South Korean conglomerate Lotte Group inaugurated the Lotte Mall West Lake project in Hanoi on September 22, with a total investment of over US$600 million.
Delegates at the ribbon-cutting ceremony for the shopping center. Photo: Lotte Group
With an area of 354,000 square meters, it is one of the largest commercial complexes in Vietnam. The total cost of the project is $634 million, second only to the $1.05 billion investment in Hanoi's tallest building, Keangnam.
Speaking at the opening ceremony, Tran Sy Thanh, Chairman of the Hanoi People's Committee, said that the opening and operation of the high-end Lotte Mall complex not only demonstrates the strength, scale, and vision of the Lotte Group in its development path, but also symbolizes the friendship and effective cooperation between Vietnam and South Korea, and the capitals of Hanoi and Seoul.
The Chairman stressed the importance of the opening of Lotte Mall in Hanoi, which marks the success of the construction process by the investor, Lotte Group, and the official launch of the Lotte Mall project.
He urged Lotte Group to continue to focus its resources on science, technology, finance, and human capital to make Lotte Mall a prominent destination in Hanoi, generating increasing value and meeting the needs of the city's residents and foreigners doing business and living in Hanoi.
He also affirmed that the city will continue to create favorable conditions for Lotte Group in the operation and management of Lotte Mall and other investment projects in the capital. The city hopes that the group will continue to explore and expand investments into more sectors in Hanoi.
During the event, Lotte Group Chairman Shin Dong-bin expressed his belief that this project will become a highlight of Hanoi and contribute to the development of the city and Vietnam.
Lotte has invested in seven projects in Hanoi with a total capital of over $1.2 billion.
In addition to the Lotte Mall West Lake project, Lotte has also launched a major urban project in Ho Chi Minh City and is currently exploring investment opportunities to build a modern commercial center and urban area in the southern province of Long An.
Lotte made inroads into Vietnam in 1996 with investments in the service sector, including shopping centers and supermarkets. Since then, Lotte has expanded its activities into various commercial and cinema businesses and now has 19 subsidiaries in Hanoi, Danang, Ho Chi Minh City, and many other locations.