Ho Chi Minh City People’s Committee will propose the Prime Minister Nguyen Xuan Phuc to allow South Korea’s Lotte Group to continue executing its Eco-smart City project located in Thu Thiem Peninsula in District 2.
Lotte E&C, a member of South Korean giant Lotte Group, has recently entered a strategic partnership with Ho Chi Minh City-based major developer Novaland for high-end project development.
A joint venture between FLC Group and Lotte Land has been formed in early June with a chartered capital of over $24 million to invest in a real estate project in Hanoi.
Major investments from Japanese and Korean companies are expected to outline a modern urban centre in the western area of Hanoi's West Lake.
Novaland Group has signed a strategic partnership agreement with Lotte Engineering and Construction Co., Ltd, (Lotte E&C), an arm of South Korea's Lotte Group. It is the first time the Ho Chi Minh City-based property developer has appointed a foreign contractor for its high-end projects.