Major investments from Japanese and Korean companies are expected to outline a modern urban centre in the western area of Hanoi's West Lake.
A joint venture between FLC Group and Lotte Land has been formed in early June with a chartered capital of over $24 million to invest in a real estate project in Hanoi.
No supermarket was opened in the past eight months though Lotte Vietnam Shopping Joint Stock Company has set out an ambitious plan to open more 12 Lotte Mart supermarkets in Vietnam since early this year.
Strong growth of sales over the past years helped Lotte Vietnam boost its profit but it still cannot offset its accumulated losses.
The vice chairman of Lotte, Hwang Kag-gyu met with Vietnamese Prime Minister Nguyen Xuan Phuc in Hanoi on August 08 to discuss further cooperation in business and investment projects in the country.
The divestment in TechcomFinance is expected to help the Vietnam Technological and Commercial Joint Stock Bank (Techcombank) record an extraordinary profit of more than VND1.1 trillion (US$48.4 million) in the first and second quarter of this year.
The acquisition of Techcombank's finance company allows Lotte Card to enter the booming consumer finance market in Vietnam.
The People's Committee of Ho Chi Minh City (HCMC) and Korean-based Lotte Group entered into a contract on implementation of Eco Smart City project in Thu Thiem New Urban Area, district 2, HCMC. The project has the total estimated investment capital of VND20,100 billion (equivalent to US$883 million) with a construction period of 72 months.
Publication permit No. 348/GP-BTTTT dated July 19, 2017, granted by the Ministry of Information and Communications of the Socialist Republic of Vietnam
Editor-in-Chief: Nguyen Cao Cuong
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