Lotte sets sights on Vietnam after withdrawing from China
Vietnam will be the first country Lotte Group chairman Shin Dong-bin visits after he was granted a special pardon by the government on August 15.
Korea Times quoted Monday a source from Lotte as saying Shin Dong-bin plans to go to Vietnam next week.
Next week will also witness Lotte Engineering and Construction breaking ground on the $900 million Thu Thiem Eco City project in Ho Chi Minh City. The event is scheduled to take place on September 2, Vietnam's National Day.
The Thu Thiem Eco City will cover about 50,000 square meters of Thu Thiem Peninsula to contain a shopping mall, a hotel, office buildings, serviced apartments, and a residential complex.
"This trip shows how serious Korea's fifth-largest business group is about doing business in the Southeast Asian nation, now that it is near the completion of its withdrawal from China," Korea Times commented.
A Lotte Shopping official said: "We are actively operating overseas businesses in Vietnam and Indonesia currently. In particular, the Vietnamese market shows steep growth in the retail business and there is still more 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."
Vietnam is considered the third-most important market for Lotte Group after Korea and Japan. The company currently operates 270 Lotteria restaurants - a burger chain operated by Lotte GRS, and 15 Lotte Mart stores owned by Lotte Shopping in Vietnam.
Lotte Group's other affiliates are also jointly building large-scale shopping complexes and residential apartments in Hanoi and Ho Chi Minh City.
In Ho Tay district, Hanoi, the company will complete the construction of the Lotte Mall Hanoi by 2023, Korea Times reported. Lotte established Lotte Ventures Vietnam last year to support and develop Korean startups in Vietnam.
Lotte Shopping is closing its only Lotte Department Store left in China, located in Chengdu city. The company operated five branches in 2016, but has closed them one by one. The decision to sell its Chengdu branch, the last, was made at a board of directors meeting in July, according to JoongAng Daily.
Once that department store is sold, Lotte will have withdrawn all of its business from China, once one of the most important markets after Korea and Japan, after entering the country 14 years ago.
Vietnam, on a competitive basis versus China, other parts of Southeast Asia or India, offers a relative low-risk environment to do business, according to property consulting firm Savills.
Speaking at Forbes Vietnam’s recent business forum, Brian Lee, an economist at Malaysia's Maybank, commented that Vietnam, a rising star in the global supply chain, has the potential to become a new tiger in Asia.
- Read More
Vingroup’s hospitality arm Vinpearl becomes public company as part of listing plan
Vinpearl JSC, a hospitality subsidiary of conglomerate Vingroup, has completed its registration as a public company, the State Securities Commission of Vietnam (SSC) said on Friday.
Companies - Sun, November 17, 2024 | 9:00 am GMT+7
Construction of $2.3 bln central Vietnam LNG power plant to restart in 2026
Construction of the 1,500-MW Hai Lang Power Center project in Quang Tri province will restart on January 1, 2026, the project investor has informed local authorities.
Energy - Sun, November 17, 2024 | 8:00 am GMT+7
Vietnam-China partnership to enable export of Kim Long brand cars
Vietnam’s Kim Long Motor and Futa Group have struck a strategic cooperation agreement with China’s Dongfem Dana that will enable the production and export of cars under the Kim Long brand, executives said Friday.
Companies - Sat, November 16, 2024 | 7:13 pm GMT+7
Northern Vietnam province attracts $124 mln investment from Taiwan firm
Taiwan-based Nien Made Enterprise Co., Ltd. will invest $124.1 million to make furniture accessories at Phu Ha Industrial Park in the northern province of Phu Tho.
Industries - Sat, November 16, 2024 | 7:01 pm GMT+7
Vietnam’s first LNG-fired power plants to enter commercial operation in Jun-Sept 2025
Nhon Trach 3 and Nhon Trach 4, Vietnam’s first LNG-to-power plants, will begin commercial operations in June and September 2025, respectively, says project investor PV Power.
Energy - Sat, November 16, 2024 | 3:20 pm GMT+7
Vinhomes spends $276 mln on buying back 162 mln shares, more than half to go
Vinhomes, the largest housing developer in Vietnam, has spent around VND7 trillion ($275.7 million) on implementing its record buyback plan since kick-starting it on October 23.
Finance - Sat, November 16, 2024 | 1:21 pm GMT+7
Indonesia secures funding for green power infrastructure at COP29
Indonesia has attracted EUR1.2 billion ($1.26 billion) worth of green funding for the electricity sector from Germany’s Kreditanstalt für Wiederaufbau (KfW) at the 29th UN Climate Change Conference of the Parties (COP29) in Baku, Azerbaijan.
Southeast Asia - Sat, November 16, 2024 | 10:10 am GMT+7
Hanoi-based fledgling firm spends $12.3 mln on buying 17.2 mln shares of lender VIB
Hanoi-based Quang Kim Development and Investment JSC acquired 17.2 million shares of Vietnam International Commercial Joint Stock Bank (HoSE: VIB) on Monday.
Banking - Sat, November 16, 2024 | 9:47 am GMT+7
Vietnam can utilize Trump’s policies to enhance position in global supply chains: experts
Vietnam can take the advantage of protectionist economic policies by Donald Trump, the 47th president of the U.S., to strengthen its position in global supply chains, attract foreign investment, and drive sustainable economic growth, write Dr. Tran Ngoc Mai and Prof. Dr. Doan Ngoc Thang, lecturers at the Banking Academy of Vietnam.
Top News - Sat, November 16, 2024 | 9:30 am GMT+7
Former provincial Party chiefs receive warnings for Thuan An Group-related violations
The Politburo, Vietnam’s highest decision-making body, has issued warnings to Nguyen Xuan Ky, former Party chief of Quang Ninh province, and Bui Van Cuong, former Party chief of Dak Lak province, for violations related to Thuan An Group.
Politics - Sat, November 16, 2024 | 9:24 am GMT+7
GenAI set to increase Thai GDP by 6% by 2030
Generative artificial intelligence (GenAI) is projected to raise Thailand's GDP by 6% by 2030, with hefty contributions from the trade and manufacturing sectors, according to a joint online survey by SCB X and SCB Economic Intelligence Centre (SCB EIC) of the country.
Southeast Asia - Sat, November 16, 2024 | 9:00 am GMT+7
Thailand prepares for nuclear energy
Thailand’s Energy Regulatory Commission (ERC) will start looking into the legal aspects of a small modular reactor project this month to prepare Thailand for using nuclear energy.
Southeast Asia - Sat, November 16, 2024 | 8:30 am GMT+7
Data is money, big money: Vietnam tech giant FPT
Vietnamese tech giant FPT Corporation views data as a new resource and is determined to convert it into money and an artery of the economy, says its general director Nguyen Van Khoa.
Companies - Sat, November 16, 2024 | 7:18 am GMT+7
US to support Indonesia in developing small modular nuclear reactors
The U.S. has pledged to assist Indonesia in accelerating the development of small modular nuclear reactors (SMRs), according to Indonesia's Presidential Office.
Southeast Asia - Sat, November 16, 2024 | 12:13 am GMT+7
Singapore's venture capital market grows increasingly attractive
Despite a slump in funding, Singapore’s venture capital market remained active in the first nine months, The Straits Times reported.
Southeast Asia - Sat, November 16, 2024 | 12:08 am GMT+7
VinFast CEO-owned firm secures extra deal to lease EVs to ride-hailing firm
A taxi service provider based in Vietnam’s central province of Binh Dinh will lease 1,000 VinFast electric cars from an electric vehicle (EV) leasing firm that is 90% owned by billionaire Pham Nhat Vuong, the CEO of the Vietnamese carmaker.
Companies - Fri, November 15, 2024 | 8:35 pm GMT+7