On October 20, the Hanoi People’s Committee issued Decision 5236/QĐ-UBND, allocating land to Hai Phat Real Estate Investment and Business Joint Stock Company (Hai Phát Land) for the low-rise housing project in Dong Ca area, Phu Tho commune, Hanoi.
According to the decision, the city allocated nearly 15,424 square meters of land in Dong Ca area to Hai Phat Land for the low-rise housing project. The land use term is 50 years.
The location, boundaries, and area of the land for the project are defined in the 1/500-scale Land Use Master Plan Map, completed on March 7, 2023, by the Urban Development and Investment Consulting Joint Stock Company. This was verified by the Phu Tho District Urban Management Department as compliant with Decision No. 753/QĐ-UBND dated March 14, 2023, of the Phu Tho District People’s Committee.
Hai Phat Land is responsible for developing synchronized infrastructure as per the approved investment plan, covering an area of 25,651 square meters. This includes transportation, public facilities, services (gardens, entertainment areas, parking lots), and green spaces as outlined in the plan.
Upon receiving the land, Hai Phat Land must utilize it within 12 consecutive months. Failure to do so or delays exceeding 24 months compared to the project timeline will result in an extension of up to 24 months, requiring additional payment for land use rights or lease. If the land remains unused or is used improperly after the extension, the Hanoi People’s Committee Chairman will revoke the land without compensation for remaining assets or investments.
In April 2025, Hanoi auctioned a nearly 45,000-square-meter plot in Dong Ca area, then part of Phu Hoa commune, Phu Tho district. This included approximately 15,424 square meters for adjacent housing and nearly 3,920 square meters for social housing.
The starting price for the low-rise housing land was over 26.2 million VND per square meter. Hai Phat Land won the auction, as confirmed by Decision No. 2447/QĐ-UBND dated May 15, 2025, of the Hanoi People’s Committee.
In June 2025, Hai Phat Land pledged assets from the low-rise housing project in Dong Ca (formerly Phu Hoa commune) as collateral at Vietnam Modern Limited Liability Bank – Hanoi Branch.
Established in December 2008 with a charter capital of 100 billion VND, Hai Phat Land’s ownership includes 70% from Hai Phat Investment Joint Stock Company (HPX), 25% from CEO Vu Kim Giang, and 5% from Pham Van Dinh.
Mr. Vu Kim Giang – Chairman of Hai Phat Land
In April 2019, the company increased its capital to 710 billion VND. Between 2020 and 2024, HPX fully divested from Hai Phat Land.
As of August 2025, the company’s charter capital rose to 1,010 billion VND. Vu Kim Giang (born 1986) serves as Chairman of Hai Phat Land.
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