Lotte keen for further investment in Hanoi development projects

This announcement was made by Shin Dong-bin, chairman of Lotte Group, at a meeting with Secretary of Hanoi Party Committee Dinh Tien Dung in Hanoi on September 22.

Shin briefed his host on the grand opening of the Lotte Mall West Lake project, which took place in Tay Ho district on the same day.

Through the valuable support of Hanoi’s authorities, Shin said that the Lotte Mall West Lake project, which broke the ground in 2016, has now become operational.

He expressed his expectation that Lotte Mall will develop to become a vibrant commercial hub in the capital, with an estimated annual footfall of 10 million visitors which will contribute to creating employment opportunities for approximately 10,000 workers.

The Lotte chairman also proposed extending the project's operating period from 2010 to 2060, instead of the previously approved period of 1996 to 2046.

Shin also expressed hope that Vietnam in general and Hanoi in particular will support Busan to win the right to host The World Expo 2030.

The Hanoi Party leader for his part welcomed Shin’s proposal, and said he would direct relevant agencies to study it and then report to the Prime Minister.

Dung also proposed that Lotte Group help develop Hanoi according to its development master plan and invest in two satellite cities that fall under the capital's jurisdiction. These cities to be developed into a smart city, and a technology and innovation city, respectively, are located across the Red River in the districts of Dong Anh, Me Linh, and Soc Son.

The Hanoi leader briefed his guest on the Government’s recent decision to transfer the Hoa Lac High-Tech Park to Hanoi, which is set to have a population of about two to three million with a high proportion of intellectuals.

He called on financiers from the RoK to invest in the high-tech park for win-win cooperation.