Mar 03, 2021 / 18:38

Thu Thiem Eco Smart City expected to become prominent landmark of Asia

The Vietnamese government creates favorable conditions for foreign investors to expand investment here.

Lotte Properties Thu Thiem’s leadership is committed to building the Thu Thiem Eco Smart City project into a prominent landmark of Ho Chi Minh City and Asia, Lee Kang Woo, General Manager of Lotte Properties Thu Thiem, told Minister and Chairman of the Government Office Mai Tien Dung at a meeting on March 3 in Hanoi.

 Minister and Chairman of the Government Office Mai Tien Dung (R) and Lee Kang Woo, General Manager of Lotte Properties Thu Thiem (L). Photo: VGP

Speaking at the meeting, Dung said he hoped Lotte Properties Thu Thiem, owned by South Korea’s Lotte Group, would speed up the construction progress of the project, so that it will be put into operation after the Covid-19 pandemic is rolled back.

In July 2017, four Lotte members and Ho Chi Minh City People’s Committee signed a contract the construction of Eco-smart City with the initial investment capital of US$884.4 million, after seven years of proposals. However, the project was halted temporarily after the Thu Thiem scandal over irregularities in granting land to investors.

Earlier, the Government agreed with the proposal of the People's Committee of Ho Chi Minh City and the Government Inspectorate that the investor is allowed to continue implementing the project.

Minister Dung suggested the South Korean investor needs to cooperate closely with the People's Committee of Ho Chi Minh City to complete relevant procedures and implement the project on schedule.

The Vietnamese Minister emphasized that the cooperation between South Korea and Vietnam is thriving in many spheres. The Vietnamese government highly appreciates the fact that South Korea has been Vietnam’s largest foreign investor for many years.

On the same day, Minister Dung also hosted Horst Geicke, Chairman and General Director of Sanctuary Ho Tram. At the meeting, Dung stressed that the Government of Vietnam always supports and creates favorable conditions for domestic and foreign investors, including those of Sanctuary Ho Tram project in the southern province of Ba Ria-Vung Tau, to expand investment and business activities in Vietnam.