Vasanta Group through its business unit PT Pakuan Tbk cooperates with a giant partner from Korea, namely Lotte Land. The two of them will work together in building the Vasanta Eco Town project located in Sawangan.

For information, PT Lotte Land Indonesia is a subsidiary of one of the largest conglomerate companies in Korea, Lotte Engineering & Construction company limited (Lotte E&C Co., Ltd.). This collaboration was marked by the signing of a joint venture agreement at Shila at Sawangan, on October 26, 2022.

"Seeing the rapid development of Shila at Sawangan, we are very excited to be part of the commercial and residential area of ​​Vasanta Eco Town. Together with PT Pakuan Tbk, we can contribute and share experiences to develop commercial and residential areas in Vasanta Eco Town", said Choi Gab Moon President Director of PT Lotte Land Indonesia.

On the same occasion, Director of PT Pakuan Tbk, Denny Asalim welcomed the collaboration with PT Lotte Land Indonesia. "It is an honor for us to be able to develop the Vasanta Eco Town area with Lotte. Furthermore, we will continue to advance infrastructure development, provide added value to the Vasanta Eco Town project by guaranteeing quality, and accelerating the realization of this modern city." said Denny Asalim.

Continuing the success of the first phase of The Shoppes 'Senopati Boulevard', the first shopping street in South Jakarta which sold out all its units within three months, PT Pakuan Tbk together with PT Lotte Land Indonesia partnered in developing a land area of ​​104,363 m2 which will be built commercial and residential areas in Vasanta Eco Town.

This area was chosen because of its strategic location, connecting two main roads Jalan Raya Bojongsari and Jalan Raya Muchtar which are national roads and important access links between Bogor and Tangerang, and can be easily accessed via JORR 2 Toll Road, Cijago Toll Road (Cinere-Jagorawi), and the Desari Toll Road (Depok Antasari) via the Sawangan Toll Gate.

Previously, PT Pakuan Tbk had collaborated with Mitsubishi Corporation to build the Shila at Sawangan housing complex in Vasanta Eco Town. PT Pakuan Tbk together with Mitsubishi Corporation have developed the first two clusters in Shila at Sawangan and have sold out.

With its rapid development, Shila at Sawangan launched its newest product, the Lake Series, which consists of two premium residential clusters with the concept of "waterfront living", in September this year.

On the morning of October 6, Vice Chairman of the Provincial People's Committee Vo Tan Duc and leaders of related departments had a meeting with Lotte Land Co., Ltd (Lotte Land) and Korea Real Estate Corporation (state enterprise of Korea).

Vice Chairman of Provincial People's Committee Vo Tan Duc and other departments worked with the delegation of Lotte Land Co., Ltd (Lotte Land) and Korea Real Estate Corporation

At the meeting, Vice Chairman of the Provincial People's Committee Vo Tan Duc informed about the situation of attracting foreign investment capital of Dong Nai. Specifically, there are 44 countries and territories investing in the province with a total of 1,547 projects, with a total registered capital of over 32 billion USD. Korea is the country with the most investors in Dong Nai with 426 projects, total investment capital of 7.2 billion USD. Particularly in the first 9 months of 2022, Dong Nai recorded 9 projects with investment capital from Korea in Dong Nai's industrial zones with a total registered capital of over 186 million USD. Particularly, Lotte Group is currently investing in Lotte Mart Supermarket near AMATA Industrial Park.

Lotte Land and Korea Real Estate Group work in the province to learn about investment

The Vice Chairman of the Provincial People's Committee also added that by 2025, the Long Thanh international airport being built by the Government in Dong Nai will be completed and put into operation. Along with that, the traffic routes connecting to this airport will also be completed, which will create great advantages for investors. Dong Nai always encourages and creates favorable conditions for foreign businesses to invest, especially Korean ones. At the meeting, General Director of Lotte Land (belonging to Lotte Group) said that Lotte Land enterprise specializes in implementing complex projects in Vietnam. Dong Nai is a province with great development potential, Lotte Land is continuing to seek investment opportunities in the province through cooperation with existing investors and transferring housing projects.

Vice Chairman of the Provincial People's Committee Vo Tan Duc and departments and branches took souvenir photos with the delegation of Lotte Land and Korea Real Estate Corporation

Currently, Lotte Land is researching 3 projects in the province with the form of joint venture, receiving transfer, Lotte Land also bought a land plot in Nhon Trach 6 Industrial Park to implement its projects. Lotte Land's General Director wishes to always receive support from leaders of the Provincial People's Committee and departments in matters related to legal procedures.

At the meeting, the representative of Korea Real Estate Corporation also informed that the company is currently implementing a clean industrial project in Hung Yen province and is ready to support Dong Nai in the implementation of smart urban planning in Long Thanh airport area. Vice Chairman of the Provincial People's Committee Vo Tan Duc also acknowledged the opinions of the two businesses and said that the province will create the most favorable conditions for businesses to invest in Dong Nai.

Quoc Khanh (dongnai.gov.vn)

(DN) - That was the statement of Mr. Kim Young Ju - General Director of Lotte Land Company Limited (Lotte Land for short) - at a meeting with leaders of Dong Nai province on the morning of October 6, 2022. Welcoming and working with the Lotte Land delegation were Vice Chairman of the Provincial People's Committee Vo Tan Duc and leaders of the related departments and agencies.

The meeting between leaders of the Provincial People's Committee and Lotte Land

According to Mr. Kim Young Ju, Lotte Land is a member of Lotte Group, specializing in implementing complex projects in Vietnam. Dong Nai is a province with great potential for development, Lotte Land continues to seek investment opportunities in the province through cooperation with existing investors, transferring housing projects as well as industrial parks near the Long Thanh airport.

Currently, Lotte Land is researching 3 projects in the province in the form of joint venture and transfer. As a foreign developer, Mr. Kim Young Ju wishes to receive support from Dong Nai in matters related to legal procedures.

Noting the suggestions from Lotte Land, Vice Chairman of the Provincial People's Committee Vo Tan Duc affirmed that Dong Nai always encourages and creates favorable conditions for foreign businesses to invest, especially Korean companies.

According to Vice Chairman of the Provincial People's Committee, Korea is the country with the most investors in Dong Nai with 426 projects, total investment capital of 7.2 billion USD. Particularly in the 9 months of 2022, Dong Nai recorded 9 projects invested by Korea in the industrial zones of the province with a total registered capital of over 186 million USD. As for Lotte Group, it is currently investing in a Lotte Mart supermarket near AMATA Industrial Park.

Sharing about the potentials as well as attracting foreign investment in Dong Nai, Vice Chairman of the Provincial People's Committee Vo Tan Duc said: “Dong Nai always wishes to strengthen the cooperation in economic development as well as cultural exchange with Korean partners. Over the past time, Korean-invested projects in Dong Nai have operated quite stably, contributed a lot to the local budget, and created jobs for 171,000 local workers.

Ngoc Lien (baodongnai.com.vn)

Delegates took photos to celebrate Vietnam's National Day September 2

On the evening of August 31, on the occasion of the 77th anniversary of the National Day of the Socialist Republic of Vietnam (September 2, 1945 - September 2, 2022), the City Party Committee - People's Council - People's Committee - Vietnam Fatherland Front Committee in Ho Chi Minh City had hold a party to celebrate the National Day.

Attending the ceremony were the comrades: Nguyen Van Nen - Politburo member, Secretary of Ho Chi Minh City Party Committee; Phan Van Mai - Member of the Party Central Committee, Standing Deputy Secretary of the City Party Committee, Chairman of the City People's Committee; Nguyen Thi Le - Deputy Secretary of the City Party Committee, Chairman of the City People's Council; Tran Kim Yen - Member of the Standing Committee of the City Party Committee, Chairman of the Vietnam Fatherland Front Committee in Ho Chi Minh City.

On the side of the Lao high-ranking delegation, there were the comrades: Athsaphangthong Siphandone - Member of the Party Central Committee, Deputy Secretary of the City Party Committee, Mayor of Vientiane Capital; Vilayvong Boutdakham - Member of the Party Central Committee, Secretary, Governor of Champasak Province; Santiphap Phomvihan - Member of the Party Central Committee, Secretary, Provincial Governor of Savannakhet Province with his wife.

Also attending were consul generals, representatives of consular agencies, economic - commercial - cultural agencies, international organizations, foreign business associations and non-governmental organizations in Ho Chi Minh City.

Speaking at the ceremony, Chairman of Ho Chi Minh City People's Committee Phan Van Mai emphasized that 77 years ago, under the leadership of the Communist Party of Vietnam and President Ho Chi Minh, the Vietnamese people carried out the August Revolution. Greatly regained national independence, giving birth to the Democratic Republic of Vietnam, now the Socialist Republic of Vietnam, opening a new era in the thousands-year history of the Vietnamese nation. The spirit and will of the August Revolution in 1945 helped the Vietnamese people overcome all difficulties and challenges, win glorious victories in the struggle for national liberation, reunification and succeed in the renewal and development of the country.

Along with the development of the country, Ho Chi Minh City is the center of many aspects of Vietnam and is one of the leading localities in implementing the policy of international integration. With a favorable geographical position, developed socio-technical infrastructure, abundant human resources and flexible investment attraction policies, the city has always been a foreign investment attraction in Vietnam and is striving to maintain its role as the economic locomotive of the country, taking the lead in implementing a new growth model - rapid and sustainable development on the basis of strong research and application of science - technology, innovation and increased labor productivity, soon becoming the economic, financial, commercial, scientific - technological and cultural center of Southeast Asia.

Leaders of Ho Chi Minh City awarded Certificates of Merit to businesses that have contributed to the prevention and control of Covid-19 recently

Comrade Phan Van Mai affirmed that, with his position, Ho Chi Minh City is considered the largest international exchange gateway in the country. Currently, the city has 28 professional consular offices, 33 honorary consulates and 12 economic - commercial - cultural agencies of other countries, 2 international organizations, and many non-governmental organizations as well as Representative Office of foreign companies. The city has established friendly and cooperative relations with more than 50 foreign localities and has close relations with about 20 international organizations, with fields of cooperation being increasingly expanded and deepened, leading to practical results.

Sharing the important socio-economic achievements that Ho Chi Minh City has achieved in recent years, especially after the Covid-19 epidemic and the direction of the city's development in the coming time, Mr. Phan Van Mai emphasized that in the process of the city's recovery and development, foreign affairs have played an active, positive and remarkable role, especially in the current recovery period, help to build and promote the image of a stronger, more determined and more cosmopolitan City.

To continue this good momentum, Comrade Phan Van Mai sent to consular offices, economic - commercial - cultural agencies, offices of international organizations, foreign business associations and NGOs in the city two messages: looking forward to accompanying the city in the development process, especially in the effort to build Ho Chi Minh City into a smart city, an economic and financial center, trade, science - technology and culture of the region. At the same time, continue to promote the role of an active bridge, promoting the image of Ho Chi Minh City to international friends; connect and bring reliable, potential and good-will partners to the City.

On behalf of the consular offices, Mr. Roy Kho Ngee Seng, Consul General of Singapore in Ho Chi Minh City, expressed his respect and thanks to Vietnam, including Ho Chi Minh City for providing medical support to the Consular delegation and foreign citizens in the prevention and control of the Covid-19 epidemic; at the same time, he expressed his desire to cooperate with Vietnam and Ho Chi Minh City in the fields of strength and specialty of the country, as well as in the areas that need to learn and develop more with Vietnam. He expressed his wish for a deeper cooperation between Ho Chi Minh City and the Consular Delegation.

On this occasion, the People's Committee of Ho Chi Minh City awarded certificates of merit to businesses that have made contributions in the recent Covid-19 epidemic prevention and control.

Minh Hiep (www.hcmcpv.org.vn)

"Today, with the support of the Central Government, the efforts of relevant departments and units, and the determination of the investor, we are pleased to conduct the groundbreaking ceremony." - Mr. Phan Van Mai, Chairman of Ho Chi Minh City People's Committee - spoke at the groundbreaking ceremony of Lotte Eco Smart City taking place in Thu Thiem urban area in the afternoon of September 2.

According to Mr. Mai, the groundbreaking ceremony is even more meaningful when it takes place on the occasion of the 77th anniversary of Vietnam's National Day (September 2, 1945 - September 2, 2022) and the 30th anniversary of the establishment of diplomacy relations between Vietnam - Korea.

Mr. Mai added that this is one of the key projects of Thu Thiem New Urban Area. The project has a large scale, total investment capital is about 20,100 billion VND, total area is more than 74,500 m2 (project development area is about 50,000 m2).

The main function of the project is financial and commercial center, general services and multi-functional residential area. This project will contribute to the formation and development of a financial - banking, commercial and service center in Thu Thiem urban area.

The project is built on an area of 5 hectares, includes 5 basements, the highest building is a 60-storey tower.

With a total investment of nearly 1 billion USD, the project will include:

• 1200 luxury apartments

• Commercial center, 700-seat cinema

• 5* Hotel

• 4 office towers

In addition to bringing utilities to Thu Thiem such as a shopping mall, 5* hotel, the construction of 4 office towers is also very important, contributing to the ecosystem of Thu Thiem, turning it into a commercial area with busy working environment, not just a residential area as it is today.

Everyone knows that the office rental business has a much lower profit margin than selling a house. Many apartment projects investors earn up to 50% profit, but the office rental business has a low profit margin, so very few investors are interested in building offices.

Metropole office tower in Thu Thiem is the first project to have a different way to overcome the situation of low profit margins: Developer sold the whole building at a rumored price of about US$ 7000/m2 so as not to focus on the profit of office rental anymore.

The construction of office towers is very important for the complete ecology of an urban area:

• Attracting people to work, leading to an increase in demand for housing

• Crowded working area will promote business, especially F&B, create more conveniences for the surrounding residents.

Eco Smart City project will be completed in 2028, by then the face of Thu Thiem will change a lot.

Nguyen Thi Thu Ha (thitruongdiaoc.vn)

Lotte Group (Korea) held a groundbreaking ceremony for the smart complex Lotte Eco Smart City Thu Thiem in the afternoon of September 2 in Thu Thiem new urban area (HCMC) with a total investment of about 20,100 billion.

Lotte Eco Smart City Thu Thiem is located in functional subdivision 2A (yellow part), the "core" location of Thu Thiem new urban area - Photo: NGOC HIEN

Speaking at the groundbreaking ceremony of the project located in the "golden" land in Thu Thiem new urban area, Mr. Shin Dong Bin - chairman of Lotte Group - mentioned that the project has a large construction scale, including hotels, residential area, commercial area, etc.

According to Mr. Shin Dong Bin, this year marks the 30th anniversary of the establishment of diplomatic relations between Vietnam and Korea, so the project will be the starting point for Lotte's upcoming investment expansion activities in Vietnam.

At the groundbreaking ceremony, Lotte Group revealed that Lotte Eco Smart City Thu Thiem brings a new look to Thu Thiem new urban area, the new CBD of Ho Chi Minh City.

Accordingly, the project has the size of more than 50,000m2, with 5 basements, 60 upper floors, total floor area is 680,000m².

Notably, Lotte Group said that the design of Lotte Eco Smart City Thu Thiem was inspired by the natural wonders bestowed on Vietnam, including the beauty of Ha Long Bay and terraced fields, in order to create Ideal space, harmony between people and nature.

Lotte Eco Smart City Thu Thiem is a multi-functional residential and commercial project, invested by Lotte Group (Korea). Above is the master plan of the project announced at the groundbreaking ceremony - Photo: LOTTE

Speaking at the ceremony, Chairman of Ho Chi Minh City People's Committee - Mr. Phan Van Mai, said that the approved smart complex project in functional area 2A is one of the key investment projects of Thu Thiem new urban area. This is a large-scale project with a total investment of about VND 20,100 billion.

The early implementation of the project will contribute to the formation and development of a financial - banking, commercial and service center in Thu Thiem new urban area.

The Chairman of the People's Committee of Ho Chi Minh City suggested that Lotte Group strictly comply with the commitments committed with Ho Chi Minh City in the implementation of the project. At the same time, Mr. Mai suggested Lotte to ensure the capital source for the project implementation and to focus the highest resources to complete the project in the best way, ensuring to meet the progress requirements according to the quality and aesthetics of the project in accordance with the approved plan.

Ngoc Hien (nhadat.tuoitre.vn)

It is imperative to keep an eye on international competition in industrial property and logistics, as the segtor is booming not only in Asia Pacific but also worldwide.

Property and logistics have been considered the trend of South Korean investment in Vietnam in recent times and are expected to keep surging in the near future. Lee Jong Seob, Chairman of the Korea Trade and Investment Promotion Agency (KOTRA) in Southeast Asia-Oceania and Managing Director of KOTRA in Hanoi stated that South Korean companies have been heavily investing in Vietnam’s real estate and logistics markets.

“I think this is the right direction as the investment in warehouses and transportation is crucial for the development of Vietnam’s industries. And since the real estate and construction sectors reflect the economic situation, the fact that these industries are on the upswing shows Vietnam’s economy is likely to recover soon,” he told The Hanoi Times.

David Jackson, CEO of Colliers in Vietnam, said he has witnessed increasing interest from South Korean investors in Vietnam’s industrial property markets, including manufacturing facilities, warehouses, and logistics, especially in the northern regions. According to the CEO's analysis, the Vietnamese Government is boosting public investment in infrastructure development as well as releasing investment-induced policies to quicken economic rebound and fuel long-term growth. The shift in consumer behavior to online shopping and cashless payment after the pandemic has beefed up the expansion of e-commerce, warehouses, manufacturing, and logistics facilities, hence driving demand for industrial property and logistics in the country.

The Covid-19 pandemic delayed South Korean investors’ on-site surveys for new investment plans in Vietnam. However, the reopening of international flights in the first quarter of this year has allowed them to resume their activities, according to some local insiders.

1. Highlighted projects

In the latest report conducted by Savills Vietnam in June, Andrew Lee, Senior Manager of Korean Desk Business Development, noted that the South Korean enterprises are actively looking for investment opportunities to enter and expand in Vietnam’s real estate market. He expected many real estate projects will be carried out in the country in the coming time.

Among the South Korean-invested projects in Vietnam, the Nam Binh Xuyen Green Park invested by YSL Group in the northern province of Vinh Phuc was a newcomer. With an investment capital of US$2 billion, the project will provide modern industrial land and properties for investors in high-value-added fields such as electrical equipment, data centers, and logistics. It is expected to launch in the second quarter of 2023.

Kwak Il Hwan, Vice Chairman of YSL Group, said although the Covid-19 pandemic left serious consequences on the economy in the past two years, Vietnam is one of the world’s countries that responded well to the pandemic, stabilizing inflation as well as recovering economic growth. “In fact, in the first half of this year, the Southeast Asian country continuously attracted large investors in various fields,” he told The Hanoi Times. “The country boasts many localities with geographical advantages and developed transport infrastructure. Therefore, we believe that Vietnam is still an ideal destination for businesses who want to diversify their profile and avoid depending on one of the supply chains.”

From another perspective, Colliers in Vietnam, a diversified professional services provider, and investment management company, also pointed out that the South Korean government’s New Southern Policy Plus has paved the way for South Korean firms’ further expansion into the Southeast Asia region, not only for diversifying manufacturing, and supply chain, but also extending into sectors which support the development of urban infrastructure and smart cities. He added that in the industrial real estate and logistics sectors, great potential awaits thanks to the Vietnamese Government’s strong commitment to push for public investment in infrastructure and develop new industrial parks across the country, especially in northern provinces surrounding Hanoi and Ho Chi Minh City.

In fact, South Korean developers are seizing the opportunity with big projects such as Lotte Eco Smart City Thu Thiem by Lotte E&C or Nha Be’s Zeitgeist new urban area by GS E&C.

As one of the largest real estate developers, Lotte Land Vietnam, the subsidiary of Lotte E&C, believes it is natural that many South Korean investors now also focus on better logistics facility properties.

Kim Young Ju, General Director of Lotte Land Vietnam, said a host of factors including the growing Vietnam’s e-commerce market with stronger boost from the Covid-19 pandemic, the huge success of some popular e-commerce platforms including Shopee and Lazada, the factory relocation of many global manufacturers from China to Vietnam and rising trade turnover are spurring demand for more advanced logistic infrastructure. “We are expecting the logistic industry, including logistics real estate [warehouses, distribution facilities, fulfillment centers] will keep expanding. After thorough research to find some proper location for logistic development, we secured two land plots in the Southern part of Vietnam. Each land located in an industrial park with all the surrounding infrastructure ready,” he told The Hanoi Times.

“We are developing business mainly in big cities like Hanoi and Ho Chi Minh City but we expect to expand our business to other regional bases as well, in line with the development of Vietnam so as to raise the value of Lotte brand name in Vietnam,” he underlined. The CEO of Colliers in Vietnam said it is noteworthy to keep an eye on the international competition as industrial property and logistics are on the rise not only in the Asia Pacific but also across the globe.

2. Prospects for Vietnam

South Korean investors were among the first to enter the Vietnamese market in the early 1990s and since then has been one of the country’s largest foreign direct investment (FDI) partners, according to Colliers in Vietnam. With continuous improvement in investment policies, provision of tax incentives, and quick removal of obstacles, Vietnam has made great strides in lower entry barriers for foreign investors, including South Korean firms.

The Ministry of Planning and Investment’s latest data showed that despite the impact of the Covid-19 pandemic, South Korea ranked second among countries investing in Vietnam in the first five months of 2022 with a cumulative investment capital in Vietnam of US$2.06 billion, making up 17.6% of the total, a 12.6% year-on-year increase. As of May 20, South Korea topped the list of foreign investors with almost US$79.1 billion, accounting for 18.6% of total investment capital.

The CEO of Colliers in Vietnam added: “All mentioned above facts and data strongly signify the attractiveness of Vietnam market. It is now a golden time for Vietnam to deepen its economic ties with South Korea, opening more two-way investment opportunities for businesses from both countries.”

Furthermore, success experiences in attracting and retaining South Korean investors will be multiplied, helping Vietnam to become even more attractive for foreign investors in the global market, he noted. "Although Vietnam has advantages in geography, young and dynamic workforce, and relatively low operating costs, the country still has a lot to do in terms of high-tech integration, connectivity and sustainability," said Kwak Il Hwan from YSL Group. Tackling these aspects would help the country attract more investment with high technological content and more sustainability, and level up its competitive edge in the global market, he added.

3. Investment improvements in Vietnam

According to Chairman of KOTRA Lee Jong Seob, when an investor decides to set up its branch or factory in a country, it often aims for a long-term investment of at least 10-20 years. Therefore, they look at factors such as the growth potential of the market, the stable business environment, and the consistent support of the government. He added that as Vietnam aims at both qualitative and quantitative economic growth, business-friendly environment and consistent policies are needed to ensure that FDI enterprises, which are one of the pillars of Vietnam’s economy, can operate in the long term.

“There are currently about 9,000 South Korean projects in Vietnam. They account for more than 25% of Vietnam’s total export turnover, contributing to Vietnam’s economic development. And the fact that there are more and more South Korean companies coming to Vietnam and cooperating with Vietnamese businesses will enhance the global industrial competitiveness of both Vietnamese and South Korean businesses in the future,” Lee Jong Seob underlined.

To promote trade and investment between the two countries, KOTRA is expanding its operation and services and planning to support Vietnamese and South Korean enterprises to participate in large-scale trade fairs and organize seminars on Vietnam’s investment environment.

The CEO of Colliers in Vietnam said that much has been done by the government to encourage foreign investors to expand their business in Vietnam as well as attract new ones. One good example is the elaboration of an annual FDI report by the Vietnam Association of Foreign Invested Enterprises, which provides a comprehensive assessment of the results of foreign direct investment attraction, the business activities of foreign-invested enterprises, and analysis of the nation's investment environment.

Moreover, the Ministry of Planning and Investment (MPI) has built the National Portal on Investment to promote data governance and localities have also worked on new tax and foreign investmennt incentive policies.

Echoing Jackson, Kwak Il Hwan said that in recent years, the Vietnamese Government has issued many policies to attract foreign investors. For example, the 2020 Investment Law has actively supported foreign investors' activities, such as adding industries and subjects eligible for investment incentives or reducing the list of conditional business investment lines. He added that accelerating the process of building a digital government has helped reduce unnecessary procedures and make it easier for businesses to learn and fulfill their obligations through technology utilities.

However, “there are still problems in policy implementation, causing obstacles for foreign investors in general and for us in particular. For example, it is not easy for enterprises to enjoy investment incentives due to the cumbersome procedures,” Kwak Il Hwan said. Jackson also said there is room for further improvement, such as shortening the time for approval and implementation of infrastructure projects, making it more transparent, concise interpretation of laws and regulations, and more simplified administrative procedures to reduce compliance costs, helping ease the market access for foreign investors.

Phi Nhat (hanoitimes.vn)

Chairman of Ho Chi Minh City People's Committee - Phan Van Mai - just had a meeting with Mr. Ha Seok Joo, General Director of LOTTE E&C at the City People's Committee to discuss promoting the implementation of the project "LOTTE Eco Smart City Thu Thiem".

LOTTE Eco Smart City Thu Thiem is a large-scale smart ecological complex including a commercial center, office, hotel, serviced apartment and residential area, total floor area is 680,000 m2 located in Thu Thiem New Urban Area. The project has a total investment of about 900 million USD.

Working session

LOTTE E&C intends to develop a smart eco-complex with advanced technologies and high-class commercial standards, hoping to make LOTTE Eco Smart City Thu Thiem a symbol in the region. The planning project has been submitted and waiting for approval, construction shall be commenced immediately after completing the investment procedures.

During the meeting, Mr. Phan Van Mai, Chairman of Ho Chi Minh City People's Committee said, “We appreciate the investment of LOTTE in Vietnam. Ho Chi Minh City government will actively support the licensing process to ensure the project progress."

The General Director of LOTTE E&C also expressed his appreciation to the City for the interest and support in the development of the project.

Perspective of LOTTE Eco Smart City Thu Thiem project

Not only the project in Thu Thiem, LOTTE E&C also has a lot of construction experience in Vietnam. Since its first presence in Vietnam in 2006, the company has built Lotte Center in Hanoi, Lotte Mall in Hanoi and Lotte Mart along the country, etc.

Besides, in 2019, the company also established its own legal entity to actively invest in real estate development projects . This year alone, LOTTE E&C had received the orders valued total 1 billion 417 million USD in the international market, ranking 2nd among the construction companies in Korea.

In appreciation with Vietnam's development speed, LOTTE E&C decides to choose this as the key country to invest. The company currently focuses on the projects that combine both development and construction in order to become a global company with a wide scope of work, including all phases from business developing, financial planning to constructing and operating, rather than merely a construction company.

(cafeland.vn)

On the last day of 2021, the real estate market in Saigon South witnessed a cooperation deal that promises to be the bright spot of this vibrant urban area in the new year 2022 and many upcoming years in the future.

On December 31, 2021, Van Phat Hung Joint Stock Company completed the transfer of 55% of the shares of An Hung Investment Trading Services Joint Stock Company to Lotte Land Company Limited, officially ending the deal that lasted since 2019.

This deal is notable because An Hung is the investor of the Nhon Duc Residential Area expansion project phase 1, in Nhon Duc commune, Nha Be district, Ho Chi Minh City. By co-operating with Van Phat Hung, Lotte Land officially affirms Lotte Group's long-term commitment to Vietnam's real estate market, especially in the South area with great potential for development.

Nhon Duc project has a scale of 32ha, implemented in 2 phases, positioned at the high-end segment including villas, townhouses and shophouses.

In which, phase 1 has a scale of 9.2ha, invested by An Hung. Phase 2 has an area of about 22.8 hectares, currently being completed by Van Phat Hung, Lotte Land and members.

In addition to the ongoing Nhon Duc project phase 2, Lotte Land also plans to accompany Van Phat Hung to continue developing the next projects.

The deal has not only helped Van Phat Hung to fulfill its 2021 target, but also become a notable cooperation in real estate market of Ho Chi Minh City in the near future thanks to strong financial potential and valuable experiences in building and developing high quality projects of both parties.

Regarding Nhon Duc, this residential area is highly appreciated by experts for its overal design. The project is a perfect combination between modern architecture and creative planning. Each villa, shophouse or townhouse here has an area of about 126 - 240m2, designed with a balcony overlooking the park and riverside which helps to create an airy living space, in harmony with nature.

In addition to the diverse internal facilities under construction, in the project campus, there are also 2 universities with 20,000 students - University of Physical Education and Sports Pedagogy and University of Natural Resources & Environment.

Converging a series of advantages, Nhon Duc Residential Area is currently emerging as a project with great attraction to investors. It is forecasted that in the near future, this residential area will become one of the new bright spots in the real estate market, especially in the South of Ho Chi Minh City.

(resta.vn)

Lotte Land has implemented many programs to support workers who have been in tough time due to the impact of Covid-19, accompanying in the fight against the epidemic with the whole country.

On November 5, Lotte Land, a subsidiary of Lotte Engineering & Construction Korea, cooperated with the Vietnam Young Entrepreneurs Association and the Ho Chi Minh City Women's Union to deliver support packages to women in difficult circumstances. The support package valued 200 million VND including rice, necessities and masks.

This program is implemented to support people who were in tough situation due to the spread of the recent pandemic. "This is also consistent with Lotte Engineering & Construction's corporate values of solidarity and sharing," said a company representative.

Previously, in July, Lotte Engineering & Construction, along with other member companies of Lotte Group in Vietnam, including Lotte Shopping, Lotte Chemical and Lotte Rental, sponsored 20 billion VND for the vaccine fund in Vietnam.

"From the very beginning of its operation in Vietnam, Lotte Land has planned to contribute and strengthen its relationship with the local community in accordance with the company's ESG (environment, social and governance) policy. Lotte Land is committed to expanding and diversifying its ESG policy, spreading love and fulfilling its social responsibilities," a Lotte Land representative shared.

Representatives of Lotte Land, Vietnam Entrepreneurs Association presented the support package through the Ho Chi Minh City Women's Union. Photo: Lotte Land

Lotte Land was established in Vietnam in 2019 by Lotte Engineering & Construction (a member company of Lotte Group - one of the top 5 corporations in Korea) with the goal of developing housing projects in Vietnam.

This business is particularly active in Ho Chi Minh City and participates in many projects in District 2, with famous domestic developers such as La Premier residential project with Phu Cuong Investment Joint Stock Company, Nhon Duc Villa Project with Van Phat Hung Company and housing development cooperation with TTC Land Company (Strategic Partner).

Lotte Land is actively expanding its business activities, not only developing independently in the housing sector but also in mixed-use projects and large-scale urban areas.

La Premier project in District 2, Ho Chi Minh City. Photo: Lotte Land

Parent company Lotte Engineering & Construction, after entering the Vietnamese market in 2006, in addition to highway and railway construction projects, completed the Lotte Center Hanoi project in 2014, one of the symbolic buildings of Hanoi. This enterprise is also implementing many large-scale projects such as Lotte Mall Hanoi - a mixed-use project including 5-star hotel, serviced apartment, commercial center - and Thu Thiem Eco Smart City project in Ho Chi Minh City.

Lotte Engineering & Construction plans to continue developing large-scale mixed-use projects similar to Lotte Mall Hanoi in Vietnam with the goal of contributing to a comfortable living environment for local people.

"The group's motto is to enrich people's lives through providing premium products and services that customers love and trust," said the Head of Lotte Land.

At the same time, representatives of Lotte Engineering and Construction and Lotte Land also emphasized that they will continue to perform social responsibility, contribute to the community, and expand business activities in Vietnam.

Phong Van (vnexpress.net)