Vietnam’s cinema market is one of the few in the world that has returned to pre-Covid heights. Last year saw ticket sales reach $175.9m (vnd4.5tn) from 54.3 million admissions, beating 2019 to become the best year ever in Vietnam’s cinema history. Given that major markets such as China and the US are struggling to match pre-pandemic levels, it was a remarkable recovery marked by a burgeoning local film industry and increasing demand for out-of-home entertainment.
The local film industry is rapidly developing and gaining audience support. Last year, actor/director Tran Thanh of Dad, I’m Sorry and The House Of No Man fame set yet another record when romantic drama Mai took $20.4m (vnd522bn), making it the first film to cross vnd500bn ($19.6m) in Vietnam, and Ly Hai’s Face Off 7: One Wish was not far behind with $18.95m (vnd484bn) at the box office.
Both films — distributed by CJ CGV Vietnam, also the country’s largest cinema chain — stayed in cinemas for around three months and became respectively the highest and second-highest grossing films of all time in the territory. As a result, Vietnamese films’ market share of more than 40% in 2024 eclipsed US titles, which have seen their own share decline in recent years.
“The improved quality of Vietnamese films, in terms of both storytelling and production value, has attracted a larger domestic audience and allowed local films to compete more effectively with international titles,” says Nguyen Hoang Hai, chief content officer of CJ CGV Vietnam.
The local market is also strengthened by the rising popularity of films from Japan, South Korea and Thailand, and the longer theatrical runs given to popular Vietnamese titles compared to homegrown films in markets such as South Korea and the US, he explains.
“While over-the-top [OTT] platforms have been growing in Vietnam, they have not yet reached the level of dominance in some other markets,” adds Hai. “Popular local films typically stay in cinemas for an extended period before becoming available on OTT platforms. This encourages more audiences to watch in cinemas rather than waiting for them to be released online.”
Tech upgrades
Audience engagement and film production are fuelling each other’s growth — all alongside exhibition expansion. Significant local and international investments are pouring in to upgrade cinema infrastructure and screening technologies. Two of the leading chains hail from South Korea. Lotte Cinema opened its first overseas multiplex in Vietnam in 2008 and CJ CGV entered the market three years later via its CJ CGV Vietnam offshoot. The latter is now the market leader, commanding an estimated 45% box-office share. Trailing behind the two Korean brands is Galaxy Cinema, which was launched in 2005 as a local chain before Malaysia’s Golden Screen Cinemas (GSC) became a stakeholder in its first overseas cinema business.
CGV and Galaxy Cinema embrace the latest on-screen technologies in various formats, offering advanced projection, sound and immersive viewing experiences that audiences cannot replicate at home. Galaxy Sala, which opened in late 2023 in Ho Chi Minh City, is the first theatre in Vietnam equipped with Imax’s most advanced Laser systems, and a further Galaxy cinema with the technology is set to launch in the second quarter in Hanoi. CGV’s flagship at Su Van Hạnh, Ho Chi Minh City has installed Imax Laser as well as Ultra 4DX, a multi-sensory immersive experience created by CJ 4DPlex.
The latest theatre from Lotte Cinema opened in 2023, benefiting from its location at Lotte Mall West Lake Hanoi, which has fast become a shopping and entertainment landmark. It comprises a shopping mall with international brands, indoor aquarium, high-end supermarket, a five-star hotel and an office building.
Imax counts Vietnam as one of its fastest-growing Asian markets. It notched up its best-ever result in the country last year, delivering nearly $3m in box office from seven locations operated through exhibitor partners CGV and Galaxy Cinema.
“Vietnam is a rapidly growing economy, and audiences are increasingly selective about their entertainment, choosing to seek out premium experiences,” says an Imax spokesperson. “The debut of Imax’s first Vietnamese-language film builds on our strategic push into this market.”
That title, Money Kisses, opened during January 2025’s Tet Lunar New Year holiday, and ranks among Imax’s 10 highest-grossing titles ever in Vietnam, including US blockbusters. The romantic comedy by actress-turned-director Thu Trang is distributed by CGV and co-produced by subsidiary V Pictures, which also handles international sales.
The Vietnamese market has opened up significantly over recent years, but some foreign investment restrictions still apply in the socialist republic. US studios channel their titles through local exhibitor-distributors. Galaxy has been the exclusive distributor of all theatrical releases from Disney since 2021, while CGV has worked with Warner Bros, Universal and Paramount since it entered the market in 2011.
Mid-range growth
While a premium screening experience is one way to draw crowds, exhibitors such as Beta Cinemas and Cinestar Cinemas have emerged to target the mid-range segment of the market, particularly in smaller towns, to make cinemas even more accessible nationwide. Ticket prices are more affordable at around $1.95 (vnd50,000) or less, compared to around $3.70 (vnd94,000) at premium cinemas. And with Vietnam’s population estimated at more than 100 million, there remains significant potential for admissions growth.
“We identified a gap in the market where a large portion of the population was underserved due to high ticket prices,” says Bui Quang Minh, founder of Beta Media. “The mid-range segment allows us to build a loyal customer base, encourage repeat visits and cultivate a strong cinemagoing culture in Vietnam.”
To maintain cost-effective operations, Beta Cinemas sites are located mostly in suburban areas rather than prime city centres, and housed in decent but not overly luxurious malls to cater to customers who are not clamouring for premium technologies like Imax or 4DX. But projection and sound systems meet international standards, comparable to high-end cinema chains, asserts Minh. “Our focus is on delivering a great cinematic experience at an affordable price, rather than competing on luxury features,” he adds.
Despite temporary closures and revenue losses during the pandemic, Beta Cinemas swiftly turned its business around ahead of the market recovery. By 2024, its revenue had grown to 2.5 times that of 2019 and the circuit has expanded from 11 locations in 2022 to 21 today, without raising additional funding since the pandemic.
Meanwhile, a new cinema chain is set to enter the market. It follows a joint venture between Beta Media and Japan’s Aeon Entertainment to invest $200m in opening 50 premium cinemas in the next decade. The first three theatres under the Aeon Beta Cinemas brand will open this year, targeting a higher-end segment. Beta Cinemas will continue to focus on affordability.
The two partners also collaborate on distribution, with body horror The Substance being Aeon Beta’s first title released last November. It received an 18+ rating, with only one cut of around 90 seconds, and delivered a profitable outcome, says the distributor.
Beta Media is also ramping up production. Family film The Scent Of Pho, which stars popular local comedian Xuan Hinh in his feature debut and Thu Trang from Money Kisses, is in post and set for a Tet release in 2026.
The Vietnamese box office continued to perform well in the first two months of 2025, highlighted by the success of four local films that have earned nearly $35m (vnd900bn) between them at time of press.
The 4 Rascals, produced by Tran Thanh Town, Galaxy Studio and HKFilm and distributed by Galaxy Studio, was the champion, exceeding $11.7m (vnd300bn). It marks director Tran Thanh’s fourth major hit in five years, and all four rank in the top five box office of all time in Vietnam.
It is followed by Huynh Lap’s horror hit The Ancestral Home with $8.8m (vnd225bn), Money Kisses on $8.2m (vnd210bn) and Hoang Nam’s chiller The Soul Lantern at $4.1m (vnd105bn). The last three films are all distributed by CGV.
“We are optimistic this promising start will continue, paving the way for even greater achievements in the months to come,” says CGV’s Hai.
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