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Lotte to shut down Vietnam online marketplace

South Korean giant fails to catch up rivals including Alibaba-backed Lazada

Lotte will shut down online marketplace on Feb. 20. 

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

The marketplace will be shut down on Feb. 20, 2020, and merged with, 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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