An illustration of Red River Boulevard & Landscape project - Photo courtesy of Deo Ca Group

Jointly developed by “tunnel king” Deo Ca Group and real estate developer Van Phu Investment, the project is expected to transform the centuries-old capital into a modern riverside metropolis, dubbed by many as a future "Red River Miracle."

Stretching 80 kilometers along both banks of the Red River from Hong Ha Bridge to Me So Bridge, the project will feature 67 km of elevated roads, 10 km of tunnels under major bridges, and a six-lane traffic system. It also includes an 84-km monorail network (82 km elevated and 2 km underground).

In addition, 3,300 hectares of green space, including eight large public parks, will be created to shape a unique urban-riverine landscape integrating tourism, recreation, and public services.

The project consists of three components: land clearance funded by public investment and carried out by Ha Noi authorities; a public-private partnership (PPP) sub-project under a build-transfer (BT) contract for the boulevard and landscape; and another PPP sub-project for the monorail system.

Financially, the project follows a PPP investment model requiring optimal capital structuring. Deo Ca Group plans to build a “circular project ecosystem” by partnering with leading property developers like MIK Group and financial institutions like VPBank.

Revenue sources will go beyond land value recovery, tapping into park services, underground parking, and recreational facilities, reducing the burden on the state budget through mobilizing private capital.

According to the Ha Noi People’s Committee, construction will commence in January 2026 to mark the 14th National Party Congress and is slated for completion before 2030.

For years, urban planners and city officials have explored various models for unlocking the potential of the Red River. However, challenges such as flood management, funding, environmental preservation, and governance have halted progress until now.

The Capital Region Master Plan for 2021-2030, with a vision until 2050, approved in 2024, designates the Red River as the central green axis and landscape corridor - a heritage-tourism-service space that connects Ha Noi with the greater Red River Delta./.