Materializing Red River subdivision planning to attract investment

The Hong (Red) River urban subdivision planning, once approved and made public, will become one of the strong motivations for attracting investment, moving towards the formation of a modern and sustainable urban chain, so that the city will be soon named in the list of the most livable riverside cities in the region and in the world, local experts have said.

An overview of the real estate online forum. Photos: diendandoanhnghiep.vn

At the online real estate forum themed “New attraction from the urban areas along the Red River” on September 23, Hoang Quang Phong, Vice President of the Vietnam Chamber of Commerce and Industry (VCCI), said that Hanoi, with its most important geo-economic and geopolitical position, leads the country's real estate market and is expected to receive  huge investment from large enterprises domestically and overseas thanks to the approval for the Red River urban subdivision planning.

Being of the same mind, Chairman of the Vietnam Urban Planning and Development Association Tran Ngoc Chinh said the Red River urban subdivision planning, when approved, will be a good basis and opportunity to effectively exploit the inherent potentials of the whole region.

“This will make the Red River a trademark of the capital,” he underlined.

According to the Prime Minister's Decision approving the Hanoi Capital Construction Master Plan through 2030 with a vision toward 2050, the Red River will be the most important landscape axis of the capital in the planning layout of the city.

Recently, there have been many unsuccessful proposals related to the planning of the Red River because they failed to solve the problem of the flood corridor as well as to forecast the climate change scenario.

Chinh said, however, this plan has made the Red River the most important landscape axis of the capital, in which has two six-lane routes along the banks of the Red River, together with parks, trees, amusement parks, and other tourism developments.

Under this planning, no high-rise buildings would be built, but the axis of landscape together with trees, water surface, in accordance with the development requirements of the capital.

The planning needs a special mechanism to implement, as well as earlier approval to improve the landscape on both sides of the Red River and attract domestic and foreign investors, Chinh said. 

Do Viet Chien, General Secretary of the Vietnam Real Estate Association (L) and Tran Ngoc Chinh, Chairman of the Vietnam Urban Planning and Development Association (R).

From the state management perspective, Ha Quang Hung, Deputy Director of the Housing and Real Estate Market Management Department under Ministry of Construction said, currently, the Government and the National Assembly have paid special attention to the laws on investment, construction, housing and land, and required ministries and branches to review and detect problems and difficulties to urgently amend in the incoming time. 

Thus, this adjusted system of legal documents will have a positive impact on the real estate market in the coming time, especially in speeding up the approval and implementation of projects, he added.

Nguyen Thi Lan Huong, Deputy Director of the Center for Architectural Planning under the Hanoi Urban Planning Institute said illegal construction is rampant on the riparian areas of the Red River. The lack of planning, spontaneous development, chaos, environmental pollution and waste have prevented the effective  development of this area.

"Therefore, the urban planning, once approved, will serve as a legal basis for the of urban management, construction and development as planned," she said.

She added this is also an opportunity to create a new profile for the capital - the Red River will be the main landscape space of Hanoi, an attractive destination for all domestic people and international tourists.

From a different perspective, Do Viet Chien, General Secretary of the Vietnam Real Estate Association said in order to realize the “Red River dream”, it is necessary to include the newly-issued legal documents, especially the latest opinion from the Ministry of Agriculture and Rural Development in the subdivision planning.