Japanese finance firm Sumitomo and the conglomerate BRG Group have formed a joint venture for the development in the Dong Anh district.
Work has commenced on the 272-hectare smart city development in northern Hanoi, Vietnam. Japanese finance firm Sumitomo and conglomerate BRG Group have formed a joint venture for the initiative in the Dong Anh district with an investment of more than $4.2 billion.
The site lies to the north of Nhat Tan Bridge, located halfway between Noi Bai International Airport and the centre of Hanoi City.
According to the The Phnom Penh Post, the project has received close cooperation from the Japanese government, which is working with Vietnam to promote the sustainable development of smart cities between now and 2030. During this period, similar developments are expected in the north, central, south and Mekong River Delta regions.
The latest development is divided into five phases, with work kicking off on the residential area for around 20-25,000 people. The city will reportedly be fully operational by 2028.
It will also include hospitals, schools, disaster prevention facilities, security systems and commercial facilities, with a 108-storey financial tower, and will feature a main street lined with cherry blossom trees. It will be underpinned by smart city technologies including artificial intelligence, the Internet of Things (IoT), 5G, blockchain and facial recognition software.
There is already a plan to extend the Hanoi Metro Line 2 from downtown Hanoi through the project area to Noi Bai International Airport. This will include a new station.
Sumitomo said it is considering a “transit-oriented development” plan centred on the new station, enabling people to move around the city without cars.
“City planning is an effort without a fixed goal. We will create a city that suits Vietnam.”
Sumitomo regards social infrastructure as one of its growth areas and is placing an increased focus on urban development and smart city projects. Its Six Material Issues to Achieve Sustainable Growth with Society agenda includes achieving harmony with the global environment, contributing to the development of local communities and industries, providing diverse accessibility, establishing a foundation for comfortable and enriching lifestyles and enhancing governance.
In a statement, the company said: “We hope to contribute to the development of the Vietnamese economy and industry while building a city where everyone can enjoy a comfortable and exhilarating everyday life."
In an article in the Nikkei Asian Review, Sumitomo’s president, Masayuki Hyodo, said that “city planning is an effort without a fixed goal" and added: “We will create a city that suits Vietnam.”
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