HCMC Approves Land Valuation for Two Projects by Lotte and Vingroup

HCMC Approves Land Valuation for Two Mega Projects by Lotte and Vingroup Worth Over VND 43,500 Billion

Ho Chi Minh City has officially approved the land valuation for two large-scale urban development projects:
???? Lotte Eco Smart City (Thủ Thiêm)
???? Vinhomes Green Paradise (Cần Giờ)
→ Total approved land value: VND 43,507 billion

Project 1: Lotte Eco Smart City – Functional Zone 2a, Thủ Thiêm

• Developer: Lotte Group (South Korea)

• Trade name: Lotte Eco Smart City

• Location: Thu Thiem New Urban Area, former District 2

• Total area: 7.4 hectares

• Investment capital: Over VND 20,000 billion

• Approved land value: VND 16,190 billion

• Project scale: Complex of hotels, residential zones, and commercial centers

• Progress: Groundbreaking in September 2022, land leveling completed, but construction has not started due to financial obligation issues.

Project 2: Vinhomes Green Paradise – Cần Giờ Reclaimed Urban Area

• Developer: A subsidiary of Vingroup

• Location: Long Hòa commune and Cần Thạnh town, former Cần Giờ District

• Scale: 2,870 hectares – the largest coastal reclamation urban project in Vietnam

• Approved land value: VND 27,317 billion

• Trade name: Vinhomes Green Paradise

• Key features:

  • Largest opera house in Southeast Asia

  • World’s largest artificial lagoon

  • 108-storey multipurpose tower

  • Hotel chains, international golf courses, and commercial centers

Land Revenue Situation in Ho Chi Minh City

According to the HCMC Department of Agriculture and Environment:

• Estimated total land revenue in 2025: VND 65,300 billion

• Collected so far: Over VND 12,720 billion (including land use fees, land lease, water surface lease, and real estate transfer revenues)

• Expected to reach 90.7% of the annual target (set at VND 72,000 billion)

Legal Process and Land Use Certification

• First 6 months of 2025: 214 land use right certificates issued

• A special task force addressed legal bottlenecks in 142 projects, among which:

  • 97 projects had legal issues completely resolved

  • Equivalent to around 71,400 housing units eligible for market transactions

Market Outlook & Strategic Implications

The land valuation approval for these two strategic projects reflects:

• A strong commitment to accelerating urban infrastructure development

• A move to unlock large-scale project supply after years of stagnation

• Vingroup and Lotte remain key drivers in Ho Chi Minh City's modern urban planning strategy

• The premium real estate and coastal reclamation market (e.g., Cần Giờ) is expected to become a hotspot for medium- and long-term investment between 2025–2030