Shin Dong-bin, chairman of Lotte Group, attended the APEC CEO Summit held in Gyeongju, North Gyeongsang, from the 28th to the 31st and met with leaders and global corporations' chief executive officers (CEOs) to discuss business issues and cooperation plans.
According to Lotte Group on the 31st, Shin met the previous day with Vietnam President Luong Cuong to seek ways to cooperate on local business.
At the meeting with Vietnam President Luong Cuong, Shin said, "Lotte Group is currently investing more than about 40 trillion dong and operating businesses in various fields such as retail and food," and added, "We will continue to create local jobs, sustain investment cooperation, and further solidify trust with Vietnam."
Responding to Shin's comments, Vietnam President Luong Cuong said the Vietnamese government would actively review Lotte's related proposals.
Lotte began in Vietnam in the 1990s with a dining business and has since expanded into various businesses including retail, hotels, and cinemas. Notably, Lotte Mall West Lake Hanoi, which opened in September 2023, has served as a hub of shopping and culture and established itself as a signature landmark of Hanoi. In two years since opening, it surpassed a cumulative 25 million visitors. Lotte GRS has become a leading corporation in Vietnam's franchise industry through a localization strategy.
Also that day, Shin discussed the status of the retail business and future cooperation with New Zealand Prime Minister Christopher Luxon. On the 29th, he met with Matt Garman, CEO of Amazon Web Services (AWS), to discuss integrating artificial intelligence (AI) into the retail business and ways to use customer big data. Shin is also scheduled to remain in Gyeongju on the 31st to continue meetings with global leaders.