Nguyễn Thị Thu Trang, co-founder of Shark Market, is sorting shipments in a freezer at minus 25 degrees Celsius on November 15, 2023. — YONHAP/VNA Photo

By Kim Bum-soo

HÀ NỘI — "I will lead in driving the growth of the K-food market in Việt Nam," Nguyễn Thi Thu Trang at the age of 37, co-founder of Shark Market, a start-up specialising in food delivery, which is located in District 7 of HCM City, Việt Nam's largest city, said in an interview with Yonhap News Agency on March 15, 2023, when asked about his future ambitions.

Starting its business in 2019, Shark Market was founded under the initiative of Trang, Nguyễn Trần Khánh Vân, 37, and a Korean, Jung Sung-won, 43. The company, which was selected through an investment assessment by Lotte Ventures, a Lotte-affiliated start-up support company, specialises in the delivery of fresh foods, including meat, fish, vegetables and fruits, as well as processed foods, including snacks, instant noodles and coffee.

The firm has witnessed its sales continue to grow at an annual average rate of 204 per cent since it went into business, and plans to expand its business area to B2B (business-to-business), as well as its existing business targeting retail customers from next year. Shark Market currently has 60 employees.

Chan, who majored in Korean language at Hanoi University, expressed his gratitude to Lotte in fluent Korean.

"While, as a new company, we have suffered many challenges, Lotte has given a lot of assistance to us. Lotte has provided the company with a sourcing, or procurement, network, equity investment, an IT system, new investment, consulting and help with affairs involving the government."

Going forward, Shark Market aims to expand the K-food market here in Việt Nam by lowering selling prices through direct imports from South Korea and thus breaking down the "price barrier" felt by Vietnamese.

"If we can lower the current selling price of supermarkets and grocery stores by about 30 per cent, Vietnamese consumers will find purchasing K-food more affordable," Jung, company co-founder, said.

Lotte Ventures has been supporting young Vietnamese entrepreneurs since 2016. It has held start-up competitions to find outstanding local start-ups and helped them raise operating funds or arrange cooperation with its affiliates.

In August of 2021, Lotte Ventures also established Lotte Ventures Vietnam, the first venture capital firm to be established by a foreign company in Hà Nội, to expand support for local entrepreneurs. This year, Lotte Ventures Vietnam raised a fund dedicated to investing in start-ups and plans to introduce a new programme to encourage young people to start businesses starting next year.

Starting with Lotte Confectionery in 1996, Lotte Group has 19 affiliated companies in Việt Nam, including Lotte Mart, Lotte Lia, Lotte Cinema, Lotte E&C, Lotte Hotel, Lotte Shopping and Lotte Rent a Car, with more than 20,000 local employees. Since the beginning of its entry in Việt Nam, Lotte has been actively engaged in social contribution activities in various sectors in order to become a partner for growth, not just an investor.

To this end, since 2011, the company has partnered with national broadcaster VTV, producing and airing "Lotte Shootdol", an annual programme that features the audition and training of aspiring soccer players.

Since 2011, Lotte has partnered with Việt Nams national broadcaster VTV to produce and air Lotte Shootdoll every year. Lotte Shootdoll is an entertainment programme that features the selection audition and training of aspiring Vietnamese soccer players [LOTTE]. — YONHAP/VNA Photo

Since 2013, Lotteria has hosted the Lotte Challenge Cup, a youth soccer tournament, to improve and develop the soccer environment for children.

Every year, more than 60 youth soccer teams (FCs) composed of young players aged 9 to 11 years old from six cities, including HCM City, Hà Nội, Đà Nẵng and Cần Thơ, participate in the tournament.

Lotte Mart has been conducting environmental education in the northern region of Việt Nam, holding campaigns to reduce plastic use and exhibitions on the protection of wild animals.

"Our Corporate Social Responsibility activities in Việt Nam are part of our efforts to carry out ESG (environmental, social, and governance) management and reflect a win-win spirit, Lotte's corporate motto," said Kim Jun-young, General Manager of Lotte Mall Vietnam and President of Lotte Mall Westlake.

Kim Jun-young, general manager of Lotte Mall Westlake in Viet Nam, poses for a photo at his office on November 16, 2023.— YONHAP/VNA Photo

"We will fulfil our social responsibilities, considering Việt Nam as a partner to grow together with rather than simply as an investment destination," he added. — YONHAP