SEOUL, June 1 (Korea Bizwire) – Lotte Duty Free, South Korea’s top duty-free operator, said Thursday it has set up a new outlet at a Vietnamese airport, making a foray into the Southeast Asian market.
Lotte clinched a joint venture deal with a Vietnamese counterpart to co-run Phu Khanh Duty Free at the Da Nang International Airport, it said in a statement. The South Korean firm owns a 60-percent stake in the airport duty free.
The official opening is slated for August, with only part of the shop currently operational, it added. 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.
It is the first Korean duty-free operator to have tapped Vietnam.
Lotte Duty Free said it is planning to open another city branch in Bangkok this month. It currently runs airport stores in Indonesia, Japan and Guam.