Chairman Shin Dong-bin Accompanies Eldest Son on Overseas Business Trip to Vietnam

Executive Director Shin Yuyeol, Management Training Set to Intensify

Shin Dong-bin, Chairman of Lotte Group.

[Asia Economy Reporter Lim Chun-han] Shin Dong-bin, Chairman of Lotte Group, announced during his first overseas trip after a pardon that he will support the establishment of Vietnam's startup ecosystem in a meeting with Nguyen Xuan Phuc, President of Vietnam.

According to Lotte on the 1st, Chairman Shin met with President Phuc in Hanoi, Vietnam, and said, "Lotte wants to promote the establishment of a startup ecosystem to support Vietnamese youth and invest in startups in Vietnam." In response, President Phuc requested Lotte to invest in large-scale projects in Vietnam. It is also reported that he expressed gratitude for Lotte's investments in Vietnam so far and various support activities such as discount events on daily necessities during the COVID-19 pandemic.

Lotte has invested about 5 billion dollars since 1996, and the number of employees directly hired in Vietnam exceeds 20,000. On the same day, Chairman Shin visited Lotte Mall Hanoi, scheduled to be completed in 2023, and the Starlake New City project contracted by Lotte Construction. On the 2nd, he will attend the groundbreaking ceremony of the Thu Thiem Eco Smart City under construction by Lotte Construction in Thu Thiem, a new city in Ho Chi Minh, Vietnam.

There is also analysis that Shin’s eldest son, Shin Yoo-yeol, Executive Director, accompanied him on this trip, possibly marking the start of formal management training. Shin was appointed Executive Director of Lotte Chemical’s Japan branch in May and also holds the position of Manager at Lotte Holdings, the Japanese Lotte holding company. However, Lotte stated that Shin’s accompaniment was for exchange purposes rather than formal management participation. A Lotte official said, "As far as we know, Shin is not attending official events," and added, "Since the Vietnamese side has many cooperation points due to the large-scale projects, he went to tour the local business sites."

Accompanying Chairman Shin on the trip were Ha Seok-ju, CEO of Lotte Construction; Ahn Se-jin, General Head of Lotte Group’s Hotel Division; Kang Sung-hyun, Head of Lotte Shopping’s Mart Business Division; Kim Sang-hyun, General Head of Lotte Group’s Distribution Division; and Jung Jun-ho, Head of Lotte Shopping’s Department Store Business Division.

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