Lotte mulls expanding investment in Vietnam

December 4, 2018

SEOUL, Dec. 4 (Yonhap) — South Korea’s retail giant Lotte Group is considering expanding investment in Vietnam, industry sources said Tuesday.

According to the observers, Lotte Group Chairman Shin Dong-bin met Hanoi’s Chairman of the People’s Committee Nguyen Duc Chung on Tuesday and insisted that the conglomerate is open to expanding investment in the Southeast Asian country, especially in the hospitality segment.

Shin also reportedly claimed that its hotel, Lotte Center Hanoi, recently boasted reservation rates of between 98 and 100 percent, indicating that the country is a lucrative market for the group.

The Vietnamese official urged the company to continue making investments in the market, claiming the city is also making efforts to lend a hand to investors.

Lotte Group Chairman Shin Dong-bin (Yonhap)

Lotte Group Chairman Shin Dong-bin (Yonhap)