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Lotte Group has started the construction of its facilities as part of its Eco Smart City project in Vietnam. This is a landmark project for the company as it will be building its smart logistic center and buildings in an eco-friendly compound.
The Lotte Group broke ground for its $900 million Thu Tiem Eco Smart City complex and the ceremony was attended by the company's chairman Shin Dong Bin on Sunday, Sept. 4. The South Korean multinational conglomerate firm said it would construct its environmentally-friendly smart city complex and integrated smart logistic center in the said Southeast Asian country as part of its expansion plan to secure a strong presence and foothold in the region.
The Korea Times reported the groundbreaking ceremony for Lotte Group's Thu Thiem Eco Smart City project was held on the country's Independence Day. Based on the company's plan, it will build a 60-story building with five floors underground.
The eco smart city will also have a shopping mall, office spaces, a hotel, cinema, apartments, and residences. This will be built in the largest city in Vietnam which is Ho Chi Minh City, formerly known as Saigon.
It was noted that the Thu Thiem District where the construction is taking place is currently developing as an economic center that represents Southeast Asia, inspired by the Pudong District in Shanghai,
"This year marks the 30th anniversary of diplomatic relations between Korea and Vietnam," Lotte Group's chairman Shin said during the groundbreaking ceremony. "With the Thu Thiem Eco Smart City Project as a starting point, Lotte Group will further expand its investment in Vietnam.
He added, "The eco smart city will have five floors below ground level and 60 stories above, and will become a landmark representing Vietnam in the future by arranging smart residential facilities and distribution facilities that embed Lotte's capabilities."
Finally, the Lotte Group's multi-million dollar Thu Thiem Eco Smart City project is expected to be completed by 2029, as per Korea Joongang Daily. The company said it is aiming to make the complex the best smart city in Vietnam by applying its own advanced smart technologies and distribution knowledge in the project.
