The Hanoi People’s Committee recently issued Announcement No. 1650/TB-UBND regarding the reclamation of 1,347 square meters of land at 125 Van Cao Street, Ngoc Ha Ward (formerly Lieu Giai Ward, Ba Dinh District) from Vietnam Economic and Technical Development JSC (Detesco Vietnam).
The reason for the reclamation is that Detesco Vietnam, despite managing and using the land, has failed to fulfill its financial obligations to the state, falling under the provisions of Clause 6, Article 81 of the 2024 Land Law.
Detesco Vietnam, along with related stakeholders, is responsible for handling assets on the land within 45 days of receiving the reclamation notice.
The Department of Agriculture and Environment is tasked with collaborating with the Ngoc Ha Ward People’s Committee to inspect, supervise, and ensure compliance with the regulations.
Location of the 125 Van Cao land plot on Google Maps
Established in 1993, Detesco Vietnam is a state-owned enterprise primarily engaged in labor supply and management. As of September 2014, Mr. Nguyen Hong Minh served as Chairman of the Board and legal representative.
In 2020, the Ho Chi Minh Communist Youth Union auctioned nearly 5.27 million shares (par value VND 10,000 per share) of Detesco Vietnam, equivalent to 99.4% of its capital, with a starting price of VND 10,800 per share.
In August 2022, the chairmanship and legal representation transitioned from Ms. Nguyen Thi Hong Cuc to Mr. Le Quang Hung.
Detesco Vietnam has managed the 125 Van Cao land since 1999. In 2008, the company partnered with others to establish Thanh Nien – Detesco Tower JSC, aiming to develop a commercial and office rental center on the site.
Thanh Nien – Detesco Tower JSC was founded with a charter capital of VND 80 billion. Detesco contributed VND 24 billion (30%), including fixed assets valued at VND 542.9 million and commercial advantages worth over VND 23.4 billion. Other shareholders included Thanh Nien Media JSC (65%) and Thanh Nien Newspaper (5%).
The project, named Thanh Nien Plaza, had a total investment of VND 250 billion. Upon completion in 2011, it was planned to include 12,000 square meters of office space, 3,000 square meters of commercial area, and a 2,000-square-meter parking basement.
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Hanoi Reclaims Over 1,300m² of Prime Land from Detesco Vietnam
Hanoi has announced the repossession of 1,347 square meters of land at 125 Van Cao Street, Ngoc Ha Ward (formerly Lieu Giai Ward, Ba Dinh District), belonging to Detesco Vietnam. The decision was made due to the company’s failure to fulfill its financial obligations to the state despite utilizing the land.
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