The Journey of Lotte’s 20,000 Billion Project
Thu Thiem Eco Smart Project was inaugurated in September 2022, with Chairman of Lotte Group, Shin Dong-Bin, emphasizing that the project marks the beginning of the group’s upcoming expansion plans in Vietnam.
The Lotte Eco Smart City project was first proposed by the Lotte Group in 1997, with a plan to construct a mixed-use development on 5 hectares (50,000 sq. m.) of land, including a hotel, residential and commercial areas, with a total investment of over VND 20,100 billion.
The project is directly invested by Lotte Properties HCMC, established in 2017 in Ho Chi Minh City. The main business activity of the company is real estate. The company has a charter capital of more than VND 4,000 billion (approximately USD 177 million at that time), with four contributors, all affiliated with Lotte.
The four contributors are Lotte Asset Development Co., Ltd. (15%), Lotte Shopping Co., Ltd. (40%), Lotte Hotel Co., Ltd. (30%), and Lotte Engineering and Construction Co., Ltd. (15%).
Did Lotte Shopping Plan to Sell 12% of its Stake in the Project?
According to Lotte Shopping’s financial reports for 2021, 2022, and 2023, the company had considered transferring 12% of its 40% stake in the project as assets held for sale. However, in 2023, Lotte Shopping canceled this plan, and the 12% stake was reclassified as an investment in a subsidiary.
Lotte Shopping did not provide further information about this intended sale. According to Lotte Shopping’s data, the book value of the company’s investment in this real estate project increased by 11% from KRW 108.8 billion at the end of 2023 to KRW 120.8 billion at the end of 2024.
Additionally, Lotte Shopping reported that the comprehensive income of Lotte Properties HCMC was KRW 10.4 million (VND 200 million) in 2023, which decreased by 36% to KRW 6.6 million (VND 125 million) in 2024.
The Lotte Eco Smart City project has faced some delays. In July 2025, the Ho Chi Minh City Department of Agriculture and Environment approved a land price of VND 16,190 billion for the project, which is expected to impact the project’s progress after a period of stagnation. The project, located in a prime location in the Thu Thiem urban area, with frontage on major roads and adjacent to the Saigon River, is anticipated to be completed by 2028.
Lotte Shopping’s Business Operations in Vietnam
Lotte Shopping manages various businesses of the Lotte chaebol in Vietnam, including real estate (Lotte Properties), entertainment (Lotte Cinema), retail (Lotte Shopping and Lotte E-commerce), and more.
In 2024, Lotte Vietnam Shopping JSC, known for its Lotte Mart brand, recorded a revenue of KRW 396.5 billion and a profit of KRW 19 billion. These results showed a 9.3% and 65% increase, respectively, compared to 2023.
Also, in 2024, Lotte Cinema Vietnam Co., Ltd., renowned for its chain of movie theaters, achieved a revenue of KRW 57.5 billion, a 28.3% increase year-over-year, and a loss of KRW 10.9 billion, similar to the previous year.
