The smart city will be built by a joint venture between BRG Group and Sumitomo Corporation.
‘A fearless woman’ is the phase others would refer to BRG Group chairwoman Nguyen Thi Nga, who has succeeded in setting up her own empire in multiple business fields.
A deal worth over $53.4 million will transfer the five-star hotel into the hands of a little-known company, which has relations with BRG Group.
BRG Group plans to kick off the project with the construction of the Hilton hotel complex in the first phase.
The $4 billion smart city project invested by the joint venture between Vietnam’s real estate developer BRG Group and Japanese-based trading company Sumitomo has been licensed by the Hanoi People's Committee.
BRG group’s plan to develop Thang Loi hotel into a 36-storey complex is unlikely to be implemented as Hanoi said that it is not in accordance with the master planning of the West Lake area.
N.A Vietnam Motor Co Ltd (Vinamco), a subsidiary of businesswoman Nguyen Thi Nga’s BRG Group, is planning to become a strategic investor of Hanoi Trade Corporation (Hapro) in its share aution by this March.
The construction of the smart city located on the axis of Nhat Tan - Noi Bai route is expected to commence in the first quarter of next year by the Sumitomo – BRG joint venture.
Haiphong is becoming one of the "gold mines" of many real estate businesses.
The Hanoi People’s Committee, BRG Group, and Sumitomo Group have just signed the $4-billion agreement to develop a smart city at the north of Hanoi, along the two sides of Nhat Tan-Noi Bai Highway.
