US$4.2 Bln Hanoi Smart City to Begin Work in 2023

• 25 March 2023
• International News
• 2051 Views

Sumitomo Corp, a Japanese trading company, and Vietnamese real estate developer BRG Group are set to commence work on a $4.2-billion smart city in Hanoi, Vietnam, in 2023.

According to Shiomi Keigo, Sumitomo’s chairman and CEO, the companies have requested that Hanoi authorities expedite the process of adjusting the 1:500-scale plan to allow for the project’s implementation to coincide with the 50th-anniversary celebration of Vietnam-Japan bilateral diplomatic relations.

The smart city is planned to be developed across 272 hectares of land in Dong Anh District, located in the north of Hanoi, and is set to be the most modern city in Southeast Asia, with a 108-floor tower as its highlight. The two companies signed an agreement to develop the smart city in 2017, with Sumitomo as the contractor and BRG Group as the main investor.

The Hanoi chairman has directed government agencies to resolve any possible problems and expedite the process of adjusting the 1:500 plan to help speed up the project. The chairman has pledged to facilitate the necessary adjustments and ensure the project’s timely implementation, according to vnexpress,

The construction of the smart city is expected to promote Vietnam’s economic development and improve the country’s infrastructure. It is anticipated that the project will help to modernize the country and make it more attractive to foreign investors.

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