Hanoi – A ceremony to launch a project to build a next-generation “smart city” was held in the Vietnamese capital of Hanoi last Sunday.

A Japanese trading firm, Sumitomo Corporation, and a Vietnamese real estate company are the main investors for the 4.2-billion-dollar project.

Homes, commercial facilities and office buildings will be built on a 272-hectare site. They will feature advanced technology such as 5G wireless networks and facial recognition security systems.

Construction of the 73-hectare residential area is scheduled to begin next year.

The condominiums will house up to 25,000 people. They will be put on the market from 2022.

The other buildings are expected to be completed in 2028.

The president and CEO of Sumitomo Corporation, Masayuki Hyodo, says his company hopes to build a city that will live up to people’s expectations and contribute to Vietnam’s sustainable development.

He also says his company aims to develop similar projects in high-growth areas of Asia. (NHK)