Hanoi cancels $1.4 trillion land auction for 5‑star hotel project

The Hanoi People's Committee announced the cancellation of the decision recognizing the result of a land auction for a 3,300 m² site at 18 Cao Ba Quat, Ba Dinh district. The parcel, intended for a 5‑star hotel, had been awarded to Công ty TNHH Duyên Hà for a price of about 1.379 trillion VND (roughly $60 million).

The company failed to pay the full auction amount and therefore forfeited its deposit of more than 135 billion VND. The authorities directed the firm to coordinate with the city tax office, the Finance Department, the State Treasury, and the Hanoi Land Fund Development Center for further settlement and possible refund of any excess funds. The cancellation also revokes the earlier approval to use the land for the hotel project.