On September 19, 2025, Empire City Limited Liability Joint Venture Company submitted a document to the Chairman of the Ho Chi Minh City People’s Committee, requesting clarification on additional financial obligations for the Thu Thiem Observation Tower Complex project (Empire City), as per the conclusions of the Government Inspectorate.
According to the company, on September 5, 2016, the Ho Chi Minh City People’s Committee issued a decision allocating 111,531.7 m² of land to the company for a 50-year period, starting from June 23, 2015, with land use fees applicable. The project, Empire City, was to be developed on this land.
As per the decision dated March 9, 2017, and the document dated April 24, 2017, from the Department of Finance, Empire City Company fulfilled its financial obligations for the project, totaling over VND 3,581 billion. The March 9 decision stated, “Empire City Limited Liability Joint Venture Company is not required to pay additional financial obligations when converting land use from one-time rental payment to land allocation with land use fees.”
Based on this, the company constructed and handed over three clusters comprising nearly 1,200 apartments to residents.
However, since 2019, the project has been stalled due to unresolved additional financial obligations as per Conclusion 1037/KL-TTCP of the Government Inspectorate, resulting in wasted time, costs, and resources for both the state and investors.
 Empire City Apartments.
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Empire City Company reported that authorities recently proposed an additional land price of over VND 8,819 billion for the project, a 246% increase compared to the land use fees paid by the company in 2015-2016 when converting from one-time rental payment to land allocation. The proposal also includes a clause stating, “If state authorities later conclude that additional financial obligations must be fulfilled, the company is responsible for compliance.”
According to the investor, this situation undermines investor confidence. Therefore, Empire City Company urges the City People’s Committee and relevant agencies to determine additional financial obligations in line with the Government Inspectorate’s conclusions, based on the 2015 land allocation date and applying Circular 36/2014/TT-BTNMT, which was effective at that time.
Additionally, the company requests that planning adjustments be considered when determining additional financial obligations to avoid multiple revisions, which waste time and resources. Currently, the proposed additional financial obligations are based solely on the Government Inspectorate’s conclusions, without considering planning adjustments that may affect land use value. Specifically, the project has adjusted the land area distribution among plots to align with traffic planning and the 1/2000 Master Plan, while maintaining overall planning targets.
Empire City Company also opposes two provisions. First, the inclusion of the clause, “If state authorities later conclude that additional financial obligations must be fulfilled, the company is responsible for compliance,” in legal documents related to additional financial obligations. Second, the application of a 5.4% penalty for late payment of additional land use fees, as the company and investors were not at fault in the initial land use fee calculation.
The developer of Empire City stated that if the City People’s Committee unilaterally issues a decision applying the 2016 land prices with unreasonable increases, the company will pursue appropriate legal procedures.
Empire City Company hopes that the City People’s Committee and relevant agencies will address the issue fairly and harmoniously, balancing the interests of all parties.
Empire City Company operates as a joint venture between Vietnamese investors and foreign partners, including Gaw Capital Partners (Hong Kong, China), Keppel Corporation (Singapore), and Swire Properties (United Kingdom).
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The company’s charter capital exceeds VND 5,422 billion, with ownership held by Tran Thai Real Estate LLC (15%), Tien Phuoc Real Estate JSC (15%), Denver Power Ltd (30%), and Corredance Pte. Ltd (40%). Mr. Vo Sy Nhan serves as the General Director and legal representative. |
The Empire City project spans 14.5 hectares with a total construction floor area of 763,438 m², comprising 3,787 residential units. It includes a 5-star hotel, a high-end shopping center, offices, and an 88-story multi-purpose tower, expected to be the tallest building in Vietnam and a landmark in the Thu Thiem New Urban Area.
Empire City’s move follows Lotte Properties HCMC’s August 20, 2025, notification to the Ho Chi Minh City Department of Finance regarding the termination of the Thu Thiem Eco Smart City project in Functional Area 2a of the Thu Thiem New Urban Area. The termination was attributed to the massive land rental fee of VND 16,190 billion imposed by the Department of Agriculture and Environment in July 2025, after years of project stagnation.
Mr. Phan Van Mai: Lotte’s Return of the Thu Thiem Project is a Waste
Lotte Submits Notice to Terminate Thu Thiem Eco Smart City Project
– 15:33 25/09/2025
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