Over US$7bil for city on Red River bank
VNECONOMY: 20/09/2007
The Red River will become the centre of Hanoi with international financial buildings, high-class apartment buildings and parks along the rivers. Investment in this huge project is estimated at over US$7 billion, with 39,000 families being moved.
The Hanoi Department of Planning and Architecture on September 17 introduced its report on the Plan to develop the Red River, the section crossing Hanoi. This planning is made by Vietnamese and Korean experts, on 4,200ha of land and water surface, stretching 40km of Red River.
The plan to upgrade and develop the urban zone along the Red River includes four areas, totalling 1,500ha. The first area is from Chem to Thang the Long Bridge; the second from the Thang Long Bridge to the Chuong Duong Bridge; the third from the Chuong Duong Bridge to the Thanh Tri Bridge; and the fourth from the Thanh Tri Bridge to Bat Trang.
The second area is considered the centre of this project. It is also divided into two zones. The first zone, at 500ha, will be the centre of the city with complexes of international hi-tech zones and luxurious apartment buildings. The second zone, at 370ha, will have a residential area, stadium, international exhibition centre, tourism and entertainment zones.
According this plan, the banks of the Red River, the section crossing Hanoi, will be home to 97,000 households in the future, accounting for 50% of the area. The remaining area will be reserved for public works and trade – service centres. In the first phase, local residents will be resettled in apartment buildings near the Thang Long Bridge or those near the Thanh Tri Bridge in the second phase.
The planning also defines sites for the construction of parks, tourism and cultural zones. For example, Vong La would be developed into riverside ecological preservation area, Dong Anh as a complex of general sport parks, Ngoc Thuy as a resort, Long Bien as an ecological study and discovery site, Tu Liem as a riverside ecological recovery zone and Tay Ho as a park for urban residents.
Korean experts also introduced some measures to control flooding and prevent landslides for the riverside areas.
The total capital needed for this huge project is $7.099 billion, including $1.924 billion for construction, $1.564 million for site clearance and compensation for local residents. According to Korean experts, the project will raise private capital and the assistance of the State. Profit will come from the sales of land and houses.
According to Do Viet Chien, Deputy Director of the Hanoi Department of Planning and Investment, this is a complicated plan so experts needed up to 16 months for research. The plan will be adjusted and will be completed in November 2007 to submit to the Prime Minister for approval.
Hanoi and the Republic of Korea will join hands to carry out this giant project from 2008 to 2020.
The Hanoi Department of Planning and Architecture collects the opinion of local residents about this plan at the Trang Tien Exhibition House from September 17-29, 2007.
Source: VietnamNet
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