South Korean conglomerate Lotte is set to build a second mall in Hanoi Vietnam which is expected to finish in 2020.

The mall will span 7.3 hectares within the approximately 200,000-sqm complex, together with another department store, a supermarket and a cinema, all to be directly operated by Lotte affiliates.

The total investment capital of the new Lotte project is expected to reach nearly $300 million. Construction is set to begin in the first half of 2017, for completion in 2020.

The Dau Tu (Investment) online newspaper has reported that the project, previously known as Ciputra Ha Noi Mall and owned by the Citra West Lake City Development Company, was acquired by Lotte this year.

The Lotte Group invested $400 million in the 65-storey Lotte Center Ha Noi mall, currently the second-tallest building in the city.

The Korean giant plans to expand its retail network in Vietnam through mergers and acquisitions, and plans 60 shopping malls in the country by 2020 – a five-fold increase, reports Nikkei.

Lotte has 285 shopping centers in Asian countries including China, Indonesia and South Korea, and views Vietnam as one of the fastest-growing retail markets in the region. In October, Lotte Mart launched its e-commerce channel in Vietnam following the introduction of Lotte Shopping TV in 2012.

Aside from providing South Korean products to Vietnamese consumers, Lotte plans to export Vietnamese products like coffee, dried fruit, wooden artifacts and ceramics back to its home market.

Source: Inside Retail, Vietnam News