How Vietnam capital's $2.4-bn redevelopment drive is reshaping its real estate

Vietnam's capital Hanoi is undergoing one of its biggest urban redevelopment drives, with authorities spending $2.4 billion in the first half of 2026 to clear land for nearly 1,500 projects as part of a long-term plan to modernise the city and boost economic growth.The ambitious overhaul includes new business districts, roads, bridges, transport hubs, parks and waterfront developments, while replacing colonial villas, traditional shophouses and low-rise neighbourhoods with modern infrastructure.The centrepiece of the transformation is a $28-billion redevelopment project along both banks of the Red River. Spread across 11,400 hectares, the project will create new urban districts, roads and parks while incorporating drainage systems and flood-control measures to tackle Hanoi's chronic flooding and climate-related risks.Authorities are also planning a $35.2-billion Olympic sports district, backed by Vingroup, which will feature one of the world's largest football stadiums with a capacity of 135,000 spectators.