The municipal People's Committee has submitted the proposal to the city People's Council for approval under a public-private partnership (PPP) model using a build-transfer (BT) contract.
The project would cover a planning area of about 567.8 hectares, including more than 520 hectares of water surface, which would remain unchanged.
Under the proposal, sections of roads surrounding West Lake would be widened to about 21 metres, while other stretches would be expanded in line with approved planning and local conditions.
City authorities said road widening would not encroach on existing residential areas and would incorporate measures to preserve urban landscapes, protect the environment and prevent waste from entering the lake.
The project also includes public squares, lakeside viewing platforms, pedestrian bridges, boat piers, parks, gardens, underground parking facilities and environmental protection infrastructure.
Hanoi has proposed selecting Sun Group as the investor under a special mechanism.
If approved, the project is scheduled for completion by 2030, with road and landscape upgrades carried out between 2026 and 2028, followed by the development of parks and public facilities through 2030.
The city said project costs and investment scale remain preliminary and will be refined during the appraisal and approval process.
