Hanoi unveils $4.2B project for a 'smart city'.

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    Nov 13, 2023

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Hanoi unveils $4.2bn "smart city" project covering 270 ha.


The North Hanoi Smart City Development Investment (NHSC) company, a joint venture between Vietnam's BRG Corporation and Japan's Sumitomo Corporation, is currently overseeing the construction of a Smart City in Dong Anh District.

The completion of the project is estimated to span over a period of nine years, organized into five distinct phases. The initial four phases, slated for completion within the first seven years, encompass tasks such as tree plantation and construction of houses, schools, parking lots, and various other structures.

The final stage, scheduled to be finished between 2030 and 2032, will encompass the development of prominent architectural marvels, comprising a shopping mall and an impressive 108-story financial hub.

According to Vice Chairman Duong Duc Tuan of the Hanoi People's Committee, the project holds significant importance due to its strategic location. Situated at the base of the Nhat Tan Bridge, on the northern bank of the Red River, it lies between the Thang Long and Long Bien Bridges. Additionally, it is positioned along the Vo Nguyen Giap route, acting as a vital connection between downtown Hanoi, the West Lake region, and Noi Bai airport.

On November 11, 2023, a significant event took place in Hanoi as an official ceremony marked the initiation of the Smart City project. Captured in an image by VnExpress photographer Van Loc, this momentous occasion symbolizes the beginning of a new era for the city.

According to Tuan, his aspiration is for Smart City to effectively address significant challenges related to traffic, energy, education, medicine, and the environment.

Hanoi authorities have reached out to the primary investor, urging them to collaborate with relevant parties in order to expedite the remaining 8% of land clearance process. Additionally, they have requested the investor to facilitate the necessary procedures for land use and construction approval.

The project agreement between BRG and Sumitomo was initially signed in 2017.

Sumitomo has been actively involved in Vietnam since 1995, making significant contributions to various projects within the country. Notably, they have played a crucial role in the development of both Thang Long Industrial Park I and II, located in Hanoi and Hung Yen Province respectively. Additionally, Sumitomo holds the primary contract for specific sections of Ho Chi Minh City's metro line No.1, demonstrating their expertise and involvement in significant infrastructure projects. The corporation's engagement expands further, encompassing the establishment of various factories across Vietnam.

BRG operates across a wide range of industries, spanning finance, banking, real estate, and retail.

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