Vietnam has approached South Korea’s Lotte Group to develop a new commercial complex in Ho Chi Minh City, signalling plans to deepen economic cooperation and boost urban investment. The proposal was discussed between Vietnamese President Luong Cuong and Lotte Group Chairman Shin Dong-bin during the APEC Summit, following the success of Lotte Mall West Lake Hanoi.
The Hanoi complex, which opened in 2023, has become one of Vietnam’s busiest retail destinations, generating billions in revenue and drawing millions of visitors. It also created thousands of jobs through its integrated operations spanning retail, hospitality, and entertainment.
The request for another large-scale development aligns with Vietnam’s strategy to attract foreign capital and revitalise key city centres through international partnerships. For Lotte, the expansion supports its broader goal of increasing overseas sales to 3 trillion won by 2030 and strengthening its footprint across Southeast Asia.
Lotte is already progressing with the Eco Smart City Thu Thiem project in Ho Chi Minh City after renewed discussions with local authorities. If both projects advance, the group’s role in Vietnam’s urban and commercial development is expected to expand significantly.