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 related to land use. As of December 5, 2024, Vietnam Group Central has accrued rental arrears of nearly VND 98.3 billion.
Despite enforcement measures taken by tax authorities, including account garnishment, suspension of invoice use, temporary travel ban, and asset blockade, the company has remained non-compliant. Consequently, the Quang Binh Tax Department proposed the land retrieval of the Movenpick Central project on November 19, 2024.
Vietnam Group Central is now responsible for completing the asset handling process on the land within 45 days of receiving the notification.
According to the website 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 shophouses over 6 stories. The total investment capital for the project 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%), and directors Hoang Minh Nghi (3%) and Hoang Minh Chinh (2%). In June 2021, the chartered capital was increased to VND 219 billion. In June 2024, Mr. Nguyen Van Hung took over as director and legal representative.
Vietnam Group, founded in March 2014 and headquartered in Dong Hoi City, has 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, there was a change in leadership, with Mr. Nguyen Xuan Thuy assuming the role of General Director and Legal Representative, replacing Mr. Hoang Minh Nghi.
*Movenpick Central Project Overview Image*
[Ha Le]
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