The Eco Smart City construction site gate on Mai Chi Tho axis (Ho Chi Minh City) stands in stark white, devoid of project name or developer information. Behind this gate lies a VND 20,000 billion project once envisioned as Thu Thiem’s financial and commercial icon. Now, with Lotte’s withdrawal, only grass and water remain on this abandoned land.
Eco Smart City’s prime location in Thu Thiem’s core directly faces Ho Chi Minh City center via Ba Son Bridge. This gateway position, connected to the existing financial hub and adjacent to emerging commercial complexes, marks it as one of the city’s last remaining diamond-grade plots.
Announced in 2017 with a $900 million investment (over VND 20,000 billion), Eco Smart City was poised to redefine Thu Thiem’s core as a premier commercial, financial, and residential hub. Its scale and strategic location were key to shaping Ho Chi Minh City’s new financial center.
In September 2022, a grand groundbreaking ceremony marked Eco Smart City’s launch in Thu Thiem’s heart. Yet, after this spectacle, the site fell silent, showing no construction activity for years.
Lotte claims to have fulfilled investor obligations, but prolonged land valuation pushed costs to over VND 16,000 billion—far exceeding initial estimates. This was a primary factor in the project’s stalemate and eventual halt.
The Sunshine-DIA consortium recently expressed interest in reviving Eco Smart City. However, Ho Chi Minh City’s Finance Department lacks grounds to consider their proposal, as Lotte remains the legal developer despite withdrawal notices.
Previously, Lotte Properties HCMC (South Korea) notified termination of the Eco Smart City contract. Legally, investors must follow prescribed procedures to cease project operations, even if self-initiated.
Years of neglect have turned the site into stagnant pools and overgrown fields. Meanwhile, neighboring projects like Sala Urban Area and The Metropole thrive, energizing Thu Thiem’s modern skyline.
Despite Eco Smart City’s failure, Lotte maintains a strong Vietnamese presence in retail, food, and tourism, operating multiple malls, supermarkets, and hotels in major cities.
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