The Quang Binh People’s Committee has announced the revocation of investment certificates for the Movenpick Central project due to the developer’s failure to meet financial obligations regarding land use. As of December 5, 2024, Vietnam Group Central has accrued a rental debt of nearly VND 98.3 billion.
The tax authority has enforced several coercive measures, including forcing the company to pay from their credit organization accounts, halting the use of invoices, temporarily banning them from exiting the country, and preventing the transfer, mortgage, or collateral of their assets. Despite these actions, Vietnam Group Central has not complied, leading to the Quang Binh Tax Department’s proposal to revoke the land of the Movenpick Central project on November 19, 2024.
Vietnam Group Central is now responsible for completing the asset handling process within 45 days of receiving the notification.
According to vietgroupvn.com, the Movenpick Central project comprises a 24-story hotel block with a total of 245 rooms, including 100 hotel rooms and 145 condotel apartments, along with 18 six-story shophouses. The total investment capital is approximately VND 515 billion.
Vietnam Group Central is a real estate business established in September 2020, with its headquarters and the Movenpick Central project located at 18 Quach Xuan Ky, Phu Hai Ward, Dong Hoi City, Quang Binh Province. At its inception, the company had a chartered capital of VND 116 billion, contributed by Vietnam Group (95%), Director and Legal Representative Hoang Minh Nghi (3%), and Hoang Minh Chinh (2%). In June 2021, the chartered capital increased to VND 219 billion. In June 2024, Mr. Nguyen Van Hung took over as Director and Legal Representative.
Vietnam Group was established in March 2014 in Dong Hoi City with a chartered capital of VND 500 billion, with contributions from Le Viet Ha (3.1%), Nguyen Duc Thanh (76%), and Truong Thi Thanh Nga (20.9%). In June 2024, the position of General Director and Legal Representative of Vietnam Group was transferred from Hoang Minh Nghi to Mr. Nguyen Xuan Thuy.
*Overall Project Perspective*
[Ha Le]
