In March 2025, the Chairman of the Hanoi People's Committee agreed to implement research and planning and renovation in the area east of Hoan Kiem Lake in the direction of enhancing public space, open space, serving the people of the capital.
The total area expected to be studied for planning and investment projects to build squares and parks in the area east of Hoan Kiem Lake is about 2.14 hectares.
At that time, Hanoi City determined that the investment project to build a square - park consisted of 2 phases.
In which, phase 1 will invest in building the upper part of the square - park in the form of public investment. Phase 2 invests in the construction of underground works under the square - park (3 floors) along with the underground works of station C9.
Phase 1 will be completed on the occasion of National Day September 2. Hanoi City has directed the implementation of measures to create a special "green lane" for the project (ensuring that the project is not stopped due to any common difficulties and problems for a public investment project, using land, implemented in the shortest time).

In August 2025, many agencies subject to site clearance to build squares and parks in the East of Hoan Kiem Lake began moving their belongings to hand over to the authorities to implement the project.
However, by September 2025, the People's Committee of Hoan Kiem Ward said that it will implement compensation and resettlement support procedures, investment projects for phase 1 and start construction before October 10. Phase 2 will be carefully studied with the orientation according to the approved planning and the opinion of the Hanoi People's Committee.

From October to now, after inspecting land funds and resettlement housing funds, the Hoan Kiem Ward Infrastructure Investment Project Management Board (under the Hoan Kiem Ward People's Committee) has paid 2 compensation and support packages to 25 households within the project's site clearance scope.
According to the reporter's records, currently, the authorities have begun to demolish a number of constructions to implement the square and park project on the east side of Hoan Kiem Lake. The 4 projects under demolition include: State Treasury Transaction Office 197.1m2; Hanoi Golden Heart Charity Association 50.1m2; Department of Population, Children and Social Order Prevention 541m2 and Hanoi Blind Association 189.8m2.
Details of the project phases of squares and parks in the East of Hoan Kiem Lake:
Phase 1:
- Compensation, support, and resettlement for land users within the land area of about 21,151m2 to implement the investment project to build the TOD area east of Hoan Kiem Lake; Total number of users: 59 land users, including 17 organizations (electricity sector 07 units and 10 other units) and 42 households.
- Arrange, organize, and arrange the space of the square: level the ground, paving stones, trees, lawns, carpets, parking bays, etc. (according to the approved design plan). In which, the Department of Culture building, the Institute of Literature will be retained, the lighthouse will be relocated, and 02 architectural works of the Northern Power Corporation will be temporarily retained to study specific handling options in phase 2 (phase 2); Research on the option of retaining the Artdeco style architectural works of Hoan Kiem Power Company, consider the option of opening the first floor...
- Invest in technical infrastructure systems: water supply and drainage, lighting, urban equipment supply (umsury, stone benches, WC...); Wifi system, security cameras;
Renovating and renovating some buildings to retain: Department of Culture building, Institute of Literature building...
- Moving underground and above-ground works (if any) and some other related items.
Phase 2:
Implemented through separate projects according to planning and architectural plans assessed and approved by competent authorities in accordance with regulations, with the orientation of the approved Planning as follows:
- Research on planning and organizing underground space in the area east of Hoan Kiem Lake (about 3 basements), connecting underground space of Station C9 - urban railway line No. 2, phase 1 (1.1) Nam Thang Long - Tran Hung Dao, with appropriate technical solutions for conservation works during the underground construction process; propose functions for underground space to ensure effective land use, meet the needs of the people (should study and propose the use of multiple functions: public, cultural, service, trade, infrastructure, etc.). )