Lotte breaks ground on $900 mln Eco Smart City in HCMC
South Korea's Lotte Group broke ground Friday on its multi-function Eco Smart City in Ho Chi Minh City's Thu Thiem Peninsula.
The $900 million project will cover 50,000 square meters, comprising a shopping mall, a hotel, office buildings, serviced apartments and a residential complex.
It will include five underground floors and 60 above-ground ones, using smart technologies.
An illustration of Lotte Eco Smart City project in HCMC. Photo courtesy of Lotte Group.
Group chairman Shin Dong Bin said the Lotte Eco Smart City marked the start of Lotte's investment expansion drive in Vietnam.
Lotte is eyeing several projects in the Southeast Asian country, including a trading center in Hanoi that can attract 10 million visitors a year, Shin Dong-bin said in a meeting with President Nguyen Xuan Phuc in Hanoi Wednesday.
The South Korean conglomerate also plans to invest in startups in Vietnam, bolstering the country’s startup ecosystem.
Lotte Group considers Vietnam its third- most important market after Korea and Japan. After entering Vietnam in 1996, the group has invested about VND40,000 billion ($1.7 billion) in the country and employed 20,000 people, Vietnamese government data shows.
The Lotte Group chairman’s visit to Vietnam this week indicates “how serious Korea’s fifth-largest business group is about doing business in the Southeast Asian nation, now that it is near the completion of its withdrawal from China,” the Korea Times reported.
In Hanoi's Ho Tay district, Lotte is expected to complete the construction of the Lotte Mall Hanoi project by 2023.
Vietnam is the first country Lotte Group chairman Shin Dong-bin visits after he was granted a special pardon by the government on August 15.
- Read More
Vietnam officially pilots crypto asset market
Starting from Tuesday, Vietnamese enterprises with a charter capital of at least VND10 trillion ($379 million) and meeting certain conditions will be eligible to receive a license to participate in the pilot of a crypto asset market in the country.
Finance - Wed, September 10, 2025 | 9:52 pm GMT+7
Indonesia urges feed industry to stabilize prices to protect farmers
Indonesia’s Ministry of Agriculture has urged animal feed companies to refrain from raising prices amid rising production costs in many key centres, which has the potential to burden poultry farmers, both small and large-scale operations.
Southeast Asia - Wed, September 10, 2025 | 9:25 pm GMT+7
Malaysia consolidates position in semiconductor supply chain
Malaysia can maintain its position as a middle power in the global semiconductor supply chain through the implementation of the National Semiconductor Strategy (NSS), which was launched in May last year, according to Deputy Investment, Trade and Industry Minister Liew Chin Tong.
Southeast Asia - Wed, September 10, 2025 | 9:23 pm GMT+7
Indonesia attracts $18.63 bln investment in special economic zones
Indonesia has drawn a total of $18.63 billion in investment into its special economic zones (SEZs) over the past five years, creating more than 187,000 jobs, according to the Coordinating Ministry for Economic Affairs.
Southeast Asia - Wed, September 10, 2025 | 9:20 pm GMT+7
Vietnam highly evaluated as key shipping hub
Russian logistics companies are expanding rail and sea routes to boost Vietnam-Russia trade, with FESCO Transportation Group playing a central role through its project to develop Ho Chi Minh City port into a Southeast Asian transshipment hub.
Companies - Wed, September 10, 2025 | 9:10 pm GMT+7
Malaysia issues emergency security alert at gas facilities
The Malaysian government has issued an emergency order to tighten security at all liquefied natural gas (LNG) facilities in Bintulu, Sarawak state, following the detection of a serious security threat targeting the sites.
Southeast Asia - Wed, September 10, 2025 | 9:04 pm GMT+7
Agribank’s 37-year journey as Vietnam’s leading bank and national brand excellence
Over three decades of relentless innovation and development, Agribank has become a pivotal pillar of Vietnam's financial and banking sector.
Companies - Wed, September 10, 2025 | 5:53 pm GMT+7
Sun Group wins nod for $2.6 bln urban projects in central Vietnam
Subsidiaries of Vietnam’s leading property developer Sun Group have secured approval to develop two major urban area projects worth nearly VND68 trillion ($2.58 billion) in the central coastal province of Khanh Hoa.
Real Estate - Wed, September 10, 2025 | 4:35 pm GMT+7
PV Gas D - a pioneer in distributing clean gas, creating green energy future
Towards the 35th anniversary of PetroVietnam Gas JSC (PV Gas), PetroVietnam Low Pressure Gas Distribution JSC (PV Gas D) proudly looks back on its journey of development full of courage, responsibility, and breakthroughs.
Companies - Wed, September 10, 2025 | 4:30 pm GMT+7
Dung Quat oil refinery's operator BSR seeks investors on possible stake cut by Petrovietnam
Binh Son Refining and Petrochemical JSC (HoSE: BSR), operator of Vietnam’s Dung Quat Refinery, is in talks with potential investors as state-run Petrovietnam might trim its stake to comply with new listing rules, said executives.
Companies - Wed, September 10, 2025 | 4:19 pm GMT+7
Hyundai Rotem keen on developing high-speed railways in Vietnam
Hyundai Rotem, a mechanical engineering company under Korean chaebol Hyundai Group, has expressed an interest in building high-speed railways in Vietnam.
Investing - Wed, September 10, 2025 | 12:43 pm GMT+7
Vietnam automobile, motorcycle and bicycle association aims to make only electric vehicles by 2035
The Vietnam Automobile, Motorcycle and Bicycle Association (Vamoba) seeks to have all of its members produce at least one electric vehicle (EV) product line by 2027 and by 2035, 100% of their automobiles and motorcycles will be environmentally friendly EVs.
Economy - Wed, September 10, 2025 | 11:16 am GMT+7
From transparent technology to humanitarian values: The story of Vietnam’s first charity platform
Launched in 2021 under the direction of the Ministry of Science and Technology, in coordination with the Vietnam Red Cross Society and other socio-political organizations, a platform named “thiennguyen” (charity) developed by MBBank has paved a new path for community philanthropy in the digital era.
Companies - Wed, September 10, 2025 | 8:41 am GMT+7
Increased foreign capital flows, long-term opportunities for Vietnam's retail-consumer goods industry
Vietnam’s conglomerate Masan Group (HoSE: MSN), with a market capitalization of nearly $4.8 billion, high liquidity, ample foreign ownership room, and a solid business foundation, is expected to be a top pick for foreign investors.
Companies - Wed, September 10, 2025 | 8:00 am GMT+7
Vietnam’s pepper exports surpass $1 bln in 8 months
Vietnam’s pepper industry recorded export revenue of more than $1 billion in the first eight months of 2025, the highest level for the period in seven years, according to the Vietnam Pepper and Spice Association (VPSA).
Companies - Tue, September 9, 2025 | 11:13 pm GMT+7
Indonesia, EU to sign CEPA after decade of negotiations
The Indonesia-European Union Comprehensive Economic Partnership Agreement (IEU-CEPA) is set to be signed on September 23 after a decade of negotiations, according to Indonesian Coordinating Minister for Economic Affairs Airlangga Hartarto.
Southeast Asia - Tue, September 9, 2025 | 10:07 pm GMT+7
