Lotte Group pledges to invest in Hanoi's development projects

Lotte Group, a South Korean conglomerate, has pledged to continue investing in projects aimed at developing Hanoi, Lotte Group Chairman Shin Dong-bin said during a meeting with Secretary of Hanoi Party Committee Dinh Tien Dung in Hanoi on September 22.

"We are committed to supporting the socio-economic development of Hanoi and Vietnam through research and development activities and further investment in projects here," Shin Dong-bin emphasized.

Lotte Group Chairman Shin Dong-bin (L) and Secretary of the Hanoi Party Committee, Dinh Tien Dung. Photo: Thanh Hai/ The Hanoi Times

During the meeting, Chairman Shin Dong-bin briefed the host on the grand opening of the Lotte Mall West Lake project, held in Tay Ho District on September 22.

With the valuable support of the Hanoi authorities, Shin Dong-bin said that the Lotte Mall West Lake project, whose construction started in 2018, has now become operational.

The Chairman expressed his expectation that Lotte Mall will become a vibrant commercial center in the capital, with an estimated annual footfall of 10 million visitors, creating employment opportunities for approximately 10,000 workers. He hopes to receive continued support from the city's leadership for the project's ongoing development.

The Lotte chairman also proposed extending the project's operating period from 2010 to 2060 instead of the approved period from 1996 to 2046.

In response to this proposal, Party Secretary Dinh Tien Dung considered extending the project's operation period to 2060 reasonable and instructed relevant agencies to study it and report to the Prime Minister.

He highly appreciated Lotte's compliance with Vietnamese regulations and the city's requirements for its projects. He welcomed the group's understanding of the difficulties the city's leaders faced in implementing the West Lake project.

In addition, Dung recommended that the Lotte Group participate in developing Hanoi according to the city's plan and invest in two satellite cities under the capital's jurisdiction. These cities are located across the Red River in the districts of Dong Anh, Me Linh and Soc Son, which are planned to become a smart city and a technology and innovation city, respectively. There are also plans to relocate several universities to these areas.

Currently, the government has handed over the management of the Hoa Lac High-Tech Park to Hanoi, which will have a population of about two to three million people with a high proportion of intellectuals.

According to the Hanoi Party Secretary, the total area of the high-tech park is 1,586 hectares. The land-clearing work has been completed, and 30% of the total area has been leased. However, many of the leased plots are still vacant.

"We officially invite South Korean investors to invest in high technology in Hoa Lac," Dung stressed.

Regarding Lotte's proposal to host the 2030 World Expo in Busan, South Korea, Dung said Hanoi's leadership supports the idea and can submit it to the Prime Minister.