On December 29th, regarding the withdrawal of certain investors from the Hong River Scenic Boulevard project, a representative from the Hanoi People’s Committee stated that since the project is funded by private capital, changes in the investor consortium during implementation are normal and do not violate regulations.
In an official letter to the Hanoi People’s Committee, MIK Group confirmed that after discussions with consortium members, they agreed to withdraw from the project and transfer all rights and obligations to Dai Quang Minh Real Estate Investment Corporation (Dai Quang Minh), the consortium leader.
Design renderings of the Hong River Scenic Boulevard as of early December 2025.
MIK Group emphasized that the project, a flagship urban development initiative involving urban planning, land management, and landscape reconstruction, is led by financially robust and experienced investors. Their withdrawal will not impact construction progress or timelines.
Earlier, on December 17th, Deo Ca Group became the first investor to withdraw, citing both objective and subjective challenges in a letter to the Hanoi People’s Committee.
In a media statement, Mr. Ho Minh Hoang, Chairman of Deo Ca Group, described the project as a “once-in-a-millennium opportunity.” While Deo Ca initiated the project after years of stagnation, they ultimately decided to withdraw due to unforeseen circumstances.
The boulevard will transform and redevelop areas along the Hong River banks.
As of December 29th, the Hanoi People’s Committee confirmed that the project is managed by two entities: the Hanoi Transportation Infrastructure Project Management Board (state oversight) and the investor consortium led by Dai Quang Minh. Despite high-profile withdrawals, the consortium remains committed to the project’s timeline and scope.
The Hong River Scenic Boulevard was initially proposed in early 2025 by a consortium led by Deo Ca Group and Van Phu Invest. Hanoi officially recognized both as lead partners for the project’s development.
The proposed 40 km riverside road from Hong Ha Bridge to Me So Bridge aims to enhance transportation connectivity, including inland waterways. The initial investment cap was set at VND 348 trillion, with a 11,000-hectare study area and a 7,800-hectare project zone under a BT (Build-Transfer) model.
Launched on December 19th alongside 234 national key projects, the boulevard’s preliminary investment is VND 855 trillion under a PPP (Public-Private Partnership) framework. The consortium at the groundbreaking ceremony included Dai Quang Minh, Van Phu, MIK Group, Thaco, T&T Group, and Hoa Phat Group, with Dai Quang Minh as the lead. A subsidiary of THACO, Dai Quang Minh specializes in real estate, infrastructure, and industrial zones.
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