SEOUL, Oct. 31 (Korea Bizwire) — Lotte Duty Free, South Korea’s top duty-free operator, said Tuesday it will officially open a new outlet at a Vietnamese airport, making a foray into the Southeast Asian market.
The outlet at Da Nang International Airport will begin full-fledged operations Wednesday, it said.
In June, Lotte clinched a joint venture deal with a Vietnamese counterpart to co-run Phu Khanh Duty Free at Da Nang International Airport. The South Korean firm owns a 60 percent stake in the airport’s duty-free business.
It is the first Korean duty-free operator to have tapped Vietnam. Part of the shop has been operational since May. Da Nang is one of the most popular holiday destinations among South Koreans.
The launch of its Vietnamese duty-free shop underscores Lotte’s push to expand its overseas foothold. Lotte is the third-largest duty-free operator in the world, after Swiss-based Dufry A.G. and DFS of the United States.
Lotte Duty Free currently runs five airport stores and city branches in Indonesia, Japan, Thailand and Guam.