Businesses lose "golden" land along Nhat Le River due to huge tax debt

On February 15, the People's Committee of Quang Binh province announced that it had issued a decision to reclaim the land along the Nhat Le River because the investor did not fulfill its financial obligations to the State.

Accordingly, the People's Committee of Quang Binh province decided to reclaim 2,911.6m² of land from Viet Group Central Joint Stock Company located along the Nhat Le River in Dong Hai Ward, Dong Hoi City. This land was previously assigned and leased by the Provincial People's Committee in 2021 to implement the project of Hotel and residential complex combined with business - shophouse (Movenpick Central Project).

The reason for the revocation was determined to be that Viet Group Central Joint Stock Company did not fully fulfill its financial obligations regarding land when using the land to implement the project. Specifically, as of December 5, 2024, this enterprise still owed nearly 100 billion VND in land tax.

The recovered land area will be handed over to the Land Fund Development Center under the Department of Natural Resources and Environment of Quang Binh province for management in accordance with the provisions of law.

It is known that the reclaimed land area is located on the frontage of the Nhat Le riverside road, the most prime location in Dong Hoi City. This is considered "golden" land, with great potential for developing tourism , trade and services.

The Movenpick Central project was initially approved with a total investment of up to 515 billion VND, expected to create a highlight for the city. However, with the investor failing to fulfill its financial commitments, the project could not be implemented as planned.