Business Today: Competition Underway for the Architectural Design of the 108-Story Financial Tower in Hanoi
The joint venture between BRG Group (Vietnam) and Sumitomo Corporation (Japan), known as NHSC, in collaboration with the Architecture Magazine and the Vietnamese Society of Architects, has organized a competition to select the architectural design for the Center of Finance, Commerce, and Mixed-Use – the 108-story tower in the Smart City project located in Dong Anh district, Hanoi.
Seeking Innovative and Unique Design Ideas
The competition aims to find innovative and unique design ideas that meet the requirements of creating a modern urban area, implementing smart features, and becoming a new landmark for Hanoi, Vietnam, and the entire region.
The Smart City project, located in Dong Anh district, Hanoi, spans 272 hectares and has a total investment of $4.2 billion. It is one of the projects that have received particular attention from both the Vietnamese and Japanese governments. The project is divided into five phases, with the entire project expected to be completed in the fourth quarter of 2032.
The Tower’s Impressive Features
The 108-story tower, which is set to become one of the tallest buildings in Southeast Asia, will have a construction area of over 30,500 square meters and a total floor area of over 320,000 square meters. It will be a world-class, modern complex with various functions such as offices, commercial spaces, hotels, and tourism facilities. The tower will serve as a focal point in the urban landscape and contribute to the economic growth of Hanoi and Vietnam.
BRG Group’s Impressive Portfolio
As the investor, BRG Group has acquired several prestigious hotels and large-scale projects in prime locations in Hanoi. These include the 5-star Four Seasons hotel project at 22-32 Le Thai To, Thang Loi Hotel, Oriental Tower (Tay Son, Dong Da), Oriental Palace Apartments (Ho Tay), Oriental Garden (Le Van Luong), Oriental West Lake (174 Lac Long Quan), and Oriental Plaza (16 Lang Ha).
In 2012, BRG Group completed the acquisition of the 5-star Hilton Opera Hotel, located next to the Hanoi Opera House, from German and Austrian owners. BRG acquired 70% of the hotel’s shares from VinaLand Limited (VNL) and Vietnam Opportunity Fund Limited (VOF), both listed on the London Stock Exchange. Subsequently, BRG also acquired the remaining 30% from the German and Austrian partners.
In 2016, BRG Group made another notable financial deal by acquiring the Sedona Suites Hanoi Hotel (now Diamond Westlake Suites) from Singapore’s Keppel Land Ltd for $31.5 million. This hotel complex is located in the Quang Ba area on the northeastern shore of West Lake, Hanoi, and includes 175 apartments, villas, clubs, and entertainment venues.
Moreover, BRG Group has direct and indirect stakes in other companies such as Vua Valley Co., Ltd. and Ngan Anh Trading and Tourism Joint Stock Company. The group holds over 27% of Thang Long GTC One Member Limited Liability Company, which invested in the InterContinental West Lake Hanoi Hotel and Pan Horizon Executive Residences.
Sumitomo Corporation – A Giant in the Investment and Trade Industry
Sumitomo Corporation, the joint venture partner of BRG Group in the Smart City project, is one of Japan’s largest investment and trading companies. The corporation has a presence in 65 countries with over 75,000 employees worldwide. Its total assets amount to $71.1 billion, with shareholders’ equity at $26.6 billion and a net income of $3.8 billion.
In Vietnam, Sumitomo Corporation has invested in various sectors, including industrial parks, urban railways, power plants, airport projects, logistics, and real estate.
Specifically, the corporation established the Thang Long Industrial Park in 1997 and invested in the development of Thang Long II Industrial Park in Hung Yen and Thang Long Vinh Phuc Industrial Park in Vinh Phuc province, with a total scale of over 1,012 hectares and a total investment of $404.1 million. Additionally, Sumitomo Corporation was the main contractor for the elevated section of Ho Chi Minh City’s urban railway line 1 (Ben Thanh – Suoi Tien) and the construction of thermal power plants such as Pha Lai, Duyen Hai 3, and Phu My 2-2.
Sumitomo Corporation has also formed partnerships with financial institutions in Southeast Asia, including Vietnam, to expand its retail business and provide digital banking solutions.
In addition to these investments, Sumitomo Corporation has entered the insurance sector in Vietnam through investment and M&A deals between Sumitomo Life and Bao Viet Financial Group. Currently, Sumitomo Life holds a 22.09% stake in Bao Viet, making it the second-largest institutional shareholder after the Ministry of Finance.
Apart from the BRG Smart City project, Sumitomo Corporation and BRG Group have signed a joint venture contract to comprehensively develop the FujiMart supermarket chain in the Vietnamese market.
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