HCMC – A consortium of investors has submitted a revised proposal to the Hanoi People’s Committee for the development of a major Red River Scenic Boulevard project under a public-private partnership (PPP), with notable changes in its composition.
In the latest document, Van Phu Invest and T&T Group are no longer listed among the project’s investors.
The current consortium comprises Dai Quang Minh Real Estate Investment Corporation, Truong Hai Group (THACO), and Hoa Phat Group, which have requested appraisal of the investment policy for the project. The project would be developed under a build-transfer (BT) contract.
Earlier, MIK Group had withdrawn from the consortium, transferring its rights and obligations to Dai Quang Minh, the lead investor in the project.
The investors have proposed a land-for-infrastructure swap involving 12 land plots with a combined area of over 5,073 hectares. Of these, 11 plots covering more than 2,800 hectares are earmarked for urban development within the project area.
The total value of land proposed for payment is estimated at VND420.95 trillion, while the project’s total investment cost is projected at around VND714.26 trillion, leaving a shortfall of more than VND293.3 trillion.
To address the gap, the consortium has suggested adding reciprocal land outside the Red River zoning area, covering some 2,265 hectares in the communes of O Dien, Lien Minh, and Dan Phuong.
The project is part of broader efforts to reshape urban development along the Red River corridor in Hanoi.
