Lotte Vietnam Co., Ltd., under South Korean conglomerate Lotte, inaugurated its second confectionery factory in the southern province of Binh Duong on Thursday, with an investment of VND500 billion ($21 million).
The four-hectare plant in My Phuoc I Industrial Park is set to churn out chocolate pies under its brand “Chocolat” for the Vietnamese market starting this April.
At the inaugural ceremony, Lotte added that it would upgrade its first Binh Duong factory, a facility for manufacturing Lotte Xylitol gum, to utilize solar power and reduce plastic materials.
Lotte had invested over $5 billion in Vietnam, making the Southeast Asian nation its third biggest market after South Korea and Japan, then President Nguyen Xuan Phuc said while hosting Lotte Chairman Shin Dong-bin in August 2022. Phuc also urged Lotte to continue making major investments in Vietnam.
Lotte’s portfolio in Vietnam covers various sectors, including real estate like Lotte Eco Smart City in Ho Chi Minh City, retail outlets like Lotte Mart, cinema with Lotte Cinema, restaurant Lotteria, hospitality via Lotte Legend Saigon, and others.