During the working session, the municipal leader hailed Sumitomo and the CEO himself for investing in major projects and introducing other firms to invest in the city.

Hanoi always leads the way nationwide in terms of foreign direct investment attraction with an estimated value of more than US$10 billion this year, elevating the total investment to US$42 billion so far, Chung said.

Sumitomo’s building of a smart city in the north of Hanoi will help ease pressure on the inner city. The city will cost over US$4.1 billion and will cover 271.45ha in Vinh Ngoc and Hai Boi communes, the outlying district of Dong Anh, he said, adding that the city has directed local authorities and agencies to accelerate site clearance and offer assistance to the investor.

Hyodo, for his side, said Sumitomo will do its utmost to complete the project as scheduled.

As Sumitomo will celebrate its 100th founding anniversary this month, he voiced his hope that the corporation will further grow and invest more in Vietnam as well as in Hanoi, he added.