Vietnam included in South Korean Lotte's US$44-billion5-year investment plan
It is the first major business decision after Lotte Chairman Shin Dong-bin was released from jail following an appeals trial, South Korean media reported.
South Korea's Lotte Group on October 23 announced that it will inject around W50 trillion (US$44 billion) in all of its foreign and domestic business units over the next five years, including Vietnam, said the group in a statement.
Illustrative photo.
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It is the first major business decision after Lotte Chairman Shin Dong-bin was released from jail following an appeals trial.
He served an eight-month jail term on bribery charges in connection with a massive corruption scandal involving ousted President Park Geun-hye and her friend Choi Soon-sil.
Another 10% and 25% of the planned investment, respectively, will be spent on its food and tourism businesses.
Lotte Corp., the business group's holding firm, said that W12 trillion (US$10.58 billion) has been earmarked for next year, particularly on enhancing the online business in the retail sector and expanding facilities for its chemical business in South Korea, Indonesia and the US.
It will be the largest amount to be invested by the company in a single year, it said.
Lotte said it will focus on the digital transformation of its retail services using new technologies, such as big data and artificial intelligence, as well as developing new shopping malls.
On the global front, Lotte will continue to expand its businesses in Indonesia and Vietnam, while pushing for entry into new markets, it said.
Since 2008 to present, Lotte, through its division Lotte Mart, has invested VND8.9 trillion (US$389.3 million) in Vietnam in infrastructure development of 13 malls and super markets, as well as other business expenses including advertisement, marketing, promotion, administration.
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Vietnam news in brief - August 24
Read The Hanoi Times to stay up to date on developments in Vietnam.
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- Vietnam Gov’t committed to facilitating Adani Group’s US$2-billion port project
- Vietnam Railway proposes US$87 million for Hanoi–Dong Dang railway upgrade
- Vietnam’s North-South high-speed railway to be designed for 350km/h
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