The joint venture broke ground for construction of the $4.2 billion smart city in the north of Hanoi last weekend.
Spanning 272 hectares, the township is part of a smart urban planning scheme stretching 11 kilometres from Nhat Tan Bridge to Noi Bai International Airport. It is divided into five phases which are expected to be fully completed by 2028.
BRG Group chairwoman Nguyen Thi Nga revealed at the groundbreaking ceremony that a 108-storey financial tower with a lotus design would become the highlight of the smart city and a financial centre of Vietnam and Southeast Asia as a whole.
Sumitomo Corporation will team up with BRG Group to develop the first phase on 72 hectares at estimated development cost of $1 billion.
Nga said the 108-storey financial tower would help Hanoi to become the a modern capital in Southeast Asia and and be on par with the capitals of developed countries in the world.
There will a metro line running from the downtown area via the project to Noi Bai International Airport with a new station planned to be built within the project's area. Sumitomo Corporation will implement the project considering a transit-oriented development centered on the new station.
Up to now, the smart city project developed by BRG and Japanese partners is the largest-scale foreign-invested project of Hanoi and one of the largest FDI real estate projects in the country.
The project area will be composed of hospitals, schools, disaster prevention facilities, security systems and commercial facilities, as well as lush greenery, water passage, and a main street lined with cherry blossom trees, and realize comfortable residential environment and community.
In addition, by introducing 5G, face recognition system and blockchain technologies, the area will feature sophisticated smart city services, contributing to the sustainable development of Hanoi.