Tay Ho Tay New Town drives Hanoi forward

The urban township adjoins diplomat corp. in the north and fronts onto the city’s main arterial spacious roads. The project, a symbol of friendship and cooperation between Vietnam and South Korea, got underway through under agreements between the two countries’ construction ministries and is a key part of Hanoi city’s master plan to 2030 with a vision towards 2050.

The Central Area of Tay Ho Tay New Town is set to be the jewel in Hanoi’s crown. It will be a new cultural hub with international commercial and financial centres under trade services and cultural building network development orientations embedded in Hanoi’s master planning to 2030 with a vision towards 2050 ratified by the prime minister in 2011.

This has made the project to develop the 207.6-hectare Central Area of Tay Ho Tay New Town of great importance in terms of the capital city’s architectural planning perspective.

In a recent review meeting on land clearance and compensation support in Hanoi, the city’s People Committee’s deputy chairman Vu Hong Khanh urged management authorities and developers to quicken project progress based on the city regulated priority investment project list.

Responsive to city authority guidance, THT Development Company Limited – the developer of the Central Area of Tay Ho Tay New Town project – has ramped up efforts to finalise the first phase land acquisition plan for 117.3ha in Hanoi’s Tu Liem district. This will ensure synchronous deployment with other pivotal projects of the country and the city including projects to build an access road linking Nhat Tan Bridge and Noi Bai airport, the construction of the T2 terminal in Noi Bai airport and beltways 1, 2, 3.

The project ideas were first conceived in 1996 when top Vietnamese leaders asked South Korea’s leading Daewoo E&C Group to take part in formulating a new urban township in Hanoi.

In 2002, then Vietnamese minister of construction and his South Korean counterpart were the signatories of a Memorandum of Understanding aimed at fostering bilateral cooperation in construction. In 2006, with support from the two governments, the Central Area of Tay Ho Tay New Town project was licensed. The project stands out as the emblem for Vietnam-South Korea cooperation.

As 2012 marks the 20 years of Vietnam-South Korea diplomatic ties, the project is now in the development pipeline and construction will be implemented as rapidly as possible.

Efforts by the Central Area of Tay Ho Tay New Town project developer deserve plaudits given a dormant property market resulting from tightened lines of credit which have seen scores of property projects with their backs to the wall.

 A shining point in the capital western gateway

With approval from competent state agencies and based on expert appraisals, implementing the Central Area of Tay Ho Tay New Town project will contribute to propelling Hanoi’s social and economic performance into the future.

Once completed, the project will help craft a modern integrated new urban development. Of the project’s total 207ha, 114 ha will be dedicated to public utilities with a wide range of technical infrastructure. Of this, 89.6ha will be given over to a road network, pathways, parks, green space, a compensating reservoir, a canal and a division corridor. There will also be over 25ha of open space to service public activities.

Under this planning scheme, the capital city can save a part of its expenditures which would have been put into land acquisition and infrastructure construction over this 114ha land for public areas. Meanwhile, the over 5,000 modern dwellings with world-class infrastructure in the project will help with the current housing scarcity in Hanoi while improving the quality of life at the project site and in the vicinity.

Economically, the project’s foreign direct investment (FDI) will be an important link in attracting FDI capital flows into Hanoi. In addition, the mega-project will inspire investments into diverse residential blocks, commercial centres and service buildings in urban development areas west of Hanoi. The project will also help bring more tax revenue to state coffers while many jobs will be created for local residents during project implementation.

With smart infrastructure planning that takes into account the future transport and communications development needs as well as future urban management needs, the Central Area of Tay Ho Tay New Town project is expected to raise the bar in new urban development in Vietnam by employing the world’s latest design and construction techniques.