Lotte and Daewon eye major investments in Binh Dinh

September 26, 2024 | 09:00

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South Korean conglomerates Lotte and Daewon are looking to expand their investments in Binh Dinh province, with plans to develop mixed-use buildings featuring shopping centres in Quy Nhon city.

Lotte and Daewon eye major investments in Binh Dinh

Cheun Eung Sik, chairman of Daewon Group

The interest was expressed by executives from Daewon and Lotte Mart during a meeting on September 25 with Pham Anh Tuan, Chairman of Binh Dinh People's Committee.

The representatives praised Binh Dinh's development potential and strategic advantages, and emphasised their intention to work closely with provincial authorities to explore investment opportunities, particularly in urban and industrial sectors.

The two South Korean conglomerates are specifically looking to construct large-scale commercial buildings, including supermarket chains, in Quy Nhon.

“The projects proposed by Daewon and Lotte Mart align well with Binh Dinh's development vision,” Tuan said.

He noted that, beyond urban and industrial development, there are significant opportunities for Korean investors in areas such as real estate and commerce.

Tuan also encouraged Daewon and Lotte Mart to conduct more site visits and studies to identify concrete projects. He assured them that the province will offer full support by streamlining administrative procedures, providing land access, and facilitating site clearance, while maintaining a favourable investment environment.

Daewon is a South Korean conglomerate involved in urban development, housing, commerce, and ecotourism construction. Lotte Mart, part of Lotte Group, is a major player in the operation of large-scale supermarkets and shopping centres.

According to Binh Dinh's master plan, by 2030, the province aims to be a leading growth centre in the central coastal region, with a focus on modernising Quy Nhon's urban space and architecture. Currently, the city hosts a limited number of shopping centres, including Co.opmart, GO!, and Mega Market.

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