South Korea's retail giant Lotte Mart is set to boost its investment in Vietnam in an attempt to expand its presence in the local market, Yonhap News Agency reported.
The Vietnamese government has given the greenlight for Lotte to raise the capital for its joint venture by US$50 million, the report said.
According to news website VnEconomy, Lotte Mart holds an 80 percent stake in its joint venture with local company Minh Van. The venture, Lotte Shopping Vietnam, was inaugurated in 2008.
The Korean retailer has opened two outlets in Vietnam, both in Ho Chi Minh City. It plans to have a total of 30 supermarkets in the country.
Vietnam's retail sales grew 22.8 percent in the first nine months, according to the General Statistics Office. The growth had eased from the 24.5 percent increase recorded at the end of 2010 as local consumers cut back on spending amid high inflation.