Hanoi Selects Three Firms for Major Red River Landscape Avenue Project

Hanoi's municipal government has officially chosen a consortium of three prominent companies to spearhead the development of the ambitious Red River Landscape Avenue project. The selected investors will undertake the project under a public-private partnership (PPP) model, specifically utilizing a build-transfer (BT) contract.

The joint venture comprises Dai Quang Minh Real Estate Investment Joint Stock Company, Truong Hai Group Joint Stock Company (THACO), and Hoa Phat Group Joint Stock Company. Dai Quang Minh will serve as the representative for the consortium, with its Chairman, Tran Dang Khoa, acting as the designated representative for the investors.

This large-scale undertaking carries a preliminary estimated investment of approximately 736.963 trillion Vietnamese dong. The investors are expected to contribute around 110.545 trillion dong as their equity. Payment to the investors will be made through land allocation, in accordance with regulations governing PPP investments and land management. The specific details regarding land value and payment methods will be finalized during the project's appraisal and approval stages.

The Red River Landscape Avenue project is slated for implementation across 16 communes and wards within Hanoi. The development is projected to span from 2026 to 2038, encompassing a total land area of about 11,418 hectares. Key components of the project include the main avenue, landscape parks, recreational areas, urban development zones, water surface areas, and technical infrastructure, among other land uses.