Lotte agrees on Vietnam developmentLotte Group will build a commercial and residential complex in Ho Chi Minh City, Vietnam, the chairman of Lotte Group confirmed during a reception in the city Wednesday.
The move reflects the retail group’s strategy of breaking into Asia’s emerging markets as consumption at home levels off.
Shin Dong-bin, Lotte chairman, stressed that the construction of “The Eco Smart City” is among the company’s biggest overseas projects.
Shin said that the best time for ground-breaking could be September, according to Vietnamese media TuoiTreNews and Yonhap News Agency, citing the 70th anniversary of Vietnamese independence to be celebrated the month before.
The 10 hectare (24.7 acres) complex will be home to shopping centers, offices and hotels.
Japanese firms Mitsubishi and Toshiba will partner with the retail group in the $2 billion project, Shin added.
Last April, Lotte and the Japanese consortium won approval in principle from the Ho Chi Minh City People’s Committee to develop the project in Thu Thiem New Area.
Committee Chairman Le Hoang Quan said he fully supported the project and encouraged developers to start work as soon as possible.
“We have been in talk with various parties over the project,” said a representative of Lotte Group.
“It’s true that we have high expectations for the project. Still, we have a lot to discuss with the city to determine a specific timeline and the kind of buildings to be built.”
BY PARK EUN-JEE [firstname.lastname@example.org]