The project is set to break ground by January 1, 2026, according to the committee.

Property major MIK Group and private lender VPBank have also submitted proposals to join the project, signaling broad interest from leading Vietnamese companies.

Transforming Hanoi’s urban landscape

The project is expected to transform the centuries-old capital into a vibrant, modern riverside metropolis - what many are calling a future "Red River Miracle".

The development aligns with generations of aspiration: to build a river-oriented city that becomes a socio-economic and cultural hub of the region.

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 Hanoi with the greater Red River Delta.

To turn this strategic orientation into action, Hanoi on June 13 approved the Deo Ca-Van Phu consortium to make an invesment proposal for the project. On August 20, the consortium submitted its preliminary research report, incorporating feedback from city departments and leadership.

Under the proposal, the project has a total estimated investment of VND300 trillion ($11.37 billion), featuring an 80-kilometer boulevard along both banks of the Red River, from Hong Ha Bridge to Me So Bridge.

The boulevard will include 67 km of elevated roads and 10 km of tunnels under major bridges, accommodating six lanes of traffic; and 84 km of monorail (82 km elevated + 2 km underground).

In addition, 3,300 hectares of green space, including eight large public parks, will be developed to create a unique urban-riverine landscape that integrates tourism and public services.

The project is structured into three independent components: land clearance using public investment implemented by Hanoi city; a public-private partnership (PPP) sub-project under (build-transfer or BT contract) to build the Red River Boulevard & Landscape; and another PPP sub-project to build Red River monorails.

The Hanoi People’s Committee has tasked the consortium with commencing construction in January 2026 in celebration of the 14th National Party Congress, with completion before 2030.

Le Quynh Mai, vice chairman of Deo Ca Group, revealed that the team conducted a field trip to Chongqing, China in June 2025 to learn from the integrated urban infrastructure systems along the Yangtze and Jialing rivers.

Chongqing’s approach to multi-modal transport (road, rail, river, and regional airports), combined with innovative flood control and wastewater treatment systems, offers valuable insights. Silted riverbanks have been transformed into green parks and recreational areas through smart water level management and floodplain utilization.

Deo Ca is also referencing iconic global models such as the Han River Miracle in Seoul (South Korea), particularly in terms of planning, infrastructure development, environmental governance, and urban connectivity.

The proposed design combines elevated roads outside existing dikes, tunnel boring machine (TBM) technology, and multi-modal interchanges to ensure seamless connectivity without disturbing historical sites.

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.

New entrants strengthen the coalition

On August 19, 2025, MIK Group Vietnam submitted a formal letter of intent to join the project, committing to mobilize its financial and operational strengths to contribute to the project's success.

The same day, VPBank proposed to serve as lead credit arranger, ready to provide financing solutions aligned with the project's scale and timeline.

The involvement of experienced players such as Deo Ca (transport infrastructure), Van Phu & MIK Group (real estate), and VPBank (finance) positions the Red River Boulevard project to become a national milestone in infrastructure and urban development.

According to Pham Chi Lan, former member of the Prime Minister’s Economic Advisory Group, Vietnam's infrastructure development gap makes PPP++, an enhanced PPP model pioneered by Deo Ca, a smart solution for attracting private capital and expertise.

This model integrates developers, financiers, and contractors into a single value chain, forming a technical-financial ecosystem capable of delivering complex infrastructure projects. Especially in BT projects, it connects urban development with infrastructure finance, ensuring both sustainability and efficiency.

“With Deo Ca’s proven track record and strong domestic partnerships, this mega project can absolutely succeed, provided careful planning and execution,” Lan emphasized.

During his official visit to Tianjin, China on August 31, 2025, Prime Minister Pham Minh Chinh met with top Chinese corporations, including China Design Group Co. Ltd. (Huatie), ranked 3rd in China and 15th globally in infrastructure design.

He welcomed deeper cooperation between China Design Group and Deo Ca, especially in the design and planning of the Red River Boulevard & Landscape project.

Yang Weidong, chairman of China Design Group, affirmed the group’s readiness to contribute its global expertise to support Deo Ca and Vietnam’s infrastructure goals.

The project, backed by both domestic and international stakeholders, now stands as one of Vietnam’s most ambitious urban infrastructure undertakings to date. With strong political will, global partnerships, and smart capital strategy, this project may very well become Vietnam’s next miracle - a lasting legacy along the banks of the Red River, the PM said.