The Ho Chi Minh City Department of Finance announced on August 20th that they received a document from Lotte Properties HCMC Co., Ltd. The company stated its intention to terminate the contract for the implementation of the Smart Complex Project (Thu Thiem Eco Smart City) in Functional Area 2a of the Thu Thiem New Urban Area.
According to Vietnamese investment law, if an investor decides to terminate an investment project under Article 48(1)(a) of the 2020 Law on Investment, they must follow the termination procedures outlined in Article 57 of Decree 31/2021/ND-CP, which provides detailed regulations and guidance for implementing certain provisions of the Law on Investment.
However, as of now, the Department of Finance has not received the required dossier from Lotte Properties HCMC Co., Ltd. as per the aforementioned regulations.
Therefore, in principle, Lotte Properties HCMC Co., Ltd. remains the investor responsible for the Smart Complex Project (Thu Thiem Eco Smart City) in Functional Area 2a of the Thu Thiem New Urban Area, in accordance with the project’s legal framework approved by the competent authorities.
In July, the Ho Chi Minh City Department of Agriculture and Environment approved a land price of 16.19 trillion VND for the Thu Thiem Eco Smart City project, developed by South Korea’s Lotte Group, after years of stagnation.
 Location of Lotte Eco Smart City project in Functional Area 2a.
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The project spans over 74,513 square meters, with a total investment capital of 20.1 trillion VND. The contributed capital for project implementation exceeds 4.2 trillion VND, accounting for 20.99% of the total investment. According to the 2022 plan, the project’s construction phase is expected to last 5 years (2022-2027), with operations commencing in 2028.
The project broke ground in 2022. During the ceremony, Lotte Group Chairman Shin Dong-Bin emphasized that the project would mark the beginning of the group’s upcoming investment expansion in Vietnam. The complex, featuring a financial hub, comprehensive commercial and service facilities, and multi-functional residential spaces with 5 basement levels and 60 above-ground floors, will consolidate Lotte’s resources, positioning the project as a future symbol of Vietnam. However, the site remains vacant to this day.
Lotte Properties HCMC Co., Ltd., the project developer, had an initial charter capital of 4.02 trillion VND (equivalent to over 177 million USD) upon establishment. This capital was contributed by four Lotte ecosystem members: Lotte Asset Development Co., Ltd. (15%), Lotte Shopping Co., Ltd. (40%), Lotte Hotel Co., Ltd. (30%), and Lotte Engineering and Construction Co., Ltd. (15%). A year after establishment, the charter capital increased to over 4.22 trillion VND, matching the required project contribution, with the shareholders’ contribution ratios remaining unchanged.
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