Hanoi has proposed a VND22.229 trillion (US$860 million) redevelopment of Hoan Kiem Lake, aiming to finish the work in 2029. The plan shows how a city can use a public‑private partnership and phased investment to change a historic area.

The project will be carried out under a public‑private partnership using a build‑transfer contract, according to the Hanoi People’s Committee. The planning area covers about 66.82 hectares in Hoan Kiem and Cua Nam Wards.

Component 1 is site clearance. It costs VND9.924 trillion (US$384 million), is paid from the city budget, and the Hoan Kiem Ward People’s Committee is the investor.

Component 2 is an underground shopping centre with four basement levels and about 82,608 m² floor area. It costs VND4.611 trillion (US$178 million) and is directly invested by Sun Capital Real Estate Joint Stock Company. Component 3 covers renovation and landscaping around the lake, costing VND7.694 trillion (US$298 million); it also funds work for the Hanoi People’s Committee headquarters, the municipal People’s Council headquarters, and the southeast lake area, and Sun Capital Real Estate Joint Stock Company is the investor.