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press release

Lotte starts Vietnam's eco smart city landmark project

Lotte Group Chairman Shin Dong-bin, right, shakes hands with Ho Chi Minh City People's Committee Chairman Phan Van Mai, at the groundbreaking ceremony for Thu Thiem Eco Smart City held in Ho Chi Minh City, Vietnam, Friday. / Courtesy of Lotte Group.

By Kim Hyun-bin

Lotte Chairman Shin Dong-bin has kick-started a Southeast Asian landmark project to build an integrated smart logistics center in Vietnam, according to the company, Sunday.

The company held a groundbreaking ceremony for the Thu Thiem Eco Smart City project in the Thu Thiem District of Ho Chi Minh City in time for Vietnam's Independence Day on Sept. 2.

"This year marks the 30th anniversary of diplomatic relations between Korea and Vietnam. With the Thu Thiem Eco Smart City Project as a starting point, Lotte Group will further expand its investment in Vietnam." Lotte Group Chairman Shin Dong-bin said.

The groundbreaking ceremony was attended by Lotte Group officials, including Lotte Chairman Shin Dong-bin. From the Vietnamese side, more than 380 people, including Ho Chi Minh City People's Committee Chairman Phan Van Mai, attended.

"The eco smart city will have five floors below ground level and 60 stories above, and will become a landmark representing Vietnam in the future by arranging smart residential facilities and distribution facilities that embed Lotte's capabilities," Shin said.

The Thu Thiem Eco Smart City is a complex that will consist of a shopping mall, offices, a hotel, housing and a cinema.

Thu Thiem District is an area that Ho Chi Minh City is developing as an economic hub representing Southeast Asia by taking inspiration from Pudong District in Shanghai, China. Thu Thiem District is in an excellent location as it is densely populated with high-end residential facilities and is adjacent to the east-west expressway.

Lotte plans to invest $900 million in total into the project to complete Thu Thiem Eco Smart City, Vietnam's first smart complex.

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