Lotte Group currently has 20 affiliates operating in Vietnam. (Photo: VNA)Lotte Group, one of the top two retail giants in theRoK along with Shinsegae, is the most active in the scene. The companycurrently has 20 affiliates operating in Vietnam, including Lotte GRS, LotteShopping and Lotte Culture Works.
Lotte Shopping is set to open Lotte Mall West LakeHanoi in the capital city in August. It will be Vietnam's largest shopping mall complexalso consisting of a hotel and offices.
The Lotte Mall West Lake Hanoi project. (Photo: Lotte Group)"Vietnamese retail market grew about 100 times inthe past 20 years. It is an attractive business destination with a high portionof the young population, who love Korean food, K-pop and K-drama," a LotteShopping official said, as cited by The Korea Times.
Shinsegae plans to open a third Emart store in Vietnamunder a master franchise contract with local THACO Group in the second halfof this year.
GS Retail has already opened over 200 GS25 conveniencestores in the Southeast Asian country.
Apart from retail corporations, leading unicornbusinesses in technology, tourism services, and hotels in the RoK, such asYanolja Cloud, are also targeting the Vietnamese market.
Following the Vietnam visit by President Yoon Suk Yeoland a business delegation of the RoK in June, Yanolja Cloud has successfullyestablished strategic partnership agreements with three Vietnamese companies, namelyVNTravel, DiHotel, and Fusion Hotel Group.
Vietnam has a domestic market with a population ofnearly 100 million. Looking at the composition ratio of the population, thoseunder the age of 30 account for 50% of the population while the working-agepopulation takes up 70%./.
VNA
