Lotte pledges long-term investment in Vietnam

Lotte expects to receive additional Vietnamese support and favourable conditions to undertake its long-term investment projects in the country, Shin Dong-bin, chairman of Lotte Holdings Co. Ltd. at a meeting with State President Nguyen Xuan Phuc on August 31.

lotte pledges long-term investment in vietnam picture 1

State President Nguyen Xuan Phuc (R) receives Shin Dong-bin, chairman of Lotte Holdings Co. Ltd, in Hanoi on August 31..

Shin said Lotte has entered the Vietnamese market since 1996 specialising in various fields such as trading, food, retail and urban development. The group is keen on the Lotte Eco Smart City project in Ho Chi Minh City that covers an area of 50,000m2 and costs US$2.2 billion in investment.

When the project is put into operation, it is expected to create approximately 20,000 jobs for local people, said the executive.

The group is also implementing the Lotte Mall Hanoi project on an area of 7.3ha and with total investment capital of about US$600 million. It is promoting the formation of and investing in a startup ecosystem in Vietnam.

Receiving the RoK executive, President Nguyen Xuan Phuc welcomed the group’s long-term investment strategy in Vietnam, and requested that Lotte continue contributing to increasing economic cooperation between Vietnam and the RoK in an effort to soon raise bilateral trade turnover to US$100 billion.

He noted that the strategic partnership between Vietnam and the RoK has developed substantially in recent times, especially in trade-economic-investment. RoK businesses are currently leading in FDI investment in Vietnam with a total capital of US$80 billion. With a turnover of US$78 billion, the RoK is the third largest trade partner of Vietnam.

President Phuc welcomed Lotte’s investment of nearly US$5 billion in Vietnam, considering the Southeast Asian nation its third largest market after the RoK and Japan. He suggested that the group continue to invest in large projects in Vietnam. And expand investment in central provinces to bring mutual benefits.

According to the President, Lotte - invested projects contribute to meeting the increasing needs of the Vietnamese people, especially the middle class, and about 200,000 Koreans currently residing in Vietnam. Together with a favorable business environment, these factors will help Lotte continue to operate efficiently in Vietnam, said the president.

VOV

Other News

Party General Secretary and President meets Vietnamese community in New Zealand

Party General Secretary and President meets Vietnamese community in New Zealand

General Secretary of the Communist Party of Vietnam (CPV) Central Committee and President To Lam described overseas Vietnamese as “ambassadors” who help promote Vietnam's positive image internationally, and urged them to maintain solidarity, preserve national pride and cultural traditions, and make practical contributions to the country's development.

Vietnamese Party leader attends funeral service for top Lao legislator

Vietnamese Party leader attends funeral service for top Lao legislator

The Party leader stressed that the passing of NA President Xaysomphone is a great loss to the Lao Party, State and people, while Vietnam has also lost a great friend and a close, loyal comrade who had always held deep affection for the country, offered valuable support, and worked tirelessly to nurture and consolidate the Vietnam-Laos great friendship, special solidarity, comprehensive cooperation and strategic cohesion.

Singapore remains one of Vietnam's leading important partners: PM

Singapore remains one of Vietnam's leading important partners: PM

Highlighting positive outcomes in Vietnam-Singapore cooperation across all areas, particularly since bilateral ties were elevated to a Comprehensive Strategic Partnership in March 2025, Prime Minister Le Minh Hung proposed that the two sides maintain and step up high-level visits and exchanges at all levels.

Vietnam, Australia hold 8th Foreign Ministers' Meeting

Vietnam, Australia hold 8th Foreign Ministers' Meeting

Australia attaches great importance to its Comprehensive Strategic Partnership with Vietnam and highly values the substantive progress in bilateral relations, said Australian Minister for Foreign Affairs Penny Wong.

Quang Ninh, Bac Ninh urged to embrace modern urban governance

Quang Ninh, Bac Ninh urged to embrace modern urban governance

According to Government proposals submitted to the legislature, Quang Ninh and Bac Ninh cities will be formed based on the respective natural areas, populations and numbers of commune-level administrative units of the two provinces. Both proposals meet all five conditions stipulated in the Law on Organisation of Local Administration No. 72/2025/QH15 and all seven criteria for establishing centrally-run cities under Resolution No. 112/2025/UBTVQH15.

Laos holds State funeral for National Assembly President

Laos holds State funeral for National Assembly President

Xaysomphone Phomvihane was a capable revolutionary intellectual with broad knowledge and a strategic vision. Throughout his career, he remained committed to the Party's ideals and objectives, and demonstrated responsibility, flexibility and discipline in carrying out his assigned tasks.

Prime Minister receives outgoing Israeli Ambassador

Prime Minister receives outgoing Israeli Ambassador

Prime Minister Le Minh Hung asked the Israeli Government to continue creating favourable conditions for Vietnamese people living, studying and working in Israel at a meeting with outgoing Israeli Ambassador to Vietnam Yaron Mayer in Hanoi on August 12.

Party General Secretary and President To Lam, Australian Prime Minister meet the press

Party General Secretary and President To Lam, Australian Prime Minister meet the press

Vietnam and Australia will step up cooperation in artificial intelligence (AI), semiconductors, digital technology, cybersecurity, green technology and emerging technologies, while supporting each other in enhancing capacity to participate more deeply in regional and global supply chains. The two sides will also strengthen cooperation in education and training and people-to-people exchanges.

Top Vietnamese leader holds talks with Australian PM

Top Vietnamese leader holds talks with Australian PM

PM Albanese welcomed General Secretary and President Lam and the high-ranking Vietnamese delegation on their state visit to Australia, stressing its signficance amid the rapidly growing ties, particularly since the two countries elevated their ties to a Comprehensive Strategic Partnership in March 2024.

Top leader meets with Australian Senate President, House Speaker

Top leader meets with Australian Senate President, House Speaker

Welcoming General Secretary and President Lam and the Vietnamese high-ranking delegation, the Australian parliamentary leaders spoke highly of Vietnam’s development achievements and expressed their admiration for the dynamism and creativity of the country and its people, particularly young Vietnamese. They said this energy and determination reflected Vietnam’s strong resolve and aspiration to build a prosperous and powerful nation.

Vietnamese top legislator pays tribute to Lao NA President

Vietnamese top legislator pays tribute to Lao NA President

Writing in the book of condolences, the Vietnamese leader expressed his profound sorrow over the passing of Comrade Xaysomphone Phomvihane, describing it as a great loss to the Lao Party, State, NA and people, as well as to Vietnam, which had lost a great friend and loyal comrade who made important contributions to strengthening and developing the great friendship, special solidarity, comprehensive cooperation and strategic cohesion between the two countries.