What: a series of pre-emptive moves from Lotte Duty Free in Vietnam to anticipate the travel demand recovery.

Why it is important: by teaming up with the Vietnamese leader and proposing new payment services, Lotte is significantly expanding its footprint on a fast-growing market.

Lotte Duty Free, which already operates 3 stores and building another one, just announced its partnership with IPPG, the leader on the market with 70% market share, to open the fifth location in the oldest mall in Hanoi, the Trang Tien Plaza. This move is made in expectation of a travel demand surge during the second semester of 2021. In order to be completely on par with market’s expectations, Lotte also launched an e-wallet payment service, a premiere for a Korean retailer. E-wallets are highly popular in Vietnam, as they are used by 21% of customers.

Lotte Duty Free launches Vietnamese e-wallet payment services

Lotte Duty Free signs agreement with IPPG to open downtown store in Hanoi next year