The Hanoi Department of Agriculture and Environment has updated information regarding the auction result for the prime land plot at No18 Cao Ba Quat Street in Ba Dinh Ward, Hanoi.

According to the department, the company submitted a formal request not to proceed with the auction result and agreed to forfeit its entire deposit of VND135 billion.

Earlier, the company had offered more than VND1.379 trillion for the 3,366sqm site, more than double the starting price of nearly VND680 billion.

Under the approved planning, the land plot is designated for a five-star hotel complex of five to six stories, office space, and a commercial center, with a total floor area exceeding 15,900sqm. It is considered one of the few remaining prime development sites in central Hanoi.

However, the site has been associated with a number of controversies and was cited by the Hanoi Inspectorate for various violations.

Under current regulations, the company will lose its VND135 billion deposit, equivalent to 20 percent of the starting auction price. Tax authorities require the winning bidder to pay 50 percent of the auction value within 30 days after the Hanoi People's Committee issues the approval decision, and settle the remaining amount within the following 90 days.

In addition, Article 70 of the Law on Property Auction stipulates that a winning bidder who forfeits a deposit and causes the auction result to be canceled may be banned from participating in land-use-right auctions for between six months and five years.

The withdrawal means authorities must cancel the auction result and carry out procedures to handle the site in accordance with regulations. The case has attracted attention because the VND135 billion deposit ranks among the largest ever forfeited in a land auction in Vietnam.

What is Duyen Ha Co., Ltd?

According to data from the National Business Registration Portal, Duyen Ha Co., Ltd was established in 1993 and is headquartered at No. 4, Alley 41, Tuong Mai Street, Tuong Mai Ward, Hanoi.

The company operates as a multi-member limited liability company. According to the latest disclosed information, its legal representative is Vu Thi Thu Ha.

Duyen Ha operates in many business fields, including construction materials manufacturing, cement production, concrete, construction equipment manufacturing, accommodation services, tourism, transportation, restaurants, and other service businesses.

The company is best known through the Duyen Ha Cement brand and projects related to construction materials. Prior to the 18 Cao Ba Quat auction, its name had rarely appeared in large-scale real estate transactions in Hanoi.

Duyen Ha Cement Plant in Ninh Binh began operating its first production line, with a rotary kiln capacity of 1,500 tons of clinker per day, in 2007. In 2010, the company launched the second production line with a rotary kiln capacity of 5,000 tons of clinker per day.

The Duyen Ha Cement Plant has a total investment of more than $200 million, covering a 45-hectare factory site and a 310-hectare limestone and clay raw-material area.

There has been no official explanation for why Duyen Ha Co., Ltd decided to abandon the auction. However, the case has become one of the most notable land-auction deposit forfeitures of 2026 and has renewed calls for stronger screening of investors' financial capacity at the auction participation stage.

In reality, the phenomenon of bidders offering extremely high prices and then walking away is no longer uncommon. In recent years, land auctions in Hanoi, HCMC, and several other localities have recorded similar cases. In many instances, experts have suggested that the reasons may include bids far exceeding financial capacity or changing market conditions.

The consequences extend beyond the loss of deposits. Such cases can delay the productive use of land, affect budget revenues, distort land-price benchmarks, and undermine confidence in the land auction process.

Manh Ha