Lotte Eco Smart City Thu Thiem development

The Lotte Eco Smart City Thu Thiem project, a 7.5-hectare development in the Thu Thiem New Urban Area with an estimated total investment of 60,000 billion VND, has seen significant movement in its ownership and investment structure.

In August 2026, Phat Dat Real Estate Development Corporation (PDR) finalized the acquisition of a 35% stake in Lotte Properties HCMC for 7,666 billion VND. This transaction established a four-member ownership structure including PDR, Lotte Shopping Co., Ltd, Hotel Lotte Co., Ltd, and Lotte Engineering & Construction Co., Ltd. Under this arrangement, PDR is set to lead the development of several commercial high-rises and co-develop specific residential blocks. The project had previously faced delays due to land use fee determinations.

By September 2026, financial reports from Nam Kim Steel Joint Stock Company (NKG) revealed that the company had made a 400 billion VND investment related to Phat Dat as a deposit for an investment cooperation agreement to participate in the Thu Thiem project. This agreement, signed in April, stipulates that if a formal contract is not signed by December 30, 2026, the funds must be returned to Nam Kim with a 15% annual interest rate.