The Republic of Korea’s leading retailer, the Lotte Shopping Company, on July 22 announced plans to set up its first supermarket in Vietnam in 2013.

Lotte has signed a US$55.7 million contract with the Coralis SA Company to build a trade centre in Hanoi.

Housed in a 65-storey building, the supermarket is estimated to cost roughly US$280 million. This will be the group’s fourth overseas supermarket, after one in Russia and two in China.

According to the Lotte representative, Park Geum-soo, the group will speed up its penetration into emerging markets like Vietnam, Russia and India. (VNA)