The Hanoi People's Committee said the consortium had been selected under a special investor selection mechanism to implement the project through a build-transfer (BT) contract.

Dai Quang Minh, a unit of the Thaco ecosystem, will act as the lead member of the consortium, while its chairman, Tran Dang Khoa, will serve as the consortium's legal representative.

According to the decision, the project has a preliminary total investment of approximately over VND736.96 trillion ($27.99 billion), of which the investor consortium is expected to contribute nearly VND110.55 trillion ($4.2 billion) in equity capital.

Under the BT model, the investors will be compensated through land-use rights in accordance with regulations governing PPP investments, land management and other relevant laws.

The location, size, planning details, valuation of the land bank and specific payment arrangements will be determined during the project's appraisal and approval process.

The project spans 16 communes and wards in Hanoi, including Hong Ha, O Dien, Thuong Cat, Dong Ngac, Phu Thuong, Linh Nam, Thanh Tri, Nam Phu, Hong Van, Me Linh, Thien Loc, Vinh Thanh, Dong Anh, Bo De, Long Bien, and Bat Trang.

Implementation is scheduled between 2026 and 2038, covering a total land area of approximately 11,418 hectares.

The development will include a scenic boulevard along the Red River, landscape parks and recreational facilities, urban development zones, water surface areas, technical infrastructure and other associated land uses.

The latest decision replaces an earlier approval issued by Hanoi authorities in December 2025. At that time, the investor consortium also included Van Phu Invest, MIK Group and T&T Group. However, those companies subsequently withdrew from the project consortium.

In December 2025, the investor group held a groundbreaking ceremony for the project under the direction of the Hanoi People's Committee.

The project was among 234 major infrastructure developments launched, inaugurated or opened for technical traffic simultaneously across 34 provinces and cities to commemorate the 14th National Congress of the Communist Party of Vietnam.

Authorities said the project is expected to support the country's long-term development strategy while advancing Hanoi's urban development objectives in the next phase of growth.

Thaco is a diversified conglomerate operating in the fields of automobile manufacturing and assembly, agriculture, mechanical engineering, supporting industries, investment and construction, trade, services, and transportation and logistics.

Hoa Phat operates in the areas of steel manufacturing, agriculture, real estate, and home appliances. Steel production is the core sector, accounting for 90% of the group's revenue and profit. With a capacity of 16 million tons of crude steel per year, Hoa Phat is the largest steel producer in Southeast Asia.