Lotte officially opens $643 mln commercial complex in Hanoi

South Korea's Lotte Group conducted the official grand opening of its $643 million Lotte Mall West Lake complex in Hanoi on Friday.

The event, following the soft opening of the complex on July 28, had the attendance of Lotte Group chairman Shin Dong-bin, Hanoi Mayor Tran Sy Thanh, and newly-appointed South Korean Ambassador to Vietnam Choi Youngsam.

The complex is a major project of Lotte, with the participation of all subsidiaries, Shin Dong-bin said at the ceremony.

Lotte Mall West Lake not only serves local citizens' demand for shopping, entertainment and relaxation, but also demonstrates the growing partnership between Vietnam and South Korea, Hanoi Mayor Tran Sy Thanh highlighted.

Construction of the 35.4-hectare project started in 2016. It features a mall, a five-star hotel, luxurious for-rent apartment, and A-class offices. The aquarium within the mall is also the biggest of its kind in Hanoi. Meanwhile, the hypermarket and the cinema are state-of-the-art facilities.

In Ho Chi Minh City, Vietnam’s southern economic hub, Lotte Group is developing its $900 million multi-function Eco Smart City on the Thu Thiem peninsula. The project will cover 50,000 square meters, comprising a shopping mall, a hotel, office buildings, serviced apartments and a residential complex. It will include five underground floors and 60 above and deploy smart technologies, the company said.

Lotte Shopping, a distribution unit under South Korean conglomerate Lotte, recorded a revenue of KRW190 billion ($144.2 million) from its operations in Vietnam in the first half of this year.