Accordingly, the recovered land area is 196,710m2 in lots DTPT 5, 7, 8, leased by Lao Cai Provincial People's Committee to Viet - Trung Minerals and Metallurgy Company Limited in March 2011 in Tang Loong Industrial Park (Bao Thang district) to serve production activities.
The reason for the revocation is that the above land area was assigned, leased, allowed to change the purpose of use, recognized the land use right, received the transfer of land use right to implement the investment project by the province, but was not used within 12 consecutive months from the date of receiving the land handover or the land use progress was 24 months behind the progress recorded in the investment project.
Viet-Trung Minerals and Metallurgy Company Limited is responsible for handling and moving all assets out of the recovered land area at Tang Loong Industrial Park, Bao Thang District before October 30, 2024.
Previously, in September 2024, Lao Cai province also decided to reclaim 4,603,611m2 (more than 460ha) of land in Son Thuy commune, Van Ban district, which had been leased to Viet-Trung Minerals and Metallurgy Company Limited in January 2022 for mineral exploitation and processing activities.
The reason for the revocation is explained that the above land area was assigned and leased by the province for a limited period, but now the land use is not extended.
At the meeting with the People's Committee of Lao Cai province regarding the loss of Viet Trung Minerals and Metallurgy Company Limited on May 27, 2024, Mr. Nguyen Hoang Anh - Chairman of the Committee for State Capital Management at Enterprises expressed his views - resolutely handle loss-making and ineffective projects and enterprises according to market principles and mechanisms; respect the principles of autonomy and self-responsibility of enterprises; the State does not provide additional capital.
