Lotte Group, one of the top two retail giants in the South Korea along with Shinsegae, is the most active in the scene. The company currently has 20 affiliates operating in Vietnam, including Lotte GRS, Lotte Shopping and Lotte Culture Works.

A person walks past the Lotte Center Hanoi in Ba Dinh District, Hanoi.

Lotte Shopping is set to open Lotte Mall West Lake Hanoi in the capital city in August. It will be Vietnam's largest shopping mall complex also consisting of a hotel and offices.

The retail giant is also investing about US$900 million to establish Thu Thiem Eco Smart City, which is a complex that will consist of a shopping mall, a hotel, offices, housing and a cinema. In August, Lotte World Aquarium is set to open in Hanoi as well.

"Vietnamese retail market grew about 100 times in the past 20 years. It is an attractive business destination with a high portion of the young population, who love Korean food, K-pop and K-drama," a Lotte Shopping official said, as cited by The Korea Times.

Shinsegae plans to open a third Emart store in Vietnam under a master franchise contract with local THACO Group in the second half of this year.

GS Retail has already opened over 200 GS25 convenience stores in the Southeast Asian country.

Apart from retail corporations, leading unicorn businesses in technology, tourism services, and hotels in the South Korea, such as Yanolja Cloud, are also targeting the Vietnamese market.

Following the Vietnam visit by President Yoon Suk Yeol and a business delegation of the South Korea in June, Yanolja Cloud has successfully established strategic partnership agreements with three Vietnamese companies, namely VNTravel, DiHotel, and Fusion Hotel Group.

Vietnam has a domestic market with a population of nearly 100 million. Looking at the composition ratio of the population, those under the age of 30 account for 50% of the population while the working-age population takes up 70%.

Vietnam - RoK Comprehensive Strategic Partnership

President of the Republic of Korea (RoK) Yoon Suk Yeol paid a state visit to Vietnam from June 22-24 at the invitation of President Vo Van Thuong.

RoK President arrives in Hanoi, starting State visit to Vietnam

President of the Republic of Korea (RoK) Yoon Suk Yeol and his wife Kim Keon Hee arrived in Hanoi on June 22 morning, beginning their three-day State visit to Vietnam at the invitation of President Vo Van Thuong.

RoK President's Vietnam visit to push comprehensive strategic partnership: diplomat

The state visit to Vietnam by President of the Republic of Korea (RoK) Yoon Suk-yeol from June 22 -24 at the invitation of President Vo Van Thuong is a vivid testament to the special importance given by the Korean government and the President himself to the bilateral relationship, a Vietnamese diplomat has said.

Vietnam, RoK intensify trade cooperation

Vietnam and the Republic of Korea (RoK) have become top important partners of each other in various fields, with economic, trade and investment cooperation serving as both pillar and primary driver of their increasingly growing relationship, said Vietnamese Minister of Industry and Trade Nguyen Hong Dien.

Vietnam, RoK share experience, initiatives on smart city development

The CICON 2023 – the second international conference that combines the initials of Creative Urban, Culture, Convergence, and Industry took place in Ho Chi Minh City on June 7, offering opportunities for Vietnam and the Republic of Korea (RoK) to participate in the smart city and blockchain industry, build a network of businesses from the two countries.

Source: VnExpress