Vietnam developer and Sumitomo join to build $4b smart city

Vietnamese developer BRG Group and Japan-based Sumitomo Corp. will spend 450 billion yen ($4.21 billion) to develop a smart city on the outskirts of Hanoi, Vietnam.

The project, slated to be one of the largest urban development in Vietnam, kicks off in 2020 with the construction of about 7,000 apartments and homes.

BRG and Sumitomo formed a 50-50 joint venture to develop about 270 hectares (667 acres) located a 20-minute drive from the center of the capital city.

High-rise apartments will be built in the first phase, with occupancy set to begin in 2022 for 20,000 to 25,000 people. Office buildings and large commercial facilities will be constructed in the second phase. A rail station that links to Hanoi’s city center and the international airport is planned for the future.