Lotte chosen to build smart complex in Thu Thiem urban area
The Ho Chi Minh City People’s Committee has selected the Republic of Korea’s Lotte group as the investor of a smart complex project in the city’s Thu Thiem New Urban Area.
Chairman of the HCM City People's Committee Nguyen Thanh Phong (third, right) and other officials look at a plan on the Thu Thiem New Urban Area (Photo: VNA)
HCM City (VNA) – The Ho Chi Minh City People’sCommittee has selected the Republic of Korea’s Lotte group as the investor of asmart complex project in the city’s Thu Thiem New Urban Area.
The project is set to cost the investor 20.1trillion VND (nearly 884 million USD), excluding site clearance expenses.
It aims to develop a multifunctionalfinance-trade-service and residential centre in which finance, trade andservice functions play a crucial role in the core area of Thu Thiem.
Roads and technical infrastructure inside thecomplex and connecting with other areas in Thu Thiem will also be constructedunder the project.
The project is scheduled to be carried out in 72months since the approval of the investor and will be operated in 50 years byLotte.
The Thu Thiem New Urban Area is located on theeast of the Saigon River, facing District 1, with a total area of 657ha. It isexpected to be a new centre of finance, commerce, services, along with cultureand entertainment of HCM City.-VNA
A dynamic investment climate has made the southern city of Ho Chi Minh a magnet to conglomerates from the Republic of Korea (RoK) like Samsung, Lotte and CJ.
The HCM City People’s Committee has given Vingroup Joint Stock Company (Vingroup JSC) the go-ahead to invest in a sports and entertainment complex in District 2’s new Thu Thiem urban area.
All the land needed to develop the Thu Thiem urban area on Thu Thiem Peninsula in HCM City’s District 2 must be acquired this year, municipal People’s Committee Chairman Nguyen Thanh Phong said.
With the current trading band of +/- 5%, the ceiling rate applicable for commercial banks during the day is 26,276 VND/USD and the floor rate 23,774 VND/USD.
Effective from the date of signing on June 18, the decision halts procedures outlined in the 2005 Memorandum of Understanding (MoU) between the governments of Vietnam and Laos on the initial implementation of the Greater Mekong Subregion (GMS) Cross-Border Transport Facilitation Agreement at the Lao Bao–Densavan border gate.
The event aimed to update businesses on new regulations and compliance requirements regarding US tax, trade, and customs policies, while offering practical solutions to facilitate exports amid shifting trade dynamics.
The festival marks a significant milestone in promoting the brand, value, and legacy of traditional fish sauce - a product deeply rooted in the island’s identity and history spanning over 200 years.
According to Mastercard data, Vietnam has recorded a remarkable 92% compound annual growth rate (CAGR) in contactless transaction volume from Q4 2022 to Q4 2024.
Tuan expressed his confidence that LH, with its expertise and experience, would swiftly implement the urban area project, contributing to a modern urban landscape for the province.
With its strategic location, abundant workforce, and modern infrastructure, Vietnam holds significant potential to become a leading centre for power and electronics production in the region and the world.
The renewable energy workforce training and development centre, invested by Germany's GEO Group, is expected to be a cornerstone in shaping Binh Dinh as a renewable energy and innovation hub in central Vietnam, meeting the growing demand for skilled technical personnel in offshore wind, solar farms, and green hydrogen projects.
A notable trend is the shift toward satellite regions. With land scarcity and soaring prices in Ho Chi Minh City and Hanoi, investors are eyeing provinces like Hung Yen, Bac Ninh, and Hai Phong, which are benefiting from improved technical infrastructure and transport connectivity.
To further strengthen private-sector innovation, Bac Ninh plans to accelerate administrative reforms, build a digital, service-oriented government, and develop an integrated innovation ecosystem that connects businesses with domestic and international institutions, universities, and experts.
The participation of H&M, one of the world's largest fashion corporations, in Vietnam International Sourcing 2025 in Ho Chi Minh City in early September is considered a special highlight, opening up many cooperation opportunities for Vietnamese businesses in the fashion, textiles and sustainable supply chains.
This latest order builds on a previous agreement signed at the Singapore Airshow last year for 40 engines, bringing the total number of Trent 7000 engines ordered by the airline to 80.
Minister of Industry and Trade Nguyen Hong Dien acknowledged that despite concerted efforts by ministries and local authorities in combating fake and substandard goods, the situation remains highly complicated, attributing the persistent challenges to high profits luring numerous participants, increasingly sophisticated violations, limited resources within enforcement agencies.
The group also placed among the Top 5 energy companies in Southeast Asia and secured the top spot among the largest Vietnamese enterprises featured on the list.
The zone will cover 1,881 ha, comprising functional areas for production, logistics, trade and services, digital technology industry, information technology, and innovation.
Chairman of the HCM City People's Committee Nguyen Thanh Phong (third, right) and other officials look at a plan on the Thu Thiem New Urban Area (Photo: VNA) 
