Construction restarts at Lotte Eco Smart City in Ho Chi Minh City
The Thu Thiem development has a projected investment of ₫60 trillion, compared with the previously announced figure of more than ₫20.1 trillion.
Work resumed on Lotte Eco Smart City Thu Thiem on October 23, reviving a mixed-use project in Ho Chi Minh City jointly developed by Lotte Group and Phat Dat Real Estate Development Corporation.
The approximately 7.45-hectare development occupies six adjoining plots in Thu Thiem New Urban Area. Plans include Grade A offices, retail and service facilities, accommodation, homes and public spaces. The site is near Thu Thiem Central Square and Central Lake, with links to the existing city centre through Ba Son Bridge and the Thu Thiem Tunnel.
Lotte Properties HCMC Co., Ltd. is developing the project, with participation from Lotte Shopping, Hotel Lotte, Lotte Engineering & Construction and Phat Dat. Phat Dat holds a 35 per cent equity interest in the project company and will jointly develop three residential plots with Lotte.
Phat Dat is also solely responsible for two office towers on plots 2-1 and 2-3, including a four-floor commercial and service podium and basement levels. That component has approximately 220,000 square metres of gross floor area. Lotte will develop the high-rise sections, podium and basements on plot 2-5.
A groundbreaking ceremony took place in September 2022, but legal obstacles, subsidiary ownership issues and unpaid land-related obligations prevented work from advancing as planned. The city approved a land valuation exceeding ₫16.19 trillion in mid-2025. Lotte and Phat Dat signed their project investment cooperation agreement in June.
