Sumitomo asks Hanoi to lend a hand meet time limits of $4.2 bln good town undertaking

Japanese conglomerate Sumitomo Corporation has asked Hanoi authorities to help with the progress of its $4.2 billion North Hanoi Smart City project in Dong Anh district.

President and CEO of Sumitomo Corporation Shingo Ueno made the request at a Wednesday meeting with Hanoi Chairman Tran Sy Thanh.

To help the project meet its deadlines, the executive delivered suggestions related to site clearance, land pricing, and some underground infrastructure.

In reply, Tran Sy Thanh said municipal authorities would collaborate to help the project implementation as it plays a key role in Hanoi’s future development.

Thanh lauded Sumitomo’s activities in Hanoi in the last two decades and called on the conglomerate to expand to other fields.

In November 2023, a joint venture between Vietnamese conglomerate BRG and Sumitomo began work on the $4.2-billion North Hanoi Smart City project.

The 272-hectare project straddles the communes of Hai Boi, Vinh Ngoc and Kim No. It is located next to Nhat Tan bridge, which connects inner Hanoi with Noi Bai International Airport.

The project, implemented by the joint venture North Hanoi Smart City Development Investment JSC, is well-known for the 108-storied Phuong Trach tower, set to become the tallest building in Vietnam.

It will be implemented in five phases, with phase 1 covering 72.7 hectares, phase 2 (67.5 hectares), phase 3 (65.7 hectares), phase 4 (30.2 hectares), and phase 5 (35.3 hectares), and is set to complete in the final quarter of 2032.

In July, the Hanoi Department of Construction said the project was still in site clearance phase.