A joint venture between Vietnamese conglomerate BRG and Japan’s Sumitomo began work Saturday on the $4.2-billion North Hanoi Smart City project.
The 272-hectare project straddles the communes of Hai Boi, Vinh Ngoc and Kim No in Hanoi's Dong Anh district. It is located next to Nhat Tan bridge, which connects inner Hanoi with Noi Bai International Airport.
The project, implemented by the joint venture North Hanoi Smart City Development Investment JSC, has become famous for the 108-storied Phuong Trach tower, set to become the tallest building in Vietnam.
Besides the tower, the project includes high-quality apartments, serviced apartments, shophouses, and other facilities.
It will be implemented in five phases, with phase 1 covering 72.7 hectares, phase 2 (67.5 hectares), phase 3 (65.7 hectares), phase 4 (30.2 hectares), and phase 5 (35.3 hectares), and is set to complete in the final quarter of 2032.
Duong Duc Tuan, Vice Chairman of Hanoi's People's Committee, said at the project execution announcing event: "The project will feature six basic "smart" elements: smart energy, smart transport, smart living, smart management, and smart economy."
According to Yukihito Honda, general manager, infrastructure business unit at Sumitomo Corporation, North Hanoi Smart City is a very important project for the group.
"We will make all efforts to realize the dream of an urban area where a community lives harmoniously in a modern, green space, with many amenities and most modern technology. It will be a place where people and businesses can together create values for themselves and the society," he added.
Officials of both sides said the project also commemorates 50 years of Vietnam-Japan partnership (1973-2023) and implements a Vietnam Party Politburo resolution on building at least five world-class smart cities by 2045.
A launching ceremony for project construction was held in October 2019, but actual work couldn’t begin because of the delay in completing a detailed 1-to-500 scale plan. The project was re-ignited in July 2023 after Hanoi authorities approved the 1-to-500 scale plan.