The project is invested by T.H.T Development Ltd Company and will be built by five companies from the Republic of Korea.

Covering 207 ha and accommodating around 78,000 people, the new urban area will consist of an administration centre, a financial and trade exchange centre, and a cultural centre along with high-rise buildings, and villas.

To step up the implementation of the project, the Hanoi People’s Committee has directed the City Land Fund Development Centre (HLFDC) and relevant agencies to propose plans and create the best conditions for land clearance.

Around 20ha must be cleared in the first phase to hand over to the investor before October so they can break ground in the 1,000^th anniversary of Thang Long-Hanoi.

The HLFDC said that the project was granted its licence in 2006 but implementation has been too slow due to land clearance issues. It is estimated that the total land compensation will be VND7,600 billion, VND2,000 billion higher than estimated.