According to reports from Investment Newspaper and Labor Newspaper, on the afternoon of September 18th, the Ho Chi Minh City Department of Finance announced that they had received a document from Lotte Properties HCMC LLC on August 20th, 2025.
The document stated the company’s intention to terminate the contract for the implementation of the Thu Thiem Eco Smart City project in functional area 2A of the Thu Thiem New Urban Area. The specific reason for the termination was not disclosed by the Department of Finance.
However, the Department of Finance has not yet received the necessary files and procedures for the project termination from Lotte Properties HCMC LLC as required by regulations.
“Therefore, in principle, Lotte Properties HCMC LLC remains the investor responsible for the Thu Thiem Eco Smart City project in functional area 2A of the Thu Thiem New Urban Area, as per the legal project documents approved by the competent authorities,” stated the Department of Finance.
The project broke ground on September 2nd, 2022, on a total land area of 74,513 m², with approximately 50,000 m² designated for development within functional area 2A of the Thu Thiem New Urban Area.
Regarding land use allocation, the 7.4 hectares include 1.4 hectares for residential purposes, 2.6 hectares for commercial and rental services, and 2.45 hectares for non-revenue-generating transportation infrastructure.
Thu Thiem Eco Smart City is designed with a scale of 5 basement levels and 60 above-ground floors, featuring various functional areas such as hotels, residential zones, and commercial spaces. The complex will integrate smart technologies to enhance its value proposition.
The total investment capital for the project is 20.1 trillion VND.
Despite signing the investment contract 8 years ago and holding a groundbreaking ceremony 3 years ago, the Thu Thiem Eco Smart City project has yet to take tangible shape.
According to the first-half 2025 report from the Ho Chi Minh City Department of Agriculture and Environment, the total land revenue in the city is estimated at 65.32 trillion VND. Of this, 12.72 trillion VND has been collected, with the remaining 52.6 trillion VND expected from 9 real estate projects with approved land prices.
One of these 9 projects is the Thu Thiem Eco Smart City complex, developed by Lotte Properties HCMC LLC, a subsidiary of South Korea’s Lotte Group.
The project has a land-related financial obligation of 16.19 trillion VND. The Ho Chi Minh City government has held multiple meetings to address challenges, particularly in determining financial obligations to issue land use rights certificates to the investor before proceeding with construction permit applications.
During implementation, Lotte Properties HCMC LLC has raised several issues, including: increasing the total investment capital to 57 trillion VND, adjusting the capital contribution structure and ratio among Lotte’s joint venture members, requesting extensions for project timelines, and resolving outstanding legal procedures.
In late June 2025, the company’s leadership met directly with the Ho Chi Minh City People’s Committee to discuss these proposals, but the specific outcomes of the meeting have not yet been disclosed.
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