The complex, whose investor is South Korea’s Lotte Group, will function as a financial, commercial and service hub and a multi-functional residential area, covering more than 74,500 square meters.

Speaking at the groundbreaking ceremony of the Lotte Eco Smart City Thu Thiem project, HCMC Chairman Phan Van Mai said that the complex is one of the key projects in the Thu Thiem New Urban Area, expected to contribute to the economic development of the area.

Due to the importance of the project, the Government assigned the HCMC government to direct and monitor its progress and quality.

As such, HCMC Chairman Mai asked Lotte Group and Lotte Properties HCMC Company to execute the project as scheduled and committed, and ensure sufficient capital and the quality of the facility.

Once in place, the complex will create jobs for over 20,000 people, the local media reported.

The smart city will feature five basements and 60 floors of hotels and residential and commercial spaces, said Lotte Group Chairman Shin Dong Bin.

The project will mark the start of the South Korean group to expand its reach in Vietnam, he added.