HO CHI MINH CITY — Lotte Group will cultivate 100 local startups in Vietnam over the next five years as part of efforts to grow alongside the country, one of the group's core global markets.
Lotte Ventures, the group's corporate venture capital arm, has begun full operation of its L-CAMP Vietnam program to identify promising local startups and support their commercialization, according to reporting by The Seoul Economic Daily on the 1st. The firm selected five companies for its first cohort and aims to discover and nurture up to 100 startups within five years.
The move reflects a judgment that Lotte Department Store, Lotte Hotel and other affiliates operating in Vietnam can build sustainable businesses only if local companies, the wider industrial ecosystem and ultimately the Vietnamese economy grow with them.
"Local startups and Lotte must grow together as long-term partners to create sustainable growth," said Kim Seung-wook, chief executive of Lotte Ventures.
