President suggests Lotte Group increase investments in Vietnam

Hanoi - Vietnamese President Nguyen Xuan Phuc welcomed Lotte Group’s investment of nearly US$5 million in Vietnam and suggested the Republic of Korea’s conglomerate further invest in Vietnam's large projects, while hosting Lotte Chairman Shin Dong-bin in Hanoi on Wednesday.

Vietnamese President Nguyen Xuan Phuc (right) hosted a reception for Lotte Chairman Shin Dong-bin in Hanoi on Wednesday. -VNA/VNS Photo Thong Nhat

Expressing his delight at the two nations’ strategic partnership being consolidated across fields, particularly trade, investment and political trust, he noted RoK firms are taking the lead in terms of FDI volume in Vietnam with a total capital of $80 billion.

Bilateral trade value has reached $78 billion, with the RoK now the third largest trade partner of Việ tNam.

The State leader thanked Lotte for its assistance to Vietnam in COVID-19 prevention and control, notably an aid worth VND3.7 billion ($157,766), discount programmes for necessities, and the provision of face-mask and gifts for workers.

For his part, Shin thanked the Vietnamese Government, ministries, sectors and localities for their support for his group over the past time.

He informed his host on a number of Lotte’s projects earmarked for Hanoi, including a shopping centre expected to attract some 10 million visitors annually.

Lotte also wants to promote the building of a start-up ecosystem in support of Vietnamese youth and invest in Vietnamese start-ups, Shin affirmed.

According to him, since 1996, the group has invested in Vietnam across many fields, with its capital totalling VND40 trillion and current number of employees exceeding 20,000.

Agreeing with the group’s investment orientations, particularly those involving start-up development and job creation, President Phúc hoped Lotte will contribute to enhancing the nations’ economic cooperation toward $100 billion in bilateral trade revenue.

Lotte's projects have helped to meet the growing needs of Vietnamese people given a rapidly expansion of the local middle class and of 200,000 Koreans living and working in Vietnam, he said.

He went on stressing that the two countries’ businesses play an important role in lifting the Vietnam – RoK relations to new heights this year in celebration of the 30th anniversary of their diplomatic relations.

Chairman of Hanoi People's Committee Tran Sy Thanh (right) had talks with Lotte Chairman Shin Dong-bin in Hanoi on Wednesday.-VNA/VNS Photo Van Diep

The same day, Hanoi's new Chairman of People's Committee Tran Sy Thanh has hosted a reception for the visiting Lotte Chairman.

At the working session, the RoK group leader said Lotte Mall Tay Ho (West Lake) project which started construction in 2018 could go into operations in 2023.

The project could create jobs for over 10,000 workers, he said, adding that he hoped this new mall would be just as well-received as the Lotte Center Hanoi project.

Hanoi's leader stressed the city's support for Lotte's projects and pledged efforts to address the group's difficulties and problems it may encounter when investing here.

Thanh also said the city's authorities will study the group's proposal for a housing project in Hanoi, especially with regards to the selection of an appropriate location.

Foreign retailers look to expand VN operations with diverse sales, service offerings Foreign retail businesses are adopting a multi-channel sales strategy as well as improved operations and delivery services to expand Viet Nam operations despite pandemic impacts.

Lotte shifting its investment focus towards Vietnam South Korean conglomerate Lotte is shifting its investment focus towards Vietnam as part of its strategy to pull out of China.