Hanoi's $860M makeover plan for its historic lake includes new city hall and underground mall
Hanoi has proposed a VND22.2 trillion (US$860 million) revamp of the Hoan Kiem Lake area, due for completion in 2029, to expand public space and link the lake with nearby cultural and historical landmarks.
The municipal People's Committee has proposed an $860 million makeover plan for Hanoi's historic lake, with the People's Council seeking approval in principle. The project, spanning Hoan Kiem and Cua Nam wards, aims to create a large square connecting the lake with nearby sites. It would expand public space, reorganize traffic and underground space, preserve heritage, and add cultural facilities.
The proposal includes three components: site clearance, an underground commercial center, and lake-side landscaping and construction. Payment for the BT-contracted components would be made through various means, including land plots, state budget funds, and revenue from leasing and operating the underground space.
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