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Hanoi Cancels $54 Million 'Diamond Land' Auction Due to Non-Payment
🇻🇳 Vietnam /Economy & Trade

Hanoi Cancels $54 Million 'Diamond Land' Auction Due to Non-Payment

From Thanh Niên · () Vietnamese

Translated from Vietnamese, summarized and contextualized by DistantNews.

At a glance

News Sources not specified Outcome reported
  • Hanoi has canceled the auction results for a prime plot of land worth 1.379 trillion Vietnamese dong.
  • The decision was made because Duyen Ha Co., Ltd. failed to pay the full amount for the land as required.
  • The land, located at 18 Cao Ba Quat Street, was intended for a 5-star hotel project.

Hanoi authorities have officially canceled the decision recognizing the results of an auction for a prime plot of land, previously valued at 1.379 trillion Vietnamese dong (approximately $54 million USD). The land, situated at the prestigious address of 18 Cao Ba Quat Street in Ba Dinh Ward, was slated for the development of a 5-star hotel.

The cancellation stems from the failure of Duyen Ha Co., Ltd., the winning bidder, to complete the full payment for the land use rights within the stipulated timeframe. The Hanoi People's Committee has directed the auction organization and relevant parties to implement the cancellation according to regulations.

This prime parcel of land spans over 3,300 square meters and was initially put up for auction with a starting price of over 200 million Vietnamese dong per square meter. The auction process saw Duyen Ha Co., Ltd. bid 1.379 trillion Vietnamese dong, more than double the initial asking price. However, following the recognition of their winning bid, the company submitted a request to withdraw, ultimately declining the right to use the 'diamond land.'

DistantNews Editorial

Originally published by Thanh Niên in Vietnamese. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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