South Korea’s Lotte Shopping aims to nearly double its overseas revenue by expanding aggressively in Vietnam, banking on a market where it recently posted operating losses despite growing sales.
The retailer plans to open 10 additional stores in Vietnam by 2030, targeting 3 trillion won ($2.2 billion) in Southeast Asian sales compared to 1.6 trillion won ($1.2 billion) in total overseas revenue last year. The expansion includes one large shopping mall, two smaller malls, and seven discount stores, with a focus on Ho Chi Minh City’s Thu Thiem New Urban Area.
Lotte Shopping earned 483 billion won ($333 million) in Vietnam in 2024, making it the company’s largest overseas market. However, the retailer posted a 10 billion won ($6.9 million) operating loss in Vietnam in 2024, though improved from a 19 billion won loss the previous year.
The ambitious timeline comes as Lotte establishes an international headquarters in Singapore this year to coordinate regional operations. Vietnam was the only foreign market where Lotte Shopping recorded an operating loss, contrasting with profitable operations in Indonesia and China.
Lotte Mall Westlake Hanoi turned from operating loss to profit starting October 2024, providing a template the company hopes to replicate across Vietnam’s increasingly competitive retail landscape.
