Lotte Group Chairman Shin Dong-bin will visit Vietnam for his first overseas business trip after receiving a presidential pardon on Liberation Day on August 15.
Shin, who is currently in Japan, will be heading to Vietnam later this month to attend a groundbreaking ceremony scheduled for September 2nd. The Thu Thiem Eco Smart City project is led by Lotte E&C in Ho Chi Minh City.
The project is a large commercial complex with a total area of 680,000 square meters (7.3 million square feet), 1.5 times the size of Seoul’s COEX mall. A shopping center with five underground floors and 60 upper floors with offices, hotels and apartments is being built. The project will cost $900 million.
Lotte has recently expanded its business in Vietnam and Indonesia. Lotte Mart, Lotte Hotel, Lotte Duty Free and Lotte Property & Development are all companies currently operating in the country.
A petrochemical complex construction project by Lotte Chemical is underway in Indonesia. It is building a petrochemical complex in Cilegon, Indonesia, a project costing US$3.9 billion.
Lotte leaves China. At a board meeting last month, Lotte Shopping decided to sell the Lotte department store branch in Chengdu, China. Lotte arrived in China in 2008 and once had five Lotte department stores and 119 Lotte markets, but has failed to recover from Chinese retaliation after a US missile system was deployed in Korea.
In June, Shin visited Hungary and Ireland and decided to increase the production scale of anode foil to strengthen Lotte’s presence in the European electric vehicle market.
BY BAEK IL-HYUN [[email protected]]