A Lotte Mart outlet in Vietnam. (Photo: www.retailnews.asia)
Lotte Group plans to start the construction of the Thu Thiem Eco Smart City complex with an investment of $2.2 billion in Ho Chi Minh City’s Thu Thiem New Urban Area this year or early next year at the latest, local media reported.
The South Korean group has poured $45 million into this multi-component project so far, Hong Won Sik, general director of Lotte Mart Vietnam, said Thursday.
With the real estate project, Lotte Group will raise its total investment in Vietnam to $4 billion.
Lotte Mart aims to expand its retail chain to 60 outlets in Vietnam by 2020, from 12 currently after eight years of joining this market. It plans to materialize the target through mergers and acquisitions, possibly Casino Group’s Vietnam operations.
Its sales in Vietnam increased 30% year-on-year to five trillion dong ($222 million) in 2015.