“While All Markets Worldwide Are in the Red, Vietnam Keeps Turning a Profit”: CGV Vietnam’s Revenue and Operating Profit Continue to Rise

【Hanoi, Vietnam—Correspondent Kim Joon-seok】CJ CGV’s Vietnam subsidiary recorded revenue of 64 billion won and an operating profit of 7.4 billion won in the second quarter, establishing Vietnam as a key market driving the company’s overall performance.
According to local media reports and CJ CGV’s second-quarter 2026 earnings report released on the 3rd, CGV Cinemas Vietnam posted revenue of 64 billion won in the second quarter, an increase of more than 11% from the same period a year earlier. Its operating profit was 7.4 billion won.
In South Korea, by contrast, revenue reached 166 billion won during the same period, but the company recorded an operating loss of 6.2 billion won. China posted revenue of 45.8 billion won and an operating loss of 11.9 billion won. In Türkiye, revenue totaled 39.7 billion won, with an operating loss of 4.1 billion won. Indonesia was the only market besides Vietnam to post an operating profit, at 4.1 billion won, but its revenue fell 29%. As a result, Vietnam generated the largest operating profit among all of CJ CGV’s markets in the second quarter.
On a cumulative basis for the first half of this year, CGV Cinemas Vietnam’s revenue stood at 142.8 billion won, up 6% from the same period a year earlier. Its first-half operating profit was 19.2 billion won, a slight decrease of 1.7 billion won year on year. However, considering that CJ CGV Group’s consolidated operating profit was approximately 20.2 billion won during the same period, the Vietnam market effectively generated most of the group’s underlying profit.
In Vietnam, however, revenue and profitability moved in different directions. Second-quarter revenue rose 11%, while operating profit fell 7%. First-half EBITDA reached 15.9 billion won, up 3%, indicating solid cash flow from core operations. However, changes in the revenue mix affected the profit margin.
The main factor was the expanded share of the film distribution business. CJ CGV said that each of the four films it distributed during the second quarter surpassed one million admissions, driving total revenue. However, film distribution generally has lower margins than conventional theater operations, contributing to a slight decline in overall profitability. Vietnam’s film market is enjoying a boom far stronger than those of the other countries where CJ CGV operates. According to CJ CGV, Vietnam’s box-office revenue has recovered to 93% of its 2019 level, before the COVID-19 pandemic. This figure is well ahead of the recovery rates in major markets, including Indonesia at 68%, South Korea at 49%, and China at 39%. Türkiye recorded a 920% increase, but analysts attribute this largely to an optical effect caused by hyperinflation and the collapse in the value of the lira. Meanwhile, CGV maintains its dominant position as the market leader in Vietnam, with approximately 40% market share and a total of 85 theaters and 486 screens—two more theaters than in the same period a year earlier. Analysts say this extensive infrastructure not only gives the company an advantage in securing and negotiating blockbuster films, but also provides a solid foundation for optimizing ancillary revenue beyond ticket sales.
[email protected] Kim Joon-seok Reporter