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Lotte keen on long-term development in Vietnam

Released at: 09:51, 23/06/2017

Lotte keen on long-term development in Vietnam

Mr. Oh Sung-Yup. Photo: Lotte

Mr. Oh Sung-Yup, Chief of Communications, Lotte Corporate Innovation Office, shared the Lotte Group's plans in business activities and retail distribution development in Vietnam with VET.

by Hong Nhung

Why did Lotte decide to establish the group’s first service training center in Vietnam?

The Lotte Group is among the five largest groups in South Korea and we are expanding our investments in the global market in many sectors, in which the service and distribution sectors are among the most significant in our portfolio. Vietnam is now an important partner of our country and also a potential destination. Apart from investing in Vietnam for the country’s economic growth, we also want to contribute to its social development, creating jobs for local people, and these are the main reasons behind this educational project.

■ How will the service training center be operated and is the target of this human resources training to expand your retail system in Vietnam? Why did you decide to cooperate with the Industrial University of Ho Chi Minh City (IUH) in implementing the project?

The Lotte Group now has two major business sectors in Vietnam: service and retail distribution. Regarding retail distribution, Lotte has been one of the leading groups in South Korea since the 1960s. Over the decades, it has accumulated a lot of experience in the field of retail distribution and services for consumers and this is one of its strengths. With these advantages, Lotte has contributed to the development of South Korea’s distribution sector, especially in meeting consumers’ demands in service systems. We recognize that Vietnam at the moment is witnessing strong development, which leads to a need for a retail distribution sector. As such, we would like to share our knowledge and experience, which have been accumulated over many years, in order to train Vietnamese human resources as well as develop the country’s retail distribution sector.

South Korea’s Ministry of Education, Science and Technology and Vietnam’s Ministry of Industry and Trade have worked together and conducted research over a period of time, and we recognized that IUH was a partner with the abilities and conditions to conduct the project successfully.

■ What are Lotte’s plans to promote the training center in particular and for its business development in Vietnam in the years ahead?

Firstly, regarding the center’s development orientation, Lotte has passed on management and operations to IUH. We provide support in technology and capital and will share our knowledge and experience with trainees at the center and will send our experts to the center to provide professional training.

Secondly, we will create jobs for our trainees after they complete the courses. We will work with our member companies in Vietnam to offer them jobs and, if necessary, recruit them to work in South Korea.

Lotte has a lot of business in Vietnam, including Lotte Mart, Lotte Hotel, and Lotteria. These companies will be in charge of the practical work for trainees at the center.

■ How would you comment on Vietnam’s retail distribution system, given the country has witnessed the arrival of many large retail groups?

Agricultural production plays an important role in Vietnam’s economic structure. However, the prerequisite for agricultural producers to create value is the retail distribution sector. Vietnam is an emerging market with a large population and abundant natural resources, so the retail distribution sector will have much more opportunities to grow.

Once Vietnam’s retail distribution sector develops, local people will earn higher incomes and the country will create motivation for the economy as a whole. Our business target is not only expanding in scale but also focusing on social support activities for mutual development.

■ In recent news, Lotte Duty Free announced it would open its first outlet in Vietnam. What are the group’s plans in this business sector in Vietnam this year and next year?

Lotte has expanded its business activities in Vietnam and has more than 20 member companies in the country, from supermarkets to hotels, retail, shopping centers, fast-food chains, confectionary and food production, home shopping, and cinemas. We also have plans to expand our business to the chemicals industry. We are not focusing on any one sector, and would like to spread our businesses activities to many sectors in Vietnam.

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