The country’s fifth largest conglomerate Lotte Group is picking up the pace of expansion in Vietnam’s retail and F&B industries as it pulls out of China.
The Chairman, Shin Dong-bin, who has recently been released from jail, is to participate in his first overseas trip to Vietnam following his presidential pardon earlier this month.
The Korea Times quoted a Lotte Shopping official as saying: “We are actively operating in Vietnam and Indonesia currently. The Vietnamese market in particular shows steep growth in the retail business and there is still room to grow. Korea has a good reputation in Vietnam that helps with our business there and people’s income levels are rapidly growing too.”
Lotte has 270 Lotteria fast-food restaurants and 15 Lotte Mart hypermarkets in Vietnam. Its other subsidiaries are also building shopping complexes and residential apartments in Hanoi and HCMC.
