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The Korea Herald
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THE INVESTOR
March 29, 2024

Retail & Consumer

Lotte Duty Free to open first store in Vietnam

  • PUBLISHED :October 31, 2017 - 09:56
  • UPDATED :October 31, 2017 - 14:05
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[THE INVESTOR] Korea’s top duty-free operator Lotte Duty Free announced on Oct. 31 that it is set to start full operations of its first outlet in Vietnam.

The firm had earlier announced in June that it has jointly set up Phu Khanh Duty Free along with a local partner to open a store at Da Nang International Airport in Vietnam. The company has a 60 percent stake in the joint venture.




Before its official launch on Nov. 1, the duty-free outlet did a test-run in May on a 270 square-meter site at the airport. The company has been preparing to open the store before the Asia-Pacific leaders’ summit, which will take place on Nov. 10.

The Korean company will be operating a duty-free area in both arrival and departure halls, which is around 1,091 square meters. It has targeted sales of around 30 billion won (US$26.76 million) annually.

Its decision to enter Vietnam comes after it saw sales plunge amid diplomatic tensions between Korea and China over the deployment of THAAD missile system.

“Vietnam is a new market with surging number of foreign tourists, we expect to foray into the Southeast Asian market through this entry,” Lotte Duty Free CEO Jang Sun-wook said in a statement.

Lotte also plans to open outlets in central Da Nang, Hanoi, Nha Trang and Ho Chi Minh. It runs six stores outside Korea, including ones in Vietnam, Japan, US and Indonesia.

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

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