The 'Lotte Eco Smart City Thu Thiem' project, which the Lotte Group is promoting in Ho Chi Minh City's Thu Thiem New Urban Area in Vietnam, has made significant administrative progress locally. The developer recently completed the payment of land use fees, finalizing a key legal procedure for advancing the project, and development is expected to accelerate accordingly 1. Beyond being a simple mixed-use development, this project is linked to Ho Chi Minh City's plans for developing its eastern urban district and establishing an international financial center, earning it recognition as a critical hub within the region 2.
Project Restart and Administrative Progress
The project held a groundbreaking ceremony in September 2022, but its progress subsequently stalled temporarily due to delays in local administrative procedures and internal financial issues 3, 4. However, on August 29, 2025, the Lotte Group officially conveyed its intention to revive the project during a high-level meeting with Nguyen Van Duoc, Chairman of the Ho Chi Minh City People's Committee, putting the project back on track 4.
Ho Chi Minh City authorities have recognized the project's significance and have provided parallel administrative support. On November 12, 2025, the Chairman of the Ho Chi Minh City People's Committee instructed authorities to accelerate the processing of administrative documents and the progression of auctions related to the Thu Thiem New Urban Area and the Lotte Eco Smart City as part of efforts to secure tax revenue and execute the budget 5. Such city-level cooperation and financial measures indicate that the project is being managed as one of Ho Chi Minh City's key policy tasks 5.
Financial uncertainty, which had been a major variable in the project's advancement, has been largely resolved through the full payment of land use fees. As of August 3, 2026, the developer Lotte Properties HCMC paid a total of 175.069 trillion Vietnamese dong (VND) in land use fees to the national budget, fulfilling its primary financial obligations 1. This serves as a decisive foundation for completing the local permitting process in Vietnam and accelerating subsequent construction and project advancement 1.
Location and Development Scale
Thu Thiem Eco Smart City is located in functional zone 2A of Ho Chi Minh City's Thu Thiem New Urban Area 1. Situated directly across the Saigon River from the former District 1 (the current historic downtown area) and the Ba Son wharf, the site is regarded as an ultra-core location, possessing landmark characteristics even within the Thu Thiem New Urban Area 1.
The project site covers approximately 7.45 hectares (74,513 square meters), with a total project cost set at approximately 60 trillion dong (approximately USD 2.2 billion) 1. The scale and investment figures reported in the latest news align with those reported during the previous groundbreaking phase 6, 1.
According to development plans, 11 buildings ranging from 10 to a maximum of 50 stories will be constructed on the site 1. The complex will feature a blend of Grade-A offices, a large shopping mall, a 5-star hotel, and approximately 1,200 units of luxury apartments 1. While reports at the time of the 2022 groundbreaking mentioned a total floor area of approximately 680,000 square meters (5 underground floors and 60 above-ground floors), recent ongoing development plans have been refined to consist of 11 buildings 3, 1.
| Category | Details |
|---|---|
| Location | Functional Zone 2A, Thu Thiem New Urban Area, Ho Chi Minh City (Saigon River waterfront) |
| Site Area | Approximately 7.45 hectares (74,513 square meters) |
| Total Project Cost | Approximately 60 trillion dong (approximately USD 2.2 billion) |
| Main Components | Offices, shopping mall, 5-star hotel, luxury apartments (approx. 1,200 units) |
| Shareholding Structure | Phat Dat 35%, Lotte Shopping 30.59%, Hotel Lotte 22.94%, Lotte Construction 11.47% |
Smart City Technology and Infrastructure
Consistent with its name, "Eco Smart City," this project is designed not merely as an architectural complex but as smart infrastructure integrating advanced technologies 1. Following completion, artificial intelligence (AI) and Internet of Things (IoT) technologies will be introduced across the entire management and operating system of the complex 1.
Specific technology application plans include facial recognition access control systems to enhance security and traffic flow management, as well as the establishment of digital healthcare infrastructure for residents and on-site personnel 1. These systems align with the intelligent urban operation model sought by the Thu Thiem New Urban Area 1.
Investment Structure and Partnership
Lotte Properties HCMC Co., Ltd., the developer responsible for this project, operates as a joint venture involving Lotte Group affiliates and a local Vietnamese real estate developer 1. Looking at the shareholding structure, Vietnamese real estate developer Phat Dat holds the largest stake at 35%, followed by Lotte Shopping (30.59%), Hotel Lotte (22.94%), and Lotte Construction (11.47%) 1.
Under the agreement, Phat Dat participates jointly in the development of certain residential blocks (Buildings 2-2, 2-4, and 2-6), commercial facilities, and underground spaces 1. Phat Dat reportedly has invested over 10 trillion dong into the project to date 1.
Integration with Local Economy and Urban Planning
This project is aligned with the core axis of Ho Chi Minh City's long-term urban restructuring plan, the 'Master Plan 2040' 2. The city has established a plan to specialize its territory into six functional zones, with the eastern urban district (Thu Duc City), which includes the Thu Thiem New Urban Area, destined to develop into a hub for innovative industries and financial services 2. In particular, the International Financial Center (IFC) to be established in Thu Thiem is cited as a key factor elevating the economic significance of the area 2.
Once the Eco Smart City is completed, it is expected to generate more than 20,000 new jobs in Ho Chi Minh City and the surrounding regions 3. Additionally, Ho Chi Minh City is pursuing transit-oriented development (TOD) in parallel, with plans to expand the metro network to 12 lines totaling 582 kilometers, thereby contributing to the revitalization of the eastern region's commercial and real estate ecosystem centered around this complex 2.
Current Progress and Future Schedule
At the actual construction site, site preparation and leveling works have been fully completed in accordance with the planned schedule 1. Currently, deep underground structures comprising five basement levels and foundation works are actively underway across more than 5 hectares of the site 1.
During construction, rigorous application of US safety standards will be employed to ensure construction quality and safety 1. Under the current plan, basement construction is scheduled to be completed in the first quarter of 2027, followed by superstructure works, targeting full completion of the complex and the first occupancy by the end of 2028 1.
References
- 롯데 투티엠 에코 스마트시티, 토지사용료 17조5,069억 동 완납…사업... · goodmorningvietnam.co.kr↩
- Ho Chi Minh City’s New Master Plan: Six Urban Zones, One Mega-City Vision · vietnam-briefing.com↩
- “베트남에 코엑스 1.5배 복합단지” 신동빈 롯데 회장 동남아 공략 시동 · joongang.co.kr↩
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