Lotte plans its first department store in Vietnam

Lotte Shopping Co., South Korea’s largest department store operator, plans to open its first department store in Vietnam, one of Southeast Asia’s fastest growing economies.

Lotte and its group affiliates signed a contract with Luxembourg-based Coralis SA to buy the real estate company’s license to build a complex with offices and shopping arcades in Hanoi, the Seoul-based company said in an e-mailed statement.

The project will cost 450 billion won (US$360 million), including the purchase of the license and the construction of the 65-story building with five underground floors, the company said.

Vietnam posted gross domestic product growth of 3.9 percent in the second quarter, accelerating from 3.1 percent in the three months ended in March.

thanhnien, bloomberg

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