Vietnam remains Lotte's key investment destination: exec

Lotte Group will continue to expand and diversify its business in Vietnam as a key investment destination, said chairman Shin Dong Bin.

The conglomerate is carrying out a global development strategy, with planned investment of over 23 trillion won ($11 billion) worldwide and Vietnam identified as a priority destination, Shin said at a meeting with Vietnam's State President Luong Cuong in Gyeongju, South Korea on Thursday, on the sidelines of the 32nd APEC Economic Leaders’ Week.

Lotte was among the first South Korean corporations to invest in Vietnam, with operations spanning trade, services, food, retail, and real estate. The company has built a network of modern shopping centers across the country, including the landmark Lotte Mall West Lake Hanoi complex, Shin noted.

He added Lotte plans to continue expanding and deversifying its business in Vietnam while emphasizing corporate social responsibility and contribution to local sustainable development.

In response, President Luong Cuong praised Lotte’s successful operations in Vietnam, calling the group a model of successful investment, especially in real estate, entertainment, and food processing.

He reaffirmed Vietnam’s commitment to creating favorable conditions for foreign investors, including Korean firms like Lotte, to conduct long-term business in the country.

The president encouraged Lotte to further expand its investment in Vietnam as a strategic market and take advantage of opportunities from the country’s new-generation free trade agreements (FTAs).

He urged the group to prioritize environmental protection, strengthen partnerships with local enterprises, and use Vietnamese-made materials to help integrate domestic businesses into Lotte’s global value chain.

He said relevant Vietnamese authorities would work with Lotte to address existing bottlenecks, supporting the group’s long-term and stable operations in Vietnam for mutual benefit.

Earlier, at an investor meeting on September 15, Kim Sang-hyun, vice chairman cum CEO of Lotte Shopping, said the company planned to open two to three more major shopping complexes in Vietnam following the success of Lotte Mall West Lake Hanoi, as part of its strategy to more than double operating profit.

The Lotte Mall West Lake Hanoi, also known as Lotte Mall Tay Ho, is regarded as one of Lotte’s flagship projects. With a total floor area of 354,000 square meters - roughly the size of 50 football fields - the complex stands out among Vietnam’s retail centers with its mix of luxury brands and global fast-fashion labels.