Large underground commercial complex to be built around Hoan Kiem Lake, a Hanoi landmark

【Hanoi, Vietnam—Kim Joon-seok, correspondent】Hanoi, the capital of Vietnam, will invest a total of 22.23 trillion dong (about 1.1517 trillion won) to build underground commercial facilities and a new city hall as part of efforts to improve and redevelop Hoan Kiem Lake and its surrounding area, a symbolic hub and key tourist attraction for the city.
According to local media and other sources on the 28th, the Hanoi People’s Committee recently submitted its investment plan and proposal for selecting a project operator for the “Hoan Kiem Lake and Surrounding Area Improvement, Redevelopment and Spatial Restructuring Project.” 
The project, which will be carried out under a build-transfer (BT) contract as part of a public-private partnership (PPP), will create a large plaza around Hoan Kiem Lake and connect it with August Revolution Square, the Hanoi Opera House, the Vietnam National Museum of History and nearby areas. It will also expand public spaces and reorganize the transport system and underground areas. The plan also calls for preserving and making use of the value of historical and cultural heritage, and expanding cultural and service functions suited to local characteristics.
The total project cost is estimated at about 22.23 trillion dong (about 1.1517 trillion won), and completion is targeted for 2029. To ensure efficient implementation, the project will be divided into three subprojects.
One of the three subprojects is land clearance covering the entire project area. The area under planning review is 66.82 hectares, while the land actually to be used totals 30.82 hectares. The estimated cost is about 9.9 trillion dong (about 512.9 billion won), to be funded by the Hanoi city budget, with the Hoan Kiem District People’s Committee serving as the project’s implementing body.
The second subproject involves building a large underground commercial center beneath parks and plazas east and north of Hoan Kiem Lake. It will have four underground floors, a gross floor area of about 82,600 square meters and an estimated cost of 4.611 trillion dong (about 238.8 billion won).
The third subproject includes construction of a Hanoi People’s Committee building, costing about 3.518 trillion dong (about 182.2 billion won); renovation and improvement of the Hanoi People’s Council building, costing about 268 billion dong (about 13.8 billion won); and landscape improvement and redevelopment in the area southeast of Hoan Kiem Lake, costing about 3.908 trillion dong (about 202.4 billion won). It will be carried out as a PPP project under a BT contract, with a total investment of 7.694 trillion dong (about 398.6 billion won). 
The Hanoi People’s Council plans to deliberate on and vote on a resolution related to the project at a special meeting to be held that day.

[email protected] Kim Joon-seok Reporter