HCM City, Lotte group seal deal to build Eco Smart City
Representatives from Ho Chi Minh City’s authorities and a Lotte Group joint venture signed a contract on the construction of the Eco Smart City in new Thu Thiem urban area on July 25.
HCMCity (VNA) – Representatives from Ho Chi Minh City’s authorities and aLotte Group joint venture signed a contract on the construction of the EcoSmart City in new Thu Thiem urban area on July 25.
Thejoint venture consists of Lotte Asset Development, Lotte Shopping, Lotte Hoteland Lotte Engineering and Construction companies.
The construction of the project, worth about 20.1 trillion VND (884.4 millionUSD), is expected to begin within the third quarter this year.
Thecontract signing took place as part of a meeting between Chairman of the Ho ChiMinh City People’s Committee Nguyen Thanh Phong and CEO of Lotte group ShinDong-bin. Both witnessed the signing ceremony.
ReceivingCEO of the Republic of Korea conglomerate, Phong vowed to facilitate foreigninvestors, including Lotte, to operate in the city.
Hesaid Lotte showed serious investment commitments when signing a pact to leaseland for its Eco Smart City in the Thu Thiem urban area. The leasing price is 2trillion VND (88 million USD).
Forhis part, Shin Dong-bin thanked the local authorities for the favorableconditions it has created for Lotte and called for further assistance to theThu Thiem project.
Hesaid his group is striving to serve the demand of Vietnamese customers andcontribute to the country’s overall development.-VNA
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Scene at the signing ceremony (Photo: VNA) 
