Hanoi Urges Sumitomo to Speed Up $4.2 Billion Smart City Project
Hanoi Party Secretary Trần Đức Thắng urged Sumitomo Corporation on November 10 to accelerate the North Hanoi Smart City project. The joint venture between Vietnam’s BRG Group and Japan’s Sumitomo Corporation is expected to cost $4.2 billion and be completed in the fourth quarter of 2032.
On November 10, Hanoi Party Secretary Trần Đức Thắng met representatives of Sumitomo Corporation and other companies in Japan. He urged Sumitomo to commit resources, complete the necessary procedures and accelerate the North Hanoi Smart City project. He also proposed exploring expanded cooperation on high-tech industrial parks and clean energy.
The North Hanoi Smart City project is a joint venture between Vietnam’s BRG Group and Japan’s Sumitomo Corporation. It covers nearly 272 hectares and has an estimated total investment of $4.2 billion. The project will be developed in five phases and is scheduled for completion in the fourth quarter of 2032. Plans include a 108-story financial and commercial tower.
The project was first announced and broke ground in October 2019, and construction officially began on August 19, 2025. Its investor is NHSC, a joint venture established by BRG Group and Sumitomo Corporation. The 108-story tower is intended to be the centerpiece of the smart city area.
Trần Đức Thắng said Hanoi hopes to strengthen long-term investment cooperation with Japanese partners, prioritizing investment in high technology, innovation, the digital economy, digital infrastructure, clean energy, the environment and smart logistics. Hanoi is reforming administrative procedures and building infrastructure to improve the investment environment for businesses.
Source: VietVance
