Lotte Mart Vietnam sales grow to $221m

With 12 stores, hypermarket chain Lotte Mart Vietnam chalked up sales of VND5 trillion (US$221.58 million) last year – 30 per cent growth year-on-year.

Foot traffic also grew 20 per cent, says CEO Hong Won Sik.

Its latest outlet opened late last month, and the South Korean company is looking at more mergers and acquisitions so it can achieve its target of 60 stores by 2020, says Hong.

He says Lotte Mart Vietnam also plans to expand to convenience stores and eCommerce.

With more than 20 subsidiaries in Vietnam, Lotte has invested more than $2 billion, and is set to double the total investment with plans to build an urban area in the east of Ho Chi Minh City.