint venture also plans to enter the Vietnamese film production and distribution business under the Aeon Beta brand, capitalizing on the country's growing film industry.
The Vietnamese film industry has recently gained international recognition with Don't Cry Butterfly being selected for the upcoming Venice Film Festival, Vietnam and Nam premiering at Cannes earlier this year, and Kieu Ly Never Cry winning Best First Feature at this year's Berlin Film Festival.
