Hanoi approves land lease for phase 2 of $1 bln biotechnology high-tech park

The Hanoi People’s Committee has approved the lease of more than 101,500 square meters of land to Ireland's Pacific Land Vietnam to implement the second phase of the Hanoi Biotechnology High-Tech Park infrastructure project.

The land plot, located in Thuong Cat ward and already cleared, will be leased until August 15, 2095. The city will collect land rent in a lump sum for the entire lease term.

Areas designated for shared technical infrastructure under the approved master plan will be exempt from land rental fees in accordance with government regulations.

For industrial land intended for sublease and commercial use, Pacific Land Vietnam will be exempt from land rental fees during the basic construction period, capped at three years from the date of the lease decision. The company will also be eligible for additional rent exemptions after construction under provisions of the Government's Decree 103/2024.

Positioned as a flagship project of the capital, the Hanoi Biotechnology High-Tech Park spans nearly 200 hectares under its master plan, with total investment estimated at more than $1 billion.

Of that, roughly VND7.4 trillion dong ($284.89 million) is earmarked for technical infrastructure and functional subdivisions, while about $800 million is allocated for equipment systems, research and development centers, and specialized biomedical laboratories.

Established in December 2008 and headquartered in Hanoi, Pacific Land Vietnam focuses on real estate development and land-use rights trading.

The company’s general director and legal representative is Ole Bollingtoft, a Danish national born in 1948.

According to a registration update in November 2025, the firm has charter capital of nearly VND1.28 trillion ($49.09 million). Foreign shareholders include Ireland's Pacific Land (Indochina) Limited, which holds a 69.99% stake, and Irish national Patrick Gerard McKillen with a 0.01% stake.