(Lotte)
South Korea’s Lotte Group is expanding its presence in fast-growing Vietnam this year as it seeks to secure global footholds and diversify its revenue structure.
According to industry sources on Sunday, Lotte is focusing on expanding its business in Vietnam across logistics, retail, dining, and hotels through aggressive investment this year.
The company plans to open a logistics center in Dong Nai, Vietnam, in May, enhancing its cold-chain capabilities. It will also renovate about 20 percent of its shopping complex Lotte Mall West Lake Hanoi this year, while introducing global flagship stores and luxury brands to enhance its retail competitiveness.
As part of these efforts, Chairman Shin Dong-bin visited major business sites in Hanoi from April 21 to 24.
On April 23, he received briefings on operations from key affiliates such as Lotte Department Store, Lotte Mart, and Lotte Hotels & Resorts.
Lotte Mall West Lake Hanoi has been recognized as a core hub of Lotte’s Vietnam business, consistently recording double-digit sales growth. Last year, it achieved over 20 percent annual growth and accumulated sales of 600 billion won ($406.32 million).
“Vietnam is a key country for the group’s global business, and it is very encouraging to see continued growth in our core sectors such as food and retail,” said Shin. “While strengthening the competitiveness of our existing core businesses, we should also focus on exploring new growth areas such as advanced urban development, eco-friendly materials industries, and advanced logistics.”
Shin also held a series of meetings with key Vietnamese officials, including Vu Dai Thang, chairman of the Hanoi People’s Committee, and To An Xo, assistant to Vietnam‘s top leader To Lam, to discuss urban development and investment cooperation plans.
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