Lotte Eco Smart City breaks ground in HCM City’s Thu Thiem Area

Located in Division 2A of Thu Thiem New Urban Area, the 7.45-hectare project is designed to integrate commercial and service facilities with housing and office space. It is being implemented by Lotte Properties HCMC, whose shareholders include Lotte Shopping Co., Ltd, Hotel Lotte Co., Ltd, Lotte Engineering & Construction Co., Ltd and Phat Dat Real Estate Development Corporation.

Phat Dat currently holds a 35% stake in Lotte Properties HCMC, the company responsible for implementing the project, while Lotte subsidiaries own the remaining shares. The deal represents a rare case of a Vietnamese company acquiring a stake in a foreign-invested property project.

At the groundbreaking ceremony, Oh Il Keun, CEO of Lotte E&C, described Vietnam as a key market for the group's future. He said Lotte regards HCM City as a dynamic economic centre and Thu Thiem as a new symbol of its growth. The group pledges to contribute to HCM City's development into a highly competitive international metropolis.

Lotte said it would draw on its expertise in development, construction, distribution and services to deliver high-quality housing and integrated amenities.

Bui Quang Anh Vu, general director of Phat Dat, expressed confidence that combining Lotte’s international expertise with Vietnamese capabilities would help turn the development into a landmark project in Thu Thiem and Ho Chi Minh City.

Both developers pledged to mobilise resources, strengthen coordination and prioritise construction progress, quality and implementation efficiency.

Nguyen Cong Vinh, vice chairman of the HCM City People's Committee, said the project aligns with the city's strategy to develop Thu Thiem into a centre for finance, commerce, services, culture and innovation, supporting high-quality economic growth.

The municipal administration is committed to supporting investors within the legal framework and coordinating relevant departments to facilitate the project’s implementation, he affirmed.

Ho Chi Minh City is currently accelerating other developments in Thu Thiem New Urban Area as it seeks to establish the area as a new growth hub and strengthen the city’s role as a regional economic centre.

Lotte Mart week gives 40 Vietnamese businesses access to modern retail network

VOV.VN - A week-long business-matching and product showcase at Lotte Mart in Ho Chi Minh City is giving 40 Vietnamese businesses an opportunity to access modern retail channels, improve product quality and expand markets.