The revised law approved by the National Assembly on June 28.
Red River in Hanoi. The revised Capital focuses resources on implementing subsivision plan for the Red River.
The 15th National Assembly on June 28 adopting the revised Capital Law which gives priority to investment and resources to tap Hanoi’s potential and strengths for development.
Under the law, which will become effective from July 1, 2025, the capital city of Hanoi is allowed to pilot a venture capital fund using State budget to invest in high-tech enterprises, science and technology firms, and startups with the aim of promoting innovation and commercialization of scientific and technological products.
The law focuses resources on implementing the subdivision plans for the Red River and Duong River, with cultural industrial centers to be established in advantageous areas along these rivers.
Meanwhile, the Hoa Lac High-Tech Park will receive priority investment in technical infrastructure, with provisions for compensation, resettlement, and worker housing.
The law encourages the development of metro lines in Hanoi using the Transit-Oriented Development (TOD) model with the city retaining 100% of revenue from certain fees to reinvest in urban railways, public transport system and infrastructure.