Prime land along the Nhat Le River was granted to Vietnam Group Central Joint Stock Company
On February 15, the People’s Committee of Quang Binh province announced its decision to revoke the land lot along the Nhat Le River due to the investor’s failure to fulfill financial obligations to the state.
Accordingly, the People’s Committee of Quang Binh province decided to revoke 2,911.6 square meters of land belonging to Vietnam Group Central Joint Stock Company, located along the Nhat Le River in Dong Hai Ward, Dong Hoi City. This land lot was previously leased to the company in 2021 for the implementation of the Movenpick Central Project, a hotel and residential complex with shophouses.
The reason for the revocation is that Vietnam Group Central Joint Stock Company has not fully met its financial obligations regarding land use for the project. Specifically, as of December 5, 2024, the company still owes nearly VND 100 billion in land taxes.
The nearly 3,000 square meter land lot in a prime location
The revoked land area will be returned to the Land Development Center under the Department of Natural Resources and Environment of Quang Binh province for management in accordance with the law.
The revoked land lot is located on the frontage road along the Nhat Le River, considered one of the most prime locations in Dong Hoi City. This area is regarded as “golden land” with great potential for tourism, trade, and services development.
The Movenpick Central Project was initially approved with a total investment of up to VND 515 billion and was expected to create a highlight for the city. However, with the investor’s failure to fulfill financial commitments, the project could not be implemented as planned.
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