Lotte Construction Accelerates Complex Development in Thu Thiem District, Ho Chi Minh City, Vietnam

Perspective view of the Tutim Eco Smart City project

Lotte Construction is set to embark on the development of a smart complex project worth 1.2 trillion KRW in Ho Chi Minh City, Vietnam.

On the 14th, Lotte Construction announced, "CEO Ha Seok-ju met with Phan Van Mai, Chairman of the People's Committee of Ho Chi Minh City, Vietnam, on May 13 at the Ho Chi Minh People's Committee conference hall, agreeing to cooperate for the full-scale promotion of the 'Thu Thiem Eco Smart City Project.'"

The Thu Thiem Eco Smart City Project involves developing a large-scale complex on a 50,000㎡ site in the Thu Thiem area of Ho Chi Minh City (with a total floor area of approximately 680,000㎡, about 1.5 times the size of COEX). The complex will include commercial facilities such as a shopping mall spanning from five basement floors to 60 floors above ground, along with offices, hotels, service residences, and apartments. The total project cost is approximately 900 million USD (about 1.158 trillion KRW).

Currently, the design documents have been submitted to the Vietnamese government, and the project is awaiting building plan approval. If approval is granted in the first half of this year, construction is scheduled to begin next year.

The Thu Thiem area in Ho Chi Minh City, where the project is located, is being developed by Ho Chi Minh City as a Southeast Asian economic hub modeled after the Pudong district in Shanghai, China. It is regarded as the next-generation "Gangnam" of Ho Chi Minh City and is an area with high investment value.

Among these, the project site is located in an area densely populated with the highest-end residential facilities and boasts an excellent location adjacent to the East-West Expressway.

Lotte Construction plans to develop the Thu Thiem Eco Smart City as the region’s landmark by applying the highest level of smart technology, making it the first smart complex combining commercial facilities.

Lotte Construction CEO Ha Seok-ju (fourth from the left in the first row) and Phan Van Mai, Chairman of the People's Committee of Ho Chi Minh City, Vietnam (fourth from the right in the first row), agreed to cooperate to actively promote the Thu Thiem complex development project and took a commemorative photo.

Ho Chi Minh City, Vietnam, will actively support the permitting process and other procedures to expedite the project.

Phan Van Mai, Chairman of the People's Committee of Ho Chi Minh City, said, "We highly appreciate Lotte's investment in Vietnam. The ongoing Thu Thiem Eco Smart City Project is a very important project for Ho Chi Minh City, and we will support it at the city level to ensure its swift progress."

CEO Ha Seok-ju stated, "Based on this support, we will proceed with the project promptly to transform it into a landmark within the region."

Meanwhile, since entering Vietnam in 2006, Lotte Construction has constructed Ho Chi Minh Lotte Mart, Lotte Center Hanoi, and Lotte Mall Hanoi. In 2019, it established a separate corporation and has been actively investing in real estate investment and development projects. This year, it has secured overseas orders worth 1.417 billion USD so far, ranking second among domestic construction companies in overseas orders.

This content was produced with the assistance of AI translation services.