South Korea’s Retailer Lotte Group has announced the opening of Westlake Hanoi Mall which is reported to be the largest shopping complex in Vietnam.
Specifically, the 2010-started mall has been revived from a seven-story shopping center. In 2017, Lotte acquired the project from Citra West Lake City Development and invested USD 600 million to complete it. The new shopping mall is adjacent to Hanoi’s largest lake, which is also a popular tourist destination.
The Westlake Mall, with a total floor area of 35 hectares, will welcome 25 brands making their debut in the Vietnamese market. The complex also includes a five-star hotel, 192 serviced apartments, and a 21-story office tower.
Lotte has been expanding their business in Vietnam after leaving China in the wake of a a diplomatic crisis between China and South Korea. Lotte is not the only retail firm stepping up efforts to tap into the Vietnamese market, which has huge growth potential thanks to its rapid economic growth and a high proportion of the working-age population.
Shinsegae schedules to open a third Emart store in Vietnam through the partnership with Vietnam’s THACO Group in the second half of 2023. Meanwhile, GS Retail Firm has recently scaled up its presence in the Southeast Asian country through its 200 convenience stores nationwide.
Yanolja Cloud, a leading business in tourism services and hotels specialist from South Korea, is also eyeing the Vietnamese market by signing partnership agreements with three Vietnamese companies, namely VNTravel, DiHotel, and Fusion Hotel Group.
(Sources: Global Construction Review, VietnamPlus)