Lotte Vietnam closes e-commerce site

Lotte Vietnam will shut down its e-commerce site lotte.vn in an effort to restructure its operations according to the company.

Lotte Vietnam will shut down its e-commerce site lotte.vn in an effort to restructure its operations according to the company.

Lotte Vietnam will shut down its e-commerce site lotte.vn on January 20, 2020. Photo by Laodong

In a recent announcement sent to suppliers and customers, general director Kim Kyou Sik said that their e-commerce site lotte.vn would be officially shuttered on January 20, 2020.

"The company want to restructure our business plan for better efficiency in the future. This is in line with the trend of combining traditional and online retail," the announcement said. "The operation of Lotte Mart will continue as usual.

"All payment obligations in agreements with suppliers of Lotte.vn will end by February 20, 2020, Lotte Mart said.

Lotte Vietnam Shopping JSC, a South Korean-invested company which manages the Lotte Mart retail supermarket chain in Vietnam, will take over the e-commerce operations.

After taking over, Lotte Mart will merge Lotte.vn into Speedl.vn, an e-commerce website it runs.

Lotte.vn was launched in 2016.

Last week, Vietnam’s largest private firm Vingroup, also announced the shutdown of its e-commerce site Adayroi.com after four years of operation.