Lotte Shopping is accelerating its expansion in Southeast Asia with plans to open 10 additional retail outlets - including shopping malls and hypermarkets - in Vietnam. The company also announced its goal of achieving 3 trillion won ($2.19 billion) in overseas revenue by 2030.

According to retail industry sources on Thursday, Lotte Shopping unveiled the plan during a recent investor presentation held in Hanoi. The company currently operates three department stores (including one shopping mall) and 15 hypermarkets across Vietnam.

Lotte is seeing strong results in the country. Its flagship shopping mall in Hanoi, Lotte Mall Westlake, surpassed 10 million annual visitors within just one year of opening. Buoyed by this performance, the company is actively reviewing plans for 10 new openings in Vietnam.

Its overseas revenue has significantly improved. Lotte Shopping posted 1.6 trillion won in overseas sales in 2024, up 5.1 percent from the previous year, while operating profit surged 115 percent to 41.7 billion won. The company expects Vietnam’s department store sales to grow more than 10 percent in 2025 while same-store sales at hypermarkets are projected to rise about 5 percent.

Lotte plans to focus store expansion efforts on high-growth overseas regions. As part of this strategy, it will establish a new intermediate holding company called iHQ in Singapore in 2025. iHQ will function as the central hub for Lotte Shopping Singapore Holdings, overseeing operations in Vietnam and Indonesia.