Lotte Eco Smart City Thu Thiem resumes construction after delays

4h ago

25-10-2026 13:10:12+07:00

The Lotte Eco Smart City Thu Thiem complex, an investment of VND60 trillion ($2.32 billion), has resumed construction after years of delays caused by legal hurdles and financial obligations.

Construction restarted on October 23, with the project being jointly developed by Lotte Group and Phat Dat Real Estate Development Corporation.

Lotte Eco Smart City Thu Thiem resumes construction after delays

Construction of Lotte Eco Smart City Thu Thiem recommenced on October 23. Photo: Phat Dat

Located in the functional sub-area 2A, Thu Thiem New Urban Area, the new financial hub of Ho Chi Minh City, the approximately 7.45 hectare site will be built with a large-scale, mixed-use urban complex integrating Grade A office towers and podiums for commercial, retail, service, accommodation, residential, and public spaces within a coordinated ecosystem, developed and operated in accordance with international urban planning and development standards.

Its projected investment of VND60 trillion ($2.31 billion) is nearly VND40 trillion ($1.54 billion) higher than the previously announced figure of more than VND20.1 trillion ($773 million).

According to Bui Quang Anh Vu, CEO of Phat Dat, for Phat Dat, what matters more than the project’s scale is responsibility to deliver a development worthy of its location.

Vu said that as a Vietnamese enterprise, Phat Dat brings to the project its understanding of the local market, project development experience, and execution capabilities.

“At the same time, we are proud to partner with Lotte, a group with strong investment resources, international experience, and extensive capabilities in urban development. We believe that combining international expertise with Vietnamese capabilities will provide a strong foundation for achieving our shared goal: making Lotte Eco Smart City Thu Thiem one of the landmark urban developments of Thu Thiem and Ho Chi Minh City,” said Vu.

“However, an iconic development cannot be defined by its scale or architecture alone. It must prove its worth through quality, timely delivery, functionality, the urban experience it offers, sustainability, and the lasting value it creates for the community. This is precisely what Phat Dat is committed to delivering through its participation in this project,” he added.

Nguyen Cong Vinh, Vice Chairman of Ho Chi Minh City People’s Committee, said that the city had consistently pursued its goal of becoming a civilised and modern metropolis, maintaining its role as a leading growth engine for the region and the country, and strengthening its position as an economic, financial and service hub for Southeast Asia.

“Under this strategic vision, the Thu Thiem New Urban Area has been identified as one of the city’s foremost new spaces for modern development. It is planned to become a centre for finance, commerce, services, culture and innovation, serving as a core driver of high-quality economic growth in the new development phase,” Vinh said.

The project is expected to create a smart, modern, and environmentally friendly urban complex that enhances the architectural landscape of the city centre, improves residents' quality of life, and makes Ho Chi Minh City more attractive to global investors.

“The city government highly values Lotte Group’s long-term commitment to investing in Ho Chi Minh City in a serious and responsible manner. The presence and success of South Korean businesses over the years have made positive contributions to the city’s socioeconomic development, while deepening the Comprehensive Strategic Partnership between Vietnam and South Korea and opening up broader opportunities for cooperation across various sectors. Ho Chi Minh City regards the South Korean business community as one of its key partners,” he said.

Lotte Eco Smart City Thu Thiem comprises six adjoining land plots planned as a mixed-use complex featuring office buildings, retail and service facilities, accommodation and residential units. The site is close to the central square and Thu Thiem Central Lake, with connections to the existing city centre via the Thu Thiem Tunnel and Ba Son Bridge.

The project is being developed by Lotte Properties HCMC Co., Ltd., with the participation of three Lotte Group subsidiaries consisting of Lotte Shopping, Hotel Lotte and Lotte Engineering & Construction, alongside Phat Dat Real Estate Development Corporation.

The project site is adjacent to Thu Thiem Central Square and Central Lake, with direct access to the Thu Thiem Tunnel and views across the Saigon River towards the city’s existing central business district.

In the capital contribution structure, Phat Dat holds 35 per cent equity interest in Lotte Properties Ho Chi Minh City, pursuant to Decision No.4102/QD-UBND, issued by Ho Chi Minh City People’s Committee. Phat Dat will co-develop three plots of the residential component with Lotte.

For the commercial and service component with office space on plots 2-1 and 2-3, Phat Dat is solely responsible for developing both high-rise towers, together with a podium comprising four floors of commercial and service space and basement levels, with a total gross floor area of approximately 220,000 square metres.

For the commercial component on plots 2-5, Lotte is solely responsible for developing the high-rise portions, together with a podium comprising four floors of commercial and service space and basement levels.

Lotte Eco Smart City was first studied in 1997, with an investment contract signed in 2017. The project held a groundbreaking ceremony in September 2022 but failed to proceed as planned due to legal hurdles, ownership structure issues among group subsidiaries and outstanding land-related financial obligations.

Ho Chi Minh City approved the project's land valuation at more than VND16.19 trillion ($622.7 million) in mid-2025, and Lotte and Phat Dat signed an investment cooperation agreement for co-developing the project in June.