Leading retailer Lotte Mart of South Korea will invest 5 billion U.S. dollars in developing a chain of 30 shopping malls in Vietnam over the next 15 years, Vietnamese newspaper The Youth reported on Thursday.
The first outlet of the chain, Lotte Mart Nam Saigon, opened on Wednesday in Vietnam's southern economic hub Ho Chi Minh city. Themall, covering 31,000 square meters, is the country's biggest so far in terms of area.
Despite current global economic turmoil, Lee Sang Woo, general director of the Lotte Vietnam Shopping Company, announced that Lotte Mart would develop a chain of 15 shopping malls in Ho Chi Minh City and 15 malls in cities including Hanoi, Haiphong, Danangand Can Tho.
Vietnam will open its retail market to foreign businesses early next year following commitments made as a member of the World Trade Organization.
Currently, some foreign retail brands have been licensed to operate in Vietnam on a case-by-case basis, including Metro, Big Cand Parkson.
Source:Xinhua
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