Auction of Chi Lăng Stadium Complex to Enforce Judgment Against Phạm Công Danh

On October 19, the Da Nang City Department of Civil Judgment Execution (THADS) released a press statement regarding the handling of land use rights for the Chi Lăng Stadium High-Rise Commercial and Service Complex.

According to THADS, they are currently executing a portion of the case involving Phạm Công Danh and his accomplices (Phase I), as per the First Instance Criminal Judgment No. 332 dated September 9, 2016, issued by the Ho Chi Minh City People’s Court, and the Appeal Criminal Judgment No. 30 dated January 24, 2017, issued by the High People’s Court in Ho Chi Minh City, along with related execution decisions.

The judgment mandates that Phạm Công Danh, Thien Thanh Group LLC, IDICO Investment Construction and Tourism Joint Stock Company, and Thanh Thanh Cong Trade and Service One-Member LLC are jointly liable to compensate the Vietnam Construction Joint Stock Commercial Bank (now known as the Digital Transformation Joint Stock Commercial Bank). The total amount includes over VND 4,132 billion in principal debt, accrued interest as per credit agreements, and VND 408 million in first-instance civil court fees.

The assets securing the judgment execution include the Chi Lăng Stadium High-Rise Commercial and Service Complex.

THADS reported that they have successfully executed VND 408 million in first-instance civil court fees and over VND 466 billion in principal debt. The remaining principal debt to be executed exceeds VND 3,665 billion, along with accrued interest.

Regarding the execution process and asset handling for the land use rights at the Chi Lăng Stadium High-Rise Commercial and Service Complex, THADS acknowledged initial challenges but confirmed that these have been resolved, paving the way for asset processing.

THADS has completed the necessary procedures to auction the entire land use rights for the Chi Lăng Stadium High-Rise Commercial and Service Complex. On May 30, 2025, the Enforcement Officer issued Decision No. 21 for compulsory seizure of land use rights. Additionally, supplementary seizures were conducted for three land plots: plot No. 50 (Lot No. 1) and plot No. 51 (Lot No. 12) on map sheet No. 2, and plot No. 138 (Lot No. 9) on map sheet No. 3, all within the Chi Lăng Stadium High-Rise Commercial and Service Complex.

THADS executed the land use rights seizure in accordance with the court’s judgment and the issued land use right certificates.

As per the decision of the Da Nang City People’s Committee, once the auction winner receives the land use rights, the land classification will be adjusted to “commercial and service land” with a 50-year term, aligning with the city’s planning.

THADS also clarified that the auction of 14 land plots (covered by 10 land use right certificates) will be conducted as a single block. This decision was made due to the previous lack of clear lot boundaries and positions during the state management agency’s subdivision process.

The auction winner will be responsible for coordinating with relevant authorities to complete investment, construction, and other related procedures as required by law. The buyer must ensure their financial capability to fulfill these obligations.

Regarding the liquidation of assets attached to the land, THADS will conduct the auction concurrently with the state management agency’s handling of on-site assets, ensuring full transparency for auction participants.