On August 15th, the Hanoi People’s Committee handed over a decision to lease nearly 5,649 square meters of land in Thuong Cat ward to Pacific Land Vietnam JSC for the implementation of the project “Investment in construction and business of technical infrastructure of Hanoi High-tech Biology Park” (phase 1).
This land fund, which has completed site clearance, is leased for 70 years with a one-time payment. For the land area used for common infrastructure construction, the enterprise is exempt from land rent. The industrial land area for business and lease is exempt from land use during the basic construction period, up to 3 years.
The method of land lease without auctioning land use rights or bidding to select investors for projects using land in accordance with regulations.
According to the decision, if the project is not put into use within 12 consecutive months or is delayed for 24 months from the date of handover, Pacific Land Vietnam 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 implementation. If it is still slow to implement after this period, the Hanoi People’s Committee will revoke the land without compensation.
The Hanoi High-tech Biology Park project was approved in principle by the Prime Minister on May 17, 2007, and the Hanoi People’s Committee granted the first investment registration certificate on March 12, 2008. The investor is Pacific Land (Indochina) Limited – Ireland and the economic organization established to implement the project is Pacific Land Vietnam Co., Ltd.
However, the change in administrative boundaries in 2008 and a series of legal entanglements have left the project in a “frozen” state for many years.
It was not until August 19, 2025, that the Hanoi People’s Committee officially started the project, with a total investment of 7,400 billion VND and a scale of nearly 200 hectares. This is also the first and only high-tech biology park in Vietnam up to now.
The project is expected to become a modern center for biotechnology research, production, and commerce. Leading fields will focus on medical biology, pharmaceuticals, high-tech agriculture, microbiology and environmental treatment, advanced biological equipment, and solutions…
The project is located at the Western Gate of Hanoi, adjacent to the West Thang Long Avenue, oriented towards a multi-functional high-tech park model. In addition to the R&D and production center, it will integrate high-end residential areas, commercial and service centers, training institutes, international universities, and hospitals applying biotechnology.
Hanoi High-tech Biology Park Project. Source: Hanoi People’s Committee
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Who is Pacific Land Vietnam?
Pacific Land Vietnam was established in December 2008 as a limited liability company, headquartered on the 10th floor, Pacific Place building, 83B Ly Thuong Kiet, Cua Nam ward, Hanoi. The main business line is real estate business.
Updated to July 2020, Pacific Land Vietnam’s charter capital is VND 800 billion (equivalent to 50 million USD), 100% foreign-owned. The person authorized for this capital contribution is Mr. Patrick Gerard MC Killen (Ireland). The General Director and legal representative is Mr. Ole Bollingtoft (born in 1948, Danish nationality). In April 2025, the company increased its capital to nearly VND 1,275 billion.
On May 28, Pacific Land Vietnam changed its model to a joint-stock company with unchanged charter capital, of which private capital accounted for 30%, equivalent to more than VND 382 billion; the remaining is foreign capital owned by Pacific Land (Indochina) Limited (headquartered in the British Virgin Islands) with 70% ownership.
Apart from Pacific Land Vietnam, Mr. Ole Bollingtoft is also a well-known figure in the market when he used to hold leadership positions in many foreign-invested enterprises in Vietnam. He used to be the General Director and legal representative of Pacific Thang Long, the investor of the Giang Vo complex on the golden land lot No. 15-17 Ngo Khanh in Hanoi.
In addition, he also held similar positions at Dalat Land One Member Co., Ltd., established in 2008, headquartered in Lam Dong, with a charter capital of VND 240 billion (as of March 2020), with 100% foreign capital also authorized by Mr. Patrick Gerard MC Killen (Ireland) for capital contribution; and Stone Mining Joint Stock Company Hon Thi (foreign investors own 81%).
Mr. Patrick Gerard McKillen – Chairman of the Board of Directors of Pacific Land speaking at the project inauguration ceremony on August 19. Source: Hanoi People’s Committee
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