Interserco (ILS) Secures 17.7ha Hanoi Land Lease for My Dinh ICD Dry Port

Overview

Hanoi’s People’s Committee has approved leasing 177,369.9 sqm of land in Hoai Duc to Interserco (ticker ILS, UPCOM) for 50 years to build the My Dinh ICD dry port. The decision grants the land without an auction or investor selection process, and the state will collect land rent in a single upfront payment covering the full lease term. For ILS, the approval converts a long-planned logistics project into a concrete, time-bound land allocation.

Key Facts

• Leased area: 177,369.9 sqm (roughly 17.7 hectares) in Hoai Duc, Hà Nội.
• Lease term: 50 years from the date the Hà Nội People’s Committee Chairman signed the decision.
• Land allocated without auction of land-use rights and without bidding to select the investor.
• Rent collected once, upfront, for the entire lease period; city departments must now determine the land price used to calculate it.
• Interserco must put the land into use within 12 consecutive months of physical handover.
• If use is delayed by 24 months versus the project schedule, a one-time extension of up to 24 months is allowed, with additional rent payable.
• On 20 March 2026, Hà Nội auctioned 16.2 million ILS shares at a starting price of VND 18,180 per share, raising nearly VND 294.8 billion; state shareholders held no ILS stake as of 30 June 2026, down from 45% at the start of the year.

What Happened

The Hà Nội People’s Committee issued a decision granting Công ty CP Đầu tư Thương mại và Dịch vụ Quốc tế (Interserco, MCK: ILS) the lease of 177,369.9 sqm in Hoai Duc commune for the My Dinh ICD dry port investment and construction project. The lease runs 50 years from the signing date. The decision states the land is leased without auctioning land-use rights and without tendering for the investor, and that the state collects land rent in one payment for the whole term.

The committee assigned municipal departments and agencies to determine the land price for rent calculation, set the temporary rent payment, fix the site boundaries and hand over the land. Hoai Duc commune authorities are tasked with inspecting Interserco’s construction, monitoring that the land is used for the correct purpose and within its boundaries, and enforcing environmental and fire-safety rules. Interserco must begin using the land within 12 consecutive months of handover; failure to use it, or a 24-month delay against the project schedule, triggers a possible 24-month extension with extra rent, after which the city can reclaim the land without compensation for land, attached assets or remaining investment costs.

Market Context

ILS trades on UPCOM, Vietnam’s unlisted public company market, and closed at VND 18,500 on 10 September 2026, slightly above the VND 18,180 starting price of the March 2026 state share auction. That auction sold the entire 16.2 million shares on offer for close to VND 294.8 billion, ending state ownership at Interserco and broadening the shareholder base to 23 domestic investors, mostly individuals. The land decision lands as Hà Nội pushes logistics and industrial infrastructure outward from the city centre, a theme tied to broader Vietnamese demand for dry ports and inland container depots serving northern export flows.

Strategic Significance

The My Dinh ICD project is the asset that defines Interserco’s investment case: a 17.7-hectare inland container depot inside Hà Nội’s administrative boundary, on a 50-year lease with rent prepaid. Because the land was allocated without auction, ILS avoids competitive bidding for the site, but the upfront rent payment and the 12-month use deadline shift execution risk onto the company’s balance sheet. The project also sits alongside a newly privatised ownership structure, with no state shareholder remaining as of mid-2026, meaning future capital-raising or partnership decisions rest with the new domestic investor base rather than the city.

What to Watch

• Announcement of the official land price and the total upfront rent payable by ILS.
• Timing of the physical land handover, which starts the 12-month deadline to begin construction.
• Project schedule and capital plan for the My Dinh ICD build-out, including any financing disclosure.
• ILS semi-annual and annual filings for updates on the project and on the post-auction shareholder structure.
• Hà Nội logistics and dry-port policy moves affecting Hoai Duc and the wider northern ICD network.