Chairman Shin Dong-bin's First Overseas Trip After Pardon to Vietnam... "Local Business Inspection"

Attending Tutim Ecosmart City Groundbreaking Ceremony on the 2nd of Next Month
Also Inspecting Local Distribution Businesses Including Lotte Mart

Shin Dong-bin, Chairman of Lotte.

[Asia Economy Reporter Yuri Kim] Shin Dong-bin, Chairman of Lotte, has chosen Vietnam as his first overseas business trip destination following the special pardon on August 15 Liberation Day.

According to Lotte on the 22nd, Chairman Shin, who is currently staying in Japan, will depart for Vietnam at the end of this month and is scheduled to attend the groundbreaking ceremony of Lotte Construction's 'Thu Thiem Eco Smart City Project,' a new urban development project in Ho Chi Minh City, Vietnam, on the 2nd of next month. This will be Chairman Shin's first visit to Vietnam since December 2018.

The Thu Thiem Eco Smart City Project is a large-scale complex development on a 50,000㎡ site with a total floor area of 680,000㎡. It will feature buildings ranging from five basement levels to 60 floors above ground, including shopping malls, offices, hotels, and apartments. The project cost is approximately $900 million (about 1.16 trillion KRW). Lotte, which has been dedicated to this project since 2009, received an investment certificate from Ho Chi Minh City in March last year.

After attending the groundbreaking ceremony, Chairman Shin plans to visit local distribution businesses such as Lotte Department Store and Lotte Mart. Lotte Group entered the Vietnamese market starting with Lotteria in 1998. In 2008, it opened its first Lotte Mart store. Currently, Lotte Hotel, Lotte Duty Free, Lotte Property & Development, and Lotte Construction are operating businesses in Vietnam.

Meanwhile, the China business is in the final stages of withdrawal. Last month, Lotte Shopping's board of directors decided to sell the shares of the last remaining Lotte Department Store in China, the Chengdu branch. Lotte, which entered China in 2008, once operated five Lotte Department Store locations and 119 Lotte Mart stores in China, but due to difficulties caused by China's retaliatory measures against the Terminal High Altitude Area Defense (THAAD) system in 2017, it has been closing stores. Lotte Mart withdrew from the Chinese market in 2018.

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