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THE INVESTOR

Retail & Consumer

Lotte Duty Free sets up JV in Vietnam

  • PUBLISHED :June 02, 2017 - 15:40
  • UPDATED :June 02, 2017 - 15:40
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[THE INVESTOR] Lotte Duty Free said on June 2 it has set up a joint venture in Vietnam along with a local partner.

The company said it owns a 60 percent stake in Phu Khanh Duty Free, without naming the Vietnamese partner. 




The first duty-free store opened on a 1,000 square-meter site at Da Nang International Airport in May. After months of a test-run, the official opening is expected in August.

“We plan to open more stores in major cities such as Ho Chi Min and Hanoi, depending on market conditions,” a company official said.

The latest store opening comes after the Korean retail giant saw sales plunge amid diplomatic tensions between Korea and China over the deployment of US-made THAAD missile system.

Lotte is expected to diversify its key markets, especially in Southeast Asia. Currently, it operates six duty-free outlets outside Korea including in Japan, Indonesia and Guam. Another store is opening in Bangkok next month.

By Song Seung-hyun (ssh@heraldcorp.com)
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