South Korea’s Lotte to shut down online marketplace in Vietnam

South Korean conglomerate Lotte is shutting down Lotte.vn, its Vietnam-focused online marketplace connecting merchants with buyers, citing a change in its retail strategy.

The marketplace will be shut down 20 February 2020 and merged with SpeedL.vn, an e-commerce website that retails products sold at Lotte’s physical supermarket stores in the Southeast Asian country, the company said in a notice to merchants this week.

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