Lotte invests nearly US$900 million for Eco Smart City in HCM City

VGP – Ho Chi Minh City’s People’s Committee 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.

July 26, 2017 2:24 PM GMT+7

The construction of the project, worth about VND20.1 trillion (US$884.4 million), is expected to begin within the third quarter this year.

The contract signing took place as part of a meeting between Chairman of the Ho Chi Minh City People’s Committee Nguyen Thanh Phong and CEO of Lotte group Shin Dong-bin. Both witnessed the signing ceremony.

Speaking at the event, Mr. Phong hailed Lotte Group choosing Ho Chi Minh City for long-term investment, committing to facilitating foreign investors, including the Group to effectively operate in the city.

He appraised the Group for contributing VND2,000 billion (around US$90 million) for land use for the project.

He asked the city’s relevant departments and agencies to support investors to quickly complete related procedures in order to start the project in the third quarter of 2017.

By Thuy Dung