According to the Danang People’s Committee, Vice Chairman Phan Thai Binh has signed a decision allowing Phuc Tin Service Joint Stock Company to lease land at 16 Bach Dang Street, Hai Chau District.
The leased area spans 1,795 square meters, designated for commercial and service purposes. The lease term is 50 years, with a one-time payment for the entire period.
Prime Land Plot at 16 Bach Dang, Danang
In July 2025, the Danang Land Fund Development Center auctioned the rights to this “prime land” at a starting price of nearly VND 311 billion. Among two individuals and one company, Phuc Tin Service Joint Stock Company won the bid at over VND 200 million per square meter, totaling nearly VND 360 billion—VND 49 billion above the starting price.
This winning bid was significantly higher than the February 2025 starting price of VND 59.2 million per square meter (over VND 106.3 billion in total).
Strategically located at the intersection of Bach Dang and Tran Phu Streets, this plot boasts a prime position in the city center, adjacent to the Han River and directly connected to key transportation and tourism hubs.
The auction plan outlines the land’s intended use for high-end offices, hotels, serviced apartments, and other tourism-related services. The city encourages the winning bidder to expand the building setback beyond regulations, promoting open spaces, greenery, and parking.
In 2014, the Danang People’s Committee leased this plot to Bac Nam 79 Construction JSC for 50 years. The company was owned by Phan Van Anh Vu (alias Vu “Nhom,” born 1975).
Following an inspection revealing non-compliant leasing practices, the land was seized in 2018 during the Ministry of Public Security’s investigation into Vu “Nhom”’s violations.
In May 2023, the Ministry of Public Security requested the Danang People’s Committee lift the transaction freeze to normalize operations for companies linked to Phan Van Anh Vu.
In February 2025, the Danang Department of Natural Resources and Environment commissioned a land valuation to set the auction starting price for the 16 Bach Dang plot.
Phuc Tin Service Joint Stock Company, established in October 2023 as a limited liability company, is headquartered on Thuy Khue Street, Hanoi. Its primary business includes financial support services and investment consulting. With a charter capital of VND 215 billion, it is equally owned by Nguyen Van Duc (Director and legal representative) and Do Manh Cuong.
After one month, Nguyen Van Duc withdrew, and Nguyen Dinh Thiet took his place, holding 50% ownership. In February 2025, the company transitioned to a joint stock model and relocated to Hapro Building on Cat Linh Street, Hanoi.
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