Another Lotte Mart for Vietnam

South Korean retailer Lotte Mart, a part of the Lotte Group conglomerate, continues expanding in Vietnam with a new mall in Binh Thuan province.

Lotte Mart is said to have been granted permission by Binh Thuan Province’s Department of Planning and Investment to build a seven storey mall in Phan Thiet City. The mall called Lotte Phan Thiet will cost an investment of around US$30 million.

The new shopping mall will contain retail stores, cinemas, children’s entertainment areas, billiards, bowling and video games clubs and other facilities.

Lotte Mart made its foray in Vietnam in 2006 through a joint venture with local company Minh Van. Currently, the Korean retailer wholly operates its four shopping malls in Vietnam after it applied and have been granted with 100 per cent foreign direct investment.

The retailer had increased its charter capital from an initial of US$65 million to US$120 million to support its expansion plans for the country. It intends to open 60 supermarkets in Vietnam by 2020.

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