Lotte chief to explore business opportunities in Vietnam after pulling out of China

Lotte Group Chairman Shin Dong-bin plans to go to Vietnam next week to explore business opportunities now that the company is near the completion of its withdrawal from China.

Vietnam would be the first country Shin will visit since being granted a special pardon by the government on Aug. 15.

Vietnam is regarded as the third-most significant market for Lotte Group after Korea and Japan. There are now 15 Lotte Mart outlets and 270 Lotteria restaurants run by the firm.

Lotte Mart is a sizable hypermarket owned by Lotte Shopping, and Lotteria is a chain of hamburger restaurants run by Lotte GRS.

Other subsidiaries of Lotte Group are currently working together to construct substantial commercial centers and apartment buildings in Hanoi and Ho Chi Minh City.

Chengdu, China, used to be one of the company’s most significant marketplaces following Korea and Japan, , and Lotte is currently removing its final department store from the city.

In 2008, Lotte Shopping launched 199 cheap stores in addition to five department stores in China. However, China started to react economically against Korean companies there after Korea opted to deploy the US THAAD anti-ballistic missile defense system there in 2017.

After liquidating its Chengdu location this year, Lotte Department Store will follow suit. Lotte Mart closed all of its stores in China in 2018.