Sumitomo to make North Hanoi Smart City project a symbol of Vietnam–Japan ties

He shared this vision in a meeting with Prime Minister Pham Minh Chinh in Hanoi on Tuesday.

Honda reviewed Sumitomo’s nearly-70-year presence in Vietnam, highlighting its investments in industrial parks across Hanoi, Hung Yen, Phu Tho, Thanh Hoa, and Quang Tri, participation in the EPC contract for Ho Chi Minh City’s urban railway line No. 1, and development of the 1,320 MW Van Phong 1 BOT thermal power plant in Khanh Hoa Province, now operational.

He emphasized that the US$4.2 billion North Hanoi Smart City—developed by a joint venture between Sumitomo and Vietnam’s BRG Group—will be crafted into a symbol of the deepening cooperation between Vietnam and Japan.

Located in the former Dong Anh District of Hanoi, the project’s centerpiece is a 108-story financial tower rising 639 meters, which is projected to become the tallest building in Vietnam and among the highest towers in Southeast Asia, according to Hanoi-based securities firm DNSE.

Honda asked the Vietnamese government to maintain support for ongoing initiatives and the proposed Van Phong 2 gas-fired power plant in Khanh Hoa.

Sumitomo also aims to foster cooperation in energy, rail and smart-urban development.

PM Chinh praised Sumitomo’s large-scale investments in Vietnam, highlighting their significant socio-economic impact at both local and national levels.

He affirmed Vietnam’s commitment to providing full support—both centrally and locally—to the group’s projects, reiterating the government’s dedication to fostering an open, transparent, and stable investment climate with streamlined procedures and clear legal frameworks.

Against the backdrop of their evolving comprehensive strategic partnership, the PM called on both countries to pursue meaningful and effective cooperation projects.

For North Hanoi Smart City, he urged Sumitomo to collaborate closely with Vietnamese partners to implement the project promptly and in line with legal regulations.

He also suggested that Sumitomo continue its active involvement in urban railway projects in Ho Chi Minh City.

Honda expressed gratitude for the government’s support against obstacles affecting Sumitomo’s investments in Vietnam and reaffirmed his commitment to execute the projects properly.