Presenting the proposal at the session, Duong Duc Tuan, Standing Vice Chairman of the Ha Noi People’s Committee, said that Hoan Kiem Lake and its surrounding area serve as the city’s political and administrative centre, as well as a cultural and historical centre of symbolic significance to the capital.
Given mounting pressure on technical infrastructure and public spaces, along with growing demand for cultural activities, the municipal People’s Committee considers the project necessary to preserve and promote the area’s heritage values, improve the landscape and environment, and mobilise social resources to promote socio-economic development.
According to the proposal, the project aims to create a large-scale public square connecting Hoan Kiem Lake with August Revolution Square, the Ha Noi Opera House, the Viet Nam National Museum of History and adjacent areas. It seeks to expand public spaces, reorganise the transport system and underground spaces, preserve and promote heritage values, and introduce appropriate cultural and service functions.
The project will be implemented in Hoan Kiem and Cua Nam wards, with a preliminary total investment of 22.229 trillion VND. It comprises three component projects. The total investment will be further calculated and refined during the preparation, appraisal and approval stages.
The first independent component project involves site clearance across the entire project area. The planning study covers approximately 66.82 hectares, with a proposed land-use area of around 30.82 hectares, excluding plots B1.6 and B4.13-HH1, which will be developed under separate projects.
The component has a preliminary investment of 9.924 trillion VND and will be implemented as a public investment project funded by the municipal budget. The Hoan Kiem Ward People's Committee will serve as the project owner.
The second component project involves the construction of an underground commercial centre beneath the park and square area to the east of Hoan Kiem Lake, at plot B2.5, and the park and square area to the north of the lake, at plot B1.3. The proposed development will comprise four underground levels, with a total floor area of approximately 82,608 square metres and a preliminary investment of 4.611 trillion VND. It will be implemented through direct investment in accordance with investment regulations, using the investor’s equity and other legally mobilised capital.
The third component project comprises construction works and the renovation and upgrading of the landscape around Hoan Kiem Lake and adjacent areas. It is proposed to be implemented under a public-private partnership (PPP) arrangement through a build-transfer (BT) contract. The proposed works include the construction of a new headquarters complex for the municipal People's Committee, the renovation and upgrading of the municipal People's Council headquarters, and improvements to the area southeast of Hoan Kiem Lake. The component has a preliminary investment of 7.694 trillion VND.
The municipal People’s Committee has proposed that Mat Troi Thu Do Real Estate Joint Stock Company undertake the second and third component projects.
Regarding payment arrangements for the investor implementing the BT contract, the city has proposed two options. The first would involve using land resources in combination with the state budget and revenue generated from the operation and leasing of underground spaces under the second component project. The second would use state budget funds derived from auctions of land-use rights and public assets.
