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Lotte Mart Plans to Invest US$5 Bln to Build 30 Supermarkets in Vietnam
Date: 4/25/2009 11:40:00 AM
South Korea’s leading retailer Lotte Mart has just announced its plans to invest US$5 billion to develop a chain of 30 retail supermarkets in Vietnam in 15 years from 2009, the state-run newspapers said, citing a senior official of Lotte Vietnam.
Dao Thi Thanh Van, vice general director Lotte Vietnam, was quoted by the state-run Tuoi Tre newspaper as saying Lotte Mart will invest US$75 million to build the first supermarket on an area of 16,000 square meters in south of Saigon, District 7.
“Lotte Mart will construct at least four supermarkets in Ho Chi Minh City and ten others in Hanoi, Haiphong, Danang and Can Tho provinces in coming years,” Van said.
“Wholesales and retailing will be combined for farm produces, processed seafood products to meet quality standards of South Korea,” Van added.
Le Danh Vinh, Deputy Minister of Industry and Trade has said that Vietnam will not open retail market for petroleum products, pharmaceuticals, books and newspapers from Jan 1 next year.
Vietnam with a population of more than 80 million is forecast made retail sales of goods and services of VND872.56 trillion (US$54.53 billion) in Jan-Nov, up 30.9 per cent on year, state media said. (Youth, Young People)
(Source:VCCI)
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NEWS CATALOGUE
- Vietnam will become a destination for Chinese investors in the future
- What do FDI enterprises recommend to the Vietnamese Government?
- Up to now (2023), how much money have Asian tigers invested in Vietnam?
- Another semiconductor manufacturer expands in Vietnam
- Billions of dollars poured into Vietnamese semiconductor projects
