The signing ceremony of cooperation agreement to develop the One World urban area project in Bình Dương Province. — VNA/VNS Photo

Japanese and Vietnamese investors of The One World urban area project in the southern province of Bình Dương received in-principal approval at a ceremony in the locality on April 17.

The over US$1 billion project is one of the real estate sector having a clean land fund of nearly 50ha in Thuận An City, adjacent to HCM City.

Three Japanese companies namely Sumitomo Forestry Group, Kumagai Gumi Co., Ltd, and NTT Urban Development Corporation make up a total of 49 per cent of the shares in the project, while the rest come from their Vietnamese partner - the Kim Oanh Real Estate Group.

The project is divided into six sub-projects. Key facilities including a conference and exhibition centre, an AEON shopping centre, five-star hotels, and an international school will be constructed in advance.

Japanese Consul General in HCM City Ono Masuo said the development of large-scale urban areas contributes to building a sustainable city and supporting carbon neutrality efforts.

The common goal and also the top priority of these investors is to contribute to realising a prosperous society by providing safe and high-quality housing and jointly developing a large-scale mixed-use shopping centre in Bình Dương, he said.

The project will bring about a sustainable and environmentally friendly business model, creating a prosperous future through applying information technology, communication, or advanced environmental technologies, contributing to the locality’s economic development.

Chairman of the provincial People’s Committee Võ Văn Minh expressed his belief that the project will help change the urban landscape of Thuận An City and the southern urban area of the province in general. — VNS