Lotte to further invest in Hanoi trade centers

11:21 | 29/06/2015 Economy

Lotte Coralis Vietnam Co. Ltd has finalized formalities to add US$30 million to its investment capital in Hanoi while Lotte Mart has planned to pour an additional US$14 million in the capital city, according to a recent Hanoi’s socio-economic report.

Lotte to further invest in Hanoi trade centers

Lotte Group made a debut in Vietnam in 1996 and is expanding investment in different fields.

Lotte Coralis is the manager of Lotte Center Hanoi, the second tallest building in Vietnam. The 65-story tower accommodates above-ground office, residential and hotel spaces and basement parking and mechanical spaces.

With a total registered capital of US$400 million, the project was put into operation in September last year after five years of construction.

Currently, Lotte Mart manages two shopping malls in Hanoi and ten department stores nationwide. It expects to open 60 stores in Vietnam by 2020.

Besides Lotte, Hanoi has accelerated the process of granting licenses to other investors including Metropolis Hanoi with a total investment capital of US$222.4 million and Aeon-Long Bien trade center with an investment capital of US$15 million.

By the end of June, Hanoi has attracted US$501 million in foreign direct investment (FDI) while FDI disbursement is estimated to reach US$460 million, up 2% compared to the same period last year./.

Source: VOV News