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South Korea’s retail operators are expanding their presence in the rapidly growing Vietnamese market as they seek to tap the country’s growing middle income consumers who love Korean food, K-pop and drama.
Lotte Group and Shinsegae are the 2 most active players with the former having 20 stores which include Lotte GRS, Lotte Shopping and Lotte Culture Works. Meanwhile, Shinsegae plans to open its 3rd Emart store under a master franchise contract with local THACO Group in the 2nd half of 2023.
Vietnam has a large population of nearly 100 million with the younger consumers aged 30 and below comprising 50% while the working class contributes 70% of the population.
