The vice chairman of Lotte, Hwang Kag-Gyu, met with Vietnamese Prime Minister Nguyen Xuan Phuc in Ha Noi on March 8 to explain Lotte’s business strategy in Viet Nam and discuss investment, expansion and co-operation plans.
The meeting was held in the context of Viet Nam and South Korea celebrating 25 years of diplomatic relation in 2017 and the relationship between the two countries developing strongly through active economic co-operation and exchange activities.
Lotte is a popular brand around the world and especially in Viet Nam. The group has played an important role among other South Korean enterprises in investing in Viet Nam, Phuc said.
He was impressed by the strong development of Lotte’s business in the country. The South Korean conglomerate entered the Vietnamese market in 1996 and has risen consistently since then, owning 16 subsidiaries, four factories and 280 stores in various sectors such as commercial centres, supermarkets, hotels, confectionery and cinema, along with the Lotte Centre Ha Noi, located in the central area of the capital.
The PM also urged Lotte to expand its business and develop new projects in the country, and he highly appreciated Lotte’s successful projects developed in major cities of Viet Nam.
Phuc expressed his delight that Lotte had put great trust in the Vietnamese market and spoke highly of the South Korean group’s social welfare activities that have worked well in Viet Nam.
At the meeting, Prime Minister Phuc asked Lotte to support local producers consume Vietnamese farm produce that is imported into South Korea as Viet Nam was now enlarging agricultural production but its markets had remained narrow and there had remained a trade deficit for Viet Nam in bilateral relation with South Korea.
In addition, he expected Lotte, based on its strong nationwide network of retail stores, would help Viet Nam with the consumption of plastics, chocolate and other industrial products that had remained Viet Nam’s key export items.
The PM suggested Lotte assist Viet Nam in developing new technologies to catch up with the fourth industrial revolution and further develop its business in other fields in Viet Nam.
Vietnamese Prime Minister Nguyen Xuan Phuc (centre) meets with Lotte’s leaders on March 8. — VNA/VNS Photo Thong Nhat
As a large-scale enterprise in Viet Nam, Lotte had focused on its onsite human resource training – which had helped not only boost the group’s performance but also provide high-quality employees and workers for the Vietnamese economy, Phuc said.
“Based on the long-term strategic relations between Viet Nam and South Korea, Lotte’s success will make great contributions to making the two-way relationship tighter and more effective. The Vietnamese Government commits to creating good conditions for Lotte to develop its long-term, sustainable business in Viet Nam,” he said.
Lotte’s vice chairman Hwang said: "I would like to ask for continued interest and support for the businesses that are being carried out in Viet Nam. In the future, Lotte will be a company that grows with Viet Nam through investing in various business sectors, creating jobs and social contribution activities.”
Lotte had been carrying out various business projects in Viet Nam in the fields of hospitality, retail, services, construction and farm produce import, Hwang said, adding that the South Korean firm would make more contributions to improving the living conditions of the Vietnamese people.
Hwang expected Lotte would receive strong support from the Vietnamese Government and local agencies for its future business activities and Lotte would strive to meet the expectations of the Prime Minister, the Government and Vietnamese people.
Lotte is currently pursuing the development of an ‘Eco Smart City’, a large-scale complex development project with department stores, shopping malls, hotels, offices and apartments in the Thu Thiem area, which HCM City is developing as a new economic hub.
The South Korean company also planned to acquire financial companies that had encountered problems and make further investment in the information-technology and transportation sectors. Lotte has been developing its e-commerce business unit in Viet Nam since 2017.
Lotte has been active in Viet Nam with the food and restaurant business since the 1990s, and its core businesses such as distribution, service and construction has continued to enter Viet Nam.
Lotte Centre Ha Noi, a large-scale complex opened in 2014, has become a landmark in Ha Noi, raising Lotte’s brand image. Currently, there are 16 affiliated companies in Viet Nam. Lee Kwang Young, the CEO of Lotte Asset Development also attended the meeting. — VNS