South Korean hypermarket chain Lotte Mart, which currently has 11 stores in Vietnam, reported sales of VND5 trillion (US$221.58 million) last year, up 30 percent year-on-year.
There was also an increase of 20 percent in footfall, Hong Won Sik, CEO of Lotte Mart Vietnam, said at a press conference.
The company, which will open its 12th outlet next week, is looking at more mergers and acquisitions so that it can achieve its target of 60 stores by 2020, he said.
Conglomerate Lotte, which owns Lotte Mart, is reportedly among foreign retail giants seeking to acquire Big C, a supermarket chain run by France's Casino Group in Vietnam.
Lotte Mart Vietnam also plans to expand to convenience stores and e-commerce, Hong said.
With more than 20 subsidiaries in Vietnam, Lotte has invested more than $2 billion, and is set to double the total investment with plans to build a new urban area in the east of Ho Chi Minh City.