Kido (KDC) AI Joint Venture AIRO Expands Into Short Films and Concerts

Overview

Kido Group (HOSE: KDC) announced a new operating model for AIRO, its AI joint venture with Chinese technology partner Yuguang Tongchen, expanding from AI-assisted TVC production and livestream selling into development, production, distribution and exploitation of entertainment content. The venture, 51% owned by Kido, targets about 200 AI-made short films in 2027 with estimated revenue of nearly VND 300 billion per year. For KDC, the move tests whether an AI content platform can become a new earnings pillar alongside its core food and beverage business.

Key Facts

• AIRO is a joint venture between Kido and Chinese partner Yuguang Tongchen; Kido holds 51% of the capital.
• Trần Lệ Nguyên, General Director of Kido, serves as Chairman of AIRO’s board.
• 2027 target: roughly 200 AI-made short films, at an average cost of USD 10,000-20,000 per film.
• Estimated initial revenue of about VND 25 billion per month, equivalent to nearly VND 300 billion per year.
• A dedicated AI production plant is planned in Nam Ninh, China, with capacity of about 300 short films per year.
• Distribution partners include Tencent via WeTV, HTV for short-film broadcast slots, and FPT Play and TV360 for streaming.
• In feature film, AIRO plans to take roughly 30-40% of investment capital per project, with titles including “Chị chị em em 3”, “Án mạng Karaoke” and Victor Vũ’s “Chiến bào”.
• KDC shares closed at VND 50,900 on 29 September 2026.

What Happened

Kido Group announced the new AIRO operating model on the afternoon of 29 September, according to the company’s disclosure. AIRO will move from applying artificial intelligence in TVC production and trade-support activities into developing, producing, distributing and monetising entertainment content. Trần Lệ Nguyên, General Director of Kido and Chairman of AIRO, said the AI production process has shown it can shorten timelines, reduce costs and support ideas with large settings, heavy visual effects or large casts, which underpins the expansion into content production rather than supplying technology for advertising alone.

Under the plan, AIRO targets about 200 AI-made short films in 2027 at an average cost of USD 10,000-20,000 per film, far below traditional production budgets that can reach tens of billions of dong per title. Revenue streams include paid viewers on platforms, advertising, cooperation with television stations and licensing, with content resold to other platforms after exclusive release windows. The model emphasises owning or co-owning intellectual property rather than producing mainly to order, with plans to work with directors on original stories and spin-offs. To support volumes, the venture plans an AI production plant in Nam Ninh, China, with capacity of about 300 short films per year, and is partnering with Tencent through WeTV, HTV, FPT Play and TV360, as well as Mango TV for entertainment shows and concerts.

Market Context

KDC trades on the HOSE and closed at VND 50,900 on 29 September 2026, the day of the announcement. The stock sits in the consumer staples sector, where Kido’s core businesses are food, beverages and distribution, so the AIRO expansion introduces a technology and media earnings stream that is not reflected in typical staples valuation frameworks. The news lands as Vietnamese listed companies increasingly announce AI-related initiatives, and as short-form video and streaming consumption grows across domestic platforms such as FPT Play and TV360. The article does not provide AIRO’s current revenue contribution to KDC or the venture’s historical financials.

Strategic Significance

The strategic thesis is that AIRO can lower the marginal cost of content enough to make a volume business viable: at USD 10,000-20,000 per short film, roughly 200 titles a year is a fraction of traditional production budgets, and the venture aims to own or co-own the underlying IP rather than act as a contract producer. That IP ownership, combined with distribution through WeTV, HTV, FPT Play and TV360, is what could turn a cost advantage into recurring licensing and advertising revenue. For KDC, the question is whether an AI content platform can scale into a genuine second pillar without distracting management from the food and beverage base, and whether the Nam Ninh plant and Chinese partnerships create execution or regulatory dependencies.

What to Watch

• KDC’s next quarterly earnings disclosure for any AIRO revenue or cost contribution.
• Confirmation of the Nam Ninh AI production plant, including investment value and timeline.
• Release dates and performance of the feature films cited, including “Án mạng Karaoke” and Victor Vũ’s “Chiến bào”.
• Progress on the HTV short-film broadcast slot and the WeTV, FPT Play and TV360 distribution agreements.
• Any KDC filing on AIRO’s charter capital, ownership changes or related-party transactions with Yuguang Tongchen.