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| A panorama of Hoan Kiem lake (Photo: VNA) |
Hanoi (VNA) – Hanoi has proposed a 22.2-trillion-VND (approximately 860 million USD) project to renovate and upgrade Hoan Kiem Lake and its surrounding area, with completion scheduled for 2029, to expand public spaces and connect the lake with cultural and historical landmarks in the capital city’s centre.
The municipal People’s Committee submitted Proposal No. 435/TTr-UBND to the municipal People’s Council on October 27, seeking approval in principle for the project and approval of the investor under the public-private partnership (PPP) model, using a build-transfer (BT) contract.
Implemented in Hoan Kiem and Cua Nam wards, the project aims to create a large square directly connecting Hoan Kiem Lake with Cach mang thang tam (August Revolution) Square, the Hanoi Opera House, the Vietnam National Museum of History, and nearby areas. It also seeks to expand public spaces, reorganise the traffic system and underground spaces, preserve and promote heritage values, and introduce appropriate cultural and service facilities.
The project has three components. The first covers site clearance across 30.82 hectares, with an estimated investment of 9.92 trillion VND from the municipal budget.
The second involves building a four-level underground commercial centre beneath park and square areas east and north of Hoan Kiem Lake, with an estimated investment of 4.61 trillion VND.
The third, which will be carried out under a PPP-BT contract, covers construction and landscape improvements around the lake, including building the municipal People’s Committee headquarters, renovating the People’s Council headquarters, and upgrading the landscape in the lake’s southeastern area, with an estimated investment of 7.694 trillion VND.
The payments will be made through land funds combined with the state budget and revenue from leasing and exploiting underground spaces under the second component, or through state budget funds generated from auctions of land-use rights and public assets.
The proposal is based on several legal documents, including the Capital Law 2026 and the Hanoi People’s Council’s Resolution No. 45/2026/NQ-HDND dated June 15, 2026, which regulates investment policy approval, investor and contractor selection in special cases, and the identification of projects requiring immediate implementation in the city./.
