South Korean multinational conglomerate Lotte Group has broken ground for its Lotte Eco Smart City smart complex project in the Thu Thiem New Urban Area in Ho Chi Minh City, with an investment of over US$857 million.

The project is a multi-functional complex including residential, commercial and hospitality facilities, Lotte Group chairman Shin Dong Bin said at the groundbreaking ceremony on Friday.

Seated on an area of 50,000 square meters in the new urban area in Ho Chi Minh City’s Thu Duc City, the complex will have five basements and 60 aboveground stories, with a total floor area of 680,000 square meters.

This large-scale project is estimated to cost about VND20.1 trillion, or nearly $857 million.

The complex will serve as a start for Lotte’s upcoming investment expansion activities in Vietnam from this year, which marks the 30th anniversary of the establishment of diplomatic relations between Vietnam and South Korea, chairman Shin said.

Upon completion, expected in 2028, the Lotte Eco Smart City will bring a new look to Thu Thiem new urban area of Ho Chi Minh City, according to Lotte.

The project’s design was inspired by the natural wonders bestowed on Vietnam, including the beauty of Ha Long Bay in northern Quang Ninh Province, and terraced rice fields in central and northern highland regions.

Speaking at the ceremony, chairman of the city’s administration Phan Van Mai said that the complex is among the key investment projects of Thu Thiem, contributing to the development of the new urban area into a financial, commercial and service hub.

The mayor requests Lotte to strictly comply with its commitments with Ho Chi Minh City in relation to the project implementation.

The group should ensure the project meets all requirements in terms of progress, quality and aesthetics, in accordance with the approved construction plan, Mai said.

As a leading corporation in the global market, Lotte Group operates through its networks encompassing numerous partners in food industry, logistics, tourism, chemicals, constructions, machinery, finance, communications, services, welfare and research, according to the website of Lotte Center Hanoi.

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