Enterprise

Lotte Abandons $900 Million Thu Thiem Mega-Project, Yet Retains Billions in Vietnamese Assets

Lotte's decision to withdraw from the $900 million Lotte Eco Smart City Thu Thiem project has sparked widespread surprise. Despite this move, the conglomerate's business empire in Vietnam remains robust, boasting multi-billion-dollar assets across the country.

Administrator

24 September, 2025

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Since its entry into the Vietnamese market in 1998 with the pioneering brands Lotteria and Lotte Food, Lotte has developed a massive ecosystem comprising nearly 20 subsidiaries across diverse sectors. Below is a comprehensive overview of the conglomerate’s assets in Vietnam, categorized into four core business segments: Retail, Hotel/Infrastructure, F&B (Food & Beverage), and Chemical.

Retail Sector: The Billion-Dollar Backbone

Operated by Lotte Shopping, the retail division serves as the backbone and most robust cash flow generator. Its focus is on iconic, integrated mega-shopping complexes.

Lotte Mall West Lake Hanoi, a mega-complex with an investment of over $600 million, is hailed as a “successful model,” recording consecutive profitable quarters and a 25.1% sales growth in the first half of 2025. Another landmark is Lotte Center Hanoi (investment: $400 million), whose internal shopping center has long been a stable profit generator.

The retail network extends to 15 Lotte Mart hypermarkets. In Q2/2025 alone, this segment in Vietnam reported a 5.2% revenue growth and a 27.6% surge in operating profit year-over-year. The entertainment arm includes Lotte Cinema, with 45 theater complexes, commanding approximately 26% market share.

Hotel & Infrastructure Sector: Positioning Premium Brands

Lotte Hotel Saigon

This sector completes Lotte’s premium ecosystem. The hotel division is the “ace,” with each property offering unique 5-star experiences: the luxurious Lotte Hotel Hanoi within Lotte Center Tower; the modern L7 Westlake by Lotte inside Lotte Mall; and the strategic Lotte Hotel Saigon, acquired in a 2013 M&A deal worth over $62 million.

Driving these mega-projects is Lotte E&C (Construction). Beyond internal ventures, Lotte E&C contributes to key infrastructure projects like Ho Chi Minh City’s Metro Line 1 and the Da Nang – Quang Ngai Expressway.

F&B Sector: From Restaurants to Factories

The pioneering Lotteria brand operates nearly 250 outlets, ensuring Lotte’s widespread presence since 1998. Concurrently, Lotte Foods focuses on confectionery production (Xylitol, ChocoPie) through two Binh Duong factories, including a new $50 million facility.

Chemical & Materials Sector

This industrial segment is a silent strategic pillar. Lotte Chemical operates critical manufacturing facilities in Vietnam, including Lotte Chemical Vietnam LLC‘s main plant in Nhon Trach IZ (Dong Nai), specializing in plastic resin production.

Following the acquisition of Vina Polytech, the group also owns a Yen Phong IZ (Bac Ninh) factory focused on advanced plastics like PC and ABS.

Completing the Ecosystem: Finance & Support Services

To complete its closed-loop business ecosystem, Lotte operates Lotte Finance (consumer finance), recently approved by the State Bank to increase its charter capital to over VND 4,912 billion; Lotte Rental (car rental); and Lotte Data Innovation (IT services), serving as critical support units for both the conglomerate and its customers.