Hanoi proposes 22 trillion VND project to revitalize Hoan Kiem Lake area

Hoan Kiem Lake Hanoi urban renewal Public-Private Partnership infrastructure investment urban redevelopment

The Hanoi People's Committee has submitted a proposal to invest approximately 22,229 billion VND to renovate, landscape, and restructure the spatial area surrounding Hoan Kiem Lake and its vicinity. The project will be implemented through a Public-Private Partnership (PPP) under a Build-Transfer (BT) contract model, with a target completion date in 2029.

The initiative is divided into three main components. The first component focuses on site clearance for approximately 30.82 hectares, costing roughly 9,924 billion VND, funded entirely by the city budget. The second component involves constructing a four-story underground commercial center in the eastern and northern park/square areas of the lake, with an estimated investment of 4,611 billion VND by the Capital Sun Real Estate Joint Stock Company.

The third component, valued at 7,694 billion VND, includes building a new Hanoi City People's Committee headquarters, renovating the City People's Council headquarters, and landscaping the southeastern area of the lake. The project aims to create a large square connecting Hoan Kiem Lake with August Revolution Square, the Opera House, and the National Museum of History, while expanding public spaces and reorganizing traffic and underground systems.