SEOUL, Nov. 27 (Korea Bizwire) — Lotte Duty Free, South Korea’s top duty-free operator, said Monday it will open its second airport outlet in Vietnam at the country’s southeastern city of Nha Trang next year.
The duty-free operator said it secured the exclusive rights to run the store until 2028 at Cam Ranh International Airport’s new terminal for international passengers.
The new outlet is scheduled to open in the first half of 2018, in line with completion of the new terminal, according to the company.
Lotte expects to bask in 700 billion won (US$644 million) in sales from the new store in the next 10 years.
Earlier this month, Lotte opened a chain at Da Nang International Airport, making it the first Korean duty-free operator to have tapped the Southeast Asian country. Part of the shop has been operational since May.
The plan to launch its second 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 six airport stores and city branches in Vietnam, Indonesia, Japan, Thailand and Guam.