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Ten sales managers from Lotte Mart Korea and seven sales managers from Lotte Mart Vietnam are directly searching for competitive products and suppliers. The products will be exported to Korea this August to sell to Korean consumers through the series of events called “Vietnamese Production Exhibition” which will be held in 117 Lotte Mart supermarkets in Korea.
“VIETNAM EXPO 2016 is a great chance for Lotte Mart to get closer to Vietnamese businesses since it is believed that direct procurement helps Vietnamese producers earn higher profits,” said Hong Eun Bee, Lotte Mart’s chief manager.
In 2015, Lotte Mart imported a wide range of products from Vietnam to Korea including fresh foods, processed foods, clothing, and earned about $4 million in revenue. This year, Lotte Mart estimates to earn more than $5 million from the Vietnamese products.
Besides concentrating on the Korean market, Lotte Mart also promotes exports of Vietnamese products to China and Indonesia via the Lotte Mart distribution channel.
Lotte Mart opened the first hypermarket in Vietnam in South Saigon, Ho Chi Minh City in 2008. As of now there are 12 Lotte Marts throughout Vietnam.
VIETNAM EXPO 2016, organised in Hanoi from April 13-16, has attracted more than 500 businesses from 23 nations and regions.
This year, there are 71 businesses from Korea participating the exhibition and introducing products including cosmetics, food - beverages, textiles, consumer goods, pharmaceuticals - medical equipment, electrical equipment - electronics, machinery supplies in industrial sector.
This is the 18th times Korean participants took part in VIETNAM EXPO. During the past years, Vietnam has always been considered as a potential market for Korean companies, especially those in the retail sector.