Retail giant Lotte Shopping from the Republic of Korea has announced plans to open two to three additional large-scale shopping malls in major Vietnamese cities by 2030, reinforcing Vietnam’s growing importance in its global expansion strategy. The announcement was made by CEO and Vice Chairman Kim Sang-hyun during the “CEO IR Day” in Seoul on September 15, as part of the company’s accelerated “Transformation 2.0” strategy aimed at strengthening overseas operations and integrating new retail technology-driven business models.
Lotte Shopping currently operates three department stores and 16 supermarkets in Vietnam, alongside one department store and 48 supermarkets in Indonesia. The company underscored the strong performance of its flagship Lotte Mall West Lake Hanoi, which opened in 2023, positioning it as a blueprint for future premium complexes. Kim said this successful concept would be replicated in other major Vietnamese cities to capture the country’s expanding consumer market.
At present, overseas operations contribute 13% of Lotte Shopping’s consolidated revenue and 18% of its operating profit, reflecting steady growth in foreign markets. The company aims to achieve 3 trillion KRW (approximately USD 2.2 billion) in overseas sales by 2030, supported by retail consulting and distribution system sharing with local partners in Southeast Asia.
The company’s investor event drew over 100 participants, including asset managers, institutional investors, and securities analysts, highlighting the growing investor interest in its overseas retail strategy. The planned expansion reflects Lotte’s confidence in Vietnam’s strong retail growth prospects and its role as a key driver of the company’s international business.
(Source: Vietnam Plus)
