08:35 | 20/06/2020 Companies
Lotte Land, the real estate arm belonging to South Korean giant Lotte Group,signed a co-operative agreement on June 8thwith its local partner Van Phu – Invest (HOSEsymbol: VPI) to develop projects across Vietnam. Accordingly, Lotte Land and Van Phu - Invest will set up joint venturesto start several residential and commercial real estate projects throughout the country.
As both groups boast a significant track record –ranging from feasibility studies tothe execution of project deployments –their co-operation is expected to augment each side’s resources, providing a catalyst to spur development.
|The Terra – An Hung project based in Hanoi, developed by Van Phu – Invest|
With over 15 yearsof experience in the real estate field, particularly in the planning and deployment of urban real estate projects in many cities and provinces throughout Vietnam, Van Phu Invest holds a crucial role in land site study and associated planning criteria, helping to ensure an effective investment.
Moreover, Van Phu - Invest possesseslarge land funds in several good locations along the coastline orin bustling urban centres, such as Hanoi, Bac Ninh, Quang Ninh, Hai Phong, Vung Tau, Ho Chi Minh City, and Can Tho. Finally, the group’sdiverse portfolio features large-scale residential and commercial real estates across different market segments.
Meanwhile, Lotte Groupis a powerful multi-national and multi-disciplinary enterprise that is headquartered in Seoul. Lotte is currently the fifth-largest conglomerate in South Korea and ranked among the top 10 in Asia, with more than 120,000 local and 60,000+ overseas employees. Since the group’s foundation in 1948, it has made significant contributions to the South Korean economy.
Lotte Group hasmade forays into Vietnam since 1996 and can show off some impressive results. The recent move in which the group’s real estate arm, Lotte Land, shook hands with Van Phu - Invest is deemed a positive one, helping the groupto scale up its investment in Vietnam.
Leveraging both sides’ synergies, Lotte Land and Van Phu - Invest’s co-operation promises to usher in new development opportunities for the two businesses, simultaneously paving the way for giving birth to new sizable projects of regional significance in Vietnam in the near future.