Business

Korean retailers eye opportunities in Vietnam

Retail firms of the Republic of Korea (RoK) are 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.
Korean retailers eye opportunities in Vietnam ảnh 1Lotte Group currently has 20 affiliates operating in Vietnam. (Photo: VNA)
Seoul (VNA) – Retail firms of the Republic ofKorea (RoK) are stepping up efforts to tap into the Vietnamese market, whichhas huge growth potential thanks to its rapid economic growth and a highproportion of the working age population.

Lotte Group, one of the top two retail giants in theRoK along with Shinsegae, is the most active in the scene. The companycurrently has 20 affiliates operating in Vietnam, including Lotte GRS, LotteShopping and Lotte Culture Works.

Lotte Shopping is set to open Lotte Mall West LakeHanoi in the capital city in August. It will be Vietnam's largest shopping mall complexalso consisting of a hotel and offices.
Korean retailers eye opportunities in Vietnam ảnh 2The Lotte Mall West Lake Hanoi project. (Photo: Lotte Group)
The retail giant is also investing about 900 million USDto establish Thu Thiem Eco Smart City, which is a complex that will consist ofa shopping mall, a hotel, offices, housing and a cinema. In August, Lotte WorldAquarium is set to open in Hanoi as well.

"Vietnamese retail market grew about 100 times inthe past 20 years. It is an attractive business destination with a high portionof the young population, who love Korean food, K-pop and K-drama," a LotteShopping official said, as cited by The Korea Times.

Shinsegae plans to open a third Emart store in Vietnamunder a master franchise contract with local THACO Group in the second halfof this year.

GS Retail has already opened over 200 GS25 conveniencestores in the Southeast Asian country.

Apart from retail corporations, leading unicornbusinesses in technology, tourism services, and hotels in the RoK, such asYanolja Cloud, are also targeting the Vietnamese market.

Following the Vietnam visit by President Yoon Suk Yeoland a business delegation of the RoK in June, Yanolja Cloud has successfullyestablished strategic partnership agreements with three Vietnamese companies, namelyVNTravel, DiHotel, and Fusion Hotel Group.

Vietnam has a domestic market with a population ofnearly 100 million. Looking at the composition ratio of the population, thoseunder the age of 30 account for 50% of the population while the working-agepopulation takes up 70%./.
VNA
#RoK #Vietnamese market #economic growth #working age population #Lotte Mall West Lake Hanoi #Vietnam #VietnamPlus #Vietnam news Korea (RoK)
Follow VietnamPlus

Related News

See more

MobiFone has become the third network operator in Vietnam to offer 5G services. (Photo: VNA)

MobiFone officially launches 5G services

This launch marks a significant milestone in Vietnam’s telecommunications landscape, promising to elevate the digital experience for both individual and business users.

Vietjet offers millions of tickets worth 0 VND on all domestic and international flights. (Photo: Vietjet)

Vietjet offers big promotion to celebrate April 30-May 1 holiday

Accordingly, from 12:00 on April 1 to 23:59 on April 5, Vietjet opens sale of Eco tickets priced from only 0 VND for passengers booking flights at the website www.vietjetair.com and Vietjet Air mobile app, with convenient flight times from April 15, 2025, to March 28, 2026.

At the meeting between Minister of Construction Tran Hong Minh and Chinese Minister of Transport Liu Wei (Photo: Ministry of Construction)

Vietnam, China forge ahead with transport cooperation

From late 2023 to December 2024, the Vietnamese Ministry of Transport (now the Ministry of Construction - MoC), China’s National Development and Reform Commission (NDRC), and the China International Development Cooperation Agency (CIDCA) signed six documents to advance the construction of railways linking the two nations.

Delegates cut the ribbon to open the expo. (Photo: VNA)

Int’l expo spotlights sustainable shrimp farming

Co-organised by the Directorate of Fisheries, the Vietnam Fisheries Society (VINAFIS), and the Vietnam Fisheries Magazine, the three-day event features over 200 booths from nearly 150 domestic and international enterprises.

Secretary of Hung Yen province Party Committee Nguyen Huu Nghia (left) meets with Liu Jianchao, head of the International Liaison Department of the Communist Party of China Central Committee. (Photo: VNA)

Hung Yen province strengthens investment cooperation with Chinese localities

Hung Yen is eager to closely collaborate with Chinese localities to effectively implement the common perceptions reached by the two countries' high-ranking Party and State leaders, as well as the joint declarations issued by both sides, said Secretary of the provincial Party Committee Nguyen Huu Nghia.

Illustrative image (Photo: VNA)

PM directs creating fertile ground for SMEs

Released on March 25, the directive underscored the pivotal role of the private sector, particularly SMEs, which constitute 98% of all active businesses in the country.

At the MoU signing ceremony (Photo: moit.gov.vn)

Vietnam, UK sign MoU on consumer protection

At the signing ceremony, Deputy Minister Phan Thi Thang affirmed that the MoU not only represents a milestone in the cooperation between the two sides but also demonstrates the ministry’s commitment to protecting consumer interests in an increasingly interconnected global marketplace.

Delegates attend the ground-breaking ceremony of a super white flower glass factory on March 25. (Photo: VNA)

Work begins on two construction material plants in Hue

In his speech at the groundbreaking ceremony, Chairman of the People's Committee of Hue City Nguyen Van Phuong said these two key projects are expected to drive significant progress in the city's manufacturing industry, contributing to the goal of achieving double-digit economic growth in line with the Government's target.

The signing ceremony of the MoU between the Vinh Phuc Investment Promotion and Business Support Centre and its partners at the dialogue. (Photo: VNA)

Vinh Phuc holds dialogue to address business challenges

A leader of Vinh Phuc pledged to step up reforming administrative procedures, accelerate land clearance, and enhance digital services to guanrantee a favourable and transparent investment and business climate for enterprises to operate and grow.

Permanent Deputy Prime Minister Nguyen Hoa Binh (R) speaks at the roundtable on the building of financial centres in Vietnam in Germany. (Photo: VNA)

Deputy PM Nguyen Hoa Binh discusses financial centre development with ECB

With the country’s National Assembly expected to issue a resolution this year on the establishment of international financial centres, Binh said the Vietnamese Government hopes to obtain the ECB’s advice in shaping policies for financial regulation, investment attraction, risk management, and anti-money laundering efforts.