"Lotte Ventures Leads Building Vietnam Startup Ecosystem with Establishment of Vietnam Corporation"

Lotte Center Hanoi in Vietnam.

"Supporting Domestic Startups' Expansion and Accelerating Open Innovation Linked with Local Lotte Affiliates"

[Asia Economy Reporter Kim Yuri] Lotte Ventures announced on the 17th that it has established 'Lotte Ventures Vietnam' to support the expansion of domestic startups into Vietnam and to nurture local startups. Lotte Ventures is the first foreign venture investment corporation to receive approval for corporate registration issuance from the Vietnamese government.

Lotte Ventures plans to proactively establish a corporation in Vietnam, where rapid growth is expected among Southeast Asian countries, to lead the market. Vietnam is actively promoting legal revisions to attract foreign investment institutions while also fostering a startup ecosystem at the government level. With an average age of about 30 and a plentiful working-age population, along with startups founded by overseas-educated entrepreneurs, Vietnam's startup market has great potential.

Lotte Ventures has been supporting Korean entrepreneurs in Vietnam, including investing in the fresh food distribution company 'Shark Market' in Vietnam last February. Since 2016, it has also been operating an excellent startup discovery program in partnership with 'Vietnam Silicon Valley,' the largest startup accelerator in Vietnam.

Synergies are also expected between local Lotte affiliates and startups in the distribution, logistics, and commerce sectors. Since entering Vietnam in 1998 with Lotteria, Lotte has expanded its business with 19 affiliates including Lotte Mart and Lotte Cultureworks. Through the establishment of Lotte Ventures Vietnam, it plans to serve as a bridge for startups in both countries to grow simultaneously.

Jeon Young-min, CEO of Lotte Ventures, said, "As the first foreign venture investment corporation in Vietnam, we will take the lead in fund formation and investment and do our best to serve as a foothold for domestic startups to enter Southeast Asia."

This content was produced with the assistance of AI translation services.