Lotte Group’s land use fees for HCMC project estimated at $633 mln
South Korea’s Lotte Group will have to pay VND16 trillion ($633.3 million) in land use fees in the fourth quarter of 2024 as estimated by the HCMC Department of Natural Resources and Environment (DoNRE).
This is the biggest of 22 projects with financial obligations that the DoNRE has forwarded to the municipal Department of Finance and the standing committee of the HCMC Land Valuation Council for collection.
An illustration of the Lotte Eco Smart City project by South Korea’s Lotte Group in Thu Thiem city, Ho Chi Minh City. Photo courtesy of the project developer.
The project is located in the new Thu Thiem financial center in An Khanh ward, with a riverside view of the Saigon River.
In July 2017, the HCMC People’s Committee and Lotte Group had signed a contract to implement the project with an investment of $900 million. It broke ground on September 2, 2022 and is expected to be completed in 2028.
The 50,000-square meter eco smart complex will include 10 towers of 12 to 60 storeys, featuring shopping malls, offices, service apartments and residential areas. It will have about 2,000 apartments and over 300,000 square meters of commercial and office space. Once operational, the project is anticipated to create jobs for around 20,000 people.
The second largest project in terms of financial obligations is a BT (build-transfer) contract for a road running parallel with the Long Thanh-Dau Giay Expressway.
Located in An Phu ward, Thu Duc city, the 14.8-hectare project has financial obligations of VND3.5 trillion ($138.53 million).
The 3.4-kilometer road, being built by HCMC-based Nguyen Phuong Real Estate Company Limited, has a total investment of nearly VND870 billion ($34.44 million). Notably, Nguyen Phuong Real Estate was incorporated on April 27, 2017, coinciding with the groundbreaking ceremony of the aforementioned project.
The third largest of 22 projects listed by the DoNRE is located at 230 Nguyen Trai street, Nguyen Cu Trinh ward in District 1. This one has payable land use fees estimated at VND3.286 trillion ($130.06 million).
Invested by T.N.T Trung Thuy Real Estate Investment Company Limited, the commercial-service-office-officetel-residential complex named Lancaster Legacy covers nearly 8.5 hectares and consists of three 37-story blocks with 749 apartments, officetels and penthouses. The project’s 1-3 bedroom apartments have areas ranging from 50 to 150 square meters each.
It has a total estimated investment of VND3.2 trillion ($126.66 million).
- Read More
VSIP starts work on industrial park project in northern Vietnam province Thai Binh
Construction of the Vietnam-Singapore Industrial Park (VSIP) Thai Binh commenced on Wednesday in northern Vietnam, with the witness of Vietnamese Prime Minister Pham Minh Chinh and his Singaporean counterpart Lawrence Wong.
Industrial real estate - Wed, March 26, 2025 | 10:41 pm GMT+7
Vingroup starts building mega urban project in Vietnam's Mekong Delta
Vietnam’s leading private conglomerate Vingroup on Wednesday embarked on construction of the VND28 trillion ($1.1 billion) Vinhomes Green City, the first mixed-use urban development in its ecosystem in the Mekong Delta province of Long An.
Real Estate - Wed, March 26, 2025 | 10:11 pm GMT+7
Indonesia, China cooperate in digital technology
Indonesia and China are expanding cooperation in the field of AI to promote digital transformation, especially in the fields of agriculture and smart cities.
Southeast Asia - Wed, March 26, 2025 | 10:01 pm GMT+7
Indonesia decides to join BRICS New Development Bank
Indonesian President Prabowo Subianto has announced the Government's decision to become a member of the New Development Bank (NDB), a multilateral development bank established by the five founding member states of the BRICS group.
Southeast Asia - Wed, March 26, 2025 | 9:57 pm GMT+7
Major Vietnamese broker SHS to double charter capital
Saigon-Hanoi Securities Corporation (SHS) plans to issue 894 million shares to increase its charter capital from VND8.13 trillion to VND17.07 trillion ($667.6 million), making it one of the top three securities firms in term of charter capital.
Companies - Wed, March 26, 2025 | 8:30 pm GMT+7
Elon Musk company okayed to pilot Starlink satellite internet service in Vietnam
Vietnam has allowed the U.S.'s SpaceX to pilot Starlink low-orbit satellite internet service in the country on a pilot basis until January 1, 2031.
Industries - Wed, March 26, 2025 | 5:18 pm GMT+7
Danish toymaker Lego to open $1.3 bln Vietnam plant next month
Denmark's Lego will officially open its factory in VSIP III Industrial Park in Vietnam's southern province of Binh Duong on April 9.
Industries - Wed, March 26, 2025 | 4:18 pm GMT+7
Top Singaporean firms earn high incomes in Vietnam
Singapore is the second-biggest foreign investor in Vietnam, with over $84 billion in registered investment capital as of end-January and many prominent investors raking in high incomes.
Companies - Wed, March 26, 2025 | 3:45 pm GMT+7
Vietnam, Singapore ink significant deals in Hanoi
Vietnamese Prime Minister Pham Minh Chinh and his Singaporean counterpart Lawrence Wong on Wednesday witnessed the signing of many cooperation deals between agencies and enterprises of the two countries.
Economy - Wed, March 26, 2025 | 2:51 pm GMT+7
Vietnam's major policies are reshaping economic development
Major policies are reshaping Vietnam's approach to economic development, which focuses on science, technology, and private enterprises, said a leader at the Vietnam Chamber of Commerce and Industry (VCCI).
Economy - Wed, March 26, 2025 | 12:11 pm GMT+7
PM okays over $10 bln urban area project in central Vietnam
The over VND260.3 trillion ($10.16 billion) Cam Lam New Urban Area project in the south-central province of Khanh Hoa has received in-principle approval from Prime Minister Pham Minh Chinh.
Real Estate - Wed, March 26, 2025 | 8:58 am GMT+7
S Korea's KIM Fund raises stake in Vietnam's marine transportation firm VIPCO
South Korea’s KIM Fund has increased its stake in Hai Phong city-based Vietnam Petroleum Transport JSC (VIPCO, HoSE: VIP) to 2.73%, making it the latter’s second-largest shareholder.
Companies - Wed, March 26, 2025 | 8:30 am GMT+7
Vietnam, Singapore seek cooperation chances in semiconductor industry
The Vietnam Trade Office in Singapore, in collaboration with the Singapore Semiconductor Industry Association (SSIA), organized a hybrid seminar on Monday to introduce Vietnam's potential, advantages, and development strategies for the semiconductor industry.
Southeast Asia - Tue, March 25, 2025 | 10:55 pm GMT+7
OV intellectuals in UK suggest blueprint for Vietnam’s int’l financial hub ambition
Vietnam can rise as a major international financial centre, both regionally and globally, with a strategic vision that highlights transparency, a skilled workforce, modern infrastructure, robust financial markets, and strong international branding, the Vietnam Intellectual Society in the UK and Ireland (VIS) told visiting Vietnamese Permanent Deputy Prime Minister Nguyen Hoa Binh in a recent meeting.
Southeast Asia - Tue, March 25, 2025 | 10:55 pm GMT+7
Vietnam Deputy PM discusses financial center development with ECB
Vietnam's Standing Deputy Prime Minister Nguyen Hoa Binh on Monday met with representatives of the European Central Bank (ECB) to discuss plans for the establishment of financial centers in Vietnam, as part of his working visit to Germany – the final stop in his European tour.
Southeast Asia - Tue, March 25, 2025 | 10:52 pm GMT+7
Indonesia keeps commitment on energy transition
Indonesian Coordinating Minister for Economic Affairs Airlangga Hartarto on Monday affirmed that the U.S. decision to pull out of the Just Energy Transition Partnership (JETP) will not impact the other partners' commitment to it.
Southeast Asia - Tue, March 25, 2025 | 10:35 pm GMT+7
