Lotte Duty Free opens first Vietnam store
Lotte Duty Free, South Korea’s largest duty-free operator, has set up a new outlet at a Vietnamese airport, making its first foray into Southeast Asia.
Lotte clinched a joint venture deal with a Vietnamese counterpart to co-run Phu Khanh Duty Free at the Da Nang International Airport, it said in a statement. The South Korean firm owns a 60-percent stake in the airport duty free.
Only part of the store is operational currently, with the official opening slated for August. Da Nang is a popular holiday destination among South Koreans.
The launch of Lotte’s Vietnamese duty-free shop underscores its push to expand its overseas foothold. Lotte is the third-largest duty-free operator in the world, after Swiss-based Dufry A.G. and DFS.
It is the first Korean duty-free operator to have tapped Vietnam.
Lotte Duty Free said it is planning to open another city branch in Bangkok, Thailand, this month. It currently runs airport stores in Indonesia, Japan and Guam.
- Original reporting by Yonhap, via Korea Bizwire.