Lotte E&C promotes 1 trillion won worth of development project in Ho Chi Minh City, Vietnam
Lotte Engineering & Construction (Lotte E&C), South Korea’s construction engineering company, announced today that it will promote the “Thu Thiem Eco-Smart City Project” in cooperation with Ho Chi Minh City, Vietnam.
Lotte E&C CEO Ha Suk-joo met Phan Van Mai, Chairman of the Ho Chi Minh City People’s Committee, at the meeting room of the Ho Chi Minh People’s Committee in Vietnam on May 13 and decided to cooperate to promote the “Thu Thiem Eco-Smart City Project”.
The Thu Thiem Eco-Smart City Project is to build commercial facilities, offices, hotels, service residences, and apartments, including a shopping mall with 5 basement floors and 60 above ground, on a site of 50,000 ㎡ (total floor area of 680,000 ㎡) in the Thu Thiem district of Ho Chi Minh City, Vietnam. The total project cost is about 900 million dollars (about 1.158 trillion won).
The project is currently in the stage of submitting design drawings to the Vietnamese government and awaiting approval of the building plan. If approval is completed in the first half of this year, construction is expected to begin next year.
The Thu Thiem district is where Ho Chi Minh City is developing as a Vietnamese economic hub representing Southeast Asia by benchmarking the Pudong district of Shanghai, China.
Ho Chi Minh City, Vietnam, will actively support the licensing process, etc. to expedite the progress of this project.
Lotte E&C is expected to contribute to the development of Thu Thiem District in Ho Chi Minh City by providing the highest level of smart life with successful completion.
“I would like to express my gratitude to Ho Chi Minh City for promising active support. Based on this,” said CEO Ha. “we will proceed with the project as soon as possible so that it can be reborn as a local landmark.”