The city has submitted the proposal to the municipal People's Council for approval, with construction expected to run from 2026 to 2029 under a build-transfer (BT) contract.
The project would cover the section of the river running from Lien Mac sluice gate to the southern boundary of Hanoi, passing through 19 wards and communes.
Under a preliminary payment plan, the city would allocate more than 218 hectares of planned land to the investor, with an estimated value of over VND 69.1 trillion.
Hanoi is also considering adding about 135 hectares of land under the capital's master plan, including areas expected to be recovered along both banks of the river.
The city said the proposed land fund remains under review and would be finalised at a later stage to balance the interests of the state and the investor while limiting financing costs.
A review by the municipal People's Council said key details, including project costs, land valuation and the payment mechanism, had yet to be finalised.
The committee also said the proposal did not adequately assess financing arrangements, borrowing costs, the investor's funding capacity or financial risks.
It called for further clarification on land acquisition, resettlement plans and the project's feasibility, including the goal of completing land clearance in 2026 and finishing construction by 2029.
