Sumitomo Corp has formed a consortium with five other Japanese companies to combine their expertise for urban development in Hanoi aiming for an environmentally friendly community complete with advanced services, including sophisticated security and transit systems.
The consortium comprises NTT Communications Corp, TEPCO Power Grid Inc, NEC Corp, Hakuhodo Inc and Mitsubishi Heavy Industries Engineering Ltd as well as Sumitomo, the Tokyo-based major trading house said.
They will cooperate with Vietnamese companies in developing a 272-hectare area in the Dong Anh district in northern Hanoi, with NEC offering a face recognition system to help ensure local security and Hakuhodo, an advertising agency, mechanisms and application software to improve living conditions, among other services.
Under the smart city project estimated to cost $4.2 billion, construction work will begin within this year, with new residences expected to be ready for occupancy from 2022.
In October last year, Sumitomo announced the establishment of a local joint venture for the project with BRG Group Joint Stock Co, a major conglomerate in Vietnam.© KYODO