Backed by new mechanisms and proactive engagement from enterprises, private conglomerates are expected to deliver transformative projects that will reshape the capital’s urban face.

As the political centre and a leading economic hub of Vietnam, Hanoi has long grappled with mounting pressure on its transport and urban infrastructure – an enduring challenge for the state budget. The decisive implementation of Resolution 68 has opened the door wide for private enterprises to contribute ideas and capital, turning blueprints into tangible works.

In recent years, private firms have moved beyond housing development to take on a leading role in core infrastructure. Major transport routes, Red River crossings, and large-scale urban frameworks now bear a strong imprint of private investment. Notably, Sun Group has partnered with the city in projects such as the Hanoi Opera House and the development of green spaces along the To Lich River, helping improve urban aesthetics and residents’ quality of life.

At the same time, construction is being accelerated on Tran Hung Dao Bridge – another investment of Sun Group, and Tu Lien Bridge – partly invested by Vingroup, both key transport projects in Hanoi.

Elsewhere, Sunshine Group has launched several major housing developments, including the flagship Noble West Lake Hanoi project, marking a strategic push following its corporate restructuring and supporting the capital’s new growth phase.

These large-scale projects underscore the expanding role of private enterprises in developing Hanoi’s socio-economic infrastructure. When provided with appropriate mechanisms, the private sector can effectively partner with the State to deliver long-term and value-driven projects that sustain growth at both local and national levels.

Economists describe Resolution No. 68 as a milestone in refining Vietnam’s socialist-oriented market economy. While the 12th-tenure Paty Central Committee's Resolution No. 10-NQ/TW, dated June 3, 2017, recognised the private sector as an important driver of the socialist-oriented market economy, Resolution No. 68 elevates it to the most important driving force. This reflects a breakthrough in the Party's awareness and vision that place private entrepreneurs and businesses at the centre of the national development strategy.

It also advances institutional reforms by ensuring property rights, business freedom, fair competition, and equitable access to resources for businesses while shifting governance from pre-licensing to post-licensing inspection.

Nguyen Tuan Anh, Director of the HHA Vietnam Investment and Trading Co. Ltd, noted that initial successes in Hanoi demonstrate the policy’s effectiveness. However, sustaining momentum will require continued reforms, particularly in site clearance and investment attraction.

With consistent implementation, private sector dynamism could propel Hanoi toward becoming a modern and livable megacity in the near future, he added./.VNA