South Korean giant retailer Lotte Group has revealed plans to build an eco-friendly ‘smart city’ complex, along with a separate ‘smart logistics’ hub in Vietnam.
On September 2, the group held the ground-breaking ceremony of Lotte Eco Smart City Thu Thiem in the Thu Thiem new urban area of Ho Chi Minh City. It will invest around US$900 million in the project, according to local sources.
Since the company’s initial entry into the Vietnamese market in 1996, this one of Lotte’s largest projects yet, marking a significant step in the company’s growth there.
The project will have a total floor area of 680,000sqm, five basements, and multiple towers, the tallest of which will be 60 stories. The complex includes a shopping centre, cinema, office space, hotel, residences, and apartments.
The group also intends to provide digital healthcare services like home care and IoT telemedicine – including remote diagnoses. It will incorporate big data analysis and artificial intelligence “to enhance the environment for smart living”.
“This year marks the 30th anniversary of the establishment of diplomatic relations between Vietnam and South Korea, so the project will be the starting point for Lotte’s upcoming investment expansion activities in Vietnam,” said Shin Dong Bin, chairman of Lotte Group.
Additionally, local sources also reported Lotte Global Logistics Vietnam plans to build an “Integrated Smart Logistics Center” in Dong Nai Province, which is scheduled to be finished in 2024. The goal is to improve logistics capacity to support Lotte’s business development in Vietnam such as Lotte Eco Smart City Thu Thiem and its growing network of Lotte malls and supermarkets.