Sumitomo is one of Japan's major integrated trading and investment business enterprises and BRG Group is a pioneer in establishing multidisciplinary economic group model in Vietnam.
“BRG is aspiring to build a new modern city in the north of Hanoi,” said BRG chairwoman Nguyen Thi Nga at the meeting with Nguyen Duc Chung, chairman of the Hanoi People's Committee and Kuniharu Nakamura, chairman cum CEO of Sumitomo.
BRG is the investor making a 1:500 scale detailed plan for the whole area of 2,080ha along two sides of Vo Nguyen Giap route connecting Nhat Tan bridge and Noi Bai airport.
In particular, the US$4.138 billion smart city project has a total area of 272 hectares, divided into five phases with five joint venture models for the development of each stage. Phase 1 covering an area of over 73 hectares and a total investment of US$1 billion will be developed by BRG – Sumitomo joint venture.
Nga said the project has completed the detailed construction plan at 1:500 scale and the Nikken Sekkei consultant is adjusting the detailed planning of phase 1 to submit to the Hanoi People's Committee for approvement. The project is expected to be kicked off in the first quarter of next year.
BRG and Sumitomo signed a multi-faceted strategic cooperation agreement in December 2016 and signed a cooperation agreement on the development of the smart city in the North of Hanoi in April 2017.
BRG believes that Sumitomo’s capacity and experience in planning, building and developing real estate projects, the influence and prestige of the Japanese government and the support of Japanese business community will help the project achieve its important objective, creating a smart, modern city and also a gateway connecting Hanoi in particular and Vietnam in general to the world.