April 26, 2024

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[THE INVESTOR] Lotte Duty Free said on Nov. 27 that it will open its airport outlet in Nha Trang, Vietnam, in the first half of next year.

The duty-free operator said it secured exclusive rights to run the store until 2018 at Cam Ranh International Airport’s new terminal.

The new duty-free outlet will be operated by the company’s joint venture Phu Khanh Duty Free, which was established in June with a local partner. The Korean company has a 60 percent stake.

Lotte will be operating a duty-free area in both arrival and departure halls, which is around 1,811 square meters and hopes for 700 billion won (US$644 million) in sales during the next 10 years.

This will be its second store in Vietnam. The duty-free firm had earlier announced in October that it has started full operations of its first outlet in Da Nang.

The plan to launch its second shop underscores Lotte’s push to expand its overseas foothold. Lotte also said it plans to open outlets in central Da Nang, Hanoi and Ho Chi Minh.

Lotte Duty Free currently runs six stores outside Korea, including ones in Vietnam, Japan, US and Indonesia.

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