Hanoi Approves Hoan Kiem Lake Redevelopment with Proposed Investment of VND 22.229 Trillion

On October 28, 2026, the Hanoi People's Council approved the investment proposal for the redevelopment of Hoan Kiem Lake and its surroundings. The planning study covers approximately 66.82 hectares, with about 30.82 hectares of land proposed for use. Preliminary total investment in the three component projects is approximately VND 22.229 trillion, and completion is expected in 2029.

An aerial view of Hoan Kiem Lake in Hanoi.（VietVance）

The project aims to connect Hoan Kiem Lake with surrounding squares, cultural facilities, the Old Quarter and public spaces. An underground commercial center is planned beneath the park and square areas to the east and north of the lake. It would have four underground levels, a total floor area of approximately 82,600 square meters and preliminary investment of about VND 4.611 trillion.

Of the three component projects, preliminary investment is VND 9.924 trillion for land acquisition; VND 4.611 trillion for the underground commercial center; and VND 7.694 trillion for a new city government office building, renovation of the People's Council office building and improvements to the area southeast of the lake. All these investment figures are preliminary estimates.

The Hanoi city government said underground development must be coordinated with surface redevelopment, with clear uses designated for transport, public areas, and commercial and service areas, in compliance with technical standards. As plans are revised and the project is prepared and reviewed, the city will also assess the surrounding area's capacity, including pedestrian and vehicle traffic, infrastructure needs, and the impact of new facilities on the landscape and historical heritage.

Source: VietVance