Lotte plans second Hanoi mall
South Korean conglomerate Lotte is to build a second Hanoi mall.
It will be in a 200,000 sqm complex near West Lake in the Vietnamese capital, The Korea Herald reports.
Included in the mall will be a department store, supermarket and a cinema, all to be directly run by Lotte affiliates.
Construction is set to start within the next couple of months for completion in 2020.
The Dau Tu (Investment) online newspaper has reported that the project, previously known as Ciputra Ha Noi Mall and owned by the Citra West Lake City Development Company, was acquired by Lotte this year.
Started in 2007 with an estimated investment of US$2 billion, the project has been stalled for various reasons.
The total investment capital of the new Lotte project is expected to reach nearly $300 million.
The Lotte Group invested $400 million in the 65-storey Lotte Center Ha Noi mall, currently the second-tallest building in the city.
The Korean giant plans to expand its retail network in Vietnam through mergers and acquisitions, and plans 60 shopping malls in the country by 2020 – a five-fold increase, reports Nikkei.
Lotte has 285 shopping centres in Asian countries including China, Indonesia and South Korea, and views Vietnam as one of the fastest-growing retail markets in the region. In October, Lotte Mart launched its e-commerce channel in Vietnam following the introduction of Lotte Shopping TV in 2012.
As well as providing South Korean products to Vietnamese consumers, Lotte plans to export Vietnamese products like coffee, dried fruit, wooden artifacts and ceramics back to its home market.