Lotte Group looks to develop Southeast Asian markets
The Republic of Korea (RoK)’s retail and chemical giant Lotte Group is ramping up efforts to tap deeper into Southeast Asia and advanced economies amid falling sales in China, once its biggest overseas market, industry sources said on May 28.
Hanoi (VNA) – The Republic of Korea (RoK)’s retail and chemical giant Lotte Group is ramping up efforts to tapdeeper into Southeast Asia and advanced economies amid falling sales in China,once its biggest overseas market, industry sources said on May 28.
According to the Yonhap News Agency, overseas sales of the conglomerate reached8.9 trillion KRW (7.49 billion USD) in 2018, up 7.2 percent against theprevious year.
It marks a turnaround from the near 7 percent on-year drop in 2017 in the wakeof a bitter diplomatic row between Seoul and Beijing over the deployment of anadvanced US missile defense system in the RoK.
Four Southeast Asian nations, namely Malaysia, Indonesia, Vietnam, and thePhilippines, accounted for 58.4 percent of Lotte’s total overseas sales lastyear.
Malaysia was the top contributor with 30.3 percent of the total, followed byIndonesia with 13.3 percent, and the US with 9 percent.
China ranked fourth with a 7.9 percent share, down one spot from the previousyear. The world’s second-largest economy was the leading source of Lotte’soverseas revenue with 25 percent in 2016.
In the aftermath of the missile defense showdown, Lotte’s sales in China, whichstood at about 2 trillion KRW in 2016, dived down to 700 billion KRW last year.
Lotte said its sales in Southeast Asia will increase sharply once a chemicalplant in Indonesia, whose groundbreaking is slated for sometime this year, iscompleted.
Southeast Asia’s bigger share comes amid Lotte’s push to diversify overseasmarkets away from China and make forays into other emerging and advancedmarkets.
In his New Year’s speech, Lotte Chairman Shin Dong-bin stressed the need toreview its emerging market strategy and map out a specific plan to expandoperations in advanced markets.
In line with Shin’s policy, Lotte advanced into the Oceanian duty-free marketin January this year by acquiring four duty-free shops in Australia and anotherone in New Zealand.
Earlier this month, Lotte Chemical Corp., the group’s chemicals arm, completed constructionon an ethylene plant in Louisiana. US Lotte Chemical holds an 88 percent stake,with US Westlake Chemical Corp. owning the remainder.–VNA
Lotte Duty Free, the travel retail company of the Republic of Korea on November 27 announced that it will open the second duty-free shop in Cam Ranh airport next year.
The Korea-based Lotte Group wants assistance from authorities in Ho Chi Minh City to implement its eco-urban complex project at the city’s Thu Thiem New Urban Area, said a leader of the company.
Prime Minister Nguyen Xuan Phuc has asked the Lotte Group of the Republic of Korea (RoK) to foster the growth of Vietnamese start-ups by setting up a fund to support young business hopefuls.
Malaysia, as ASEAN 2025 Chair, marked the bloc’s 58th founding anniversary on August 8 with a vibrant celebration in Cyberjaya, blending an official ceremony with a colorful cultural festival.
Vietnam plays an important role in Southeast Asia’s economic growth and is a key partner of her country in realising the shared vision of a peaceful, stable, and prosperous region, said Robyn Mudie, First Assistant Secretary of Office of Southeast Asia (OSA) – Southeast Asia Regional and Mainland Division at Australia’s Department of Foreign Affairs and Trade (DFAT).
The 2025 ASEAN Business Community Development (ABCD) Forum, themed “Empowering ASEAN's Next Leap: Digital, Sustainable & Entrepreneurial Transformation” brought together ministers, CEOs, and top industry experts to discuss key regional economic priorities.
The DES Ministry will seek cooperation from social media platforms to prevent the spread of fake news and monitor accounts related to such activities, he told reporters after chairing a meeting of the newly established Anti-Fake News Centre (AFNC).
The Joint Standing Committee on Commerce, Industry and Banking identified the US tariff reduction as a significant driver behind the improved economic outlook for Thailand.
Financial institutions and financial technology (fintech) players are intensifying their focus on expanding across the Association of Southeast Asian Nations (ASEAN), adopting tailored strategies to strengthen their presence in the region’s digital financial services landscape.
Featuring a permanent exhibition area, the ASEAN Hall will function both as a cultural showcase and as a dynamic venue for ASEAN-related events and programmes. Its inauguration on ASEAN Day added symbolic weight, marking a fresh milestone in ASEAN–RoK relations.
Thailand’s Ministry of Commerce and rice exporters are devising strategic plans to boost rice exports amid global market fluctuations, focusing on key markets and adjusting output.
The focus of the upcoming ASEAN Summit in October will be on strengthening economic relations through intra-regional trade and investment, as well as regional initiatives on energy networks and connectivity.
Indonesian Ambassador Rina P. Soemarno, who currently serves as Chair of the ASEAN Committee in Prague, emphasised the spirit of regional solidarity and cooperation, and the importance of enhancing ASEAN–Czech Republic relations.
The Indonesian Government is determined to seize opportunities to enhance the competitiveness of national agricultural products, an official has said, adding that it always strives to promote exports at the highest possible level, based on a mutually beneficial foundation.
Finance Minister Pichai Chunhavajira has outlined a six-point strategy to promote innovation, support small and medium-sized enterprises (SMEs), and push for Thailand's removal from the US Trade Representative (USTR)’s special 301 Watch List regarding intellectual property rights protection among trading partners.
Vietnamese Ambassador to Israel Ly Duc Trung emphasised ASEAN’s central role in regional mechanisms such as the ASEAN Regional Forum (ARF) and the East Asia Summit (EAS), highlighting its significant contribution to promoting peace, stability, and prosperity in Southeast Asia.
The consumer index of the University of the Thai Chamber of Commerce (UTCC), fell to 51.7 in July from 52.7 in the previous month. The sluggish economy and the trade war, as well as high living costs, continue to undermine confidence, the university said.
Deputy Speaker of the Hungarian National Assembly Istvan Jakab expressed his hope for further deepening Hungary’s ties with ASEAN countries and called for their support for Hungary’s accession to the Treaty of Amity and Cooperation in Southeast Asia.
The 30-storey tower crumbled seconds after a 7.7-magnitude earthquake hit neighbouring Myanmar on March 28. The partially built high-rise, meant to house the State Audit Office (SAO), was the only building in Thailand to collapse, killing 89 people on the site, mostly construction workers.
Indonesia’s waste generation is projected to exceed 50 million tonnes in 2025. Of the total, more than 20 million tonnes could potentially enter the ocean through rivers, coastal areas, small islands, ports, and marine activities, and thereby, pose a risk to coastal ecosystems and marine biota.
Indonesia is accelerating plans to increase lithium imports, particularly from Australia, in a bid to fill gaps in the electric vehicle (EV) battery supply chain and realise its ambition of becoming a global EV manufacturing hub.
Malaysia’s gross expenditure on R&D (GERD) reached 1.01% of gross domestic product in 2022, a notable increase, with more than 51% contributed by the industry sector. The country is targeting GERD to reach 2.5% by 2030, in line with the national goal of transforming into a high-technology nation.
Lotte World Tower (Source: Koreatimes.co.kr) 
