Ha Noi’s People’s Committee, BRG Group and Japan’s Sumitomo Corporation Group on Monday signed a co-operation agreement to develop a US$4 billion smart modern city, the Nhat Tan-Noi Bai project.

The signing was witnessed by Prime Minister Nguyen Xuan Phuc, who is on an official visit to Japan.

Covering an area of 2,080 hectares, the Nhat Tan-Noi Bai project will be built along both sides of Vo Nguyen Giap Road. The architectural plan of the modern city includes an international financial centre, ASEAN village, a culture/business fair centre and an expansive exhibition centre, all located north of the Red River.

The detailed plan of the project’s three sections, which will occupy a length of 11.1km, was approved in early 2016.

Nguyen Thi Nga, chairwoman of BRG, said the project will play a significant role in promoting the overall development of Ha Noi and the country, and is expected to become Southeast Asia’s most modern urban area.

In 2011, BRG Group became an investor in planning the Nhat Tan-Noi Bai route (Vo Nguyen Giap Road). Since then, it has worked with the Construction Planning Institute in Ha Noi and Viet Nam Urban Planning and Development Association to set up a council that would select ideas and plans, and choose a foreign consultant for the project. P&T, a leading international consultant group, has been selected.

In April this year, the BRG Group inked a deal with Sumitomo Corporation, among the largest three enterprises in Japan, to develop the project; it had signed a multi-faceted strategic co-operation with the corporation last December.

During the PM’s recent trip to the US, the Ha Noi-based BRG Group signed a co-operation agreement with Hilton Worldwide Group to jointly develop the Vietnamese travel and tourism market, and inked a deal with Nicklaus Design to develop golf courses in Viet Nam. — VNS