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.

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.