Lotte pledges long-term investment in Vietnam
Lotte expects to receive additional Vietnamese support and favourable conditions to undertake its long-term investment projects in the country, Shin Dong-bin, chairman of Lotte Holdings Co. Ltd. at a meeting with State President Nguyen Xuan Phuc on August 31.
Shin said Lotte has entered the Vietnamese market since 1996 specialising in various fields such as trading, food, retail and urban development. The group is keen on the Lotte Eco Smart City project in Ho Chi Minh City that covers an area of 50,000m2 and costs US$2.2 billion in investment.
When the project is put into operation, it is expected to create approximately 20,000 jobs for local people, said the executive.
The group is also implementing the Lotte Mall Hanoi project on an area of 7.3ha and with total investment capital of about US$600 million. It is promoting the formation of and investing in a startup ecosystem in Vietnam.
Receiving the RoK executive, President Nguyen Xuan Phuc welcomed the group’s long-term investment strategy in Vietnam, and requested that Lotte continue contributing to increasing economic cooperation between Vietnam and the RoK in an effort to soon raise bilateral trade turnover to US$100 billion.
He noted that the strategic partnership between Vietnam and the RoK has developed substantially in recent times, especially in trade-economic-investment. RoK businesses are currently leading in FDI investment in Vietnam with a total capital of US$80 billion. With a turnover of US$78 billion, the RoK is the third largest trade partner of Vietnam.
President Phuc welcomed Lotte’s investment of nearly US$5 billion in Vietnam, considering the Southeast Asian nation its third largest market after the RoK and Japan. He suggested that the group continue to invest in large projects in Vietnam. And expand investment in central provinces to bring mutual benefits.
According to the President, Lotte - invested projects contribute to meeting the increasing needs of the Vietnamese people, especially the middle class, and about 200,000 Koreans currently residing in Vietnam. Together with a favorable business environment, these factors will help Lotte continue to operate efficiently in Vietnam, said the president.
