Lotte Duty Free expands in Vietnam

By Nguyen Thuy
Wed, November 16, 2022 | 10:33 am GMT+7

South Korea’s Lotte Duty Free is expanding in Vietnam with a new store in Danang city, considering it "a strong foundation" to maintain the firm's leading position in Southeast Asia.

Lotte Duty Free celebrated the opening of its first downtown duty shop in Vietnam, located in Danang city on the central coast, on Tuesday.

This is its fourth store in the country, which the retailer entered in 2017 by opening the first at Danang International Airport. Lotte Duty Free was the first Korean duty-free operator to do so.

The new Lotte Duty Free store at VVMall, My Khe Beach, Danang. Photo courtesy of Lotte.

The new Lotte Duty Free store at VVMall, My Khe Beach, Danang. Photo courtesy of Lotte.

Lotte Duty Free plans to open a store in downtown Hanoi next year as part of what the retailer calls the Lotte Duty Free Belt which encompasses the Asia Pacific region.

The newest store in Danang is the largest of the four Lotte Duty Free stores in Vietnam. Covering 2,000 square meters at VVMall at My Khe Beach, a popular tourist spot in Danang, the store houses more than 200 brands of cosmetics and perfumes, wines and spirits, jewelry, watches, chocolate, sweets, fashion items, and others. Featured Vietnamese products include pearls, coffee, tea, and local foods.

Shoppers at the new Lotte Duty Free store's chocolate counter in downtown Danang. Photo courtesy of Lotte.

Shoppers at the new Lotte Duty Free store's chocolate counter in downtown Danang. Photo courtesy of Lotte.

Lotte Duty Free described Vietnam as the company’s “forward base” for targeting the entire Southeast Asian duty free market. The major travel retailer expects to achieve sales of more than 50 billion won (almost $38 million) a year from the downtown Danang operation, as Vietnam’s tourism market has recovered to pre-Covid levels.

“Vietnam comes with further potential in tourism and travel retail development,” said Lotte Duty Free CEO Kap Lee. “The Danang downtown store will be a strong foundation for us to maintain our leading position in the whole Southeast Asian market.”

The shop complements the Korean retailer’s presence at Danang International Airport, Cam Ranh International Airport in Nha Trang, also on the central coast, and Noi Bai International Airport in Hanoi.

The retailer has not been present at Tan Son Nhat International Airport in Ho Chi Minh City, Vietnam’s southern economic hub. The second at Cam Ranh opened in 2018, followed by the third in 2019 at Noi Bai.

Vietnam welcomed nearly 2.4 million international arrivals in the first 10 months of this year, increasing almost 19 times from the same period last year, a low base caused by the pandemic, General Statistics Office data shows.

The country targets about five million foreign travelers in 2022, according to the Vietnam National Administration of Tourism.

Danang saw almost 3.1 million arrivals, both domestic and international, in the 10-month period, up 182.4% year-on-year, the Da Nang Statistics Office reported. The travelers include 354,400 foreign arrivals, up 275.5%, and more than 2.73 million local ones, up 173.6%.

Comments (0)
  • Read More
Offshore wind power developer CIP seeks long-term cooperation with Vietnam

Offshore wind power developer CIP seeks long-term cooperation with Vietnam

Copenhagen Infrastructure Partners (CIP), a major Danish renewable energy developer, is seeking to reach long-term cooperation with Vietnamese businesses in the offshore wind power sector.

Energy - Thu, March 27, 2025 | 4:16 pm GMT+7

Vietnam giant VinFast moves to expand EV service in Philippines

Vietnam giant VinFast moves to expand EV service in Philippines

VinFast, Vietnam’s largest electric vehicle (EV) manufacturer, has partnered with MGA.414 Corporation, the operator of the JIGA automotive service chain, to expand its EV service network in the Philippines.

Southeast Asia - Thu, March 27, 2025 | 3:48 pm GMT+7

Vietnam's MobiFone officially launches 5G services

Vietnam's MobiFone officially launches 5G services

MobiFone, one of Vietnam’s leading telecommunications providers, has officially commercialized its 5G services, becoming the third network operator in the country to do so.

Southeast Asia - Thu, March 27, 2025 | 3:45 pm GMT+7

Thanh Cong Group inaugurates first automobile manufacturing plant in Vietnam's Quang Ninh province

Thanh Cong Group inaugurates first automobile manufacturing plant in Vietnam's Quang Ninh province

Vietnamese automaker Thanh Cong Group officially inaugurated its Thanh Cong Viet Hung automobile manufacturing plant on Wednesday at the Viet Hung Industrial Park in the northern province of Quang Ninh.

Southeast Asia - Thu, March 27, 2025 | 3:32 pm GMT+7

Vietnam willing to open doors to US agricultural products: minister

Vietnam willing to open doors to US agricultural products: minister

Vietnam is actively preparing to open its market to U.S. agricultural products such as tangerine, plum, and lemon, Vietnamese Minister of Agriculture and Environment Do Duc Duy said on Wednesday.

Economy - Thu, March 27, 2025 | 3:08 pm GMT+7

S Korea chaebol Lotte eyes hypermarket in northern Vietnam

S Korea chaebol Lotte eyes hypermarket in northern Vietnam

South Korean conglomerate Lotte is eyeing projects in Thai Nguyen province, an industrial hub in northern Vietnam, firstly a hypermarket.

Industries - Thu, March 27, 2025 | 12:15 pm GMT+7

Dubai-based PDSI eyes $2.6 bln investment in tourism-golf course project in central Vietnam

Dubai-based PDSI eyes $2.6 bln investment in tourism-golf course project in central Vietnam

PDSI Group, a Dubai-based real estate and consulting firm, has expressed interest in developing a $2.6 billion commercial, tourism, and golf course complex in Binh Thuan, a south-central coastal province of Vietnam.

Real Estate - Thu, March 27, 2025 | 11:38 am GMT+7

S Korea's SK set to divest from Vietnam's giant Vingroup

S Korea's SK set to divest from Vietnam's giant Vingroup

South Korean chaebol SK Group is set to divest from Vietnamese conglomerate Vingroup, according to the former’s annual report 2024.

Companies - Thu, March 27, 2025 | 11:30 am GMT+7

StanChart adjusts USD/VND exchange rate forecast amid changing economic trends

StanChart adjusts USD/VND exchange rate forecast amid changing economic trends

Standard Chartered Bank has adjusted its USD/VND exchange rate forecast, reflecting shifts in global and regional economic conditions.

Economy - Thu, March 27, 2025 | 9:29 am GMT+7

Fund inflows help stabilize Vietnam's stock market: analyst

Fund inflows help stabilize Vietnam's stock market: analyst

As fund inflows are typically long-term investments, they play a key role in stabilizing Vietnam's stock market and preventing sharp fluctuations, according to Nguyen Duy Anh, Chartered Financial Analyst (CFA) at Vietcombank Fund Management Co., Ltd. (VCBF).

Finance - Thu, March 27, 2025 | 8:30 am GMT+7

VSIP begins work on industrial park project in northern Vietnam province Thai Binh

VSIP begins work on industrial park project in northern Vietnam province Thai Binh

Construction of the Vietnam-Singapore Industrial Park (VSIP) Thai Binh commenced on Wednesday in northern Vietnam, with the witness of Vietnamese Prime Minister Pham Minh Chinh and his Singaporean counterpart Lawrence Wong.

Industrial real estate - Wed, March 26, 2025 | 10:41 pm GMT+7

Vingroup starts building mega urban project in Vietnam's Mekong Delta

Vingroup starts building mega urban project in Vietnam's Mekong Delta

Vietnam’s leading private conglomerate Vingroup on Wednesday embarked on construction of the VND28 trillion ($1.1 billion) Vinhomes Green City, the first mixed-use urban development in its ecosystem in the Mekong Delta province of Long An.

Real Estate - Wed, March 26, 2025 | 10:11 pm GMT+7

Indonesia, China cooperate in digital technology

Indonesia, China cooperate in digital technology

Indonesia and China are expanding cooperation in the field of AI to promote digital transformation, especially in the fields of agriculture and smart cities.

Southeast Asia - Wed, March 26, 2025 | 10:01 pm GMT+7

Indonesia decides to join BRICS New Development Bank

Indonesia decides to join BRICS New Development Bank

Indonesian President Prabowo Subianto has announced the Government's decision to become a member of the New Development Bank (NDB), a multilateral development bank established by the five founding member states of the BRICS group.

Southeast Asia - Wed, March 26, 2025 | 9:57 pm GMT+7

Major Vietnamese broker SHS to double charter capital

Major Vietnamese broker SHS to double charter capital

Saigon-Hanoi Securities Corporation (SHS) plans to issue 894 million shares to increase its charter capital from VND8.13 trillion to VND17.07 trillion ($667.6 million), making it one of the top three securities firms in term of charter capital.

Companies - Wed, March 26, 2025 | 8:30 pm GMT+7

Elon Musk company okayed to pilot Starlink satellite internet service in Vietnam

Elon Musk company okayed to pilot Starlink satellite internet service in Vietnam

Vietnam has allowed the U.S.'s SpaceX to pilot Starlink low-orbit satellite internet service in the country on a pilot basis until January 1, 2031.

Industries - Wed, March 26, 2025 | 5:18 pm GMT+7