South Korean company Lotte Mart is opening a landmark hypermarket in Thai Nguyen Province, northern Vietnam. Lotte Mart CEO Kang Seong-hyun met with the Party Secretary of Thai Nguyen Province to discuss related investment and cooperation plans. With the provincial government expressing strong support, the new store project is expected to progress quickly.
According to the Thai Nguyen People’s Committee, CEO Kang and other Lotte Mart executives met with Trinh Viet Hung, Party Secretary of Thai Nguyen Province, on March 25 (local time). After a four-year hiatus since the opening of its 15th store in Vietnam in 2021, Lotte Mart’s local expansion plan is gaining momentum. The company has received positive reviews for successfully establishing itself in the Vietnamese market through localization strategies, incorporating popular K-culture elements, and fostering mutual growth. Lotte Mart’s approach of increasing the proportion of local employees in its stores has contributed to building a friendly brand image.
During the meeting, Party Secretary Trinh Viet Hung promised to create a favorable investment environment for Lotte Mart’s new store project in Thai Nguyen Province. He expressed hope that other Korean companies would follow suit and invest in the region.
CEO Kang is making his first trip to Vietnam in six months, following a visit in September of the previous year, as part of efforts to expand local business. This move is seen as a response to the limitations of domestic market growth and slowing consumption, aiming to find new opportunities in overseas markets. Kang previously visited Vietnam in September 2024 for the opening ceremony of the “September Together Festival” at the Lotte L7 Hotel in Hanoi.
Lotte has been pushing for global expansion early on to respond to the rapidly changing economic environment and overcome the limitations of the saturated domestic market.
CEO Kang emphasized, “Thai Nguyen Province is a major economic hub in northern Vietnam, with numerous industrial parks and the presence of global corporations. We will prioritize the Thai Nguyen store project and push forward with it.”
Lotte Mart entered the Vietnamese market in 2008 by opening its first store, the “Nam Saigon” branch, in Ho Chi Minh City, becoming the first domestic retailer to expand into Vietnam. As of the end of last year, the company operates 15 stores in major cities, including Ho Chi Minh City, Hanoi, and Da Nang.
