Previously, Lotte Group studied the information and investment opportunities of this project. In 2013, Lotte Group proposed to invest in Eco Smart City in functional zone No. 2a in Thu Thiem New Urban Area.
To be selected as the investor of Eco Smart City project, in August 2015, Lotte Group agreed to make a deposit of VND2,000 billion (roughly US$87 million) for land use fees so that six land lots in Thu Thiem New Urban Area were allocated to this Group in advance.
On April 28, 2017 joint-venture of investors – Lotte Group’s four subsidiaries (Lotte Shopping, Lotte Hotel, Lotte Asset Development, and Lotte Engineering and Construction) were appointed as the investor of Eco Smart City project under the decision made by People's Committee of HCMC.
The project covers the total land area of 7.45ha, 5.012ha of which is used for the construction of multi-functional trade, business and residence works.
Shin Dong Bin, chairman of Lotte Group, said that this is a big and important project and Lotte Group will make it become the typical project of HCMC.
Since 1996, Lotte Group has made its investment in Vietnam with the confectionery production project. Now it has traded in many sectors including trade centers, supermarkets, hotels, cinemas,... with an investment capital of US$2 billion, the chairman added.
Nguyen The Minh, Head of Management Board of Thu Thiem New Urban Area, said that Eco Smart City project in function zone No. 2a is one of the most important projects with the purpose of forming and developing a multi-functional trade, business and residence areas. The project will apply information technology to the management and service of the residents following the model of Eco Smart City.