Shin Dong-bin, chairman of Lotte Group, is traveling to Vietnam as part of an economic delegation accompanying President Lee Jae-myung on a trip to India and Vietnam, drawing attention to whether the group will accelerate its local expansion. Lotte has long positioned Vietnam as a key overseas base to overcome growth limits in its domestic retail business.
Industry officials said April 22 that Shin is expected to strengthen ties with Vietnamese political and government figures and personally review the group’s priority projects. One focus is the Thu Thiem Eco Smart City project in Ho Chi Minh City, with investment of about 20.1 trillion dong (about 1.1296 trillion won).
The project sits in the 2A functional zone, a core area of the Thu Thiem new urban district, on a 74,513-square-meter site. Lotte received a 50-year operating right in 2017 to build a financial center, mixed-use commercial facilities and housing, but the project was stalled for eight years due to a Vietnamese government audit and delays in land-price calculations. Recently, the Ho Chi Minh City People’s Committee was reported to have accepted part of Lotte’s request, approving an adjustment of the equity structure among affiliates and a transfer of up to 35% to a third party, signaling progress.
Lotte’s strategy in Vietnam centers on building a “lifestyle platform” that combines department stores, hypermarkets and mixed-use shopping malls. The company is expected to push beyond expanding store networks toward building a broader platform ecosystem aimed at Vietnamese consumers’ daily lives.
Lotte Mall West Lake Hanoi, which opened in July last year, spans about 354,000 square meters — roughly the size of 50 soccer fields — and includes global beauty brands such as Hermes and Chanel, along with an aquarium and KidZania. In less than a year, cumulative sales topped 300 billion won, with an average of 50,000 visitors a day and total visitors surpassing 25 million. Lotte Center Hanoi, marking its 10th anniversary this year, is also undergoing a full renovation to reinforce its landmark status.
Retail and food-service affiliates are also supporting the broader push. Lotteria, which entered Vietnam in 1998, operates 260 stores with menus tailored to local tastes and has posted annual sales of more than 100 billion won each year since 2022, maintaining the top spot in the franchise sector. Lotte Mart, which runs 15 stores, reported operating profit up 24.3% last year from a year earlier.
Lotte’s footprint in Vietnam is extending into logistics and culture. Hotel Lotte (three locations), Lotte Duty Free (three locations) and Lotte World (aquarium) have built out tourism infrastructure. Lotte Global Logistics plans to start operating its Dong Nai cold-chain center next month to upgrade supply chains. Lotte Cultureworks, which operates 44 cinemas, has introduced locally tailored premium theaters, and Lotte Ventures is active as Vietnam’s first foreign venture investment firm.
A Lotte official said the group views Vietnam as a core growth market and plans to steadily expand existing businesses while continuing to seek new opportunities.
* This article has been translated by AI.
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