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Hanoi encourages locals to invest in parking lots
Tuan Minh 15:21, 2019/06/26
Hanoi`s land reserves for urban transport and construction grow just 0.25% -0.3% per year, which leads to overloading for the the city’s infrastructure system, especially the downtown areas.
People in four urban districts of Hanoi (Ba Dinh, Hoan Kiem, Hai Ba Trung and Dong Da) will be encouraged to invest in parking lots for cars and motor vehicles amid a severe shortage of parking space in the inner city.

Hanoi currently has about 6.5 million vehicles of all kinds, not to mention special-purpose vehicles and those coming from other provinces. The growth rate of the vehicles is about 10.2% for cars and 6.7% for motorcycles per year.
 
Illustrative photo
Illustrative photo
Meanwhile, land reserves for urban transport and construction grow just 0.25% -0.3% per year, which leads to overloading for the the city’s infrastructure system, especially the downtown areas.

Typically, Hoan Kiem district has the smallest natural land area in Hanoi (4.53 million m2) with nearly 200,000 motorcycles and 17,000 cars. This amount of vehicles needs more than 1 million m2 for parking. There are now more than 300 licensed parking lots, mostly on roadways and sidewalks, but they also meet only 14% of the demand.

In dealing with this situation, the Hanoi People’s Council is gathering people’s feedback on a draft resolution to encourage people and businesses to invest in parking lots, mass public transport systems and technology for managing and operating transport in the city.

A number of policies have been drawn up to encourage people to build parking lots, including 100% exemption of land rental fee for the first 10 years and 100% of the import tax on technological equipment for building parking lots. Besides, they will get loans from the Hanoi Development Investment Fund with preferential interest rates.

Hanoi’s authority approves the price for parking service that is suitable to each area, scale and project to ensure capital recovery time and social security.

The Hanoi Department of Transport hopes that these specific policies will attract social resources to build parking lots, contributing to meet the urban residents’ needs.
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