On June 23, leaders of the Hanoi Department of Agriculture and Environment said that Duyen Ha Co., Ltd., No. 4 Alley 41, Tuong Mai Street, Tuong Mai Ward, Hanoi City, has applied to withdraw and reject the right to use the land area of more than 3,300m2 at No. 18 Cao Ba Quat (Ba Dinh Ward) - a place planned for building a 5-star hotel.
After the enterprise's request, the Hanoi Department of Agriculture and Environment is submitting to competent authorities to issue a decision to cancel the results of winning the land use right auction that was previously recognized.
According to regulations, Duyen Ha Co., Ltd. will not be refunded the deposit of more than 135 billion VND when participating in the auction. Regarding the land use fee that the enterprise has paid, functional agencies will transfer the dossier to the tax authority for consideration and handling according to regulations.
Along with that, businesses may also be restricted from participating in land use right auctions from 6 months to 5 years according to Article 70 of the Law on Auction of Assets (amended in 2024) for cases where they win the auction but do not fulfill their obligations leading to the cancellation of the results.
Previously, at the end of 2025, land plot 18 Cao Ba Quat was put up for auction to implement a 5-star hotel project, a maximum of 6 floors, with a total floor area of over 15,900 m2.
The starting price in the first round of the auction is 201.7 million VND per m2, equivalent to from 679 billion VND. The minimum price step for the next round is 2 million VND per m2, equivalent to about 6.73 billion VND for the entire land area. This auction must go through at least 3 rounds.
Organizations participating in land use right auctions must have sufficient conditions as prescribed in Clause 3, Article 125 of the Land Law No. 31/2024/QH15 and Clause 1, Article 55 of Decree No. 102/2024/ND-CP dated July 30, 2024 of the Government.
