How will Hanoi's $4.2B smart city be developed?

This project, as detailed in an official document signed by Deputy Minister of Natural Resources and Environment Le Cong Thanh on March 5, has received environmental impact assessment approval.

Developed by the joint venture of the same name between Property developer BRG and Japanese conglomerate Sumitomo Corporation, the project was launched in November last year and is expected to cost US$4.2 billion. It will be built in five phases during nine years.

The first, on 27% of the area, will comprise nine 45-floor apartment towers, another with 22 floors, 247 villas, 60 townhouses, three kindergartens and two primary and secondary schools each.

In the remaining phases more villas, commercial and mixed-use buildings and schools will be built, and 12 unspecified public projects will be undertaken, with the 108-floor financial building coming up in the final phase, expected in 2030-32.

It will have 25,740 occupants.

Sumitomo, established in Japan over 100 years ago, has been in Vietnam since 1995. The behemoth has done a number of projects in the country, including construction of the Thang Long Industrial Parks I and II in Hanoi and nearby Hung Yen Province.

It is also the main contractor for certain sections of Ho Chi Minh City’s metro line No.1.

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