South Korean Lotte Group is preparing to kick off construction of a US$600-million trade complex in Hanoi later this year, becoming the city’s largest mall once it is put into operations in 2021, CafeF reported. 
A perspective view of the Lotte Mart project. Photo: Internet
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The original mall project, called Ciputra Mall, was designed to cover an area of 7.3 hectares, with 1,200 shops, 48 restaurants and cafés, a supermarket of 8,500 square meters (sq.m), a cinema, and 71,000-sq.m underground parking lots.
The completion of Lotte Mall Hanoi might turn Nhat Tan-Noi Bai zone into a bustling region of Hanoi in the coming years thanks to the operation of a mega smart urban area invested by BRG Group, Sun Group-invested Kim Quy park or Disneyland Hanoi, and Vingroup’s national exhibition center, local experts said.
According to Nikkei Asian Review, Lotte has planned to expand investment in Vietnam through mergers and acquisitions (M&A) to quintuple its shopping centers to 60 in Vietnam by 2020.
In 2009, Lotte acquired Coralis SA’s project to develop the 65-floor Lotte Center Hanoi trade complex with an investment of US$400 million. The mall began operations in 2014.
At present, Lotte Group is running 285 shopping centers across Asia, mostly in China, South Korea, and Indonesia.
