Chinese giant technology Alibaba has announced its acquisition of the largest hypermarket Lotte Mart in Vietnam. The deal, which is valued at $1.1 billion, allows Alibaba to expand its influence in the markets of Southeast Asia. It is expected that the operation will be completed in the coming months.
"The acquisition of Lotte Mart in Vietnam is a key step for Alibaba in expanding its presence in the retail market in the region," said an Alibaba representative.
Lotte Mart is a major supermarket and hypermarket chain, owned by the South Korean company Lotte Group. After the completion of the acquisition, the stores will be rebranded and reorganized in accordance with the concepts and standards of Alibaba.
Analysts note that this acquisition allows Alibaba to strengthen its position in Vietnam, where the company already has a significant presence in the e-commerce sector. Furthermore, the acquisition of physical stores allows Alibaba to better compete with other large retail chains in the region.
