On the afternoon of 28 October, the Hà Nội People's Council approved the investment policy for a project to redevelop the space around Hoàn Kiếm lake and its surroundings, at a preliminary total cost of 22,229 billion dong, VietnamPlus reported. The project is expected to be completed in 2029.
It aims to widen public space, develop underground infrastructure and conserve heritage in the heart of the capital. In a separate report the same day, VietnamPlus said the goal is to create a large public square, reorganise traffic and underground space, and preserve and promote the heritage value of the area.
Three component projects
The study area covers about 66.82 ha in Hoàn Kiếm and Cửa Nam wards and is split into three component projects to keep the work coordinated.
| Item | Scope | Cost |
|---|---|---|
| Whole project | Redevelopment of the Hoàn Kiếm lake area and surroundings, about 66.82 ha | 22,229 billion dong (preliminary) |
| Component 1 | Site clearance of about 30.82 ha | 9,924 billion dong of public investment |
| Component 2 | Underground shopping centre with 4 basement levels north and east of the lake, carried out by Mặt Trời Thủ đô Real Estate JSC | 4,611 billion dong |
| Component 3 | Not detailed in the report | Not given |
On these figures, site clearance alone accounts for about 45% of the preliminary cost and nearly half of the study area, while the underground shopping centre accounts for about 21% of the cost. Site clearance is funded from the public investment budget, while the underground shopping centre is being carried out by a company.
Planning background
The lake area has featured repeatedly in VietnamPlus coverage in recent months. A report on 9 September 2026 on adjusting the planning for the Hoàn Kiếm lake area said the plan must balance new infrastructure and more public space with preserving the landscape, memories and values that give central Hà Nội its identity.
Earlier, on 7 September 2026, VietnamPlus reported a proposal for urban rail to run underground south of the lake: line 2 would have an underground station, C9, while line 2A is planned to run beneath Tràng Thi, Hàng Khay, Tràng Tiền and Lê Thánh Tông streets, within Hoàn Kiếm and Cửa Nam wards.
The report on the investment policy did not spell out how the redevelopment relates to these rail lines.
What comes next
With the investment policy approved, the target for completion is 2029. VietnamPlus has not given a detailed timetable for each component, the timing of site clearance or the number of households affected, nor the scope and cost of the third component.