The site lies within a redevelopment area involving 59 land users, including 17 organisations and 42 households. The project is divided into two phases, with the first phase focusing on compensation, support and resettlement across about 21,151 sq m to enable construction of a transit-oriented development.
The design plan for the new square and park on the eastern side of Hoan Kiem Lake
Hoan Kiem Ward officials said compensation plans have been approved for 25 households, and 20 have already received payments. The remaining cases are still being resolved.
The prime 421 sq m plot on Dinh Tien Hoang Street was valued at more than VND 1.1 billion (USD 41,800) per square metre . The owner, currently leasing the land for a fast-food business, has agreed to accept over VND 466 billion (approximately USD 17.7 million) in compensation from the ward and is expected to receive the funds in some days.
Nearby, the famous Pho Thin Bo Ho restaurant at 61 Dinh Tien Hoang will also be cleared for the project. The property has multiple co-owners. Bui Chi Thanh, the restaurant’s owner, said his family supports the clearance and is working with authorities on compensation and site clearance.
In recent days, many visitors have come not only to enjoy the pho but also to take final photos at the iconic location. Thanh said his family plans to rent a nearby site to continue the business, as purchasing property around Hoan Kiem Lake remains extremely difficult.
The eastern Hoan Kiem Lake square and park project spans about 2.14 hectares along Dinh Tien Hoang, Ly Thai To and Tran Nguyen Han streets. It is a key initiative to create public space linked with cultural heritage and urban transport in the heart of Hanoi.