Tuesday, 11 Dec 2018
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ECONOMY

CJ and Lotte seek business expansion in Vietnam

Updated at Saturday, 08 Dec 2018, 10:48
The Hanoitimes - A growing number of South Korean enterprises want to commit long-term business in Vietnam.
Senior officials of leading South Korean corporations, including CJ Group and Lotte, have expressed wish for business expansion in Vietnam, during their respective meeting with Vietnam’s National Assembly Chairwoman Nguyen Thi Kim Ngan. 
 
Vietnam's National Assembly Chairwoman Nguyen Thi Kim Ngan in a meeting with CJ Logistics CEO Park Keun Tae. Source: Dai Bieu Nhan Dan.
Vietnam's National Assembly Chairwoman Nguyen Thi Kim Ngan in a meeting with CJ Logistics CEO Park Keun Tae. Source: Dai Bieu Nhan Dan.
CJ Logistics, a subsidiary of CJ Group, is considering investing in food safety, show business and logistics in Vietnam, stated Park Keun Tae, CEO of CJ Logistics in the meeting on December 12. 

As of present, CJ has invested over US$500 million with 26 subsidiaries in Vietnam, including food – catering, pharmacy – biology, transportation – home shopping, entertainment – communication, Park informed. 

In 2017, the groups’ combined revenue in Vietnam reached US$1.1 billion and created jobs for 8,000 employees. 

In a meeting with Hwang Gag Kyu, deputy CEO of Lotte Group, Ngan expected Lotte to continue to invest in smart city in Vietnam, adding that the country is under huge pressure for transport infrastructure development, especially the North-South highway project, while the group should also consider to invest in logistics systems, start-up project and M&A activities, Ngan continued. 

Hwang stated Lotte is currently exploring options to develop smart urban projects, hotels, resort and shopping centers and logistics in Vietnam. 

Lotte Group on October 23 announced that it will inject around W50 trillion (US$44 billion) in all of its foreign and domestic business units over the next five years, including Vietnam.

Since 2008 to present, Lotte, through its division Lotte Mart, has invested VND8.9 trillion (US$389.3 million) in Vietnam to build 13 malls and super markets, as well as other business expenses including advertisement, marketing, promotion and administration.  

Representative of Korea Federation of SMEs (KBIZ), one of the four largest business association in South Korea, said a growing number of South Korean enterprises want to commit long-term business in Vietnam, in turn contributing to the country’s development. 
Hai Yen
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