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Lotte Duty Free, a South Korean duty-free operator, said Monday that it will open its second airport outlet in Vietnam’s southeastern city of Nha Trang.
The company secured exclusive rights to run the store until 2028 at Cam Ranh International Airport’s new terminal, according to officials.
Starting business in early 2018, in line with the completion of the new terminal, Lotte Duty Free expects to log some 700 billion won ($644 million) of sales through the 10 years of operation.
Earlier this month, Lotte opened a store at Da Nang International Airport, becoming the first Korea duty-free operator to enter the Southeast Asian country.
The latest launch of a second Vietnamese outlet reflects the Korean conglomerate’s efforts to expand its overseas business. Lotte is the world’s third-largest duty-free operator, after Swiss-based Dufry A.G. and US-based DFS.
Lotte Duty Free currently runs six airport stores and city branches in Vietnam, Indonesia, Japan, Thailand and Guam.
By Shim Woo-hyun (ws@heraldcorp.com)
