Lotte Duty Free, Modetour to co-work for Vietnam tourism

South Korea's Lotte Duty Free announced on Friday that it has signed a memorandum of understanding (MOU) with Modetour Network Inc. to jointly develop the marketing of the Vietnam package tours.

Under the MOU, the two companies aim to enhance synergy by combining duty-free shopping and tourism at South Korean visitors' preferred travel destinations such as Da Nang, Nha Trang, Phu Quoc, and Dalat.

Both companies will strengthen their partnership to promote the Vietnamese tourism market while jointly planning and selling domestic travel package products. They will also conduct co-marketing such as social media campaigns.

Lotte Duty Free entered the Vietnamese market with the opening of its Da Nang Airport store in 2017. It has focused on the major-airport-centered strategy and established Nha Trang Airport store in 2018, and Hanoi Airport in 2019. In 2022, Lotte Duty Free opened a downtown store in Da Nang.

Last year, the revenue of Lotte Duty Free in the Vietnamese market soared 351% year over year. The 60% comes from South Korean tourists.

Write to Ji-Yoon Yang at yang@hankyung.com