Lotte Group wishes to continue implementing the Thu Thiem Eco Smart City project if Ho Chi Minh City accompanies and removes investment obstacles.

The content was said by Mr. Jun Sung Ho, General Director of Lotte Properties HCMC Co., Ltd., at a 40-minute meeting with Chairman of Ho Chi Minh City People's Committee Nguyen Van Duoc and relevant departments and branches on the afternoon of October 3, 2025.

Mr. Jun Sung Ho, General Director of Lotte Properties HCMC, said that on August 20, the group sent a document requesting to terminate the project due to some difficulties. However, after a direct meeting with the Chairman of the HCMC People's Committee 10 days later, and a petition to the Government in mid-September, the group strengthened its confidence to continue investing

A representative of Lotte Group said that they will continue to implement the Thu Thiem Eco Smart City smart complex project if the proposals to remove obstacles for the project are approved by the Government.

At the meeting, Mr. Jun Sung Ho raised three recommendations that the investors hope to receive from the HCMC People's Committee. That is, Lotte is allowed to adjust the ownership ratio between member companies, attract outside investors up to 35% and exempt from applying the additional land use fee of 5.4%

Chairman of Ho Chi Minh City People's Committee Nguyen Van Duoc chaired the working session on the afternoon of October 3rd. Photo: An Phuong

Chairman Nguyen Van Duoc said the city has acknowledged the enterprise's proposal and reported to the Central Government for consideration of appropriate solutions. The city also requested the Ho Chi Minh City Department of Finance and Taxation to add a proposal to exempt additional land use fees and allow the enterprise to restructure its capital in the proposal sent to the Government. City leaders welcomed Lotte's continued support, sharing difficulties and implementing the project on schedule.

"The city is steadfast in its spirit of always listening, always trying to resolve problems, always accompanying and valuing strategic investors," he said.

The Thu Thiem Eco Smart City project is located in functional area 2A (now An Khanh ward, Ho Chi Minh City), proposed since 1997, with an investment capital of more than 20,100 billion VND. This complex is planned to include a financial center, services and a multi-functional residential area. In July 2017, Lotte signed a contract to implement this project with the Ho Chi Minh City People's Committee and held a groundbreaking ceremony in September 2022. The project has a scale of 11 50-storey towers on an area of ​​more than 7.4 hectares, once considered an important highlight in the center of Thu Thiem.

Nearly eight years after signing the investment contract and three years since the groundbreaking ceremony, the billion-dollar project has yet to be implemented due to financial obligations and legal procedures. In June, the project was approved for land valuation at over VND16,190 billion

Previously, Lotte had repeatedly requested the city to remove obstacles, allowing adjustments to the share ownership ratio between member companies, mobilizing capital from outside, adjusting financial obligations and extending the deadline for paying land use fees, but these were not approved. This is the reason for the problems that led them to send a request to terminate the contract and stop implementing the project two months ago