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Property

Vietnam smart city enlists Mitsubishi, Nomura and Vingroup

Japanese companies invest $908m with local conglomerate facing tight finances

This rendering shows the Ho Chi Minh City urban development project that Mitsubishi and Nomura intend to make into a smart city.

TOKYO/HANOI -- Mitsubishi Corp. and Nomura Real Estate Development will join hands with Vingroup, Vietnam's biggest conglomerate, on a large urban development project in Ho Chi Minh City, the Southeast Asian nation's commercial hub.

The Japanese companies will invest nearly 100 billion yen ($908 million) in the project, according to sources. The tie-up comes with Vietnamese banks tightening their grip on lending to the property sector and with Vingroup, a sprawling conglomerate whose automaking and other businesses are struggling, planning to issue its first baht-denominated bonds as its funding options at home dwindle.

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