Vietnam Time

3/9/2018 4:06:53 PM

South Korean conglomerate reveals plans to expand operations in Vietnam

Lotte is looking for opportunities in Vietnam's agriculture, manufacturing and construction sectors.

A Lotte flag flies in Seoul, South Korea. Photo by Reuters

South Korean conglomerate Lotte has expressed an interest in making fresh investments in Vietnam's agriculture, manufacturing and construction sectors, according to media reports.

Hwang Kag Gyu, vice chairman of Lotte, said the company wants to start a cocoa farm and build a factory to supply components to electronics giant Samsung in Vietnam during a meeting with the prime minister in Hanoi on Thursday. Samsung currently operates six factories in Vietnam and is the country's largest exporter, accounting for more than 20 percent of the country's export revenue.

Prime Minister Nguyen Xuan Phuc welcomed the investment plans and said that Lotte could become a channel for Vietnam's agricultural products to enter the South Korean market, Vietnam News Agency reported.

Gyu said Lotte is also looking to kick off projects that have already been approved in Vietnam, including a commercial and residential complex in HCMC and a second shopping mall in Hanoi.

Lotte was granted permission to build a commercial and residential complex named Eco Smart City in HCMC's Thu Thiem District last year. The project, worth $885 million, is expected to be finished by 2023.

The conglomerate has been investing in Vietnam since 1996 in the construction, sales, retail, movie theater and fast food sectors, among others.

South Korea is Vietnam’s biggest investor, with registered capital of $57.5 billion, followed by Japan and Singapore./.

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