Hanoi Commences $4.2 Billion Project for 'Smart City' Development

Hanoi has initiated a brand new “smart city” project with a budget of US$4.2 billion, covering an area of over 270 hectares. The development of the Smart City in Dong Anh District is being carried out by the North Hanoi Smart City Development Investment (NHSC) company, a joint venture between Vietnam’s BRG Corporation and Japan’s Sumitomo Corporation.

The project is anticipated to be completed in five phases over a span of nine years. The initial four phases, scheduled to be finished within the first seven years, will involve the establishment of infrastructure such as residential buildings, schools, parking lots, and other facilities, along with extensive tree planting. The final phase, to be executed between 2030 and 2032, will focus on constructing prominent structures, including a shopping mall and a 108-story financial center.

Hanoi authorities have requested the primary investor to collaborate with relevant agencies to finalize the remaining land clearance process (currently at 92% completion), as well as obtain necessary approvals for land use and construction. The agreement for this project was initially signed between BRG and Sumitomo in 2017. Sumitomo has been actively involved in Vietnam since 1995, contributing to various ventures such as the Thang Long Industrial Park I and II in Hanoi and neighboring Hung Yen Province. The corporation is also serving as the main contractor for specific sections of Ho Chi Minh City’s metro line No.1, among other factory projects.