Chairman of the Hanoi People’s Committee Nguyen Duc Chung had a working session on December 3 with the Republic of Korea’s Lotte Chairman Shin Dong-bin on the group’s business results in 2018 and its plan to expand investment in the capital city in the time to come.
According to Shin, Lotte has injected VND40 trillion (US$1.71 billion) in its projects in Vietnam and created around 20,000 jobs for local workers. In addition, the group has supported Vietnam in human resources training and startup projects. Some Lotte scholarships have been granted to Vietnamese excellent students since 2008, while Vietnamese startups have received assistance from the group from 2016.
Lotte is carrying out a number of large projects in Hanoi, including Lotte Mall in Tay Ho district, he said, expressing his hope that they will be welcomed by local residents.
Lotte has huge potential to bolster investment in Vietnam, especially in the hospitality sector, he underlined, describing Hanoi as a credible market when the hotel reservation rate at Lotte Centre reached 98% and 100% on December 3-4.
Hailing Lotte’s activities in Hanoi, Chung affirmed that the corporation has made significant contributions to the city’s social welfare projects and created favourable conditions for Vietnamese agricultural products to hit the shelves of Lotte Mart chains in the RoK.
Briefing Shin on Hanoi’s economic development, he said that this is the eight consecutive years Hanoi has recorded rosy growth, with gross domestic products rising 8.56% against the previous year.
The city is working to put forth administrative reforms to facilitate business of both domestic and foreign investors, including those from the RoK, he stressed, wishing that Lotte will continue expanding its business in the locality.
“Hanoi stands ready to coordinate and remove bottlenecks for the firm to ensure its effective operation in the city”, Chung affirmed.