Hanoi Leases 1.2 Hectares of Land to Hai Phong Real Estate
The Hanoi People’s Committee has issued Decision No. 5639 on November 14, 2025, leasing 12,619 square meters of land in plot A7/HH of the Southwest Hanoi Urban Area, Yen Hoa Ward, to Hai Phong Real Estate Development JSC. The land will be used for a commercial center, office, and hotel complex project.
The land area is defined by the 1/500-scale Land Use Master Plan map prepared by MP Architecture LLC, which was approved by the Department of Planning and Architecture on August 28, 2025.
According to the decision, the land is leased under a one-time payment scheme for the entire 50-year term, effective from the signing date.
The lease was granted without a public auction or investor selection process, in accordance with Decision 232 dated December 12, 2006, on the investment management regulations for the Nam Trung Yen Urban Area, the 2024 Land Law, and Resolution 38 of 2025 by the Hanoi People’s Committee Party Committee.
The Hanoi People’s Committee has instructed Hai Phong Real Estate Development JSC to coordinate with the Department of Finance, the Urban Civil Construction Project Management Board, the Department of Natural Resources and Environment, the Hanoi Tax Department, the Department of Construction, and other relevant agencies to complete all legal procedures.
The company must use the land within the designated boundaries and for the specified purposes, comply with regulations on land, investment, construction, environment, and fire safety, and ensure adherence to planning and permit requirements.
The developer is also obligated to fulfill all responsibilities outlined in the Investment Policy Decision and its amendments.
The Hanoi People’s Committee has tasked the Department of Finance, the Department of Planning and Architecture, the Urban Civil Construction Project Management Board, and related units with guiding the developer in fulfilling its land use obligations.
The Yen Hoa Ward People’s Committee is responsible for overseeing land management and use within its jurisdiction, inspecting compliance with investment, construction, environmental, and fire safety regulations, and addressing violations as authorized.
Pham Van Bach Street, Cau Giay District (formerly), Hanoi
The commercial center, office, and hotel complex project was approved and amended in Decisions No. 3836/QD-UBND dated June 24, 2017, and No. 6033/QD-UBND dated November 19, 2024.
On July 17, 2025, the Hanoi People’s Committee issued Decision No. 3847/QD-UBND approving the Partial Adjustment Plan for the Detailed Planning of the Southwest Hanoi New Urban Area – Initial Construction Phase, at a scale of 1/500, for plot A7/HH.
Who Owns Hai Phong Real Estate?
Hai Phong Real Estate Development JSC (Hai Phong Real Estate) was established in 2016, initially as Hai Phong Real Estate Development LLC.
At its inception, the company had a charter capital of VND 200 billion, with Hai Phat Investment JSC (Hai Phat Invest, stock code: HPX) holding 70% and Fico Corporation (Fico) holding 30%. Mr. Do Quy Hai, Chairman of HPX, also served as Chairman of Hai Phong Real Estate.
HPX and Fico collaborated on an office project in plot A7/HH of the Southwest Hanoi New Urban Area.
By September 2017, Fico withdrew from the project and transferred its entire stake to HPX. At this point, Hai Phong Real Estate’s capital increased to VND 300 billion, with HPX holding 99.99% and Mr. Pham Minh Tuan holding 0.01%.
Between 2017 and 2018, Hai Phat transferred portions of its stake to subsidiaries and related entities. By mid-2019, the Hai Phat group had fully divested from Hai Phong Real Estate.
As of July 2024, Hai Phong Real Estate’s charter capital stands at VND 400 billion. CEO Do Manh Tung holds 99%, while Dang Hong Linh and Hoang Minh Khang each hold 1%.
In February 2025, Hai Phong Real Estate pledged the exploitation, management, and development rights of the commercial center, office, and hotel complex project in plot A7/HH, along with future project assets and revenues, as collateral at PVCombank’s Thang Long branch.
Mr. Do Manh Tung (born 1972) also serves as the representative of Sudico Southern LLC and the Hanoi representative office of Halong Construction JSC.
Additionally, Mr. Tung is a shareholder in Song Hong Real Estate Trading JSC. In early 2025, he pledged 2.7 million shares in Song Hong Real Estate Trading JSC as collateral to the Vietnam Asset Management Company (PAMC).
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