Sumitomo and BRG seek to increase population for Hanoi's Smart City project worth $4.2 billion; Hanoi urges early construction

At a meeting with leaders of Sumitomo Corporation (Japan), Hanoi’s Politburo member and Secretary of the City Party Committee Trần Đức Thắng, and the head of the Hanoi delegation to the National Assembly discussed the implementation of the Bắc Hà Nội Smart City project. According to Sumitomo, the project has completed the legal procedures, fulfilled financial obligations, and received a land-use certificate. However, the Sumitomo-BRG joint venture proposed increasing the population scale to better align with the project’s development plan and to help address the capital’s urban challenges. The Secretary requested the City People’s Committee and relevant agencies to provide in writing the permissible population for the project. After a concrete answer is provided, Sumitomo and BRG should promptly commence construction, ensuring all deadlines are met. The Bắc Hà Nội Smart City project is located in Vĩnh Thanh commune, Hanoi, covering over 270 hectares with total investment of about $4.2 billion. Construction began in August 2025, with NHSC as the investor. The project is a joint venture between BRG and Sumitomo. The plan envisions five phases; in the final phase, the urban area will host a financial-commercial center and a 108-story commercial-residential tower. In addition, the project includes a shopping center, offices, hotels, schools, an international hospital, green spaces, underground parking, and a multimodal transport hub with integrated infrastructure. Sumitomo is a diversified conglomerate with more than 100 years of history in Japan and presence in Vietnam since 1995. BRG is a diversified group active in finance, banking, real estate, and retail in Vietnam. In early 2026, Delta Group announced it became the contractor for phase 1 infrastructure of the Bắc Hà Nội Smart City project. Delta has also won bids for other large projects, including office-commercial-residential complexes and social housing developments. Source material and related coverage can be found on cafef.vn and affiliated market news portals.