Shin Dong-bin Supports "Our Son" Shin Yu-yeol... Expanding Business in Southeast Asia's "Top Two"

Chairman Shin's Key Schedule Accompanied by Executive Director Shin... Presence Increased
Expanding Group-wide Footprint Including Distribution "We Are Considering"

Lotte Mall Hanoi Targets 220 Billion KRW Sales Next Year
Group Expands Investment in 'Land of Opportunity' Vietnam and Indonesia

"My son is currently studying various fields (laughs)."-Shin Dong-bin, Chairman of Lotte

Shin Dong-bin, Chairman of Lotte, is making the presence of his eldest son, Shin Yu-yeol, Executive Director of Lotte Chemical, known in domestic and international markets by attending key events together. Around the opening ceremony of the core business project, ‘Lotte Mall West Lake Hanoi’ in Hanoi, Vietnam, on the 22nd, Chairman Shin attended all major events with Executive Director Shin, clearly sending a message about the succession structure.

On March 20th, Bernard Arnault, Chairman of LVMH, visited Lotte Avenuel, accompanied by Chairman Shin Dong-bin guiding him. Following behind is Shin Yoo-yeol, Executive Director of Lotte Chemical.
[Image source=Yonhap News]

‘Our son’ Shin Yu-yeol expands his footprint within the group

Chairman Shin officially introduced Executive Director Shin to internal and external stakeholders by accompanying him to the opening ceremony of Lotte Mall West Lake Hanoi. Introduced as the ‘Vice President of Lotte Chemical,’ Executive Director Shin stood shoulder to shoulder with key representatives of major Lotte Group affiliates, including Kim Sang-hyun, CEO (Vice Chairman) of Lotte Shopping, Park Hyun-chul, CEO (Vice Chairman) of Lotte Construction, Lee Hoon-ki, Head of Management Innovation at Lotte Holdings, Ryu Je-don, CEO of Lotte Property & Development, Jung Jun-ho, CEO of Lotte Department Store, Kang Sung-hyun, CEO of Lotte Mart & Super, and Kim Tae-hong, CEO of Hotel Lotte, participating in the ribbon-cutting ceremony.

Lotte Chairman Shin Dong-bin is answering questions from the press on the 22nd at the L7 by Lotte West Lake Hanoi Hotel in Hanoi, Vietnam.
[Photo by Kim Yuri]

Earlier on the 21st, Executive Director Shin also accompanied Chairman Shin and Vice Chairman Kim Sang-hyun during a tour of key Lotte Group contents such as shopping malls, marts, hotels, aquariums, and cinemas located in Lotte Mall West Lake Hanoi. After concluding the Vietnam schedule late in the afternoon on the 22nd, Executive Director Shin accompanied Chairman Shin on the return trip to visit the Lotte Duty Free Store at Hanoi Airport, where they jointly received business reports from the head of the corporation.

When reporters asked about the significance of Executive Director Shin accompanying him during this schedule at the L7 by Lotte West Lake Hanoi Hotel immediately after the opening ceremony, Chairman Shin affectionately referred to him as ‘our son.’ According to Chairman Shin, Executive Director Shin is currently studying various fields related to Lotte Group management and plans to continue learning by broadly overseeing domestic and international business sites, including distribution. When asked about the possibility of Executive Director Shin expanding his footprint into distribution and other areas, Chairman Shin replied, "We are considering it going forward," leaving room for future developments.

Shin Yu-yeol, Executive Director of Lotte Chemical (second from the left), is cutting the ribbon together with Kim Jun-young, Head of Lotte Properties Hanoi, Jung Jun-ho, CEO of Lotte Department Store, and Kim Sang-hyun, CEO (Vice Chairman) of Lotte Shopping, at the opening ceremony of 'Lotte Mall West Lake Hanoi' in Hanoi, Vietnam, on the 22nd.
[Photo by Kim Yu-ri]

Lotte Mall Hanoi aims for 220 billion KRW in sales next year

Chairman Shin expressed satisfaction with the official opening of Lotte Mall West Lake Hanoi on the 22nd after a long period of development, saying, "Lotte Group’s affiliates collaborated to create a great shopping mall," and "I am pleased." In his opening remarks, Chairman Shin emphasized, "Lotte Mall West Lake Hanoi is a large-scale project that began land development in 2016, with an investment of 643 million USD (approximately 847.3 billion KRW)," and "It is a core business that gathered all the capabilities of Lotte Group."

He added that Lotte Mall West Lake Hanoi will actively operate not only in distribution but also in various fields in the Southeast Asian market. Chairman Shin said, "The sales target for Lotte Mall West Lake Hanoi is about 80 billion KRW by the end of this year and about 220 billion KRW next year. It is likely to become the largest shopping center in Vietnam," and "Lotte Group will actively engage in various fields in key regions such as Ho Chi Minh City in Vietnam and Jakarta in Indonesia."

Shin Dong-bin, Chairman of Lotte (left in the photo), visited the Lotte Duty Free Hanoi Airport branch on the way back to Korea on the 22nd and received a business report from Kim Ki-kyung, Head of Lotte Duty Free Vietnam. Shin's eldest son, Shin Yoo-yeol, Executive Director of Lotte Chemical, accompanied him on this occasion as well.
[Photo by Kim Yuri].

Southeast Asia as ‘Land of Opportunity’... Calls for expanded investment

Chairman Shin recognizes Southeast Asia as a ‘land of opportunity’ and is urging the group to expand investments centered on Vietnam and Indonesia. Since entering Vietnam in 1996, Lotte has operated 19 affiliates including department stores, marts, hotels, and cinemas across Ho Chi Minh City, Hanoi, and Da Nang. As of this month, Lotte Shopping operates a total of 69 overseas stores in Vietnam and Indonesia, including 4 department stores and 65 marts. Lotte GRS operates about 270 Lotteria outlets, establishing itself as the number one fast-food company in Vietnam. Lotte Duty Free, which first entered Vietnam by opening the Da Nang Airport store in 2017, opened its fourth store in downtown Da Nang last November. Lotte Ventures also entered the market by establishing ‘Lotte Ventures Vietnam’ in 2021.

The ‘Thu Thiem Eco Smart City’ project in Ho Chi Minh City, with a total investment of 900 million USD (approximately 1.2 trillion KRW), which mobilizes the group’s full capabilities, held its groundbreaking ceremony on September 2 last year, coinciding with Vietnam’s Independence Day, laying out the blueprint. Lotte plans to add asset development capabilities such as Lotte Construction to introduce a new type of complex mall in this market.

Lotte Chemical, where Executive Director Shin has stepped in, is also focusing on the Southeast Asian market. In 2010, it acquired Malaysia’s largest petrochemical company Titan Chemicals (now Lotte Chemical Titan) for 1.5 trillion KRW, entering the Malaysian and Indonesian markets. To strengthen market competitiveness, it is constructing a naphtha cracker (NCC) in Indonesia and is promoting a line project to complete vertical integration with existing polyethylene plants.

Visitors are entering right after the official opening of 'Lotte Mall Westlake Hanoi' in Hanoi, Vietnam on the 22nd [Photo by Yuri Kim].

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