South Korea’s Lotte Group is considering a plan to open two to three new commercial complexes in Vietnam as part of its strategy to double operating profit by 2030.

These new shopping centers will be built in major cities of Vietnam.

Design of the Lotte Mall Hanoi. File photo

The announcement was made by Kim Sang-hyun, Vice Chairman and CEO of Lotte Shopping, at an event in Seoul on September 15.

Lotte has already seen strong success with Lotte Mall West Lake, launched in September 2023 in Hanoi.

The 354,000-square-meter complex hosts 233 stores, 40% of which are first-time entrants to the capital.

Cumulative sales at the commercial center were 200 billion won (US$145 million) in the first half of 2025, and 300 billion won (US$217.4 million) at the end of 2024. It has welcomed 12 million visitors.

Targeting Vietnam’s premium consumer segment, Lotte is leveraging Korean-style marketing while capitalizing on the growing appeal of Korean cuisine and culture.

The South Korean conglomerate has another commercial complex located on Lieu Giai Street, Hanoi. 

In addition to its two malls in Hanoi, Lotte also operates hundreds of Lotteria outlets and 15 Lotte Mart supermarkets nationwide.

Vietnam is considered the group’s third most important market after South Korea and Japan. The company also plans to expand its market presence in Indonesia.