Lotte to help 80 promising Korean SMEs tap Vietnamese market

Courtesy of the Ministry of SMEs and Startups

Lotte Group kicked off the “2024 Korea Go Together Festival with Lotte” at Lotte Mall Westlake Hanoi in Vietnam, an event that will run until September 3rd. The festival, organized in collaboration with South Korea’s Ministry of SMEs and Startups, is part of a broader initiative to boost domestic demand as well as create new sales channels for small and medium-sized enterprises (SMEs) throughout the month.

The festival’s opening event is being held outside of Korea For the first time, highlighting Lotte’s commitment to expanding its influence in international markets. The event is paired with the “Lotte Korea Brand Expo,” a platform where Lotte affiliates, including Lotte Corporation, Lotte Mart, Lotte Homeshopping, Korea Seven, and Lotte Hi-mart, collaborate to support Korean SMEs in their efforts to tap overseas markets.

Lotte has an established presence in Vietnam via 19 subsidiaries spanning retail, food, and service industries, and aims to leverage its local expertise to aid SMEs in expanding their market reach. A Lotte Group representative emphasized the company‘s role in promoting and establishing sales channels for SME products, given its extensive operations across various sectors in Vietnam.

On the festival’s opening day, Lotte organized a special export consultation event that brought together 80 leading Korean SMEs and buyers from local Vietnamese distribution companies, while Lotte Mart simultaneously hosted a promotional event showcasing top-tier products to local consumers at Lotte Mall Westlake Hanoi. Lotte anticipates that these interactions will provide SME representatives with valuable insights into the Vietnamese market and its consumer trends.

This festival follows Lotte’s successful organization of the Lotte Korea Brand Expo in Germany and the United States in 2022, as well as in Australia and Indonesia in 2023, and in Mexico in June 2024. These expos have led to significant export deals, including transactions worth $51 million in the United States alone.