Dat Phuong (DPG) Buys 8ha Hue Land From VietinBank for VND 253B

Overview

Dat Phuong Group (HoSE: DPG) has approved a plan to acquire a nearly 8ha land plot in My Thuong ward, Hue City, from VietinBank (HoSE: CTG) for approximately VND 253 billion excluding VAT. The same site sits on Hue’s pilot list for commercial housing, where DPG is registered for the VND 1,700 billion Phu Thuong residential project. The deal matters because it converts a long-dormant bank asset into DPG’s largest disclosed Hue development pipeline.

Key Facts

• Land area: more than 7.9ha at plot 375, map sheet 24, Chiet Bi residential group, My Thuong ward, Hue City.
• Transfer price: nearly VND 253 billion excluding VAT, split into about VND 203 billion for land-use rights and over VND 50 billion for attached assets.
• Land-use term runs to 19 November 2059; the plot is currently held by VietinBank.
• VietinBank previously offered the site at a starting auction price of VND 309 billion, so DPG’s price is about VND 56 billion, or 18%, lower.
• The Phu Thuong project totals roughly 7.92ha with estimated investment of VND 1,700 billion, per Hue City People’s Council Resolution 58/NQ-HDND dated 20 August 2026.
• Construction is scheduled for completion within 72 months of finishing land-use conversion procedures.
• DPG’s board resolution is dated 17 September 2026; payment will use own capital and/or credit institution loans.

What Happened

The board of directors of Dat Phuong Group approved the receipt of land-use rights and assets attached to the land at the Hue site, according to a company resolution dated 17 September 2026. The plot was originally granted an investment certificate on 20 December 2011 for VietinBank’s Training and Human Resource Development School project. That project stalled, and on 17 September 2024 the VietinBank board approved terminating the investment; the Thua Thien Hue Department of Planning and Investment issued a termination notice on 26 September 2024, followed by a land recovery notice from the provincial People’s Committee on 23 October 2024. VietinBank retained use of the site for 24 months, through 26 September 2026, to dispose of attached assets.

In June 2025 the VietinBank board approved a transfer plan, and an auction dossier published on 26 August 2025 listed unfinished structures including a hall building, fencing and a generator, with a starting price of VND 309 billion. DPG’s expected outlay is below that reference. Separately, the site overlaps with the Phu Thuong residential project, for which DPG is the registered developer under Hue City resolution 58/NQ-HDND. The land is currently classified as education and training land under land-use right certificate BE 288762 dated 28 March 2012, meaning conversion procedures remain outstanding.

Market Context

DPG closed at VND 27,900 on 23 September 2026 on HoSE, while CTG closed at VND 30,700. For DPG, a construction and materials name, the transaction adds land bank in central Vietnam at a discount to the prior auction reserve, though it requires capital outlay and conversion approvals. For CTG, the sale is a small disposal of a non-core, legacy asset that had already been written out of active investment plans. The deal sits within a broader Vietnamese trend of banks offloading idle real estate and developers positioning for pilot commercial housing mechanisms in provincial cities.

Strategic Significance

The transaction is best read as DPG securing a discounted entry into a site it already intends to develop, rather than as a standalone land trade. Buying at roughly 18% below the VND 309 billion reference price improves the embedded margin on a project whose total investment is nearly seven times the land cost, and the 72-month timeline gives DPG room to phase capital spending. The key dependency is the conversion of education land to commercial housing use, which ties the thesis to Hue’s pilot mechanism and provincial approvals rather than to market demand alone. For CTG, the disposal closes out a stalled training-centre project and removes an idle asset ahead of the September 2026 use deadline.

What to Watch

• Completion of land-use purpose conversion for the site, currently registered as education and training land.
• Formal signing and disclosure of the transfer contract with VietinBank, including final VAT-inclusive value.
• Hue City approval milestones for the Phu Thuong pilot commercial housing project.
• DPG’s funding mix, given payment is to come from own capital and/or credit institution loans.
• DPG and CTG quarterly disclosures for any update on the transaction value or timetable.