Shin Dong-bin and Shin Yu-yeol visit Indonesia and Vietnam together… Checking Southeast Asian business
Shin Dong-bin, chairman of the Lotte Group, and his eldest son Shin Yu-yeol, vice president and head of the Future Growth Division of Lotte Holdings, will visit Indonesia and Vietnam together starting from the 28th. This trip, which combines local business checks in Southeast Asia with economic diplomacy, is noteworthy as it involves the father-son duo concerning the group's long-term growth strategy.
According to the business community on the 25th, Chairman Shin is scheduled to visit Indonesia as the head of the private economic delegation dispatched by the Korea Economic Association, after which he will move to Vietnam to inspect major business sites. Vice President Shin is expected to accompany Chairman Shin throughout his itinerary to enhance his understanding of the group's future businesses.
Completion of the 'Line Project' in Indonesia… Focused efforts from petrochemicals to distribution
Lotte has continued aggressive investments in Indonesia, focusing on petrochemicals and distribution. Lotte Chemical has raised the completion rate of the 'Line Project', currently underway in Cilegon with an investment of approximately 5.5 trillion won, to about 99% and is expected to commence trial production in the first half of the year.
In the distribution sector, Lotte Mart recorded a net sales of 1.1 trillion won and an operating profit of 15.2 billion won in Indonesia last year. Lotte Department Store is also expanding its local presence, generating stable results, mainly at its 'Avenue' store in Jakarta.
This trip is expected to expand cooperation with the newly established Prabowo government in Indonesia, focusing on strategic project development in the energy, digital, and infrastructure sectors.
'Hanoi Lotte Mall, the Mecca of MZ generation'… Continued expansion in Vietnam
After visiting Indonesia, the father and son will move to Hanoi, Vietnam, a key hub for Southeast Asian expansion, to check locations such as Lotte Mall Westlake. The complex mall has garnered attention as a commercial space targeting the MZ generation since its opening in September 2023 and has surpassed sales of 200 billion won within just nine months.
Currently, Lotte operates three department stores and 15 hypermarkets in Vietnam, and is also pushing forward with a large-scale complex development in Ho Chi Minh's Thu Thiem area, covering a total floor area of 680,000 square meters.
This is not the first time Chairman Shin and Vice President Shin have visited Vietnam together. After his resignation in 2022, the chairman's first overseas trip was also to Vietnam, and both attended the opening ceremony of Lotte Mall in Hanoi last September. Within and outside the group, this trip is interpreted as a signal for generational change at Lotte and a practical step toward future growth.
Image source: Chairman Shin Dong-bin / Lotte Holdings, Shin Yu-yeol, Vice President and Head of the Future Growth Division of Lotte Holdings, is third from the left / Photo by Lotte Biologics.
