Lotte E&C to partner with Ho Chi Minh City on smart city project

Lotte Engineering and Construction announced it will partner with Vietnam for the Thu Thiem Eco City project, building a large leisure and residential complex in the city.

Ha Suk-joo, CEO of Lotte Engineering & Construction, fourth from left in first row, and Ho Chi Minh City People's Committee Chairman Phan Van Mai, fifth from left in first row, pose for a photo after signing an agreement to partner on the construction of Thu Thiem Eco City, on May 13. [LOTTE ENGINEERING & CONSTRUCTION]

Lotte Engineering and Construction announced it will partner with Ho Chi Minh City for the Thu Thiem Eco City project, building a large leisure and residential complex in the city.

A total of $900 million will be invested to build the complex.

Lotte Engineering and Construction CEO Ha Suk-joo met Phan Van Mai, chairman of the Ho Chi Minh City People's Committee, on May 13 to discuss the partnership at the People's Committee building in Ho Chi Minh City.

The complex will be built on a 50,000 square meter (538,195 square feet) area and consist of a shopping mall, hotel, office building and apartment building.

The construction company has submitted a construction plan to the Vietnamese government and is waiting for approval, which is expected to come within the first half of this year. The city of Ho Chi Minh plans to help with the approval process in a bid for it to move more swiftly. Approval is expected to come in the first half of this year and construction will start the next year.

Lotte Engineering and Construction will own the complex for a set amount of years, although a specific number hasn't been decided yet. It says Ho Chi Minh City is trying to develop the area into Vietnam’s business hub and it has high investment value.

It plans to build Thu Thiem Eco City as a so-called smart city, referring to a complex that uses various types of information and communication technology to improve ways of living.

Following the partnership, the construction company plans to continue to participate in more investment construction projects in Vietnam.

BY LEE TAE-HEE [lee.taehee2@joongang.co.kr]