HCMC – Hanoi City’s six-story shopping center known as the “Shark Jaw” due to its distinctive design is set to be demolished by late April as part of the city’s plan to expand public space in the central district.
The People’s Committee of Hoan Kiem District announced on March 19 its plans for Dong Kinh-Nghia Thuc Square and the public space on the eastern side of the famous Hoan Kiem Lake, according to the Vietnam News Agency.
Under the approved plan, Dong Kinh-Nghia Thuc Square will have a total projected area of approximately 1.2 hectares.
The site currently consists of a traffic area and the Shark Jaw building, which was built between 1991 and 1993 and is managed by Hanoi Transport Corporation. The building sits on 390 square meters of land, with a total usable floor space of around 1,600 square meters.
The demolition, scheduled to be completed by April 30, will be funded by VND18 billion from the city budget. This amount will cover demolition costs, relocation of underground structures, and infrastructure restoration to ensure the new space blends seamlessly with the surrounding landscape.
Once cleared, the 1.2-hectare site will be transformed into a public space for residents and visitors.
The public space on the eastern side of Hoan Kiem Lake will span 2.14 hectares, bordered by Hoan Kiem Lake and Dinh Tien Hoang Street to the west. The area currently includes 54 property owners.
Authorities are developing policies for site clearance, compensation, support, resettlement, and temporary housing arrangements for affected organizations and households. The district aims to complete the clearance of the eastern Hoan Kiem Lake area by September 2.
