South Korea’s Lotte Engineering and Construction is partnering with Ho Chi Minh City’s administration in researching a smart city project with a total $900 million investment.
The Thu Thiem Eco City project, envisaged as a large-scale leisure and residential complex, will be located on Thu Thiem Peninsula in Thu Duc City in HCMC, Vietnam’s southern economic hub. It will cover 50,000 square meters to contain a shopping mall, hotel, office buildings, serviced apartments, and a residential complex.
The project design includes 11 towers right on the eastern bank of Saigon River, next to the Thu Thiem tunnel under the river, and a direct view towards the city center.
Lotte E&C expects the Thu Thiem Eco City will become an iconic project in the area. It has submitted a construction plan to the Vietnamese government and is waiting for approval.
The Korean construction company’s CEO Ha Seok Joo came to meet with HCMC Mayor Phan Van Mai on May 13 to discuss their partnership in the project. The city leader said his administration would support the approval process.
Entering Vietnam in 2006, Lotte E&C has built Lotte Mart Ho Chi Minh City, Lotte Center Hanoi, Lotte Mall Hanoi and some other developments. The company said it plans to continue investing in more construction projects in the nation.