Ho Chi Minh City Department of Finance informs about Lotte stopping the implementation of Thu Thiem Eco Smart City project

According to the Ho Chi Minh City Department of Finance, Lotte Properties HCMC Co., Ltd. has not yet submitted the project termination procedures, so it is still considered the investor of the Thu Thiem Eco Smart City project.

Thu Thiem Eco Smart City smart complex project - Photo: AI NHAN

The Ho Chi Minh City Department of Finance has informed the press about the termination of the contract for the Thu Thiem Eco Smart City complex project with Lotte Properties HCMC Co., Ltd. (a member of the Lotte Group of South Korea).

According to the Department of Finance, on August 20th, the department received a document from Lotte Properties HCMC Co., Ltd. regarding the termination of the contract for the Thu Thiem Eco Smart City complex project in functional area 2a, Thu Thiem New Urban Area.

However, to date, the company has not yet submitted the necessary documents to terminate the project as required by the Investment Law. Therefore, according to the Department of Finance, in principle, Lotte Properties HCMC Co., Ltd. is still considered the investor of the project.

The Thu Thiem Smart Complex (commercial name Lotte Eco Smart City) is invested in by Lotte Properties HCMC Co., Ltd. (a subsidiary of Lotte Group, South Korea) through an investor selection process.

On July 26, 2017, Lotte Properties HCMC Co., Ltd. signed a contract (No. 4647) with the People's Committee of Ho Chi Minh City to implement a project using land.

In June 2022, Ho Chi Minh City People's Committee approved the 1/500 planning of the project area.

In August 2022, the Ho Chi Minh City People's Committee issued a decision to allocate and lease land (No. 2862) for the company to implement the project.

After receiving the land, Lotte Properties HCMC held a groundbreaking ceremony in September 2022. However, due to legal issues, the project has not yet been able to commence construction.

By early 2025, the investor had held a groundbreaking ceremony for the project's technical infrastructure, with completion expected in August 2028. Following the ceremony, construction has only progressed to the stage of fence erection and site leveling.

By June 30, 2025, the land for the project area had been approved by the Ho Chi Minh City People's Committee with a specific land price of over 16,190 billion VND.

Lotte Eco Smart City is located in functional area 2A, Thu Thiem New Urban Area, with a total area of ​​7.45 hectares. Of this, the project area is over 5 hectares, while the remaining land for transportation and technical infrastructure is allocated free of charge.

The project area will invest in a commercial, service and multi-functional residential area, including 11 towers 5-50 floors high.

For the traffic area, the investor will completely build 4 road sections and technical infrastructure system.

The project is expected to be implemented in the period 2022-2027 with a total investment of 20,100 billion VND.

During the implementation process, Lotte Properties HCMC proposed several issues to the Ho Chi Minh City People's Committee, including: adjusting the total investment to VND 57,000 billion; changing the composition and capital contribution ratio between Lotte Group's subsidiaries in the joint venture; extending the deadline; and resolving legal obstacles.

Lotte Properties HCMC was established on October 25, 2017, primarily operating in the real estate business. The legal representative and General Director is Mr. Jun Sung Ho. Upon establishment, the company had a charter capital of VND 4,020 billion, with four shareholders from the Lotte Group: Lotte Asset Development (15%), Lotte Shopping (40%), Lotte Hotel (30%), and Lotte Engineering & Construction (15%).

THAO LE - Ai Nhan

Source: https://tuoitre.vn/so-tai-chinh-tp-hcm-thong-tin-ve-viec-lotte-ngung-thuc-hien-du-an-thu-thiem-eco-smart-city-20250920114932826.htm