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Lotte Center Hanoi, a 65-story skyscraper in the center of Hanoi

Lotte Group chairman Shin Dong-bin has selected Vietnam as the destination of his first overseas business trip after receiving a special pardon on Aug. 15.

Shin will depart for Vietnam at the end of this month. On Sept. 2, he will attend the groundbreaking ceremony for Lotte E&C’s Thu Thiem Eco Smart City, a new city development project in Ho Chi Minh City, Vietnam. This will mark Shin’s first visit to Vietnam since December 2018.

The Thu Thiem Eco Smart City project aims to develop a large complex with a total floor area of ​​680,000 square meters on a site of 50,000 square meters. The complex will accommodate a shopping mall, offices, a hotel, and apartment houses. The project budget is US$900 million. Lotte received an investment certificate from Ho Chi Minh City in March 2021.

After attending the groundbreaking ceremony, Shin will check Lotte Group’s distribution businesses in Vietnam. The group entered Vietnam in 1998, starting with Lotteria. Lotte Mart opened its first store in 2008 and has since opened 15 stores. Currently, Lotte Hotel, Lotte Duty Free, Lotte Property & Development and Lotte E&C are doing business in Vietnam.

Jung Jun-ho, CEO of Lotte Department Store, also visited Vietnam in June. The company operates two branches in Vietnam and one in Jakarta, Indonesia. It also has a branch in Chengdu, China, but the board of directors decided to sell its stake in Chengdu branch in July. The Hanoi branch opened in 2014 at Lotte Center Hanoi.

Meanwhile, with the sale of its stake in its Chengdu branch, Lotte Department Store has virtually completed its withdrawal from China. Lotte Group entered China in 2008 and once operated 5 Lotte Department Store branches and 119 Lotte Mart stores in China. But in 2017, Lotte went through difficulties due to China’s retaliatory measures against the deployment of THAAD batteries in South Korea and began to give up its business in China. Lotte Mart left the Chinese market in 2018.

 

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