The land lease agreement involves a one-time payment to the State for the entire lease period. The land use term is set at 50 years from the date the City’s People’s Committee signs the land lease decision.
The land lease method does not involve bidding for land use rights or tendering for investor selection to implement projects using land as prescribed.
Hai Phong Real Estate utilizes the allocated land within the boundary markers and for the designated purposes as regulated. The company executes investment projects in compliance with laws on land, investment, construction, environment, and fire prevention. Construction works are positioned according to approved planning and construction permits.
If the enterprise fails to use the land within 12 months from handover or falls behind schedule by 24 months compared to commitments, the project may be extended for up to 24 months. A corresponding payment for land use or lease during the extended period is required. If the land remains unused after the extension, the State will reclaim it without compensation for land, attached assets, or investment costs.
In July 2025, Hanoi’s People’s Committee approved the adjusted detailed planning for the Southwest Hanoi New Urban Area – Initial Construction Phase, at a scale of 1:500, for the A7/HH planning area.
The A7/HH plot is bordered by Nguyen Chanh Street to the northeast, Mac Thai To Street to the southeast, Nguyen Thi Due Street to the northwest, and Dinh Nap Street to the southwest. Notably, it is just a few hundred meters from the Keangnam Tower.
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Location of A7/HH plot (red outline) near Keangnam Tower
Source: Googlemaps
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The land use function has been adjusted to include commercial services, hotels, serviced apartments, offices, and office-residential combinations, with a maximum of 25 above-ground floors and 3 basement levels.
Who is Hai Phong Real Estate?
Hai Phong Real Estate, originally Hai Phong Real Estate Development LLC, was established in December 2016, primarily operating in real estate. Its initial charter capital was 200 billion VND, with Hai Phat Investment JSC (HOSE: HPX) holding 70% and Fico Corporation (Fico) holding 30%. Mr. Do Quy Hai, Chairman of HPX, served as the Legal Representative. The capital was increased to 300 billion VND in January 2017.
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Fico, formerly Itasco Financial Investment JSC, was established in 2007 under the Vietnam National Coal and Mineral Industries Group. As of 2024, it has a charter capital of over 55 billion VND and accumulated losses exceeding 50 billion VND, chaired by Mr. Nguyen Tuan Anh. |
In 2009, HPX and Fico partnered to invest in a residential, commercial, and office complex at the A7/HH plot. Hai Phat contributed 950 billion VND (95% of total capital), with 27 billion VND invested by the end of 2016.
In 2017, due to financial difficulties, Fico transferred its entire stake in Hai Phong to Hai Phat. Hai Phat then sold 8% of Hai Phong to Thanh Nhan Construction and Trading JSC and 49% to Hai Phat Land JSC.
By late 2018, Hai Phat reduced its stake in Hai Phong to 10% after selling 32.9% to Hai Phat Land. On May 30, 2019, the Hai Phat group fully divested from Hai Phong, selling to an individual for 80 billion VND. Thus, both Hai Phat and Fico exited the project within two years of its establishment.
Post-divestment, by August 17, 2023, Hai Phong’s capital increased to 400 billion VND. Shareholders included Nam Trung Yen Investment and Development LLC (89.99%), Mr. Pham Van Dinh (10%), and Nguyen Viet Duc (0.01%).
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Nam Trung Yen, founded in June 2019 with a charter capital of 680 billion VND, is owned by Mr. Pham Van Dinh (99%) and Nguyen Minh Ngoc (1%). |
By March 2024, Mr. Do Manh Tung held 99% of Hai Phong’s shares, serving as CEO and Legal Representative, with Hoang Minh Khang holding the remaining 1%.
In July 2024, Hai Phong transformed into a joint-stock company. New shareholders included Dang Hong Linh (0.5%), Hoang Minh Khang (0.5%), and Mr. Tung retained his stake.
– 16:41 24/11/2025
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