Lotte Mart Vietnam plans to open 50 new supermarkets by 2020.
The South Korean company’s Vietnam subsidiary operates just 11 supermarkets currently. Besides opening its own hypermarkets, the company has taken a strategic investment in local grocery retailers Citimart in Ho Chi Minh City and Fivimart in Hanoi which are now being co-branded and essentially operate as large convenience stores.
Lotte Mart’s plans were revealed by the ViceConsul of the Republic of Korea, Hoong Soon Chang at a scholarship ceremony.
Lotte also operates hotels in Vietnam, has a growing network of Lotteria fast food restaurants, is making property investments, including a half stake in shopping centre and office tower Diamond Plaza, and runs cinemas there.
Lotte Mart Vietnam director general Hong Won Sik said the group is planning to boost its investment in the country because of its high growth rate.
Vietnam’s GDP rose 6.81 per cent during the third quarter of this year, one of the fastest rates in Asia.
According to Vietnamese news media, Korea is the largest source of foreign investment in Vietnam, with more than 4000 businesses now based there and a capital inflow of US$32.8 billion in the six months to July.