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THE INVESTOR
June 22, 2018
Big Reunion

Retail & Consumer

Lotte to increase investments in Vietnam

  • PUBLISHED :March 09, 2018 - 10:57
  • UPDATED :March 09, 2018 - 10:57
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[THE INVESTOR] Lotte Corp., the holding company of Korean retail giant Lotte, said on March 9 it will continue to make major investments in Vietnam.

During his meeting with Prime Minister Nguyen Xuan Phuc in Hanoi, Lotte Group Vice Chairman Hwang Kag-gyu explained the company‘s businesses in Vietnam and discussed ways to expand the firm’s investment and cooperation with the country, it said.

“Lotte will continue to grow with Vietnam through investments in various business sectors, job creation and social contribution activities,” Hwang told the prime minister, according to Lotte.

The company has been making aggressive inroads into Vietnam, with a plan to open a massive shopping complex in Hanoi by 2020.

It is also pushing to establish a Lotte complex with malls, offices and a residential area in Ho Chi Minh City.

Lotte is Korea’s fifth-largest conglomerate, with sprawling businesses ranging from retail to construction and chemicals. The company said 16 Lotte affiliates have a presence in Vietnam with some 11,000 employees.

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