On May 13, Lotte E&C CEO Ha Suk-joo met Phan Van Mai, Chairman of the Ho Chi Minh City People’s Committee, Vietnam at the meeting room of the Ho Chi Minh People’s Committee building.
The two agreed to cooperate in promoting the Thu Thiem Eco-Smart City Project in earnest.
The Thu Thiem Eco-Smart City Project will build a mammoth-sized complex with commercial facilities including a shopping mall, offices, hotels, service residences, and apartment buildings.
The shopping mall will have five basement floors and 60 grondfloors on a 50,000- square-meter site in the Thu Thiem District of Ho Chi Minh City in Vietnam. Its total floor area will reach 680,000 square meters.
The project will cost about US$900 million dollars (about 1.158 trillion won). It is currently in the stage of awaiting approval of the building plan after submitting design drawings to the Vietnamese government.
The Thu Thiem District, the subject of the project is an area that Ho Chi Minh City is developing as a Vietnamese economic hub representing Southeast Asia by benchmarking the Pudong District of Shanghai in China.
The site of the project abuts on an area in which highest-quality residential facilities are concentrated. It is adjacent to an east-west expressway.
Lotte E&C will develop the first smart complex with commercial facilities by applying smart technology at the highest level so that Thu Thiem Eco Smart City will be able to become a landmark in the region.
Ho Chi Minh City will actively support the licensing process and others for the project.
The Korean builder is expected to provide luxurious and advanced smart lives through successful completion, contributing to the development of the Thu Thiem District.
Lotte E&C has completed various construction projects in Vietnam apart from this project. Since its first entry into Ho Chi Minh City in Vietnam in 2006, the Korean contractor has built Ho Chi Minh City Lotte Mart, Lotte Center Hanoi, and Lotte Mall Hanoi.
In addition, Lotte E&C established a corporation in 2019 to actively invest in real estate investment and development projects in Vietnam.
Since the beginning of this year, it has won orders worth US$1.417 billion from overseas clients and is producing tangible results as it ranks second in overseas construction orders among Korean construction companies.
A bird’s eye-view of the Thu Thiem Eco-Smart City Project.
“I highly appreciate Lotte’s investment in Vietnam,” said Phan Van Mai, Chairman of the People’s Committee of Ho Chi Minh City, Vietnam on this day. “We will provide strong support at the Ho Chi Minh City level to expedite the process as the Thu Thiem Eco-Smart City Project is a very important project for Ho Chi Minh City.”
“I would like to express my gratitude to Ho Chi Minh City for promising to give strong support to the project,” CEO Ha said in response. “By making good use of your support, we will proceed with the project as soon as possible to build the edifice as a landmark in the region.”
Meanwhile, Lotte E&C has highly evaluated Vietnam’s great growth potential and made it a key investment target. Moreover, it is planning to pump up its efforts to expand trade and business between South Korea and Vietnam.
Lotte E&C is a leader in creating a high-class housing culture inside and outside the country.
The company provides not only housing work but specialized construction services for national and social infrastructure based on its various experience and state-of-the-art technology in plant works, civil works, mixed-use complex and high-rise building works sector.
Lotte E&C considers creating values for our customers as its top priority and is putting its efforts into improving people’s quality of life while earning strong trust from its clients.
At the same time, Lotte E&C is running its R&D center which has consistently served important roles in supporting management, developing new technologies, finding new growth drivers, cutting costs, and shortening construction periods since 1986.