From 2020 onwards, foreign developers including Sumitomo, CapitaLand and Mitsubishi Corporation will enter, expected to contribute to a new modern city in the future.
The smart city will be built by a joint venture between BRG Group and Sumitomo Corporation.
The Tokyo-based multifaceted company seeks to expand two of its three industrial parks in the country, to cater to the industrial growth and expansion of many FDI companies in the country.
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.
According to Hiroyuki Ono from ACA Investments, a Japanese fund manager under the Sumitomo Group, Vietnam market is more attractive to Japanese enterprises than Thailand and Indonesia.
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.
The largest ever industrial park (IP) in the central coastal province Quang Tri looms by the the joint partnership of Sembcorp, Amata and Sumitomo as investors of all fields are given the "super first" priority and privilege.
The Ministry of Planning and Investment (MPI) urges investors to soon implement the construction of Vietnam - Singapore Industrial Park (VSIP) in Quang Tri province, which is expected to witness the involvement of three leading firms, namely Singaporean Sembcorp, Thai Amata and Japanese Sumitomo in this field.
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.
