Lotte Group, a South Korean conglomerate, has officially resumed construction on the Thủ Thiêm Eco Smart City project in Ho Chi Minh City, Vietnam. The $750 million initiative had been on hold due to regulatory and political challenges, but with key permits and approvals now secured, the development is back on track.
According to the Ho Chi Minh City People’s Committee, construction resumed on January 9, and the project is expected to be completed within three years. The committee highlighted the project’s significance, describing it as “a critical step toward transforming Thủ Thiêm into a leading economic hub in Southeast Asia.”
The Thủ Thiêm Eco Smart City spans a 50,000-square-meter site and features a mixed-use complex with a total floor area of 680,000 square meters—1.5 times the size of Seoul’s COEX mall. The development will include a shopping mall, offices, hotels, luxury residences, cinemas, and apartments, with plans to integrate Lotte’s cutting-edge smart technologies and retail expertise.
Lotte initially broke ground on the project in 2022, marking one of the group’s largest international investments. However, progress stalled due to delays in building approvals, land valuation disputes, and broader political instability, including Vietnam’s leadership changes over the past year.
Thủ Thiêm, often compared to Shanghai’s Pudong district, is an ambitious urban development area designed to become the economic hub of Southeast Asia. Its prime location, with proximity to major highways, has attracted significant attention from developers aiming to capitalize on its strategic value.
This project’s resumption is a significant milestone for Lotte, which has identified Vietnam as a key market in its post-China global strategy. Lotte Chairman Shin Dong-bin has previously expressed strong commitment to expanding the group’s presence in Vietnam, stating at the groundbreaking ceremony, “This project will serve as a foundation for further investments in Vietnam.”
As Lotte pushes forward with its vision, the Thủ Thiêm Eco Smart City could set a new standard for smart urban developments in Southeast Asia, reinforcing Vietnam’s status as a rising economic powerhouse.
