On November 11, the Hanoi People’s Committee issued a decision to amend and supplement several contents of Decision No. 977/QD-UBND dated April 18, 2008, of the former Ha Tay Provincial People’s Committee related to the high-end eco-urban project in Dan Phuong.
Accordingly, the Hanoi People’s Committee changed the land user from DIA-Ha Tay Investment and Development Co., Ltd. to DIA Investment JSC. The committee assigned 449,684 square meters of land in Dan Phuong commune, Dan Phuong district, to DIA Investment JSC for the construction of the high-end eco-urban project in Dan Phuong.
Of this, 210,761 square meters are for the construction of low-rise villas, with land use fees collected by the state. The land use duration for DIA Investment is until April 18, 2058, while homebuyers will have stable long-term land use rights.
A 2,058-square-meter area is designated for a parking lot with a business purpose. The land is leased by the state, with annual land rent payments. The land use duration is until April 18, 2058.
The investor is responsible for constructing synchronous works as per the approved planning for an area of 213,509 square meters. Once completed, these works will be handed over to the local government for management as per regulations. The land use form is non-financial land allocation by the state.
Regarding the 4,070 square meters of urban public land within the project, the Hanoi People’s Committee issued Decision No. 3277/QD-UBND dated June 25, 2024, to revoke this land from DIA Investment and assigned it to the Hanoi Land Development Center for management and auction as per regulations.
For the 19,286 square meters of land designated for religious purposes (Dai Tu An Pagoda), the investor is responsible for constructing the works and then handing them over to the Hanoi Buddhist Sangha for management and use.
DIA Investment JSC is required to put the land into use within 12 consecutive months or if the land use progress is 24 months slower than the progress specified in the investment project from the date of land handover on the ground. If the company fails to do so, it will be granted a 24-month extension and must pay the state an amount corresponding to the land use fee and land rent for the time of delayed project progress during this period. If, after the extension, the company still fails to put the land into use or uses it for the wrong purpose, the Hanoi People’s Committee will revoke the land without compensation for the land and assets attached to the land, except in cases of force majeure.
 Villas constructed in the Dan Phuong eco-urban area.
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According to our information, DIA Investment JSC was established in 2005, with its headquarters in Quoc Oai district, Hanoi. Mr. Nguyen Vu Bang serves as the Chairman of the Board of Directors and legal representative. In September 2023, the company increased its capital from 390 billion to 1,288 billion VND. In January 2024, the position of Chairman of the Board of Directors and legal representative was transferred to Mr. Le Van Khoi. In May 2024, the company again raised its capital to 1,989 billion VND.
On the company’s website, DIA states that the high-end eco-urban project in Dan Phuong, commercially known as The Phoenix Garden, was inaugurated in 2009. The project comprises 468 villas, a commercial center, restaurants, hotels, and more. The projected population is around 2,316 people. According to Decision No. 5019/QD-UBND, issued by Hanoi in 2021, approving the housing development plan for the period of 2021-2025, The Phoenix Garden project has a total investment of 1,974 billion VND, with a progress duration from the fourth quarter of 2018 to the fourth quarter of 2024.
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