Lotte Shopping plans to open more shopping malls in Vietnam
South Korean retail giant Lotte Shopping has unveiled plans to open an additional two to three large-scale shopping malls in major Vietnamese cities by 2030, underscoring the country’s growing role in the group’s international expansion strategy.
Lotte Mall Westlake Hanoi. Photo courtesy of VNA.
The announcement was made by Lotte Shopping CEO and vice chairman Kim Sang-hyun at the “CEO IR Day” held in Seoul on Monday.
The company said the expansion is part of its accelerated “Transformation 2.0” strategy, which aims to strengthen overseas operations while developing new retail technology-driven businesses as future growth engines.
Lotte Shopping currently operates three department stores and 16 supermarkets in Vietnam, alongside one department store and 48 supermarkets in Indonesia.
The company highlighted the success of its flagship Lotte Mall West Lake Hanoi, which opened in 2023, describing it as a model for future premium complexes. Kim said the group intends to replicate this concept in other major Vietnamese cities.
At present, overseas operations account for 13% of Lotte Shopping’s consolidated revenue and 18% of operating profit, reflecting steady growth momentum.
The company is targeting KRW 3 trillion (about $2.2 billion) in overseas sales by 2030, supported by projects such as retail consulting and sharing its distribution systems with local partners in Southeast Asia.
Lotte Shopping posted revenue of KRW13.98 trillion and operating profit of KRW 473.1 billion in 2024. By 2030, it aims to achieve KRW 20.3 trillion in revenue and won 1.3 trillion in operating profit, nearly triple its 2024 profit levels.
The CEO IR Day attracted more than 100 participants, including asset management representatives, institutional investors, securities researchers, and bank managers. Lotte used the event to share its performance goals and strategies to enhance corporate value.
- Read More
Danang airport starts $57 mln terminal expansion
Vietnam's central city of Danang has started construction on a nearly VND1.5 trillion ($56.88 million) expansion project for the international passenger terminal (T2) at Danang International Airport, as the city seeks to ease congestion and strengthen its position as a regional tourism hub.
Infrastructure - Wed, May 20, 2026 | 9:23 pm GMT+7
Petrovietnam names Le Manh Cuong as CEO
State-owned giant Petrovietnam has appointed Le Manh Cuong as CEO, elevating a longtime industry executive with more than three decades of experience across Vietnam’s offshore energy and oil-services sector.
Companies - Wed, May 20, 2026 | 4:49 pm GMT+7
Nvidia expands Vietnam hiring as Foxconn emerges as potential high-end GPU manufacturing partner
Nvidia is ramping up recruitment in Vietnam for manufacturing and operations roles tied to high-end graphics processing units, in a sign the U.S. chipmaker may be preparing to assemble advanced AI server hardware in the country as part of a broader supply chain shift.
Companies - Wed, May 20, 2026 | 3:40 pm GMT+7
Vietnam defense ministry to take over My Dinh national sports complex
The management of My Dinh National Sports Complex in Hanoi will be transferred to the Ministry of National Defense, as authorities move to address long-standing operational and financial problems at the country’s largest sports venue.
Real Estate - Wed, May 20, 2026 | 3:27 pm GMT+7
Bluemarq Group: Why profits are rising but shareholders’ earnings keep shrinking
Bluemarq Group, formerly known as Dat Xanh Group, posted a strong rebound in first-quarter earnings as its real estate brokerage business accelerated sharply.
Companies - Wed, May 20, 2026 | 3:12 pm GMT+7
USD/VND exchange rate remains elevated
The USD/VND exchange rate remains under pressure as the State Bank of Vietnam on Wednesday raised the daily reference exchange rate to VND25,135 per U.S. dollar.
Banking - Wed, May 20, 2026 | 1:07 pm GMT+7
The return of once-high-profile Vietnamese tycoons draws market attention
A wave of comebacks by several once high-profile Vietnamese businessmen is drawing renewed attention from stock market investors, reviving memories of a turbulent period in the country’s corporate sector while raising fresh expectations about the role of business leaders in the post-crisis era.
Companies - Wed, May 20, 2026 | 10:28 am GMT+7
Standard Chartered sets out sustainable growth plan, targeting 18% return on tangible equity in 2030
Standard Chartered says it plans to invest ahead of long-term trends to maintain strong growth, boost productivity, further improve the quality of earnings, and maximize its competitive advantages.
Banking - Wed, May 20, 2026 | 9:43 am GMT+7
What makes Viet Ha Brewery attractive to investors?
Despite posting relatively modest business results, Viet Ha Investment and Trading JSC has attracted strong investor interest thanks to its large cash holdings, extensive land bank and a portfolio of real estate projects in Hanoi.
Companies - Tue, May 19, 2026 | 9:13 pm GMT+7
Hanoi commences work on $6.1 bln highway corridor, $199 mln waste-to-power projects
Hanoi on Tuesday broke ground on two major infrastructure projects worth a combined VND167.25 trillion ($6.3 billion), underscoring the capital’s push to modernize transport networks and expand environmental infrastructure amid rapid urbanization.
Infrastructure - Tue, May 19, 2026 | 8:34 pm GMT+7
VSIP gets nod to develop $26 mln industrial park phase 2 in central Vietnam
Nghe An province authorities have approved VSIP as the investor for the second phase of Tho Loc Industrial Park, with an estimated investment of VND688 billion ($26 million).
Industrial real estate - Tue, May 19, 2026 | 4:18 pm GMT+7
Geleximco plans $300 mln high-tech livestock, tea cultivation project in northern Vietnam
Geleximco is seeking approval to invest $300 million in a large-scale high-tech livestock and tea cultivation project in Vietnam’s northern mountainous province of Tuyen Quang, marking the conglomerate’s potential entry into the country’s rapidly expanding livestock sector.
Industries - Tue, May 19, 2026 | 2:39 pm GMT+7
Underground space emerges as Hanoi’s ‘new growth axis’
As land availability in Hanoi’s urban core becomes increasingly constrained, the Vietnamese capital is beginning to look underground for future expansion rather than continuing the outward urban sprawl that has defined its growth for decades.
Economy - Tue, May 19, 2026 | 2:12 pm GMT+7
Brokerage exec explains prolonged net selling trend by foreign investors
The Vietnamese stock market has continued to record net selling by foreign investors though FTSE Russell on April 7 confirmed the reclassification from frontier to secondary emerging status, effective from September 21, 2026.
Finance - Tue, May 19, 2026 | 12:39 pm GMT+7
Brokerage VNDirect set to return to growth path after 2024 cyberattack: chairwoman
Pham Minh Huong, chairwoman of VNDirect Securities, said the brokerage has spent the past two years rebuilding its technology, operations and governance systems to adapt to a changing market environment, particularly following a cyberattack in 2024.
Companies - Tue, May 19, 2026 | 11:27 am GMT+7
Vietnam’s private sector entering ‘a new bright phase’: report
Vietnam’s private sector has moved beyond a defensive phase and is preparing for a new period of expansion despite persistent challenges, according to a report by the Vietnam Chamber of Commerce and Industry (VCCI).
Economy - Tue, May 19, 2026 | 10:54 am GMT+7
