Lotte Mart has been licensed by Dong Nai province People’s Committee to open third outlet in the country.

The third Lotte Mart will be located in Amata Commercial Complex in Bien Hoa. It will have a total area of 8300sqm with a commercial floor area of 21,000sqm. It will have a total investment of US$40 million from the local project investor Amata Vietnam Joint Stock.

“The growth potential still seems enough. The Vietnamese market will become our stronghold to expand our overseas operations in southeastern Asia,” said Kim Min-seok, a Lotte Mart official.

Korea’s Lotte Mart entered Vietnam in 2006. It currently has two outlets in Ho Chi Minh city – one in District 7 and another in District 10. Stores are typically a hybrid supermarket and discount department store and host a Lotteria fast food chain, Lotte’s equivalent to McDonald’s, along with other concessions.

Future expansion will see another outlet in Bien Hoa and one in Danang. It aims to have 30 outlets by 2018.

GB