[2022 Asia Construction Awards] Lotte Construction's Vietnam Version of Gangnam Development Project Progressing Smoothly

Overseas Construction Association President's Award - Overseas Construction Sector

Lotte Construction, which received the Overseas Construction Association Award in the overseas construction sector, is successfully advancing large-scale projects abroad.

The ‘Thu Thiem Eco Smart City Project’ is a large-scale complex development project on a 50,000㎡ site (with a total floor area of approximately 680,000㎡, 1.5 times the size of COEX) in the Thu Thiem district of Ho Chi Minh City, Vietnam. It includes commercial facilities such as a shopping mall spanning from 5 basement floors to 60 above-ground floors, along with offices, hotels, service residences, and apartments. The total project cost is about 900 million USD. Lotte Construction plans to develop Thu Thiem Eco Smart City as the first smart complex combining commercial facilities by applying the highest level of smart technology to make it a landmark in the region.

The Thu Thiem district in Ho Chi Minh City is being developed as a Vietnamese economic hub representing Southeast Asia, modeled after the Pudong district in Shanghai, China, and corresponds to the Vietnamese version of Gangnam. The project site is located in an area densely populated with the highest-end residential facilities in the region and boasts excellent accessibility due to its proximity to the East-West Expressway.

As the project name suggests, the Eco Smart City project is not just a simple mixed-use development but a ‘smart’ complex incorporating advanced smart technologies. It is planned as a premium complex that introduces cutting-edge smart technologies such as remote medical services and educational services, in addition to hardware elements like design and construction methods.

Perspective view of the Tuttiem Eco Smart City project

In addition to this project, Lotte Construction has a diverse track record in Vietnam. Since its first entry into Ho Chi Minh City in 2006, starting with Lotte Mart Ho Chi Minh, it has constructed landmarks such as the 65-story Lotte Center Hanoi and Lotte Mall Hanoi in Hanoi. In 2019, it established the development corporation ‘Lotte Land’ and has secured orders worth 2.5 trillion KRW across nine projects to date.

Ha Seok-ju, CEO of Lotte Construction, said, "We will respond to Ho Chi Minh City’s active support with the successful completion of the Thu Thiem project," adding, "We will contribute to the development of the Thu Thiem district in Ho Chi Minh City by providing the highest level of smart life in Vietnam through cutting-edge technology."

Meanwhile, Lotte Construction highly values Vietnam’s growth potential, designating it as a key investment country and continuing steady investments. It also plans to contribute to expanding trade between the two countries. Lotte Construction stated, "We aim to become a global comprehensive developer overseeing the entire business process from project discovery and planning to financing, construction, and operation management, not just a simple construction company. We will focus our capabilities on investment development-type projects that combine implementation and construction."