Lotte Duty Free expands in Vietnam
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.
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.
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%.
- Read More
Vietnam steel major Hoa Phat’s net profit may reach $1 bln with new mill
Hoa Phat Group, which claims to be the biggest steel producer in Vietnam and Southeast Asia, may record a net profit of VND20-25 trillion ($793-991 million) when its new mill in the central region becomes fully operational, according to Vietcombank Securities (VCBS).
Companies - Tue, October 29, 2024 | 2:42 pm GMT+7
World Bank’s IFC plans $200 mln loan to LG Innotek Vietnam
The International Finance Corporation (IFC), the private sector arm of the World Bank Group, plans to make a sustainability-linked loan (SLL) of up to $200 million to LG Innotek Vietnam Haiphong Co., Ltd.
Industries - Tue, October 29, 2024 | 10:11 am GMT+7
Vietnam banks' earnings outlook ‘relatively positive’: PYN Elite Fund
The Q3/202 earnings growth of Vietnam’s listed companies will likely settle around 20-30% and banks’ earnings outlook for the next 12 months is also relatively positive, said the Finland-based PYN Elite Fund.
Finance - Tue, October 29, 2024 | 9:39 am GMT+7
Chinese e-commerce giant Temu's Vietnam entry: unfair competition or market economy norm?
Vietnam's social media is currently inundated with ads from Temu, the e-commerce platform under China’s PDD Holding, showcasing a diverse array of products – from electronic chips to refrigerator mats – at discounts of up to 90%, and raising concerns about its strategy and compliance.
Opinion - Tue, October 29, 2024 | 7:55 am GMT+7
China’s BYD to repair Apple tablets with $375 mln northern Vietnam project
Chinese giant BYD is set to repair Apple tablets at its factory in Vietnam’s northern province of Phu Tho.
Industries - Mon, October 28, 2024 | 10:27 pm GMT+7
Singapore spends $270 mln on AI infrastructure, human resources
Singapore’s National Research Foundation (NRF) will allocate $270 million to the National Supercomputing Centre (NSCC) in the next three years to train specialists and develop next-gen supercomputers in order to boost AI through supercomputing talent and infrastructure.
Southeast Asia - Mon, October 28, 2024 | 10:21 pm GMT+7
Malaysia to leverage 2025 ASEAN chairmanship to advance regional carbon initiatives
Malaysia’s ASEAN 2025 chairmanship provides the best opportunity to promote carbon trading and carbon credits among its member countries, says Sarawak’s Deputy Minister of Energy and Environmental Sustainability Datuk Dr Hazland Abang Hipni.
Southeast Asia - Mon, October 28, 2024 | 10:20 pm GMT+7
Vietnam, UAE elevate relations to comprehensive partnership
The United Arab Emirates (UAE) has become Vietnam's first comprehensive partner in the Middle East, underscoring the two nations' commitment and high expectations for a strengthened, practical and effective collaboration.
Politics - Mon, October 28, 2024 | 10:16 pm GMT+7
UAE plans to hold conference to promote investment into Vietnam: minister
The United Arab Emirates (UAE) has plans to organize a large-scale conference in Vietnam to canalize investment from the UAE and elsewhere into the Southeast Asian country, says a minister.
Investing - Mon, October 28, 2024 | 5:41 pm GMT+7
Sustainable packaging key focus area in Suntory PepsiCo Vietnam growth strategy: exec
Suntory PepsiCo Vietnam is actively promoting various initiatives in sustainable packaging as a key focus area in its development strategy, says Do Thai Vuong, deputy general director in charge of external affairs and communications.
Companies - Mon, October 28, 2024 | 5:02 pm GMT+7
Nuclear power Vietnam’s choice to ensure sufficient energy: country top leader
Nuclear power is the path for Vietnam to ensure sufficient electricity supply by 2045, Party General Secretary To Lam said Saturday at the ongoing National Assembly session.
Energy - Mon, October 28, 2024 | 4:33 pm GMT+7
Vietnam Electricity’s northern unit seeks German support in finance, technology
Northern Power Corporation (EVNNPC), a unit of state utility Vietnam Electricity, is seeking further support from the German government and state-owned German development bank KfW to reach sustainable growth.
Energy - Mon, October 28, 2024 | 4:16 pm GMT+7
Leading UAE firms plan to expand investment cooperation in Vietnam
Four leading UAE corporations collaborating with Vietnamese firms have plans to expand investment cooperation in the country, executives told Prime Minister Pham Minh Chinh in Abu Dhabi Sunday.
Industries - Mon, October 28, 2024 | 3:53 pm GMT+7
Real estate developer Nam Long achieves only 3% of year's profit target
Nam Long Group, a major real estate developer in southern Vietnam, recorded an after-tax profit of VND15.5 billion ($610,345) in the first nine months of 2024, reaching only 3% of its annual target.
Companies - Mon, October 28, 2024 | 3:00 pm GMT+7
Vietnam's largest private firm Vingroup launches VinVentures capital fund
Vingroup has launched a capital fund named VinVentures which is dedicated to investing in high-impact technology startups, with assets under management worth $150 million.
Finance - Mon, October 28, 2024 | 2:07 pm GMT+7
Vietnam’s Eximbank sees Q3 earnings triple on forex trading
Ho Chi Minh City-based Eximbank says it earned a net profit of VND721.2 billion ($28.6 million) in Q3/2024, up 198.25% year-on-year, thanks to income from lending and forex trading.
Banking - Mon, October 28, 2024 | 12:25 pm GMT+7