Controversy erupts over bids forfeited for prime land auction.

Duyen Ha Co., Ltd. has requested the cancellation of the auction results for the prime land plot at 18 Cao Ba Quat Street, Dien Bien Ward, Hanoi, which is currently attracting significant public attention.

Báo Xây dựng•01/07/2026

According to an investigation by reporters from Construction Newspaper, at the end of 2025, Lac Viet Joint-Stock Auction Company announced an auction for the land use rights to implement a 5-star hotel construction project at 18 Cao Ba Quat Street.

Controversy erupts over auctioning off prime land and then buyers abandoning their deposits - Photo 1. — Prime land at 18 Cao Bá Quát Street, Điện Biên Ward, Hanoi .

This plot of land is over 3,300 square meters. The operating period is 50 years from the date of the land allocation decision or land lease decision as prescribed by law.

Lac Viet Company stated that the starting price for round 1 is over 200 million VND/m2, corresponding to a land use right value of over 679 billion VND used as the basis for determining the starting price of the auction.

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The starting price for round 2 onwards is equal to the highest valid bid in the immediately preceding round. The bidding increment for all rounds is 2 million VND/m2, corresponding to a value of over 6.7 billion VND. The fee for purchasing the auction invitation documents is 1 million VND, and the deposit is over 135 billion VND.

In February 2026, the Hanoi People's Committee issued a decision recognizing the results of the land use rights auction. The winning bidder was Duyen Ha Co., Ltd. (No. 4, Alley 41, Tuong Mai Street, Tuong Mai Ward, Hanoi). The winning bid for the land plot was 1,379 billion VND. Four months after winning the auction, Duyen Ha Co., Ltd. sent a document to the relevant authorities in Hanoi requesting the cancellation of the auction results.

Speaking with a reporter from Construction Newspaper, a leader of the Hanoi Department of Agriculture and Environment said that the department had submitted a report to the City People's Committee. Hanoi has not yet reached a conclusion.

The reporter asked, according to regulations, if the Hanoi city government cancels the auction results, will the enterprise be refunded the 135 billion VND deposit? The head of the Department of Agriculture and Environment stated that the enterprise would not be refunded.

According to data from the National Business Registration Portal, Duyen Ha Limited Company was established in 1993, with its headquarters at No. 4, Lane 41, Tuong Mai Street, Tuong Mai Ward (Hanoi). The company operates as a limited liability company with two or more members. According to recently published information, the legal representative is Vu Thi Thu Ha.

Duyen Ha operates in multiple sectors, ranging from the production of building materials, cement, and concrete, to the manufacture of construction equipment, as well as accommodation, tourism , transportation, restaurants, and other service areas. In the bidding sector, over the past four years, Duyen Ha Co., Ltd. has won numerous contracts in the electricity and energy infrastructure fields.

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Source: https://baoxaydung.vn/xon-xao-bo-coc-dau-gia-dat-vang-192260630144235528.htm