Hai Phong to recover 14 state-owned real estate assets after contract breaches

Haiphong City Civil Judgment Enforcement Agency said it is currently carrying out procedures to recover 14 state-owned real estate properties that have legally binding judgments requiring the lessee to return them to the managing unit, Hai Phong Housing Management and Trading One Member Co. Ltd. It is expected that the recovery will be completed in June 2026, including many cases that will require coercive measures because the lessee did not hand over voluntarily. Accordingly, in 2021-2022, Hai Phong Housing Management and Trading One Member Company Ltd filed suits against Hai Phong Petrotechnology Joint Stock Company to return 13 state-owned real estate assets whose lessee breached contractual obligations. The assets are located along seven inner-city streets such as Cau Dat, Hoang Van Thuo, Dien Bien Phu, Tran Phu, Quang Trung, Lach Tray and Hang Kenh. Among them, Cau Dat Street has up to five assets on the ground floor of houses numbers 1, 3, 2, 4 and 112. The remaining assets include ground floors of 152 and 153 Tran Phu, ground floors 112 and 114 Hoang Van Thuo, numbers 84–86 Dien Bien Phu, number 129 Lach Tray, rooms 2 and 3 on the third floor of house 28 Quang Trung, and ground floor of number 2 Hang Kenh. According to judgments with force of law, in addition to returning 13 assets, the lessee Hai Phong Petrotechnology Joint Stock Company must also pay more than 5.2 billion VND in overdue rent from previous years. Additionally, in 2023, Hai Phong Housing Management and Trading One Member Company sued Hung Dao Company Limited to demand return of the state-owned asset at 25 Tran Hung Dao (Hong Bang Ward). The court ordered the lessee to return the property to the lessor. Based on regulations, Haiphong City Civil Judgment Enforcement Agency issued enforcement decisions, requiring the companies Hai Phong Petrotechnology Joint Stock Company and Hung Dao to return the assets and pay the arrears. However, to date enforcement under the legally effective judgments has not been completed. According to verification by Haiphong City Civil Judgment Enforcement Agency, assets subject to enforcement remain leased out by Hai Phong Petrotechnology Joint Stock Company. Meanwhile, the company's bank accounts have only small balances sufficient to maintain accounts. To recover public assets, Haiphong City Civil Judgment Enforcement Agency has issued a seizure plan, sending seizure files to the Procuracy where the assets to be seized are located and to the city police for coordination on enforcement. The agency is also coordinating with local authorities and police to verify and mobilize organizations and individuals currently leasing the properties to return them. The enforcement agency said that if Hai Phuong Petrotechnology Joint Stock Company does not voluntarily return the assets under the court's judgment, enforcement will proceed to forcibly recover. In April 2026, enforcement will be carried out at the lease locations on the ground floors of houses 1, 3, 2, 4 on Cau Dat Street, and on the ground floors of 152–153 Tran Phu (Gia Vien Ward). For the remaining locations among the 14 assets with enforceable judgments, enforcement will be carried out in May and June. Haiphong currently has 218 state-owned assets rented out by Hai Phong Housing Management and Trading One Member Company to non-residential uses; among them, 14 have judgments requiring return, 45 others the city directed the company to sue for the return, and 159 more assets are being pursued for recovery.