Hanoi cuts $4.48 bln from gigantic Red River boulevard project

Hanoi authorities on Monday revised several key aspects of the Red River Scenic Boulevard project, notably reducing its total investment capital by VND118 trillion ($4.48 billion) compared to the original plan.

Under the revised plan approved by the municipal People’s Council, the project’s preliminary total investment has been cut to about VND736.96 trillion ($27.99 billion), from the VND855 trillion proposal approved in late 2025.

The project scope has also been narrowed. It will now pass through 16 wards and communes along both sides of the Red River, instead of 19 as previously planned. The wards of Vinh Tuy, Vinh Hung, and Hoang Mai have been removed from the project area.

According to the Hanoi People’s Committee, the project, one of the city’s largest urban infrastructure plans, will cover approximately 11,418 hectares and include multiple components such as landscape boulevards, riverside parks, entertainment areas, urban redevelopment zones, technical infrastructure, and riverbed and riverbank rehabilitation works.

The overall project will be divided into 18 sub-projects under five major categories.

The transportation component includes two landscape boulevard routes running along both sides of the Red River, with a combined length of around 80 kilometers. The right-bank route will stretch approximately 45 kilometers, while the left-bank one will span about 35 kilometers. The sub-project is expected to create a major transportation and landscape corridor connecting both existing and newly developed urban areas of Hanoi.

In addition to transport infrastructure, Hanoi plans to implement river embankment and rehabilitation works, while developing resettlement and urban redevelopment zones in Long Bien, Linh Nam, and Bat Trang to support relocation and urban renewal efforts.

The project timeline will be divided into two phases. From 2026 to 2030, priority will be given to major infrastructure items such as the landscape boulevards, river embankments, public parks in Phu Thuong and Hong Ha, and resettlement urban areas. The remaining components are scheduled for completion during the 2030-2038 period.

Preliminary estimates suggest around 200,000 residents may be affected by the broader redevelopment program, although part of the population could be resettled on-site.

Traditional craft villages and cultural areas along the river, including Bat Trang ceramics village, Kim Lan, Van Duc, and the famous Nhat Tan peach blossom area, are expected to be preserved and integrated into tourism, cultural and public park developments.

The project has been proposed by a consortium consisting of Dai Quang Minh Real Estate JSC, multi-sector conglomerate Truong Hai Group (Thaco), and steel maker Hoa Phat Group under a build-transfer (BT) model, with payment to be made through land allocation.

Compared to the initial phase, the consortium has narrowed considerably as several companies, including MIK Group, Van Phu, and T&T Group, have withdrawn from the project.

The Red River Scenic Boulevard project is divided into five categories comprising multiple sub-projects.

Group 1 (transportation works) includes two sub-projects: construction of the landscape boulevard along the right-bank dyke of the Red River, stretching approximately 45.35 kilometers, and another boulevard along the left-bank dyke, spanning around 35 kilometers.

Group 2 (parks) consists of 11 sub-projects to build riverside park clusters in areas such as Trang Viet, Tam Xa, Ngoc Thuy, Long Bien-Cu Khoi, Xuan Quan-Phung Cong, O Dien, Lien Mac-Thuong Cat-Phu Thuong, Phu Thuong, Hong Ha, Linh Nam, and Thanh Tri. The combined park area will cover thousands of hectares.

Group 3 (river embankment and rehabilitation) includes two sub-projects involving embankment and rehabilitation works along approximately 33.9 kilometers of the left bank and 30.8 kilometers of the right bank of the Red River. The city will also rehabilitate riverbeds and riverbanks in several riverbank areas.

Group 4 (resettlement and urban redevelopment) comprises three sub-projects: a 201-hectare resettlement urban area in Long Bien ward; another resettlement area in Linh Nam ward spanning around 98 hectares; and an about 120-hectare urban redevelopment area for the Bat Trang craft village.

Group 5 (site clearance) features independent site clearance works. Land clearance activities will be phased in accordance with the scope and implementation schedule of each sub-project.