Lotte Expands Investment In Vietnam, Breaks Ground On Eco Smart City Project

South Korean multinational conglomerate Lotte Group held a groundbreaking ceremony for its Eco Smart City project in Ho Chi Minh City on September 2.

Lotte Group chairman Shin Dong-bin was present at the kick-off ceremony of the $856 million (VND20.1 trillion) construction of the Lotte Eco Smart City Thu Thiem.

The eco smart city complex will be built on a total area of more than 74,500 square meters. The property will serve as a financial, commercial - service center, and multi-functional residential area.

Chairman Shin said that the project has a large construction scale with five basements and 60 floors, including hotels, residential areas, and commercial areas, all using smart technology. He added that Thu Thiem district is being developed as an economic hub that has been inspired by Pudong District in Shanghai, China.

“Since entering Vietnam with the food group in 1996, Lotte Group has been expanding its business in distribution businesses such as shopping malls and marts, and in various fields such as food, hotels, and chemicals, employing about 20,000 employees,” Shin told the local media. “It was possible because of the interest and encouragement of the government and the people.”

Lotte Group plans to build the best smart complex in Vietnam by 2030 and intends to provide over five million jobs throughout the project.

“Lotte Group will expand investment in Vietnam with this project as a starting point,” said Shin. This year marks the 30th anniversary of diplomatic relations between Korea and Vietnam. The Lotte Group aspires to make Eco Smart City a Vietnamese landmark.

The groundbreaking ceremony was also attended by Lotte Group’s Sang-hyun Kim, General Manager of Distribution Group, Se-jin Ahn, General Manager of Hotel Group, and Seok-joo Ha, CEO of Lotte E&C.

Ho Chi Minh City government officials also graced the event, including the Korean Ambassador to Vietnam Park No-wan, Chairman of the People’s Committee Pan Van Mai, and Central Party Member Nguyen Thanh Pong, 150 people, and local developers and construction companies.

Lotte Corporation operates over 90 business units, employing 60,000 engaged in diverse industries such as candy manufacturing, beverages, hotels, fast food, retail, financial services, industrial chemicals, electronics, IT, construction, publishing, and entertainment.

Lotte Corporation is the fifth-largest chaebol (a large family-owned business conglomerate) in South Korea.