Việt Nam News

Long-delayed Thủ Thiêm project revived with $2.27 billion investment plan

June 29, 2026 - 17:47

South Korea's Lotte Group and Vietnamese property developer Phát Đạt have signed an investment partnership to develop the Lotte Eco Smart City project in HCM City's Thủ Thiêm New Urban Area, reviving one of the city's largest long-delayed real estate developments.

The Lotte Eco Smart City project in Thủ Thiêm, HCM City, which has been delayed for years due to legal and financial hurdles. — VNS Photo Bồ Xuân Hiệp

HCM CITY — South Korea's Lotte Group and Vietnamese property developer Phát Đạt have signed an investment partnership to develop the Lotte Eco Smart City project in HCM City's Thủ Thiêm New Urban Area, reviving one of the city's largest long-delayed real estate developments.

The mixed-use project, now valued at around VNĐ60 trillion (US$2.27 billion), represents a nearly threefold increase from the original approved investment of more than VNĐ20.1 trillion.

The Military Commercial Joint Stock Bank (MB Bank) will finance Phát Đạt's equity contribution to the project, completing the financing structure for the development, the companies said.

Located on a 7.54-hectare site in the core area of Thủ Thiêm, the project forms part of HCM City's plans to develop a new international financial and commercial hub on the eastern bank of the Sài Gòn River.

The project was first studied in the late 1990s and formally awarded to Lotte in 2017. Although a groundbreaking ceremony was held in 2022, construction was delayed for several years due to unresolved legal procedures and financial obligations.

The project regained momentum after HCM City approved its land valuation in June 2025, allowing the developer to complete financial obligations and proceed with implementation.

Under the new investment structure, Phát Đạt will hold a 35 per cent stake in the development.

According to the developers, the project will comprise Grade A office space, retail facilities, hotels, serviced accommodation, residential towers and public spaces integrated within a mixed-use urban complex. The original master plan envisions 11 towers of up to 50 storeys.

The revival of the project comes as Việt Nam's largest city seeks to accelerate the development of Thủ Thiêm urban area, which authorities have identified as the future site of the city's planned international financial centre and a key destination for foreign investment.

Lotte Eco Smart City is one of the South Korean conglomerate's largest investments in Việt Nam and among the most significant foreign-backed urban development projects currently under implementation in HCM City. — VNS

Enterprises signal confidence in Hà Nội's long-term growth strategy

Economy

Gold bar transfer to be imposed 0.1% PIT rate from next month

Economy

Central bank warns public over foreign exchange trading risks

Economy

Thái Nguyên breaks ground on six social housing projects worth $287 million

Economy

An Giang targets private sector as key driver for green growth

Economy

Vietnamese, Lao firms forge strategic cooperation for Vientiane real estate project

More on this story

Economy

Skyrocketing cost of housing key issue for Việt Nam

Despite the recent completion of 886 housing projects with 757,338 apartments, the cost of housing in key Vietnamese cities has skyrocketed to around VNĐ100 million (US$4,000) per square metre – too high for people in low- and middle-income groups, as well as labourers and public servants.

Economy

Low-emission production zones for key farm products piloted

The crop production sector aims to establish low-emission farming zones tailored to key products and ecological regions by 2030. Priority will be given to rice, coffee, fruit and maize production.

Economy

HCM City tax authority targets record VNĐ800 trillion of revenue in 2026

HCM City's tax authority has set a target of collecting VNĐ800 trillion (US$30.8 billion) in domestic revenue in 2026, up 27.6 per cent from the Government assigned estimate and 29 per cent higher than the amount collected in 2025.

Economy

Stronger legal support needed for household businesses in transition to corporations

Experts said the draft amendments to the Law on Support for Small- and Medium-Sized Enterprises (SMEs) focuses largely on support after conversion, despite the fact that many household businesses face their greatest challenges before deciding to formalise.

Economy

New policy in foreign exchange reserve management proposed

The State Bank of Vietnam (SBV) has proposed more flexible market intervention tools in a draft decree amending the management of the country's foreign exchange reserves.

Economy

Tax payment deadlines extended to ease pressure on businesses

The Government has also approved extensions for provisional corporate income tax payments under a newly-issued decree.

Economy

Market likely to continue relying on pillar stocks this week

The VN‑Index continues a 'green on the outside, red in the core' pattern, moving roughly within 1,850–1,890 as a few pillar stocks keep the index steady.

Economy

HCM City starts construction of 6,229 social housing units

Industrial developer Becamex IDC on Friday broke ground on four social housing projects in HCM City, adding more than 6,200 apartments as Việt Nam's largest metropolis steps up efforts to tackle a shortage of affordable housing.

Economy

Vietnam Airlines targets profit despite soaring fuel costs

National flag carrier Vietnam Airlines is aiming to remain profitable in 2026 despite mounting pressure from higher jet fuel prices, exchange rate fluctuations and rising operating costs, while pursuing an ambitious expansion and restructuring programme.