On February 15, the People's Committee of Quang Binh province announced that it had just issued a decision on land recovery due to failure to fulfill financial obligations to the State.
The Provincial People's Committee decided to reclaim 2,911.6m2 of land of Viet Group Central Joint Stock Company that was assigned and leased by the Quang Binh Provincial People's Committee in 2021 to implement the Hotel and Housing Complex project combined with business - shophouse (Movenpick Central Project, in Dong Hai Ward, Dong Hoi City, Quang Binh Province).
The reason for the revocation is because Viet Group Central Joint Stock Company did not fulfill its financial obligations regarding land to the State when using land to implement the project.
The recovered land area will be returned to the Land Fund Development Center under the management of the Department of Natural Resources and Environment according to regulations.
As reported by Lao Dong Newspaper, the People's Committee of Quang Binh province previously announced the reclamation of the above land area.
The recovered land area has a road frontage along the Nhat Le River. This is considered a "golden land" in Dong Hoi City.
This area was leased by the People's Committee of Quang Binh province to investors to implement a 5-star hotel and commercial housing complex project with an investment of 515 billion VND, from mid-2021.
As of December 5, 2024, Viet Group Joint Stock Company still owes nearly 100 billion VND in land tax.
