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Hà Nội has issued a report on the implementation of major projects under National Assembly Resolution 258/2025 across the city. Of eight projects, six have started, while two are in the preparation stage for investment.
The two projects currently preparing for investment include: (i) a spatial corridor along National Highway 1A linked to urban upgrading and redevelopment; and (ii) a project to renovate, upgrade and elevate the value of the West Lake area and the riverside scenic road along West Lake.
The renovation project around West Lake has an estimated investment scale covering about 575.6 hectares. Of this, the West Lake area accounts for 520.9 hectares (maintaining the existing water surface), while the land area totals 54.7 hectares (including other smaller lakes).
A nearly 100-meter-wide road along the West Lake is taking shape after one year of construction. The project’s investment objective is to transform the West Lake area into a cultural, tourist and sustainable creative economy hub, leveraging the distinctive landscape, history, culture and ecology of West Lake in connection with the old town and the Red River area—thereby improving residents’ quality of life and supporting socio-economic development.
The city estimates total investment at about 30,151.83 billion VND. The initial construction site is located on Quảng An Street, Tây Hồ Ward, with a scope of about 3.4 hectares. Preliminary investment for this initial site is about 1,436.358 billion VND, with the timeline from Q1 2026 to Q2 2027. The city targets completion of the entire project by 2030.
The project is financed through public-private partnership (PPP) under Build-Transfer (BT) contracts. Payments to investors are determined at the stage of the project’s investment decision.
Hà Nội directs relevant departments and investors to finalize project proposals to move to subsequent procedures. The city also states that Thành phố Mặt Trời Company, in cooperation with the Planning - Architecture Department, the Construction Department, Tây Hồ Ward People’s Committee and related units, is expediting the plan to renovate and promote the value of the West Lake area and the riverside traffic corridor. The plan is being submitted for appraisal and approval at a 1/500 detailed planning scale.
The Department of Agriculture and Environment will coordinate with the Planning - Architecture Department and the investor to propose the offset land fund. The investor will finalize the investment decision documents. The Finance Department will lead, working with the investor and other departments (Construction, Planning - Architecture, Agriculture and Environment) and the Tây Hồ and Ba Đình wards to advise the city on investment approval. Agencies are also organizing the selection of an investor to implement the project.
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