Lotte Mart to boost investment in Vietnam

SEOUL, Sept. 23 (Yonhap) -- Lotte Mart is set to boost its investment in Vietnam following recent regulatory approval, the company said Friday, which is expected to help expand the retailer's presence in the Southeast Asian country.
   The Vietnamese government gave the green light to the Korean retailer to increase capital for its joint venture by US$50 million, the company said.
   Lotte Mart set up Lotte Vietnam Shopping jointly with Vietnamese company Minh Van in 2008 with initial capital of $15 million.
   The Korean firm, a unit of Korean retail giant Lotte Shopping Co., holds an 80-percent stake in the Vietnamese unit.
   Lotte will finance $40 million, or 80 percent, of the increase in capital and Minh Van will come up with the rest of the money, Lotte said.
   The Korean company may increase spending and raise its stake in its Vietnam unit, if necessary.
   With the increased capital, Lotte Mart will soon open its third retail shop in the fast-growing country, it said. It operates two retail stores in Ho Chi Minh City.
   The company had intended to expand its retail chain in the country but the delay in regulatory approval affected its business plan.
   The approval came shortly after Roh Byung-yong, Lotte Mart's chief executive, visited Vietnam to request local government officials to ease regulations on foreign capital, the company added.