A groundbreaking ceremony for the Lotte Eco Smart City Thu Thiem project was held on October 23 in Ho Chi Minh City. The project is located in Functional Area 2A of the Thu Thiem New Urban Area in An Khanh Ward.
Attending the event were Le Quoc Phong, Standing Deputy Secretary of the Ho Chi Minh City Party Committee; Nguyen Van Duoc, Chairman of the Ho Chi Minh City People's Committee; Vo Van Minh, Chairman of the Ho Chi Minh City People's Council; Nguyen Cong Vinh, Vice Chairman of the Ho Chi Minh City People's Committee; Hoang Nguyen Dinh, Vice Chairman of the Ho Chi Minh City People's Committee and leaders of various city departments and agencies.
The Lotte Eco Smart City Thu Thiem project is being developed in the core area of Thu Thiem on a site covering about 7.45 hectares, with total investment estimated at approximately VND60,000 billion.
The project is designed as a multifunctional complex comprising financial, commercial, service and residential components integrated with the synchronized infrastructure system of the Thu Thiem New Urban Area. It is being developed by a joint venture between Lotte Group and Phat Dat Real Estate Development Corporation under international standards.
Speaking at the ceremony, Vice Chairman Nguyen Cong Vinh of the Ho Chi Minh City People's Committee said the city remains committed to building a civilized and modern urban center.
He said Ho Chi Minh City aims to maintain its role as a leading economic engine for the region and the country while further strengthening its position as a regional and Southeast Asian center for finance, commerce and services.
Within this development strategy, the Thu Thiem New Urban Area has been identified as a modern growth space. The urban area is expected to serve as a core hub for finance, commerce, services, culture and innovation, contributing to high-quality economic growth, he said.
According to Vice Chairman of the Ho Chi Minh City People's Committee Nguyen Cong Vinh, amid increasingly intense competition for international investment, Ho Chi Minh City is prioritizing the attraction of high-quality foreign direct investment. The city is focusing on finance, technology, digital transformation, the green economy, sustainable development and innovation.
The city aims to attract US$19 billion in foreign investment in 2026. With total investment of about US$1.43 billion, the project is expected to make a significant contribution to the city's FDI attraction results.
Bui Quang Anh Vu, chief executive officer of Phat Dat Real Estate Development Corporation, said: "The combination of the capabilities and experience of a Vietnamese enterprise with Lotte's financial strength and international expertise provides the foundation for Lotte Eco Smart City Thu Thiem to become an iconic urban development of Thu Thiem and Ho Chi Minh City. An iconic project is not measured solely by its scale or architecture. It is also defined by its quality, construction progress, functionality, sustainability and long-term value for the community."
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