“Lightning-Fast Development: The $15 Billion Red River Miracle Mega-Project Attracts Industry Giants Deo Ca, Van Phu, MIK Group, and More, Set to Break Ground on December 19th”

The Vietnamese Government Office has issued Announcement No. 626/TB-VPCP, outlining the conclusions of the Standing Government Committee’s meeting on November 15th regarding the implementation of the Red River Scenic Avenue project in Hanoi.

The Standing Government Committee affirmed that the Red River Scenic Avenue investment project aligns with the strategic development vision for the capital, as endorsed by General Secretary To Lam, and approved further research on the initiative.

Hanoi is currently preparing to launch several other critical infrastructure projects, including the Olympic Sports City, the road connecting Gia Binh Airport to Hanoi, and multiple bridges across the Red River.

These projects are of paramount importance, contributing to the development of the capital, the Red River Delta region, and the entire nation, aiming to create the “Red River Miracle” and achieve an 11% growth rate between 2026 and 2030.

The Standing Government Committee approved Hanoi’s proposal to research and invest in the Red River Scenic Avenue project.

“The project’s implementation must ensure a civilized, modern, safe, clean, and beautiful environment, meeting international standards; effectively utilize land, water, underground, and aerial spaces, transforming the Red River into a gentle, serene, and beautiful asset. It will support international-level economic and social development, create jobs and livelihoods for the people, and enhance their spiritual and material well-being,” the Standing Government Committee emphasized.

The Standing Government Committee tasked the Hanoi People’s Committee with reviewing and ensuring the project’s alignment with the Capital Master Plan, the Red River Sub-region Plan, and related regulations, while guaranteeing economic and social efficiency. The project will be implemented in phases, with a focus on completion and quality, aiming for a groundbreaking ceremony on December 19, 2025, and inauguration on February 3, 2030, the 100th anniversary of the Communist Party’s establishment.

Previously, the Hanoi People’s Committee (through the Hanoi Department of Finance) received a proposal from the consortium of Deo Ca Group Joint Stock Company, Van Phu Real Estate Development Joint Stock Company, MIK Group Vietnam Joint Stock Company, and Dai Quang Minh Real Estate Investment Joint Stock Company (DCG – VPI – MIK – DQM) to research and execute the Red River Scenic Avenue project under a PPP model. Vietnam Prosperity Joint Stock Commercial Bank committed to funding and capital arrangement for the project.

The proposed project covers approximately 11,000 hectares, including the 7,800-hectare Red River Scenic Avenue, spanning 16 wards and communes: Thuong Cat, Dong Ngac, Phu Thuong, Hong Ha, Linh Nam, Bo De, Long Bien, O Dien, Thanh Tri, Nam Phu, Hong Van, Me Linh, Thien Loc, Vinh Thanh, Dong Anh, and Bat Trang.

The DCG – VPI – MIK – DQM consortium divided the project into three urban functional zones along the Red River.

The total investment is estimated at VND 338 trillion, implemented through a public-private partnership (BT contract). This is considered Hanoi’s largest infrastructure project to date.

Upon completion, the riverside avenue, connected to the Tu Lien, Tran Hung Dao, and Ngoc Hoi bridges, will alleviate inner-city traffic congestion, enhance regional connectivity between Hanoi and Bac Ninh, Hung Yen, Vinh Phuc, and Thai Nguyen provinces, and establish the Red River Economic Corridor as a strategic Northern development axis.