Chi Lăng Stadium land to be auctioned again at lower price after failed attempt

The prime land parcel of Chi Lăng Stadium in Da Nang is set for another auction, with the state-owned asset auction service center announcing a new starting bid of 9.55 trillion Vietnamese dong (approximately $375 million USD).

This marks the second attempt to auction the valuable property, which boasts four street frontages. The previous auction, held with a higher reserve price of over 9.7 trillion dong, failed to attract any bidders. The land's usage rights have also seen adjustments, with the municipal government modifying the land use duration from indefinite to 50 years, alongside partial planning adjustments for a high-rise commercial and service complex.

The Chi Lăng Stadium land is a significant asset involved in the collateral for the major corruption case linked to Pham Cong Danh and his Thiên Thanh Group. Court rulings mandated Danh and associated companies to repay over 4.132 trillion dong in principal debt, plus interest and legal fees, to the Vietnam Construction Joint Stock Commercial Bank (now Digital Transformation and Business Development Joint Stock Commercial Bank).

Enforcement agencies have so far recovered 408 million dong in legal fees and over 466 billion dong of the principal debt. The remaining outstanding debt stands at more than 3.665 trillion dong, plus accrued interest. The Da Nang Civil Judgment Enforcement agency has proceeded with seizing, appraising, and preparing to auction the entire block of land and usage rights for the Chi Lăng Stadium complex, which was valued at over 9.7 trillion dong during the previous appraisal.