SEOUL — Lotte Shopping from the Republic of Korea (RoK) has just announced plans to expand its presence in Việt Nam by building two or three additional large shopping complexes in major cities by 2030.

Lotte Shopping CEO and Vice Chairman Kim Sang-hyun said at the CEO IR Day event held in Seoul on Monday that the company plans to accelerate its 'Transformation 2.0' strategy.

The strategy will focus on expanding international business and developing new ventures based on retail technology.

It aims to achieve KRW20.3 trillion (approximately US$15 billion) in revenue and KRW1.3 trillion in operating profit by 2030, nearly three times the operating profit expected last year.

Lotte Shopping plans to replicate the successful model of Lotte Mall West Lake Hanoi, one of the largest high-end complexes in Việt Nam, to other key urban areas.

Lotte currently operates three department stores and 16 supermarkets in Việt Nam.

Kim said: "We will strive to successfully implement the Transformation 2.0 strategy to solidify our position as the number one shopping destination for customers. Việt Nam is one of our top strategic markets."

Overseas operations currently account for 13 per cent of Lotte Shopping’s consolidated revenue and 18 per cent of operating profit, reflecting steady growth momentum.

The company is targeting KRW3 trillion in overseas sales by 2030, supported by projects like retail consulting and by sharing its distribution systems with local partners in Southeast Asia.

CEO IR Day attracted more than 100 participants, including asset management representatives, institutional investors, securities researchers and bank managers.

Lotte used the event to share its performance goals and strategies to enhance corporate value. — VNS