The four domestic developers behind smart city near Nhat Tan Bridge

Hanoi's 1/500-scale master plan for the area along Nhat Tan-Noi Bai route (Photo: VnExpress)

A proposal to develop a smart city has just been submitted to the Hanoi People’s Committee by a group of Vietnamese and Japanese investors.

The developers include BRG Group, Phu Cuong RICO., LTD., VINAMCO, and Hanoi Real-Estate., JSC of Vietnam, as well as Sumitomo Corporation from Japan.

The project would be based on 271.82 hectaré in Hai Boi and Vinh Ngoc of Dong Anh district and needs an estimated investment of VND94.348 trillion ($4.14 billion). Sumitomo has contributed 50 per cent of the VND14.26 trillion ($625.4 million) initial capital, while the remainder was contributed by the Vietnamese developers.

The project aims to develop a smart city with synchronised technological and social infrastructure, applying information technology in its operation and management.

The developers proposed to establish five companies to carry out five component projects, which are expected to break ground within this year to be completed by 2030. The first component project (73ha) will be developed between 2018 and 2030 with the total investment of VND13 trillion ($573 million), which will be followed by the four remaining component projects.

Earlier, the co-operation agreement between the Hanoi’s People’s Committee, BRG Group, and Japan’s Sumitomo Corporation to develop the smart city project was signed in the presence of Prime Minister Nguyen Xuan Phuc during his official visit to Japan in June 2017.

According to the 1/500-scale master plan of the project, the Nhat Tan-Noi Bai route will be divided into three segments with the total length of 11km across nine wards in Dong Anh district and three wards of Soc Son district. The Phuong Trach trade and finance tower will be the centre of this area with the expected height of 108 stories.