Korean supermarket opens in City
HA NOI — The first
supermarket of South Korea-based, top retailer Lotte Mart opened in HCM City
yesterday. The store is worth over US$75 million.
This is the first of 30
supermarkets the South Korean retailer is planning to open in Viet Nam’s major
cities over the next 15 years. The rolling-out operation will cost $5 billion,
according to Lotte Mart’s estimates.
The General Director of
Lotte Viet Nam, Lee Sang Woo, said the Lotte South Sai Gon Supermarket is the
largest trading centre in Viet Nam, totalling 33,000sq.m.
The supermarket will
import nearly 10 per cent of goods from South Korea and most of the remaining
goods from local markets.
Lee said he expected to
turn the mall into a cultural, entertainment and shopping centre of South Sai
Lotte Mart launched stores
in Viet Nam through a joint venture with Minh Van Company named Lotte Shopping
Viet Nam Co Ltd .
The Korean investor
contributed 80 per cent of capital as part of the deal. This is Lotte Mart’s
first overseas joint venture, though it has 90 supermarkets in four countries.
Lotte Mart received an
investment licence for Viet Nam just three days before Viet Nam joined the World
Trade Organisation (WTO) in 2006.
Lotte is the first major
foreign retailer to enter Viet Nam since it joined the World Trade Organisation.
Last year Hong Kong’s
Wellcome joined the local distribution market, but rented five supermarkets from
Vietnamese retailer Citimart.. — VNS