HÀ NỘI — Hà Nội authorities have selected a consortium led by property developer Đại Quang Minh, along with THACO and Hòa Phát, to develop a major Red River urban and infrastructure project with an estimated investment of nearly VNĐ737 trillion (US$28 billion).

The Red River Landscape Boulevard project will span about 11,418ha across 16 communes and wards, making it one of the largest urban development schemes ever planned in the Vietnamese capital.

The project will be implemented under a public-private partnership model.

Construction is scheduled to run from 2026 to 2038 and will include a landscape boulevard, urban areas, parks, recreational facilities and supporting infrastructure along the Red River corridor.

The project is divided into 18 sub-projects grouped under four construction packages, alongside a separate land clearance component.

Under the approved plan, total investment is estimated at nearly VNĐ737 trillion. The investor consortium will contribute VNĐ110.55 trillion in equity, while the remaining VNĐ626.42 trillion will be mobilised from other lawful funding sources.

Specific details regarding the location, size and value of the land used for payment will be determined during the appraisal and approval process.

Đại Quang Minh will act as the lead member of the consortium. — BIZHUB/VNS