Hanoi launches $4.2B 'smart city' project

Smart City in Dong Anh District is being constructed by the North Hanoi Smart City Development Investment (NHSC) company. The company is a consortium between Vietnam's BRG Corporation and Japan's Sumitomo Corporation.

The project is expected to take nine years to complete in five phases. The first four phases, to be finished in the first seven years, involve planting trees and building houses, schools, parking lots and other structures.

The last phase, to be completed from 2030 to 2032, will involve the construction of certain highlight structures, including a mall and a 108-story financial center.

Duong Duc Tuan, vice chairman of Hanoi People’s Committee, said the project is at an important location, at the foot of the Nhat Tan Bridge, on the northern side of the Red River, between the Thang Long and Long Bien Bridges, and on the Vo Nguyen Giap route, which connects downtown Hanoi and the West Lake area with Noi Bai airport.

A ceremony is held to launch the Smart City project in Hanoi, Nov. 11, 2023. Photo by VnExpress/Van Loc

Tuan said he hoped Smart City will help solve major infrastructural issues regarding traffic, energy, education, medicine and the environment.

Hanoi has asked the main investor to cooperate with relevant units to finish the land clearance process (currently 92% complete), as well as procedures on land use and construction approval.

BRG and Sumitomo first signed an agreement on the project in 2017.

Sumitomo has been in Vietnam since 1995. The corporation has contributed to an array of projects, including the Thang Long Industrial Park I and II in Hanoi and nearby Hung Yen Province. The corporation is also the main contractor for certain sections of Ho Chi Minh City’s metro line No.1 and other factories.

BRG deals in several fields, including finance, banking, real estate and retail.