Retail firms of the Republic of Korea (RoK) are stepping up efforts to tap into the Vietnamese market, which has huge growth potential thanks to its rapid economic growth and a high proportion of the working age population.
Lotte Group currently has 20 affiliates operating in Vietnam. (Photo: VNA)
Seoul (VNA) – Retail firms of the Republic ofKorea (RoK) are stepping up efforts to tap into the Vietnamese market, whichhas huge growth potential thanks to its rapid economic growth and a highproportion of the working age population.
Lotte Group, one of the top two retail giants in theRoK along with Shinsegae, is the most active in the scene. The companycurrently has 20 affiliates operating in Vietnam, including Lotte GRS, LotteShopping and Lotte Culture Works.
Lotte Shopping is set to open Lotte Mall West LakeHanoi in the capital city in August. It will be Vietnam's largest shopping mall complexalso consisting of a hotel and offices.
The Lotte Mall West Lake Hanoi project. (Photo: Lotte Group)
The retail giant is also investing about 900 million USDto establish Thu Thiem Eco Smart City, which is a complex that will consist ofa shopping mall, a hotel, offices, housing and a cinema. In August, Lotte WorldAquarium is set to open in Hanoi as well.
"Vietnamese retail market grew about 100 times inthe past 20 years. It is an attractive business destination with a high portionof the young population, who love Korean food, K-pop and K-drama," a LotteShopping official said, as cited by The Korea Times.
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Apart from retail corporations, leading unicornbusinesses in technology, tourism services, and hotels in the RoK, such asYanolja Cloud, are also targeting the Vietnamese market.
Following the Vietnam visit by President Yoon Suk Yeoland a business delegation of the RoK in June, Yanolja Cloud has successfullyestablished strategic partnership agreements with three Vietnamese companies, namelyVNTravel, DiHotel, and Fusion Hotel Group.
Vietnam has a domestic market with a population ofnearly 100 million. Looking at the composition ratio of the population, thoseunder the age of 30 account for 50% of the population while the working-agepopulation takes up 70%./.
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Lotte Group currently has 20 affiliates operating in Vietnam. (Photo: VNA) 
The Lotte Mall West Lake Hanoi project. (Photo: Lotte Group) 
