Lotte Group revealed that it will launch several property developments in Vietnam via a joint venture with Van Phu – Invest. The South Korean conglomerate’s property arm, Lotte Land, will take part in the arrangement. The joint venture is committed to developing residential and commercial real estate projects throughout the country.
Both firms are established in Vietnam and the partnership will allow them to tap into each other’s strengths to launch forward-thinking real estate developments. Van Phu Invest has more than 15 years of experience in the property sector having launched and developed urban real estate projects in many cities and provinces throughout Vietnam.
The developer played a crucial role in land site study and associated planning criteria that ensured an effective investment. Additionally, Van Phu – Invest holds a large land bank with prime plots in notable locations in both city and tourist areas. Although no decision has been made in terms of location of the joint venture projects, Hanoi, Bac Ninh, Quang Ninh, Hai Phong, Vung Tau, Ho Chi Minh City and Can Tho are all places where the company has land available.
Lotte Group is well-known in Vietnam and has made investments in the country for more than 20 years. Lotte Center Hanoi and the iconic Lotte World Tower are the most notable developments the company has built in Vietnam.
The agreement with Van Phu – Invest is the conglomerate’s second major real estate joint venture partnership announced in the past year. In November, Lotte Engineering & Construction, another one of the group’s affiliates, tied up a deal with TTC Land to launch various property projects.
At a recent signing ceremony, representatives from Lotte Land and Van Phu – Invest explained that their partnership will allow both sides to scale up their investment in Vietnam. While no specifics were provided, the companies noted the joint venture would launch sizable projects of regional significance in Vietnam.